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Additional Details
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xratedmami05 | What does re-financing mean?? Please explain. What happens when a person refinances their home? Do they get? |
money when it is refinanced?
Additional Details
is refinancing a good thing or bad? |
 |
 
Paul
 |
People refinance homes for a few different reasons. Here are some for you. Reduce the term of the current mortgage, like a 30 year note to a 15 year note. Rates are low right now so maybe you qualify for a better rate, which would reduce your monthly payment. You have some credit card debt. and want to consolidate it into a new home loan. Which would be your current mortgage balance plus credit cards this would equal your new mortgage. (loan amount). This may save you money every month and keep money in your pocket. I would not recommend borrowing more than 80% of your homes value. |
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tito_smootz
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Refinancing means you re-do the loan. Usually to change the interest rate, change loan holder (as in a divorce) or to put more money towards the principle or any combo |
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Big C
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Depends. When you refinance, they get the total payoff of the loan and then they refinance or give you a loan again on the money you owed them. What they do is to stretch out your payments so maybe your payments can be towards to what you can afford. |
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DB
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Basically you get another loan with different terms and pay off your original. Usually refinancing is done to take advantage of lower interest rates or to put more money on the loan. |
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pittycolors
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refinancing your home can help consolidate your bills or give you money for something you need. you can pay off credit cards and car loans and stuff like that and then just pay one bill a month-your home loan. or if you need extra cash you can take a cash out loan. |
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magicalmke
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It is possible to get money when refinancing. All refinancing means is taking out a new loan to eliminate an old loan. If you only owe $20k on a $100k house, it is possible to borrow more than the $20k owed thus resulting in a paid off loan, a new loan, and cash in your bank account. |
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Kc
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Simple answer: you have borrowed money at one interest rate and the open market has gotten better so you borrow again at a lower interest rate to pay off the first debt so you will hopefully pay less over all. |
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smiling_freds_biz_info
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If the house has appreciated in value, it is possible to take out a mortgage at a higher amount (ie refinance) and you will have money in hand.
Watch out -you'll need to pay it back.
Also - if house prices drop, you could have a mortgage valued higher than house's appraised value. Not Good!
Hope this helps. |
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KSOKIE3001
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My advise---Do not do it. yeah it seams like a good thing, but what they don't tell u is that your house will appraise for more than it is worth. when you take what they appraise it for and re-finance to that, when u sell your house you are upside down in it. then you are stuck with a house that you do not like. |
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Bruce
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It just means that the people that re-finance their home owe more money to the bank. It means you have a bigger mortgage to pay off. Its also means that you are more in debt. Its not a good thing. |
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curiousone
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refiance mean you make a new loan. say you have a loan of 100,000 a 7% interest. if you understand amortication, you monthly repayment start with like 5% to principal and 95% to interest. but gradually that trend would reverse with more to pricipal and less to interest.
say you paid off 30,000 of principal 100,000. you have 30,000 equity(shares you own) and say the interest is 5%.
it could be better off for you to refiance cuz the new loan would be based on 70,000 and 5%, meaning the principal's less and the interest is less. but with new loans, amortization start all over again with little to principal and a lot to interest. bare that in mind. |
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DEE
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Paying off one loan with the proceeds from a new loan using the same property as security. You may make a loan for additional money, i.e. if the payoff for your property is 90,000, you can make a loan for 100,000. |
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M S
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Refinancing means, as another answerer said, getting a new loan to pay off an old loan, assuming the new loan will be at a lower interest rate and thus save you money. You can also take out a loan larger than your current loan in order to gain funds to, for example, pay off credit card debt...BUT THIS IS USUALLY A BAD MOVE AS YOU CAN GET A LOWER LOAN INTEREST RATE TO PAY OFF THESE DEBTS WITH A HOME EQUITY LINE OF CREDIT...ANY MORTGAGE PROVIDER WHO TELLS YOU OTHERWISE IS LIKELY SIMPLY TRYING TO GET MORE PROFIT FOR THEMSELVES.
WHAT YOU HAVE TO REMEMBER is that closing costs and transaction fees for refinancing can actually overweigh the benefits of a lower interest rate. Alse some mortgage companies are pigheaded enough to convince you to refinance at a slightly lower rate but have the rate increase over time (IE Balloon Mortgage Refinancing). Be careful to avoid both of these situations.
>>>>>>MANY OF THE ABOVE ANSWERERS CONFUSED RE-FINANCING WITH A HOME EQUITY LINE OF CREDIT>>>>>
Also another answerer who is supposedly a loan officer said refinancing can help you get money for a personal investment or consolidate your bills...this usually is not the case though.
For that type of thing a Home Equity Line Of Credit (IE HELOC) is almost always used. A HELOC, simply put, uses your home as collateral to assure a loan you get can be paid off and, in turn, gives you a loan for college funds/home improvement/etc. at a fairly low interest rate (because they have no risk...if you don't pay back the loan after about 10 years they simply comphiscate your house and resell it to get back the money you owe them)
So, refinancing may be an option for you, as may a HELOC. The HELOC is best for thing like paying off credit card debt, and the refinancing is best to help you pay off an existing loan on your home (and not for personal expenditure) when the prime interest rate is considerably lower than the rate on your loan.
So you may want either or both but, by all means, proceed carefully and best luck. |
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4walls
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Refinance
Obtaining a new mortgage loan on a property already owned, often to replace existing loans.
Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. The difficult part of this calculation is predicting how much the up-front money would be worth when the savings are received. Other reasons to refinance include reducing the term of a longer mortgage, or switching between a fixed-rate and an adjustable-rate mortgage. If there are prepayment fees attached to the existing mortgage, refinancing becomes less favorable because of the increased cost to the borrower at the time of the refinancing.
I hope these helps..
Im a Mortgage consultant and make sure people benefit from a refi before they get into one. |
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