Hankness asked:


I am planning on buying a home that needs a lot of work. I also have some credit card debt I would like to get rid of. I have the 10% to put down and have been pre-approved for a mortgage.

If I buy this home, can I then turn around and do a cash-out refinance for, lets say, 80%-90% of appraisal value? Would I have to wait a certain period before a bank would do this?

Gary

Jacob M asked:


I just bought my first home about a year ago with no money down and want to refinance to a lower interest rate. I can save about 2% if I’m able.

However, I’m noticing most banks won’t refinance but a certain percentage of the home’s value…ranging in the ball park from 80 to 95%.

Since my home is only a year old, it’s only increased in value a couple thousand dollars at most.

Is there any way around this?

Melvin

zapf1423 asked:


My husband and I use to live with my mom and they refinanced her house with both of their names on the title. Now that we bought our own home, she would like to refinance her house, but take off my husbands name.

Does he need to just sign a release form or waiver towards the end of closing to take his name off?

Dana

fern asked:


My home loan is ARM and due to go up in November. The equity on this home is zero so I can’t refinance. I already spoke with my lender. Are there any other options before it goes to foreclosure? I already know we can’t afford the increase in pmts.

Teresa

Harmony asked:


With prime rate continually decreasing would it be wise to refinance my mortgage. Just bought the house in July and my rate is decent, but over time a decrease would help.

Does it affect property taxes? Will I pay closing cost? Lower monthly payment?

What would be pros vs cons?
Thanks! I’m with Countrywide and they sent me to a mortgage broker (?) she said that to have no closing cost or points the rate wouldn’t be the lowest b/c they have to pay for title work etc. I hve no prepayment penalty either.

Nancy

d_guy67 asked:


I origianlly purchased my house and then refinance it at 100% on an arm. I purchased another house closer to work and am living in that house now. The intention was to rent out the first house to cover my payment. Now my payment has increased due to the arm. I cannot refinance since I no longer live there. The renters did not work out and the rent no longer covers my payment. I cannot sell because the house is no longer worth what is against it. Help!!!

June

needknow asked:


I borrowed a $300, 000 house with 20% down payment and a 5/1 ARM loan. The current sale price of the similar house is $330,000. I am wondering if I refinance the house, how many I have to borrow from bank: $240,000 [$300,000 (sale’s price) - $60,000 (my downpay)] or more (330.000 - $60,000)?
Thank you very much in advance.

A confused lady.

Yvonne

newjerseydaniel asked:


I have filed bankruptcy in the last year and dont have the best credit but i need to refinance so i dont lose my home. Does anyone know of any companies out there that will work with me?

Lillie

bwauby asked:


In 2001 i got a 30 year fixed rate on 63k for 7%
What % rate am i looking for to refinance at ?
Better yet, Whom should i consault. to steer me in the right direction.?

Tamara

Ava asked:


I pay extra principle each month on it and would like to refinance enough to pay off my vehicle and to do some remodeling on my home, painting, etc. I would appreciate all insight. Thanks!!

Annie