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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22 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 ...
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85 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 ...
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1answer
58 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, ...
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95 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 (...
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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 ...
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2answers
55 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 ...
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1answer
106 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 ...
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1answer
152 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) ...
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1answer
48 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 ...
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44 views

Simultaneous mortgage refinance applications on the same property for different property usage types

I'm refinancing a property. I use it a secondary home, but I'm not sure if lenders will consider it a secondary home because it's just under the usual 50 mile minimum distance to my primary. Rates are ...
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4answers
201 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 ...
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2answers
567 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....
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1answer
157 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 ...
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3answers
264 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 ...
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24 views

How do I compare refinance offer with my current mortgage if I already paid more towards the principal [duplicate]

I received an offer for refinancing my mortgage, but I am very unclear whether it is beneficial to me. I googled for refinance calculators, but they all seem to assume that you just paid regular ...
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323 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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195 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 ...
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1answer
166 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 ...
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1answer
79 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 ...
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1answer
80 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 ...
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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 ...
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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 ...
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4k 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 ...
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1answer
87 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. ...
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87 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 ...
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73 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
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1answer
673 views

Car is under my girlfriends name, can i refinance it?

Last year i needed to buy a car, but my credit was bad atm, so my girlfriend at the time let me use her credit to buy it. Now almost 2 years later i have to buy a diferent car so i can take out of the ...
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1k views

Can I remove a cosigner from a car loan? Will it affect my credit?

I will be moving from NY to California for a job that starts 3 months from now. I flew to California to finance a car from a dealership, but since I had not found an apartment yet, I had no california ...
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153 views

Refinancing a previously paid in full auto loan, to similar terms as the original auto loan

Alright this is going to sound weird, I’m saying that because I haven’t been able to find the answer to this simply anywhere. In October my girlfriend desperately needed another car, hers had become ...
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55 views

Cash out refinance and tax

I have no mortgage on my rental property for years and now would like to refinance and cash out few hundred thousand. Can I claim the interest as an expense on my rental property?
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115 views

Is there any reason to have a mortgage broker when refinancing with a specific company?

If I'm refinancing a residential home, and already know exactly which company I will use to obtain a mortgage from (and at which rate), is there any value in working with an independent mortgage ...
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2answers
236 views

What exactly are the logistics of refinancing a mortgage?

When you get a mortgage for buying a home, the logistics (all the paper signing etc...) are usually handled by the lawyer responsible for the overall home purchase in conjunction with real estate ...
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5k views

Why would a lender care who paid off a debt during a refinance evaluation?

We have a family member who had their father cosign a student loan for them that was recently paid off post their credit check on the father who is attempting to refinance their mortgage. The lender ...
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112 views

Saving extra cash - for earlier mortage repayment or creating passive income

My girlfriend and I are thinking about buying a flat. Paying mortgage rate close to what we pay for renting would take us 15 years to pay 250,000. Right now we're paying 1600 a month for renting a ...
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1answer
155 views

To Cash-Out Refi or Not?

I have a 3 option scenario and I really can't decide what's the best move here. Here's a little background on my husband and I's current situation. We are focusing on rapidly paying off our debt. We ...
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2answers
145 views

Multiple Investment Properties under One Mortgage

I have been leveraging for a few years now and have managed to get a few mortgages on investment properties. All the properties perform very well, are income producing and have at least a 60-80 ...
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91 views

Can I refinance an car registered in Texas which is under my grandparents name with a loan in California state where I live

Need to know if its even possible to refinance my grandparents car from Texas to California where I live? I was looking to apply for a car loan through a credit union bank. I asked EECU but they ...
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1answer
148 views

Refinance for renovation, use 401k? HELOC? Both?

We've decided to remodel our kitchen. For the sake of round numbers, assume I have about 20K in the emergency fund/savings right now. 20K in a stock portfolio, and a MUCH larger amount in the ...
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4answers
625 views

My previous employer paid me too much and now they want the money back

My previous employer (UK civil service) paid me my full monthly salary the month I left. The month I left (August 2017) I did around 5 days of work due to how my fixed contract work (11 months ...
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1answer
231 views

Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?

What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
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1answer
261 views

How can I refinance this loan?

To make a long story short I made a huge mistake, I financed a used 2006 vehicle in October of 2017 at 26.13% interest the price was $20,000 as the vehicle stands it currently values at $15,000 ...
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1answer
427 views

My husband died and left no will.

My husband died and left no will. He financed a car for me as a gift. The loan company wants me to refinance it, but the rate is high. I would like to finance elsewhere. How do I do it?
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9k views

Refinancing immediately after closing on a house purchase

I recently purchased a new home as a primary residence with a 4.375% 30 year fixed mortgage. I discovered, a little too late in the process, that I could find rates significantly lower elsewhere -- ...
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3answers
338 views

Is refinancing my auto loan just to avoid dealing with the lender that issued it a crazy idea?

I have been really frustrated dealing with the credit union that issued my auto loan. Basically I've wanted to set up automated extra principal payments and been unable to do it despite multiple ...
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1answer
113 views

personal heloc to pay off rental

I have 4 properties with reasonable cash flow. These are owned by my LLC. At current payment schedules, 1 rental pays off the property in 4 years, the next in 6 Years, the next in 9 years, the last ...
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2answers
201 views

Refinance Car Loan

Refinance Question Car Loan: Two years ago, you purchased a $20,000 car, putting $4,000 down and borrowing the rest. Your loan was a 36-month fixed rate loan at a stated rate of 6.0% per year. You ...
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136 views

Payoff 0% Car Loan - Or?

I have a 0% car loan with 21 months to repay a $5,072.00 bal. Payments=$258.00 monthly. I have enough $$ to payoff the loan, but I just refinanced my home which will increase my mortgage $40.00 per ...
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1answer
201 views

Does it cost extra to add my wife to the title and mortgage when refinancing?

I bought my house before marriage and had mortgage and title deed just on my name. I am planning to refinance my mortgage, and I have noticed that there are costs associated with the title. Since I am ...
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1answer
147 views

Does new spouse have to go on the house title when it's refinanced?

The home was purchased when the mortgagee was single; they've subsequently married. They're attempting an FHA streamline refi, and the mortgage broker told them it was required for the new spouse to ...
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2answers
4k views

Is “odd days interest” really a thing in a mortgage refinance?

I've got a question on closing costs for a mortgage refinance. For whatever it may be worth, this is a FHA streamline refi. One of the closing costs is "odd days interest". This was explained as ...