Comments for Equity Mortgage Refinancing

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Deric

Deric — Sun, 28 Jun 2009 04:21:42 +0000

Actually Banks usually request 2 apprasials for a home loan so there is no bias. Alot of appraisers have certian homes they lik more then others. But that’s in MN. Just do what the bank asks otherwise it will slow down everything.

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by cuddles

cuddles — Sun, 28 Jun 2009 04:21:42 +0000

yes

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by annalisa

annalisa — Sun, 28 Jun 2009 04:21:42 +0000

Remember the golden rule-”He who has the gold sets the rules”. Since you are asking the bank for money they can set the parameters and criteria for getting the money.
It is entirely within their rights to do so-after all this is the security for their loan to you. And it is not uncommon at all.
If you are in the market for a mortgage, home equity loan, or refinance get up to 4 FREE No Obligation Mortgage Rate Quotes at http://www.m-o-r-t-g-a-g-e-r-a-t-e.com

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by SPIFIMAN

SPIFIMAN — Sun, 28 Jun 2009 04:21:42 +0000

Actually it’s quite common for a bank to require two appraisals before approving a equity loan. If the first one had been done properly (a walk through) instead of a drive by they would not be asking for the second.
I went through this myself a couple of years ago and they only required one because it was a walk through.

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Stuart

Stuart — Sun, 28 Jun 2009 04:21:42 +0000

This is legit, you do have to submit to it, and it’s fairly common.
The bank wants to be sure that they are lending money on an asset that has the value you claim it does, so that they can recover their money if you default on the loan.
Also, as a side note, YOU asked THEM for money… not the other way around.

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by charmedc

charmedc — Sun, 28 Jun 2009 04:21:42 +0000

A bank can ask for anything they want, since you’re the one asking them to give you the loan. If you don’t like it, take your business to another lender.

Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by pancakes & hyrup

pancakes & hyrup — Sun, 28 Jun 2009 04:21:42 +0000

A bank can do what a bank wants because they’re the bank. They’re the ones giving you however-many thousand dollars of their money. Some banks have different policies, and that’s not unheard of.
I guess you’ll have to let them. But 2 appraisals is pretty common.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by reenzz

reenzz — Sun, 28 Jun 2009 04:21:40 +0000

You will not be able to re-fi if your upside down with your mortgage. You would need to take the difference & closing costs to the table in order to close.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Taylor B

Taylor B — Sun, 28 Jun 2009 04:21:40 +0000

Closing costs can be rolled into the mortgage. We just refinanced and for a 15 year, fixed rate 5 3/8%, with 6,000 in closing costs. There are options will minimal or no closing costs however.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Death Metal Album Reviews

Death Metal Album Reviews — Sun, 28 Jun 2009 04:21:40 +0000

Your best bet is to call your current mortagage company. They are “on the hook” already and may work something out with you. No other company would have any reason to do anything to help you.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by dz

dz — Sun, 28 Jun 2009 04:21:38 +0000

no you cant the stimulas is only for people in arms or intrest only if you have a fixed rate and never been late but are upside down all you can do is wait until the values go up stop being greedy and just thank god YOU can afford your payments.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Doctor Deth

Doctor Deth — Sun, 28 Jun 2009 04:21:38 +0000

I doubt you can refinance with no costs ANYTIME
Why would any bank do a mortgage or refi for free? that’s how they make a lot of their money up front to pay the mortgage broker commissions, etc
- if you owe more than the house is worth, it will be very difficult to refi at all

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Gaytheist Buddha

Gaytheist Buddha — Sun, 28 Jun 2009 04:21:38 +0000

While not the best of interest rates, that is much better than anything from the 1970s through 1990s. It is doubtful you can refinance anything more than 95% LTV (loan to value). Talk to a broker for possible creative financing with a first and second trust deed by try to avoid getting caught in one of those strange exotic loans that caused this financial crisis.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Instruct

Instruct — Sun, 28 Jun 2009 04:21:38 +0000

Not a chance. You will always have to pay processing fees when you refinance, and because you are up-side-down in the loan, it will be hard to get approved. You will need to bring money.

Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by barbra w

barbra w — Sat, 27 Jun 2009 22:24:10 +0000

From what i do know, “no” there will be no taxes for the loan itself. Any taxes and interest are deductible to you when filing taxes for the year.

Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Me-as-a-

Me-as-a- — Sat, 27 Jun 2009 22:24:10 +0000

A loan is not income, because it’s a liability, and therefore not a “taxable event”. But you can deduct the interest.

Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Judy

Judy — Sat, 27 Jun 2009 22:24:10 +0000

Interest on a home equity loan is usually tax deductible if you itemize. Depending on how much the interest is and how many other deductions you have, this could work to your advantage.

Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Joe P

Joe P — Sat, 27 Jun 2009 22:24:10 +0000

Even if there is any Tax,you can always write it off at the end of the year.

Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by rhsaunde

rhsaunde — Sat, 27 Jun 2009 22:24:10 +0000

No. Actually, you are well off, because you can get a new first mortgage if you wish, and the interest rate on that will be better than on an equity loan. But the equity loan may have the advantage that you can repay, re-borrow, and re-repay when you wish, which first mortgage loans generally do not allow. Talk to your local banker and see what he says; mine has been very helpful.
The only tax issue that could ever arise is if you sell the house and owe more on it than you originally paid for it. This is called “mortgage over basis” and you need to talk to a tax expert if this becomes an issue.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by reenzz

reenzz — Sat, 27 Jun 2009 22:19:03 +0000

You will not be able to re-fi if your upside down with your mortgage. You would need to take the difference & closing costs to the table in order to close.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Taylor B

Taylor B — Sat, 27 Jun 2009 22:19:03 +0000

Closing costs can be rolled into the mortgage. We just refinanced and for a 15 year, fixed rate 5 3/8%, with 6,000 in closing costs. There are options will minimal or no closing costs however.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by glenn

glenn — Sat, 27 Jun 2009 22:19:03 +0000

Your best bet is to call your current mortagage company. They are “on the hook” already and may work something out with you. No other company would have any reason to do anything to help you.

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by dz

dz — Sat, 27 Jun 2009 22:19:03 +0000

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Panasonic Massage Chairs

Panasonic Massage Chairs — Sat, 27 Jun 2009 22:19:03 +0000

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Gaytheist Buddha

Gaytheist Buddha — Sat, 27 Jun 2009 22:19:01 +0000

Comment on Can I Refinance My Mortgage With No Closing Costs If I Owe More Than It Is Worth? by Instruct

Instruct — Sat, 27 Jun 2009 22:19:01 +0000

Not a chance. You will always have to pay processing fees when you refinance, and because you are up-side-down in the loan, it will be hard to get approved. You will need to bring money.

Comment on What Is The Term For A Home Equity Loan? by Patti C

Patti C — Sat, 27 Jun 2009 16:21:56 +0000

I got one a few years ago. Mine is 10 years. There were a number of choices available when I got my loan. I believe from 5 years on.

Comment on What Is The Term For A Home Equity Loan? by greenshi

greenshi — Sat, 27 Jun 2009 16:21:56 +0000

5,10,15,20,25,30 years are all typical terms for a home equity loan.

Comment on What Is The Term For A Home Equity Loan? by Price is what you pay for value.

Price is what you pay for value. — Sat, 27 Jun 2009 16:21:56 +0000

As housing market continues to slump, if you don’t plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn’t add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won’t appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
This article gives you tips on negotiation:http://biz.yahoo.com/brn/060909/19463.ht…
Articles about current market:http://money.cnn.com/2006/09/25/news/eco…

Comment on What Is The Term For A Home Equity Loan? by bianca

bianca — Sat, 27 Jun 2009 16:21:56 +0000

the most popular are 30 years, but you have 10 years withdrawal period and you have to pay it off for remaining term.

Comment on What Is The Term For A Home Equity Loan? by Jeff G

Jeff G — Sat, 27 Jun 2009 16:21:56 +0000

It varies, but the most common are 30. To answer your question yes there are shorter terms. Which obviously would mean a higher payment and probably an adjustable rate. from jeff the loan agent

Comment on How Long After Bankruptcy Shall I Wait To Apply To Refinance My Mortgage? by daeve930

daeve930 — Sat, 27 Jun 2009 16:18:53 +0000

Of the three banks I’ve worked for in the last 10 years, all require discharge of a BK. Each also required at least 2 years since filing. One went by the credit score if those requiements were met, but another required 1. a GOOD reason for the BK (divorce and loss of job were not acceptable, someone needed to get sick or die), 2. NO lates or missed payments since filing, and 3. that bank didn’t lose any money. I can’t remember any more details about the last one. Talk to your bank, see what they do.

Comment on How Long After Bankruptcy Shall I Wait To Apply To Refinance My Mortgage? by Kristina

Kristina — Sat, 27 Jun 2009 16:18:53 +0000

Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there arewill help to improve your credit history in a number of different ways.

Comment on How Long After Bankruptcy Shall I Wait To Apply To Refinance My Mortgage? by Lisa L

Lisa L — Sat, 27 Jun 2009 16:18:53 +0000

Sounds like you are in a Chapter 13. You can buy while in a Chapter 13 if the court approves. I would think you could refinance also with court approval. Hopefully you only want a rate reduction, not a cash out.

Comment on How Long After Bankruptcy Shall I Wait To Apply To Refinance My Mortgage? by Steve W

Steve W — Sat, 27 Jun 2009 16:18:53 +0000

It sounds like you are in chapter 13 BK. Normally you have to wait until you are two years out of bankruptcy before refinancing on a conventional or fha loan. If you want any additional information pertaining to this question, feel free to shoot me an email.

Comment on How Long After Bankruptcy Shall I Wait To Apply To Refinance My Mortgage? by Jeremy B

Jeremy B — Sat, 27 Jun 2009 16:18:53 +0000

You can refi once it has been discharged since you are more than 24 months out from your filing date. You will need proof that the BK has been discharged. Once you have this, you can get what is called an Expanded Approval Loan. Lots of the big mortgage company’s offer this product (Countrywide, Beneficial, GMAC…). A lot of whether you qualify for this loan will depend on whether or not you have had any deliquency or derogatory credit since your filing date. If you have paid everything on time since 04, the you are probably good to refi as soon as you get the discharge papers. If you have had credit issues since then, the it will probably take an additional 12-24 months after discharge to get a refi.
Good Luck!

Comment on Should I Take Out A Home Equity Loan To Pay Off My Private Student Loans? by Lunatic Studios

Lunatic Studios — Sat, 27 Jun 2009 10:25:54 +0000

it is worth in to use the home equity or a refin as the interest is deductible; assuming you can deduct interest against your taxes.Some say not to do that as you then have a potential danger of loosing your home over your student loan, if paying the mortgage is a problem. Student loan interest can be very low compared to home equity or refin interest. You have to balance the two and also think of your housing situation, if you are planning to sell or move in the near future.

Comment on Should I Take Out A Home Equity Loan To Pay Off My Private Student Loans? by John M

John M — Sat, 27 Jun 2009 10:25:53 +0000

evaluate the term of the loans, the interest rate you would be paying and if they are tax deductable now, and if you can make use of the deduction should you shift them to a home equity loan. Then, decide if there is any chance you could be unemployed or otherwise without the means to pay on the loans. If so, you may not wish to offer your home as collateral to these loans.
It’s going to be a matter of balancing the interest costs against the risk to your home most likely.
Don’t forget to match the terms of the loans when evaluating on a payment basis.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by jersey girl in exile

jersey girl in exile — Sat, 27 Jun 2009 10:18:23 +0000

There COULD be a penalty, you need to call your lender. Also, DON’T go to a broker. Go to a BANK! Their fees are much lower and so are their rates.
The only problem is that condo’s do not appreciate in value like homes. Adding in the fees, you could owe more than the condo is currently worth.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by yourmtgb

yourmtgb — Sat, 27 Jun 2009 10:18:23 +0000

You can refinance at any time. You need to pull his copies of the loan to see if his lender placed a prepayment penalty on the loan; this would have to be disclosed on the paperwork he signed. Some loans have them while other loan programs do not. If he does have one then you need to find out how much it is and then have a lender to work up a quote that he qualifies for to see if paying off the loan now is cost efficient.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by Joey Bagadonuts

Joey Bagadonuts — Sat, 27 Jun 2009 10:18:23 +0000

Daisy….I refinanced my mortgage (a fixed rate mortgage) twice in the first 4 years….and yes…get a fixed rate ASAP.
I’m not sure about any penalties for early refinancing of ARM’s. I’ve heard that some do and some don’t. He has to check his mortgage paperwork.
***

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by Outdoor Garden Decor

Outdoor Garden Decor — Sat, 27 Jun 2009 10:18:23 +0000

yes you can refi at any time you want…
there will only be a penalty if he has a pre-pay on the mortgage…if he were to refi with the same bank they might wave some of it too, if not all. they want your business. especially at this time in the market.
other wise if he goes with a different lender they might work the fees into his new loan.
this is only if he has a prepay, otherwise he is free and clear

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by RB

RB — Sat, 27 Jun 2009 10:18:22 +0000

There shouldn’t be. Just talk to the bank, or another one. Most are happy to do business with someone with good credit. Laws are different in different states. In IL, they used to require a new appraisal. But if you kept the same bank, maybe not. I looked into refinancing one time, but it wouldn’t pay to do the paper work, as I was far enough into the mortgage to be paying more principle. So, it wouldn’t pay with the savings compared to the refinancing costs. Some banks will do it for free on larger mortgages.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by sweet_co

sweet_co — Sat, 27 Jun 2009 10:18:22 +0000

only if he has a prepay penalty which should have been disclosed to him at signing the paanpers. However he can refinance the more equity he has in the property will be in his favor. It all depends on who he goes with. If he does not know if he has a prepay or not tell him to contact a broker and have them look into it for him and what kind of rate they can get him right now if he does not have a prepay.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by Bathroom Grab Bars

Bathroom Grab Bars — Sat, 27 Jun 2009 10:18:22 +0000

He needs to read the fine print. Some lenders have prepayment penalties that make it costly to refinance.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by Pavel R

Pavel R — Sat, 27 Jun 2009 10:18:22 +0000

penalty? no always. check his Adjustable Rate Note or call the lender. then figure out how much penalty vs how much add’l interest you’d have to pay if you miss good rates (going up, up..). pls. feel free to contact me with details - I’ll give you opinion supported by numbers.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by qman

qman — Sat, 27 Jun 2009 10:18:22 +0000

Nope, not at all as long as didn’t get some ripoff subprime loan with a prepayment penalty.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by Bathroom Medicine Cabinets

Bathroom Medicine Cabinets — Sat, 27 Jun 2009 10:18:22 +0000

Yes your son can refinance his mortgage even before the rate kicks after 2 years.
However, if your son has PRE-PAYMENT PENALTY for two years, He needs to pay the penalty if his going to refy w/ in less than 2 years,
If your son doesnt have PPPenalty, well its good, the lender wont charge him of any penalty. But as per my experience most ARM’s now has pre payment penalty, and usually its 10% of the loan amount, but still depends on the contract if how much the prepayment penalty is. Just read the contract just to make sure about the prepay.
Be carefull when refinancing because there’s a lot of Brokers who are not licensed and they all say they can help you get a lower rate and lower your payment drastically but in the end, you will noticed that there’s a big difference in the rates that they’ve promised, sometimes they will quote you lower rates but the TRUTH was its really high. So be carefull.
FYI. Make sure that your son will not permit anybody to run his credit, because everytime you run your credit, it loses FICO SCORE.
Only give permissions to run the credit to LICENSED LOAN OFFICERS OR TO DIRECT LENDERS ONLY not to BROKERS. Or he can run his credit himself, go online, but im not sure about the site, run his credit there and make sure he has a printed copy afterwards, so when your son will go on shopping for the rates, at least he has black and white copy or his credit reports(fico) the lenders/LO doesn’t need to run his credit over and over again.

Comment on Can You Refinance Your Mortgage After Living In A Condo For Only Two Years? by achievab

achievab — Sat, 27 Jun 2009 10:18:21 +0000

You can refinance, as long as there is enough equity in the property. The fixed rates are good now too. As far as the prepay penalty, you’ll have to check the initial document your son signed at closing. It should be on the note. Just call up the bank that holds the note. They may even offer to do it for him at a reasonable cost. Good borrowers are really in the driver’s seat right now. A bank would certainly rather give someone a lower fixed rate as opposed to raising it and hoping they are able to make the payments. Call them up and check it out.
Good luck.

Comment on What’s The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? by gil.ray@

gil.ray@ — Sat, 27 Jun 2009 04:23:19 +0000

Unless you plan on taking out any money to renovate or pay down any high interest credit cards (consolidate). The goal would be to keep your current interest rate on your first, and get rid of your 2nd as soon as you can without having to re-fi. To re-fi now would put you in the same interest rate on any HELOC or fixed loan. The difference between the to 2 is that one is fixed and one is a credit line (limit).
By paying every two weeks will help you decrease on the years of the loan, and save you much more in interest. Then if you are able add any additional to the principle, will only continue to give you a plan of action. Set a goal to pay your second within 5-10 years.
If you have any question feel free to contact me.