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nmcman@sbcglobal.net | Will we be able to refinance our home ? |
We bought our home in Riverside Ca. in 11/05 - we have a 5 years interest only loan - we have 3 years left on that loan. We can refinance at the 5 year point - but with the market the way it's going everyone is telling us our home won't have the equity it'll need to have in order to refinance. Does anyone have any information on refinancing and how this would work? |
 |
 
benebuck8
|
If you can refinance now, do it. You may have to pay a pre-payment penalty, and if it's too high it might not make sense but if there's no pre-payment penalty, and you can afford the new payments, I'd jump on it.
The market (especially in CA) isn't going to turn around for a few more years, but not in time for your particular situation in my opinion. |
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Landlord
|
I would not worry right now. The market will correct itself in the next 3 years. Your value right now is less then you paid, but it should be closer to equal in 3 years. |
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KitKat
 |
I'm relatively new at the refinance thing, but the way I understand equity, it is the amount that you have paid into your house. If you are paying interest only for 5 years, I honestly don't see how you have any equity since you aren't paying any principal. I could be wrong here, and the attorney I work for is out of the office, but your best bet would be to talk to a bank or mortgage lender and just ask. Besides, you have 3 years left, the housing market is bound to have improved by then. |
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wish I were
|
Why would you have bought a home like that in the first place? What were you thinking? The bank gets 5 years intrest off you and and you still owe the full amount of the home? You had no business buying a house in the first place! You took a gamble and you are going to loose big time! |
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mazziatplay
|
Call your lender and ask about a "Streamline" refinance. You are not required to requalify, if there is any sort of property evaluation, it is only a drive-by with a phot and no establishment of a new valuation. Your costs can be included in the amount to be refinanced, and if you stay with the same lend r your costs will be minimal and non out of pocket.
This will work as long as you haven't added a line of credit or second mortgage behind the first lien. |
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Shane Milne
|
The market might stop declining in 3 years, but that doesn't mean in Riverside Co. values will be back up to where they were in 2005 & 2006... I anticipate it'll be at least 5-6 years before values get back to 2005/2006 levels. |
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DbagD
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I work as a Loan Originator currently and I will tell you that if it is presented that you will not have the equity to re-finance your home in the future you will face 1) your interest only going away and your payment changing 2) your rate adjusting at the same time the interest only goes away which will actually raise your payment ALOT...you will probably default on the loan and not be able to pay your bills because you have no equity in the home and therefore cannot re-finance onto a fixed rate loan. If you re-finance now. you are facing a pre-payment-penalty depending on how the pre-payment-penalty rider reads in your original loan documents, that will tell you the percentage of the ppp, and wether the ppp is based off the current amount at that time or if it's based on the amount financed at the beginning. If you re-fi now and get yourself onto a fixed rate loan you will probably be underwater in your home in the upcoming years and if you sell it you will still owe some of your mortgage...if you plan on living there for an extended period of time then it's really not that big of a deal because market trends show that there is almost always a "bounce back" If you plan on not living in this home for more than i would say like 10 years...i would put it on the market and try to sell it immediately..then you can take the extra money from the equity (after you pay the ppp) and purchase a new home in a non-declining home value county. Take my advice here...e-mail my personal account if you have some more questions. i hope this helps you. thank you |
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L L
 |
Not enough information to analyze it and offer you the option.
Anyway, you may have to find substitute investment option portfolio instead just your current house. It is consider deadbeat investment right now and too speculative.
If you already invest in RE, find it where it would get you ahead, not drag you on trail end as of right now!
Let me know if I can give you more of my two cents |
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Phil
 |
Since you have an Interest-Only loan, you still owe the same amount of money as when the loan was originated. The question is: In order to refinance, you have to pay off the amount you owe in the 1st loan. If your house is worth more now, you may be able to borrow at least the same amount through refinancing to pay off the 1st. one. If not, you won't be able to borrow that much and you'll have to get money elsewhere to make up for the difference to pay off your 1st loan.
You have to negotiate with your lender to see if they can let you refinance at this time. Keep in mind that it will cost you a few thousand dollars each time you refinance your loan.
Good Luck! |
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