Homeonwer in California asked:


I have mortgage with Wells Fargo fix 5 years, its only my 2nd year,can I still ask them to refinance w/no fee?

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mcoopd1 asked:


I ask this because most lender said I have to refinance my 1st in order to pay off my 2nd, but if I do that because of my low credit score my interest will go way up and it will double what I am paying now. Is there a solution?

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deoarby asked:


I have been with the same mortgage company for almost four years. I started with an adjustable mortgage. After two years the rates and payments shot up. I modified with them to a two year fixed. This expires in August. Last November, I filed a Chapter 13 bankruptcy, which includes the mortgage. My attorney says to either work on another modification with the company I have, or to seek out a refinance somewhere else. Has anyone out there been in similar situations? What did you do? Any recommendations on a good company to go with?

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aj asked:


Is it possible for me to refinance my mortgage to purchase land for my son who would like to self-build a home for him (and his family) to live in.

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John Marshall asked:


To take care of the high rates of interest that are being paid off to the lender for a mortgage, the borrower has to update his mortgage deals. For this, mortgage refinance can be availed by the borrower. Through mortgage refinance, the borrower can save a lot of money payable as interest to the previous lender.

Mortgage refinance is the transfer of the earlier mortgage of a borrower to a new lender who is ready to provide a lower rate of interest. The mortgage of the previous loan can be done by the borrower to a new lender who will pay the loaned amount of the previous lender along with the interest. This way the new lender will repay the amount owed to the previous lender and save the further interest that would have been payable. The mortgage refinance is now the only due to be repaid to the new lender.

The borrower should take care while taking up mortgage refinance. As the mortgage deal is already taxing to the borrower, he should not get stuck in any other deal which is not profitable to him. Moreover, he should look for hidden charges or processing fees that may increase the payable amount.

Professional help should be availed by the borrower who can help him decide about the viability of a mortgage refinance deal. This professional help is easily available at a small price but proves to be of great value to the borrowers.

Mortgage refinance is available to the borrowers through the online mode. The online research for mortgage refinance helps the borrowers in availing lower rates. These low rates are available to them due to rising competition amongst the mortgage refinance lenders present online. The borrower can choose from among the deals that are offered to him based on the criterion of lower rates.

Mortgage refinance is highly beneficial to the borrowers who are paying interest heavily to the lenders. An update on the mortgage deals is very much required to save money.



Dawn

Martin Lukac asked:


You are the best judge of all your proceedings. Be it good or bad times, you always know what to do. Problems do exist but so do solutions. The best time for you to go in for a refinance mortgage is when you are drowned in a huge debt. It will also take you years to pay off that debt. Why is it good to refinance at that time? The answer is simple, to put aside those dollars by obtaining a lesser rate of interest. You take a fresh loan for paying off all your existing mortgages. I can call it a brilliant chance to even decrease your intermittent payment responsibilities.

There are of course quite a number of valid reasons why folks should go in for a refinance mortgage;

The number one reason is as I have stated before, lowering that rate of interest. It may not seem to be an excellent reason at that time, but it will definitely lessen your monthly expenditure. The gist is, it will save you money.

If you pay your mortgage dues in time, your credit scores will increase for very valid reasons. This will assist you in getting lower rates of interest and thus save on interest cost in the future.

With the monthly payments that you have to pay while you refinance mortgage, you can make equity. This equity is quite beneficial as it is an asset. It can be given back to the homeowners at the time of property transaction. You can in fact even increase your mortgage period. This can only happen if your payment pattern is very good. This will also result in more equities and in the end more saving.

How can we forget the tax deductions? If you go in for a refinance mortgage you do considerable saving again. You save on mortgage interest, taxes on property, discount points and your initial fees.

Refinance mortgage can happen in two ways -

NO CASH OUT REFINANCE - The amount you take as mortgage is lower than the balance that was presently payable from your side. This type is quite profitable as you can have a loan of around ninety percent of the evaluated worth of the house. This lowers all the linked costs.

CASH OUT REFINANCE- this type of refinance mortgage allows us to have access to amount more than the current debt. But unlike no cash out refinance, this mortgage limits you to only around seventy-five percent of the total value.

In case of refinance mortgage you can even go in for an extension in the time to trim down the monthly out standings. Nowadays there are plenty of people who are garnering excellent returns by extending the time period of the mortgage and thus employing the savings for more debt payment. Try to visualize a scene where you have plenty of cash at hand and you can pay off all your debts. Don’t you think this can be possible only through refinance mortgage? It is ideal to accumulate your savings.



Amy

postal_marg asked:


I presently have two week timeshare one fixed and one floating and I want to try to keep them but I would like to refinance so the interest is not so high.

Barbara

bless424 asked:


Not even to refinance from an adjustable to a fixed?

Jamie

melinamenny asked:


 

Save Big Despite Home Refinancing Loan Costs

Homeowners are increasingly looking to refinance their current home mortgage loans in order to lock in lower interest rates. When you refinance your home loan, you take out a new loan that replaces the current loan. This refinanced loan allows you to get a better rate and can help lower your monthly mortgage costs. Borrowers generally look to a refinance loan option to take advantage of falling interest rates, get rid of lingering credit card debts, to make home repairs or improvements and to make use of the equity in their homes in the form of a cash back refinance loan.

No matter the type of refinance loan you’re looking into, a refinance loan is still a loan and there will be costs associated with refinancing your current home mortgage. Here are some of the more common refinance loan costs.

Credit reporting fees: Before a lender will refinance your home he will pull your credit report. Though your credit report was originally examined when you received your primary mortgage this is a new loan and possibly a new lender. The lender will use your credit report to review your history of paying bills on time and if you’re able to meet minimum payments and stay updated on all bills. Major changes since your original mortgage was obtained could have an effect on the interest rate that you qualify for. Talk to your lender about emergency situations or any other reasons that affected your ability to pay in the past.

Loan Discount Points or loan origination fees: These are paid upfront to avoid having to pay higher interest rates. One point is equal to one percent of the total borrowed amount. Most borrowers allow lenders the option of deciding whether or not to pay for discount points, typically the more discount points you pay the lower your interest rate will be.

Appraisal Fees: Before refinancing your home, your lender needs an estimate of the value of your home. An appraiser is usually hired to come out and inspect your home, though your lender may use other methods to find your home’s value.

Administration Fees: Both brokers and banks typically charge a fee for providing refinance loans to you. Banks set their own fees; brokers normally charge a fee of 1 to 1.5 percent of your loan amount. The bank usually pays this for the broker bringing your business to the bank.

Processing Fees: Someone had to take the time to arrange and gather all the loan documents needed for your home refinance and a fee will be needed to cover the cost.

Pre-payment Penalties: Penalties for paying your mortgage early may be part of your current mortgage agreement. If that is the case, the cost may be able to be covered with your refinancing loan or handled out of pocket by you.

These are only a few of the potential fees that you could be required to pay in refinance loan costs. Every mortgage lender is different. Other common fees include local taxes, notary services, attorney fees, inspection fees, mortgage insurance and escrow services. Some refinance loans are offered at no cost, though you may not pay anything up front, the lender typically rolls the cost over into your new home mortgage or they are recouped for a slightly higher interest rate. You may also choose to pay for the refinance loan costs through the use of investment, stocks or with money you’ve already saved up to keep monthly payments as low as possible.

Before deciding between no-cost and regular refinance loans find the difference between the monthly payments of the old loan and the refinanced loan, add in the fees to find the break even point. For example, your new loan offers you monthly savings of $150 and your loan fees add up to $3,000, in only 20 months you will have reached the break even point. If you plan to continue staying in your home for at least this long than there is no reason not to take advantage of refinancing loan options. Dinkytown offers a breakeven point refinance calculator that can help you find out how long it will take you to start saving money when you refinance your current home mortgage.

Loan refinance calculators can be used to help you determine refinance costs and how they impact your overall savings. Compare multiple refinance loan options to get the best deals. Ask lenders or brokers about all possible fees, as some fees are negotiable, but lenders won’t volunteer that information. You will need to ask for the information.

When you refinance your home, your interest rate decreases, but you may pay more over time. For most homeowners, this is reasonable since it allows them to lower high monthly payments that they can’t afford to make. If you have recently increased your annual salary consider refinancing your loan to shorten your loan term from 30 years to 15. Doing so would mean paying more per month but allow you to pay less in interest over the term of your loan and get rid of the debt much faster.

Home mortgage refinance loan costs don’t have to be unreasonable. Write down all the fees associated with refinancing your loan; speaking to several lenders and comparing fees can save you thousands. You may even want to consider a mortgage broker in this situation, as mortgage brokers work with several lenders at once to get you the best possible quote on your mortgage refinance. Read your loan agreement and address any questions or concerns you have. Check with your current mortgage lender first, since you have already completed the mortgage process with them. Some fees may be avoided and save you several hundred dollars on the cost of refinancing the loan. If you are willing to investigate your refinance loan costs you will be able to save more money over time.



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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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