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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6
votes
2answers
1k views

Is it possible to eliminate PMI (Personal/Private Mortgage Insurance) on a mortgage before reaching 20% down on principal?

I am a relatively new home owner, having purchased my first home in October 2009. Overall, I feel I got an excellent deal on the loan, which was 5% no-cost, no points, and 12% down. I had to take on ...
5
votes
2answers
2k views

How do we remove an ex-girlfriend from a car loan?

My son is currently in boot camp, and his ex-girlfriend is threatening to go to court because she wants her name off a car loan they got when together. She is the primary borrower, but my son is the ...
3
votes
3answers
1k views

I co-signed a car but I am listed as the primary account holder for the loan

I co-signed a car and want to be removed. My first thing is that I am listed as the primary account holder for the loan, but I signed the papers as the co-signer/co-buyer. If to fix the situation as ...
11
votes
4answers
7k 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 -- ...
6
votes
3answers
1k views

Does it make sense to refinance a 30 year mortgage to 15 years?

I have a fixed mortage of 260,000 at 4.5%. I could refinance this loan to 15 years at 3%. I also have a Heloc with an APR of 3.25%. On the Heloc I have a line of credit of 95,000 and available credit ...
4
votes
3answers
3k views

Why would refinancing my mortgage increase my PMI, even though rates are lower?

I'm currently stuck in a 5.5% loan on balance 167.5k. PMI is roughly $75/mo. I am trying to refinance, but my lender tells me that even going down to ~4% rates, it wouldn't be worth it because my PMI ...
3
votes
2answers
1k views

Take new loan to pay off old one, what would you do in this scenario?

This is my current loan. Loan Amount : £11,750 Total Interest : £6,422.40 Interest Rate : 21.2% per year Total : £18,172.40 Pay per month : £306.19 Term : 60 months (5 years) I'm 2 years into the ...
2
votes
1answer
202 views

Does re-financing an FHA-insured mortgage incur the UFMIP again?

I currently have a low-down payment FHA-insured mortgage. When I got the mortgage, I rolled the 2.25% up-front mortgage insurance premium into the loan. Rates have fallen, and I'm considering ...