 Do you feel sorry for people who buy a house they couldn't afford? |
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 We just bought our first house? |
What are some maintenance things we should be aware of? Do you have any tips? We live in NJ, the house was gut renovated, and everything is new. Thanks!
Additional Details
Thanks ... |
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 Not happy with interest rate on Closing, Can I still get another Loan from another company? |
I am a first time homebuyer. Is this a good deal?
Selling Price: $232,000 House on Lennar - Las Vegas, NV
Benefits:
Seller will pay 3% Down Payment: roughly $7000
Seller ... |
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| If I I accept an offer on my house that is less than what I owe, what happens? |
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Luckys Charm | Refinacing a new home purchase? |
I recently purchase a a 2 unit building. My low credit score resulted in high interest rates. Score then was 623. My score is 664 now. Can i refinance to lower my payment. And does it cost anything to refinance? How long one must wait to refinace. I closed on my property Aug. 29, 2006. |
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W. E
 |
You just purchase your home, and you have not had a mortage payment as of yet - I would wait a few months and pay your payment on time - That is the first thing a lender will look at -- mortage payment history. Check out your Mortage Note and any riders signed at your closing - it is in your package that you got at the closing - Look it over to see if you have a pre-payment pentality (called a pp). If you do, it may cost you from 2-4 percent to get our of your loan....So the cost of getting out would would be rolled into your new loan amount, plus closing cost, so if you get a lower interest rate, your loan amount is higher (so you may NOT be saving anything) - add 4,000 for pp and 3000 for closing cost, than go to any mortage site, and use their mortage calculator (or you can go to my site and use mine), put in your loan amoutn, 30 years or 360 months, with a rate of 1 pt lower - as a estimate only - ok - that will give you your new payment... Did it save you anything....Try to get a fixed rate so you will not need to refi again - good luck to you. |
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bianca
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in most cases you can refinance the house any time, but check with your loan terms to determinate if you have prepay penalty.
your credit score raise little bit, but you are still in the same category credit wise. refinancing will only make sense for you if your interest rate will be lover for at least 1% or you need cash out (you put down payment and now you need the money) or your property value rise.
99% of the people who refinance roll over closing costs in the new loan, so they don't have to bring any money for the closing, but still refinancing will cost you about the same amount like you pay for buying your house, those cost of course vary.
asking what your new interest rate will be if you refinance will not hurt, but in my opinion, interest rates not change dramatically in the last couple months for you to be worth refinancing. |
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Renee25
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I would wait a little longer just to build your credit score a little more. Atleast get it to 700 and then refinance because you should get a better rate. I just closed on my house and I plan on refinancing in about 2 years. |
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The O.C Real Estate Agent
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Hi I'm a Real Estate agent in Orange County,CA
feel free to give me a call,my toll free number is (866) 825-9618
California Home Realty
You bought the Unit 2 months ago right? Well,you would have to pay for prepayment penalties that's around six months of interest since it's less than two years.Yes it does cost when you refinance,is this a duplex? feel free to give me a call, Thank You. |
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Tenderluvncareplz
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Refinancing will depend on your ability to get another bank to take over the loan. Check around with banks in your area. The Cost to refinance will depend on the policies of who you are already dealing with, if they charge points for paying off early, etc., and what the bank/finance organization you may go too's policy maybe. I don't know if there is a waiting period or not to refinance. My philosophy always is all you can do is check into things and try....it never hurts to try. |
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z
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To see if it was too early, you would have to check whether your current loan has a prepayment penalty. If it does, you will pay your current mortgage company a 'fine' for refinancing. These prepayment penalties usually expire in a specified period of time, like 2 years or 5 years. Prepayment penalties are a rip-off and you shouldn't have signed an agreement to have one in the 1st place, but if you did it is too late now. The lower your credit score, the more likely unfair stuff like this was added to your original loan, since the lender knew you had less consumer power to shop around.
Anyway, it DOES cost quite a bit to refinance. You will pay closing costs and origination fees all over again. It will cost you a few thousand dollars, either paid up front or more typically financed into the new loan. So, refinancing is only worth it if you will be holding the mortgage for many years and will have a substantial monthly savings from the new loan. Finally, a credit score increase of 40 points is unlikely to offset the fact that interest rates are on the rise. The new rate offered you may be higher than the one you already have, even with better credit. It never hurts to shop around...maybe the mortgage you have right now is so bad it would be worth refinancing in spite of all these factors. But you may well not find a refi loan which would make good financial sense at this time.
Also Beware! Many companies try to sucker you into a refi with a lower monthly payment which is really a financial disaster...Like loans that have a low monthly payment because they are interest-only. So, you will pay on it for 5 or 10 years and then discover you still owe as much as when you started. So, understand what you are signing and make sure you are going with the plan that makes the best financial sense, not just with the lowest monthly payment. You should be able to tell how many years it will take for you to own your property outright. |
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kedney
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Best bet would be to ask mortgage companies what the rate would be for your credit score before giving them your SSN. You don't want additional credit requests from companies to lower your score. Next would be to see if it's beneficial to your bottom line to refi... Meaning, would the payment actually be lower and how long would it take for you to recoup the costs of refinancing... If you're saving $50/month and you paid $3000 closing costs to refi, it'd take 60 months to be on the better end of the refi.
Most people stay in a house less than 5 years, so how long you plan to stay there is important as well.
Also, current rates have to deal with the situation as well. If rates have gone up, credit score wouldn't matter then... You'd still be on the losing end of the refi.
But, ALL refis will have a cost associated with them. Even if a company is saying $0 closing costs, it's worked in there somewhere. You'll still have to get a title policy too. Some title companies will give you a break if you used them to purchase the place to begin with though.
Just some food for thought. Just do the math before signing on the dotted line :) |
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K
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Normally you should wait a few months to refi again. You should work on getting ur credit score improved. There are prepayment penalties but check to see if you have one. If you don't mind paying it then go ahead, b/c that amount usually adds less than $10 more to ur monthly payments. The biggest thing with refi are the closing costs. so make sure you are getting the best rate that u can. |
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KITTY
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feel free to give me a call i will see if i can help you 814-532-6012..Dona |
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tadopoly@sbcglobal.net
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You may have a prepayment penalty that will cost you if you choose to refinance. If not, then you can refinance at any time.
Is your 2 unit building owner occupied? A score of 664 is now at a much better spot, but will not guarantee a refinance is good. The only way to know for sure is to run an approval for you. Since you are above the required 660 score needed for most programs, it is a good idea to try. We do look at your middle credit score, not just one. So, if only one score of the three is above 660, that is not enough yet. We can discuss this further if you want to see if today is the time you could start saving already. Contact me via: http://www.slarson.com/contact or steve@slarson.com
Regards
Steve |
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