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Where do I start...
Ok, My boyfriend foreclosed on a house about 2 years ago now after trying to sell it for about 5-6 months. This all spiralled from losing his job when his company shut it'... |
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Is there a fee to get a mortgage loan?? I know there's interest but any other fees associated? Also, do interest rates usually increase in the summer?
Additional Details
EDIT: We ... |
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i went in there one day and
the house was FULL of stuff.
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u ... |
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I have been trying to repair my credit for the past few months so I may purchase a home with no money down. How can I go to a closing with no money down?
Additional Details
I have been ... |
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 Landlords, apt mgrs, please read. move out question.? |
| Lived in the apartment 2 years. Originally had a roommate. He left a couple months ago, just picked up and left one day. I found out I was moving 1400 miles away. It was a very quick decision. I gave ... |
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Lunar Sarah | Question about refinancing my home.? |
Say, for the sake of arguement, that I currently have a mortgage for 100K. I heard that I can refinance my home (at whatever the current market interest rate is, which just happens to be lower then what I'm currently at) and instead of simply refinancing and continuing with a 100K mortgage, I can instead take out a 150K mortgage. I would then essentially have 50K profit to turn around and make improvement on my house or otherwise pay other debts.
Is this true? Any info would be helpful, seems too good to be true because I'm getting ready to refinance anyway and if I could knock out a few home improvements and pay of some debts and just end up paying an extra ~$100 more a month for my mortgage, that would be great. |
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Serge M
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When you refinance your home, the amount you can borrow on the new loan depends on the value of your home. If your mortgage is fairly old, your home has probably grown in value over the years and your principal balance of the mortgage has declined. So you may be able to borrow more than the current mortgage. The money you get out of the house, however, is not profit. You are increasing your debt. There are good reasons to pull money out of the equity of your house. You can pay off higher interest debts, such as credit cards, make improvements to your home which can increase its value, and surely increase your enjoyment of living in it, and the mortgage interest is tax deductible, while car loan or credit card interest is not.
The idea is to increase the mortgage to the amount you need and not go overboard, because you may have to pay points which are based on the amount of the loan. As long as you can afford the increased monthly payments, you may be doing the wise thing. |
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Elsa D
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This will hold true IF your home is valued over 150k now and you qualify for the loan. |
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acermill
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You can do as you suggest only if the appraised value of the property in its current condition exceeds $150,000. A lender is not going to provide such a mortgage unless the value of the collateral exceeds the value of the mortgage amount.
Incidentally, using the hypothetical example you provide, your monthly payment would go up about $300 instead of $100. |
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peachiepie
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Refinancing is really tricky, so I would advise you to be very careful that you don't price yourself out of the market(meaning having a mortgage higher than the market will stand if you ever want to sell)! Read all the fine print and if you don't want to hire a lawyer, at least go to a community based organization to help you before you "sign" anything. |
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Christiane
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Whenever considering a refinance you should look carefully at the value of the home versus the mortgage balance. Some areas in the country have suffered a serious devalualtion in the market value of the house. Have a Realtor pull comps in your area to determine what the current market value is. Then contact a reputable mortgage broker to shop rates. Whatever you decide do not borrow more than 80% of the value of your home...You need that cushion to allow for market ups and downs. Good Luck! |
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!!!
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Yes, it's true. Isn't America wonderful!! The lender may ask you the reason for refinancing. |
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Carolinahomerates.com
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a lot of ppl refinance for debt consolidation, home improvements, or to invest.
most ppl have a high interest rate...and when they refi to a lower rate....the payment is a lot lower.
also...when you only have 1 payment to make with a low interest rate...it's going to be a lot lower than paying high interest rate credit cards or auto loans |
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VickyW
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Yes, I was able to pay off both of my cars and other debts when I refinanced. Just make sure you get a good rate and that your monthly payments are going to be affordable. Also try to avoid a loan that has a balloon payment attached to it. |
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Doctor J
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50K will cost you an extra $350 per month (not $100) - for 30 years! And, if you can't make the payments (you get fired, you get sick, you get injured in a car accident, etc.), you lose everything! |
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senior2tor
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I hate to make you lose this manic high you are on. Most of us earn a living and borrowing money always means you can lose everything if you lose your job. On a pension all can be insured and you get to use something you don't own yet. I would guess you will have an income so large that when Hubby dies the insurance will carry you forever. Your figures are so large that mortgage creation fees are not worth worrying about. |
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