With the interest rates dropping I think I could really save some money every month on my mortgage if I refinance, but are banks hesitant to lend right now with the financial crisis? What are your thoughts? Thank you!
Things To Consider When Refinancing Archives
I am trying to find out if refinancing a mortgage that I have been prepaying would make sense. The orginal mortage balance was 220,000 with 6% interest at 30 year amt. start date of 11/05. I have been making an additional principal payment since the beginning of the loan and currently have a balance of 206000. I am trying to find out if refinanceing at a lower rate and continuing to make my additional principal payment would make sense and at what interest rate should I refinance at? I have searched for calculator online but cant find one that fits my critera
I am a loan officer for a mortgage company refinancing one of my clients. He is stating his income as he is self-employed. One of the conditions required by the lender is a 4506-T tax form. I forwarded it to my client, but he is hesitant to submit this form in fears of being audited by the IRS? What is the likelyhood of this actually happening and what would need to happen for the IRS to take such drastic measures? Otherwise I’m not sure why this is a requirement from the lender…
Of course I haven’t been a loan officer for very long…if I had been in the industry for many years, I doubt I would be coming to Yahoo Answers to obtain smarmy replies from know-it-alls. But hey, you were all in the same boat at one point in your careers, right?
I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.
Have you used CashCall for mortgage refinance?
I looked at CashCall advertisement with very low mortgage rate and no closing cost. Their website is also showing same info. I saw a lot of complaint about CashCall for their personal loan business practices; I want to find out peoples experience about their mortgage business practice. Is there any hidden surprise?
Thank you!
Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.
I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to "cash out" some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it’s accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It’s not "wages" — does that make a difference?
Anyone have a calculation or a website with a calculator to find out the following:
1st Mortgage = 0K @ 6%
2nd Mortgage = K @ 9%
My goal is to pay principle down K over the next 2 years at that point I am hoping I will have enough equity to refinance.
Am I better off paying down principle on the 1st mortgage or 2nd mortgage if i plan to re-fi in 2 years?
My initial thought is the 9% but I don’t have any hard numbers to back it up.
I should have added that this is a 30 yr fixed with 29 years left.
I understand I need to get rid of the second that is my dilema right now, the lenders are being RIDICULOUS with appraisals so I can’t even subordiante and get 95 CLTV raio because they keep rejecting apprasials. So I need to pay it down so I can re-fi.
Also the point of paying down the principle is so I can re-fi, I plan on staying in this home for at least 10. 15, hell maybe I will retire in it.
If I could re-fi just the 1st with today’s rates I would save 0 a month. But the lenders are only lending to the elite. So the people who are over extended are stuck.
Example, my current mortgage is 229,600 and my house is worth about 265,000(per Zillow) I’m just looking to refinance the mortgage only, without any equity cash out.
Say if you’ve paid on the mortgage for 8 years & refinance, does the loan start over from the beginning? I don’t understand how it works