troyman2000us asked:


My direct student loan is now through the government, and I feel like I am absolutely getting nowhere with them. I have had my loan through them since 2004 and my balance has went from 35000 to 32000. I really need some suggestions of what companies to go through to possibly refinance. My credit score is in the middle area. Thanks for your help.

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prettycre8ive asked:


Hi,
The 2-year ARM on my home mortgage (two mortgages) expires August 2008 (home purchased August 2006). However, I filed a Chapter 7 bankruptcy in 2007 (discharged in July 2007). Will I be able to refinance this year? I’ve heard that Ch. 7’s are different from Ch. 13’s in terms of the refinancing waiting time.

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fromthecabbagepatch asked:


With no money down? This is our first home and we’ve owned it for 4 years and looking to refinance.

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traveler#305 asked:


I have a loan that is paid on diligently every month. It is secured by a cd of the original loan amount. I would like to refinance this loan to the amount of the original security, take the cash, and keep my original monthly payment

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Timothy M asked:


My wife and I recently moved into a new home which we are still paying interest only on the loan. We also just sold our other home and would like to put the money we made off of it down on the loan. Can we put the money down when we convert or do we have to refinance?

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Donna C asked:


we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?

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Jayson Due Dec 29th! asked:


I have a loan through Wachovia for my truck. After a year 1/2 of having the truck the payments have become a strain, how or when could I refinance the truck using the same company? (I really enjoy Wachovia, they are great and have helped us before. I would prefer to refinance through them)

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MH asked:


For example, I take both loans and refinance them together as 1 loan with a 30 year loan?

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NicosMommy asked:


My husband and I are so tired of dealing with shady refinance people. We know that our credit is not good (550’s) but is there anyway we can still get a halfway decent refinance? We have not had any issues paying our mortgage on time since 2004, but we have hard a hard time catching up on other past due accounts. We want to refinance and get a little money out so that we can hopefully pay off all of our debt and start fixing our credit. I just don’t want to get screwed by junk fees, unneccessary closing costs and a rate that kills us every month. Is this even possible?

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Devora Witts asked:


When you are undertaking home improvements, though you may have saved a good amount to pay for them, it is sometimes advisable to obtain a cash-out refinance home loan in order to get inexpensive financing for your home improvements and sometimes even save a significant amount of money on your mortgage payments.

Cash-out refinance home loans can provide good amounts of money provided that you have sufficient equity on your home. Besides, the refinancing process can save you a lot of money if you previously closed on a not so advantageous mortgage loan. You can replace an expensive mortgage loan with a cheaper one and obtain extra cash for home improvements.

Cash-Out Refinance Home Loans

A cash-out refinance home loan is a refinance home loan with a higher loan amount than the money owed on the mortgage loan being refinanced. Thus, the money obtained from a cash-out refinance home loan is mainly used to repaying the outstanding loan, but there is an additional amount that can be used for other purposes. In this case, you can consider using it for undertaking home improvements.

In order to obtain these loans you need to have sufficient equity left on your home. Otherwise, you might be able to refinance your home loan but you will not be able to obtain a cash-out refinance loan because the additional money needs to be guaranteed with the remaining equity available on the property being used as collateral.

Savings Due To A Lower Rate

Just like regular refinance home loans, cash-out refinance loans can provide more advantageous terms than the previous mortgage loans. You can get lower monthly payments and longer repayment programs too. However, perhaps the more important term that can be improved is the interest rate charged for the money owed.

With a lower interest rate on your new loan, you can save thousands of dollars over the whole life of the loan. For example: a 1% interest rate point can save you $1000 on a $100.000 loan each year. On a home loan with a 30 years repayment program this can imply savings of up to $30.000 or even more.

Costs Of Home Improvements

Thus, if you resort to refinancing with cash-out refinance home loans instead of using savings to make home improvements, you can actually obtain all the financing you need for free or at least with a significant reduction on the overall costs. If you happen to take the new loan with significantly better terms than your previous loans, the savings can be enormous.

Getting better terms with your refinance home loan can be due to the fact that market conditions have improved since you obtained your previous loan, because of a recuperation of your credit score and history compared to the time when you requested the loan or also due to a combination of these two factors.

In any case, if you can obtain a refinance home loan with at least a 1% interest rate reduction, you should not even think twice. As long as you still have at least 5 to 10 years of repayment, refinancing your home loan will definitely be to your advantage and you may even get the funds you need for making home improvements at no cost.



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