Questions tagged [refinance]
for questions that relate to refinancing of debt. A country tag should also be included when asking about refinancing.
204
questions
2
votes
2answers
592 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
votes
3answers
167 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.
...
0
votes
0answers
21 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
votes
1answer
87 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
votes
2answers
222 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
votes
1answer
69 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
votes
1answer
46 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
votes
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
vote
1answer
102 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
votes
2answers
62 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
votes
1answer
81 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
vote
1answer
89 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
vote
0answers
139 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
votes
3answers
127 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
votes
2answers
118 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
votes
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
vote
2answers
310 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
vote
1answer
48 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
votes
2answers
1k 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
vote
1answer
103 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
vote
1answer
50 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
votes
2answers
174 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
votes
1answer
75 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 ...
-2
votes
1answer
72 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
vote
1answer
68 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
224 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
vote
1answer
98 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
vote
1answer
170 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
votes
1answer
123 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
vote
1answer
99 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
votes
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
votes
2answers
66 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
votes
1answer
124 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
votes
1answer
176 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
votes
1answer
52 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
votes
2answers
130 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
votes
4answers
219 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
votes
2answers
605 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
votes
1answer
194 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
votes
3answers
417 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
votes
3answers
337 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 ...
5
votes
3answers
1k views
Will incomplete home improvement projects affect mortgage refinance?
We purchased our home a year ago at a not-terrible rate, but we are now considering refinancing for a shorter term at a rate nearly 2% lower. We have about 20% equity in the house, and do not plan to ...
1
vote
1answer
171 views
Refinance Cost is high
I got 30 years loan for 232K two years ago with interest rate of 4.25% and now I am planning to refinance again for 15 years. Financial company mentioned they can provide interest of 2.85% but the ...
1
vote
1answer
118 views
Questions about student loan refinancing while pursuing a Dental Residency
I was wondering if folks here have had experiences with refinancing student loans that could help answer some questions. I am trying to look into options for refinancing my wife’s private + federal ...
0
votes
1answer
81 views
taxes on cash-out refi debt used for investment vs lot purchase
Consider the following scenario:
an existing mortgage on a property worth 300k, with a current mortgage balance of 100k.
a cash-out refinance for 200k, releasing 100k of funds.
If we use that 100k ...
0
votes
0answers
46 views
Situation: Balloon Note Removal Program
We recently applied to remove a balloon note and the process calls for a property evaluation.
What if the property is not worth the amount left on the mortgage balance?
Can the bank refuse to ...
21
votes
3answers
9k views
Put my student loan in parents’ second mortgage - help?
I fear I did something stupid.
I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). One misunderstanding led to another and somehow we ended up refinancing ...
14
votes
4answers
5k views
Etiquette around loan refinance - decision is going to cost first broker a lot of commission
We are in the process of doing a refinance. However, we just took out the original mortgage loan recently. The new loan is 3/8 of a point better than the original loan and we are going to save a lot ...
1
vote
1answer
90 views
Mortgage company refuses to send an early payment from Escrow account for the Quarterly Property Tax payment
I'm in the middle of refinancing a Mortgage. The lender looked up the title and said that there's a property tax payment due in the next few weeks on the Title and they want to see a proof of payment.
...
0
votes
1answer
92 views
When will a lender pay the upfront costs of refinancing?
I have a 30 year fixed mortgage with an interest rate of 4.875%. I’ve only been paying it 4 months.
Interest rates appear to be dropping, so a family member told me:
Interest rates have been ...
