Cobabeology asked:


With the Fed’s decision to cut interest rates, I understand that banks will follow suit and lower interest rates. How fast will it take for these changes to go into place? At what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect the new rates?

Sarah

mobgirl asked:


Here is my situation: We would like to put around $20,000 into our house. Should I refinance at a much lower interest rate for an extra 20 grand? Or should I keep our current mortgage as is and take out a home equity loan for $20,000. Currently we owe 70,000 on our home, have no other significant debt and our current interest rate is 7.150% with 25 years left to pay it. We have the option to refinance at 90,000 at an interest rate of 5.89% for a term of 20 years. Which makes the best sense?

Ramon

Katie asked:


My exhusband is not paying the equity loan and it is destroying my credit. I want him to refinance both the first mortgage and equity loan, but he says he cannot afford it and with this market there is no equity to buy me out. Can I force him to refinance? Most likely he will be denied because of his very poor credit history. At that point can I force the sale of the house?

Louise

dr_grant_22 asked:


I am new to the industry and would like help from some one with lending experience to coach me and show me how to get started as a loan office. ow may I better serve people who need a loan or a refinance? How do I find people who need a loan or refi? what else can I do to grow my business?

Esther

jennnnher asked:


*aigh* The recession is killing me. I have had a fullt-time eBay business (successful) for 9 years but my income has dropped to the point where I’m still current on all my bills but taking cash-advances off credit cards occasionally to get them paid (just one card and that’s the first I pay back, and ASAP, actually I just transferred that debt to another card — that’s another question…does that debt transfer as “cash-advance” or do they not know that when they pay off the balance of another card). I’m working three part-time jobs in hopes of not having to do that anymore. I live in my rig (2001 36′ fifth wheel) full-time and am staying put for a year to save money, and I’m looking at spaces on private property this week to cut my current $270 space fee in half. I’m already paying nearly $600 for the loans on the vehicles. I called the bank about refinancing and because I was honest about my income drop (dumb), they not only couldn’t lower it, the new estimated rate was higher than I’m paying now.

Who would you go to to look into a better rate on these loans? I’m currently paying 9.29% on the truck and 10.29% on the rig.

I have $20,000 in credit card debt which doesn’t help matters, with another $11,000 available. None of the cards are “maxed out”, I even have one card with a $9000 limit with a zero balance, but it’s not pretty. I just want to cut every corner I can to help get this debt paid down.

I’m 42 but was out of the game with mercury poisoning most of my adult life and started the eBay business at 32 a few years after getting my diagnosis, so I could set my own hours and focus on my health. I had almost all my debt paid off before putting a lot down on the rig and the truck in ‘07, just before the gas prices spiked and the economy started to tank. So here I am again.

Thanks ahead of time for any help or suggestions.
My credit rating fluctuates between the high 600’s and the low 700’s. But it’s surely dropping rapidly with the additional $7000 of debt in the last eight months.
I’m sorry, I guess I forgot to add that I’m not an idiot. I don’t respond to offers from private individuals (never mind people with anonymous e-mail addresses, and I’m sure as heck not gonna offer up my personal information to some outfit I’ve never heard of. The fact that you folks would try to steal the identity of someone who is already having a hard enough time is reprehensible.

Jerry

hotguyfromrincon asked:


I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I’ve already lost around $35,000 in value.

Cory

cb1980 asked:


I just bought a house 4 months ago at 6.5%/30 fix through a FHA loan. Obviously rates have now nose dived, can i refinance with another company to take advantage of these lower rates- even if its not an FHA loan?

Oscar

erockcam asked:


I co-signed for a loan for my girlfriend and she wont refinance it. She is destroying my credit. What are my options?

Larry

csmithballsout asked:


or did they change it to 85% max?
the current LTV ratio on the house is 85%. I have additional credit card debt I would like to pay off. The refinance is at a much better rate, I just want to know if FHA changed their regulations.

Lawrence