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Questions tagged [refinance]

for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.

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2answers
77 views

Are there alternative options to getting an appraisal for a refinance of my home?

I live in New Hampshire, USA. I'm trying to get my home refinanced and it most likely requires an appraisal (not sure the requirements), but anyway... they want $1870 for the appraisal fee! I'm aware ...
1
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3answers
117 views

Should I refinance (again) if I am looking to sell within 5 years?

I've been bombarded from different organizations trying to get me to refinance and wanted to see if there would be any advancement to doing so since interest rates have dropped so much. My situation ...
1
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2answers
92 views

Mortgage refinancing - Deciding on points and no-cost

I'm refinancing a mortgage of ~$800k. This is our only/primary house and we do not haven any intent to move in the forceable future. There are multiple parameters/choices and they make my head hurt. ...
6
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1answer
2k views

How to remove a co-signer from HELOC?

I have a Home Equity Line of Credit (HELOC) in Canada, Quebec. I have a co-signer on it. The co-signer is not on the deed of sale or the mortgage. I would like to release the co-signer, so he does not ...
4
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3answers
414 views

If you have a different interest rate applicable to a part of your credit card balance, how does this apply in monthly payments? [duplicate]

Here's a scenario. My credit card's balance transfer option allows the money to be deposited to my bank account. Let's say I owe $10k at 12% and borrow an additional $10k at 0. If I pay back $10k the ...
0
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0answers
43 views

Do collateralized loans impact your credit score?

Do collateralized loans impact your credit score? Such as a securities loan collateralized by your stocks, a refinance on your home, a personal loan collateralized by a car, and so on.
1
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1answer
74 views

on refinance does previous company return ALL extra money [closed]

I am trying to do a refinance and the new company is keeping some buffer amount to pay to the previous company. The previous company also has some escrow balance. At same time the new company is ...
2
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1answer
108 views

What to expect differently in refinance v/s new mortgage in experience

I bought a home about 3 years ago and the mortgage process was tiring. The parties involved were appraiser, banker, underwriter and seller. Now I am thinking to refinance. Due to the number of ...
0
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1answer
57 views

Options for additional loan to add a second story to house

I would like to add a second story to my primary residence in the US. Estimated cost of project is $250k. I'm seven years in on a 30 year fixed rate mortgage at 3.75%. What are typical options people ...
2
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2answers
612 views

Is it ever worth it to refinance an auto loan for a higher APR?

I recently moved into a new place/city and am looking to free up some room in my monthly budget. For the first time in about 3-5 years, I shopped for new car insurance and then looked into an auto ...
2
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3answers
181 views

Refinancing Mortgage, same rate for 30yr vs 15yr (with closing credit)

I'm 49 years old, currently have a VA 30yr @ 3.75% mortgage with 26years left. (We moved across the country for a new job in 2017). Remaining balance 254K, No PMI, have approximately 100K in equity. ...
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0answers
24 views

Can i connect with 2 brokers for refinance who work in same mortgagae company?

I am in contact with 2 brokers who work/belong to same mortgage company. I am comparing the rates of both the brokers and both brokers work in same refinance company. Is it unethical? Can they ...
5
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1answer
92 views

Why does paying points cost different amounts depending on how much I'm lowering my rate?

I believe I am quite competent with most matters related to personal finance, but one thing I cannot understand no matter how much I Google is paying points on a mortgage. I talked with a mortgage ...
0
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2answers
228 views

Help needed to deal with personal financial condition [closed]

Would like to discuss my financial condition here so that you guys can share your thoughts. TLDR :). There are some details related to family as well, which I think is important while taking financial ...
0
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1answer
91 views

Refinancing Profit and loss Statement

I am refinancing a house and thought I will close last week of December, 2020.I met all requirements and has over $100,000 equity in the house, gave all initial required paper work. I have submitted ...
0
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1answer
59 views

Refinance Calculator - use Interest Rate or APR?

I am using the NerdWallet Refinance Calculator to compare current loan with new loan. https://www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings My question is should I put ...
15
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3answers
4k views

Do I need my own attorney during mortgage refinancing?

I'm refinancing my mortgage with a well-known lender. I assume the lender's attorney will review the closing documents. I know the documents are pretty standard, but still wondering if I need to hire ...
1
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1answer
109 views

Mortgage refinance with low net pay

I have an unusual situation. I started a new job with a good pay, but my paychecks are now very small because I'm aggressively catching up on my 401k contributions. This will continue until the end of ...
2
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2answers
66 views

Mortgage Payoff Interest after Refinance

I'm about to close (later tonight) on a refinance of my primary resident mortgage, but I'm a little confused on how the mortgage company got to my payoff figure. The disbursement date of the new loan ...
0
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1answer
84 views

Refinancing: Do I take the lower rate or the better LTV ratio?

I'm exploring refinancing options and have two offers that I'm having a hard time deciding on: Better.com This is not my current lender. They are offering an interest rate of 2.375% for 1.866%. ...
1
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1answer
94 views

What is the expected effect to credit of refinancing my student debt?

I have $20K in student loans across 8 accounts at 3 lenders dating back from 2004-2009 here in the USA. The average interest rate is around 6%. I can likely get a fixed rate around 3.5% if I refinance,...
1
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0answers
149 views

What is my liability if I walk away from a refinance at the closing table?

Decided it was time to refinance my mortgage. Shopped rates and picked an offer, then jumped through all the hoops of getting the home appraised, providing all of the documentation the lender needed, ...
2
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3answers
129 views

Is it a common practice for bi-weekly mortgage setups not to have points available to pay down?

I'm refinancing my mortgage and I wanted to set it up as bi-weekly, since it effectively applies the extra payment every year. However, as we're going through the process, my mortgage consultant said ...
5
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2answers
120 views

In what sequence should I do these tasks?

I bought a house as an unmarried individual with a conventional mortgage. Years passed, i gained a spouse and child, and the three of us live in the same house. Now I want to do the following things: ...
3
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0answers
69 views

Why are mortgage refinance interest rates higher than purchase interest rates? [duplicate]

At the moment I'm writing this, Wells Fargo, is quoting a 30-Year Fixed Rate with an interest rate of 2.75% if you are purchasing a home, while the same loan has a rate of 3.25% if you are refinancing....
1
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2answers
371 views

I’m a co-signer who wants out of auto loan with ex

I am no longer in a relationship with my ex. I co-signed for a 2015 Chevy Silverado in 2018. I have text messages and emails asking him to refinance, he is refusing. If I get a small claims attorney ...
1
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1answer
50 views

Home Loan Refinance Prepayment Penalties

I am a homeowner in the USA. Interest rates have dropped recently and I am exploring the possibility of refinancing my home loa My existing home loan stipulates that the lender cannot charge a ...
4
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2answers
2k views

Why would anyone borrow using a DEFI (Decentralised Finance) platform?

Introduction DEFI lending platforms like Aave are decentralised finance protocols which enable anyone to either lend their crypto-assets (usually ethereum) for high % interest, or lock up their ...
1
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1answer
112 views

What happens if closing disclosure of mortgage refinance assumes higher principal balance than real?

I'm going to refinance the mortgage and got closing disclosure. It says my current lender will get $257K on closing. However, my balance is $254K. I called the agent to clarify why expected pay off is ...
1
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1answer
55 views

Is there a downside to doing a cash out refinance followed immediately by a rate and term refinance?

I want to do a cash out refinance on my primary residence to pay off a HELOC, and to put more money into an investment property. Cash out refinances have higher rates than rate and term refinances. Is ...
0
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2answers
178 views

Is there precedent for mortgage rates being higher for a refinance than a purchase?

Right now, most if not all major banks have mortgage refinance rates about 1% higher than the rate for a mortgage used to purchase a property. Up until a few months ago, I don't recall ever seeing any ...
4
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1answer
77 views

Refinance a 15yr fixed to a 5/1 ARM?

I have about 6 years, 6 months left on a 15yr mortgage: Type: 15 year conventional mortgage (no PMI) Rate: 3.75% Balance: $64,780 Origination: 02/2012 Maturity: 01/2027 I am seeing 5/1 ARM refinance ...
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1answer
74 views

Refinancing Home Loan [duplicate]

You have been living in the house you bought 7 years ago for $300,000. At that time, you took out a loan for 80% of the house at a fixed rate 15-year loan at an annual stated rate of 8.0%. You have ...
1
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1answer
70 views

Is 15 year 2.5% rate through credit union a good option

This is a follow-up to my previous question I have $180k principle remaining as of today with 30-year / 3.75% interest rate. I am able to lock 15 year 2.5% rate. I have been paying extra $X amount ...
3
votes
2answers
242 views

How much savings is worth refinancing a mortgage?

I got an e-mail from the company that brokered our mortgage loan offering me a great opportunity to refinance at a lower rate and save almost $200/month. Seeing as the rate drop was only 0.25% I was ...
1
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1answer
113 views

What happened to LTCM (Long-Term Capital Management)?

I recently learned about the LTCM fiasco and I find it ludicrous. From Wikipedia: Initially successful with annualized return of over 21% (after fees) in its first year, 43% in the second year and ...
1
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1answer
193 views

When is a lump sum principal payment to remove PMI worth it?

I bought a house 2 years ago, but due to the current pandemic fears, I'm already refinancing my mortgage to get an interest rate that's a full percentage point lower than before (3.5% vs. 4.5%). I ...
2
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1answer
139 views

How to evaluate whether the fees on a refi are fair?

I'm applying for a refi and I think the fees involved are too high. The trouble is that I don't know out of the 20 or so various things in the closing costs estimate what is reasonable, unchangeable, ...
1
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1answer
102 views

Can I really save money by refinancing mortgage without a broker?

I live in the US and I am considering refinancing my mortgage. From what I have read, a large part of the cost of refinancing comes down to broker fees (which tend to be a percentage of the principle (...
0
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0answers
17 views

Will lender title insurance need to be bought again if refinance with same issuer? [duplicate]

If I refinance my mortgage with same lender, will I need to pay for new lender title insurance ? I understand, I can ask the lender, but before I do I want to know how is the experience of other ...
2
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2answers
68 views

Refinance Mortgage to conventional loan to drop PMI

I refinanced my mortgage last year out of pure necessity. I had decided to build a 1 bedroom apartment out of my un-used garage space and the construction costs went way over budget. To add insult ...
3
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1answer
136 views

Will old owner's title insurance be valid on refinance?

I was wondering: if I refinance my home, will I need a new owner's title insurance, or will the previous title insurance still be valid? I suppose the new lender will require new lender's title ...
4
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1answer
178 views

Is it a good time for refinance, why rates are different in WellsFargo website

I am 26, a first-time homeowner and I bought a house last summer for $265k and as of today I got an exactly $180k principle remaining as of today I have a 30-year mortgage (my lender is WellsFargo) ...
-1
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1answer
54 views

Can I start a new application to re-finance my mortgage while another is pending?

I began the process to refinance the mortgage on my home at the beginning of last December to get a better interest rate. It is now March and the process still isn't done. I've expressed my irritation ...
2
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2answers
144 views

How to evaluate mortgage lenders when looking to refinance an existing mortgage?

When looking to refi an existing mortgage there are a number of sites that let you get a list of lenders. You can filter by interest rates, points etc. If one picks a company to go with, how can one ...
0
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4answers
226 views

Downsides to mortgage refinancing?

We have been in our current house for about 2.5 years and have a 30 year mortgage at 3.875%. We could refinance to a 30 year at 3.375%. Our mortgage amount is about 500k. Refinancing adds about 12k ...
5
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2answers
616 views

Will a mortgage lender ever lower a locked rate?

I'm in the process of looking into refinancing my home. Let's say I talk to lender A and lock a rate of 3%. Two days later, rates fall. If I hadn't locked, then lender A would currently offer me 2....
0
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1answer
211 views

Can I use a 529 plan to pay a refinanced student loan?

As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (QTP, e.g. a Section 529 Plan) to pay student loans as a qualified education expense - provided your state ...
2
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3answers
424 views

What are the downsides to refinancing a mortgage, if any?

I'm about one year into a 30-year fixed-rate mortgage, and while visiting my bank's website, I noticed that their rates for an equivalent mortgage are about 0.5% lower now than what I am paying, which ...
0
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3answers
341 views

My credit union just offered to refinance my mortgage with them - how are they going to make money off me?

The banker from the credit union that mortgaged my house has just reached out with a refinance special, that would reduce my mortgage rate. I understand that I will need to pay for refinancing and ...

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