refinance and no closing costs
Related Questions & Answers
Results 1-10 from 67 articles
Should I Refinance?
Asked by T.B. from San Francisco
on February 5, 2009
-
I purchased my home 6 yrs ago at a fixed rate of 6.375% for 30 yrs. My financial advisor is advising that I refinance at a new fixed rate of 5% for 30 yrs and include...
Answers
- you should get the advice of a finance expert that is not positioned to gain a commission if you choose this option. it is hard to get an unbiased opinion from someo...
- Hi T., If you can afford the payments as you have them now, then don't refinance. Not only will you owe more than you do now on the principle but over time you will...
- I've been a Realtor for 40 years, and have seen all the scenarios you can name. One of the crucial things you need to think about before refinancing is "how long do y...
Should We Refinance?
Asked by N.B. from Chicago
on January 29, 2010
-
I wondered if there are any mortgage savvy people out there that might have an opinion on what would be the best decision.
We have made not great decisions in the p...
Answers
- I am not a mortgage expert. When I purchased my first condo I made a lot of mistakes because I used a mortgage broker who did not have my best interests in mind (desp...
- I know a great mortgage person who would assess your situation and be honest with you about what would be best for you to do or not do. Respond back if you want her c...
- From our experience, your mortgage payments might double when your arm expires. It's ridiculous how much they can increase your payment, but in the fine print of the ...
Refinance???
Asked by C.C. from Tampa
on June 26, 2012
-
Hey Moms.... just wondering... ever since the housing market took a dive, there has been so many offers to refinance mortgages... fortunately for my family, we were ab...
Answers
- We recently refinanced. We've been in our house about 4 1/2 years and were able to switch from a 30 year to a 15 year without changing our payment. It's definitely s...
- Can't really help you. But DH and I have decided that with less than 5 years left on our mortgage, we're not going to do it. As long as we can make the payments. An...
- C.: The general rule of thumb in refinancing is to drop from 1.5 to 2 percentage points and know that you will be staying in the house for at least the next 5 to 7 ...
Refinance???
Asked by M.P. from Albuquerque
on August 5, 2010
-
We recently found out that we need to replace our roof. We originally got out a loan on our car to pay off our debt and to use the remaining money towards the roof. Ho...
Answers
- You need to get all these numbers together and get a numbers person to run them for you. Hannah is right - it costs money to refinance, and it could cost more to do t...
- My husband and I own a roofing company. Just wanted to advise you regarding your roof. It's always a good idea to get a few different quotes. Most companies require...
- Just remember it costs $$ to refinance so you need to weigh whether it is cheaper then getting another lown at whatever % you would then get
Should I Refinance My Mortgage?
Asked by A.D. from Dallas
on January 20, 2009
-
I had a 5 yr ARM loan whish I got refinanced last year, March 2008, with 5.5%, 30yrs fixed. I pay monthly escrow with it.
As rates are going down , should I refinan...
Answers
- The easiest way to determine your savings is to go to a website like Bankrate.com and use their mortgage calculators to see how much you will save changing your mortga...
- Another tip: make your monthly payment in 2 seperate payments each month. For example, if your mortgage per month is $1000, pay $500 every two weeks (like one paymen...
- I agree with the previous post - it's too soon and rates haven't changed that much for you to really see any benefit. Plus, refinancing too frequently could have a ne...
Cash Out Refinance
Asked by L.K. from San Francisco
on July 10, 2012
-
Question for all you knowledgeable refinancers =)
We just refinanced and cashed out a small amount. We decided to take out less than we had initially planned. My qu...
Answers
- There is no time limit, as long as you can find a company that will give you a loan. Remember that all the inquiries make your credit score drop. Financially it's ...
- You can refi anytime. Call the Loan Officer you just used and see what can be done. They may be able to add a Home Equity Line of Credit and get it done real quick. ...
- Jo W and Cheryl made excellent points. You are going to spend a lot of money to pay closing costs on yet another re-fi. And depending upon the amount you plan to cas...
Refinance
Asked by H.M. from Phoenix
on September 29, 2010
-
I'm looking into refinancing my home loan but not too sure which bank should I go with. It seems like most bank are offering about the same interest rate, the differe...
Answers
- Compare the APR offered from each bank. The APR is what levels the playing field and allows you to truly compare the deals for each lender. It makes it a comparison ...
- Hmm..someone said they had no fees but the closing costs rolled in well, the fees are in the closing costs...they are all put together and normally all rolled into the...
- Hi H. M, Well I am a loan officer for one of the largest banks in the world so hopefully I can help you navigate through this process. 1. Rates are all pretty simila...
Refinance Question
Asked by J.P. from Chicago
on November 3, 2010
-
For those of you who have refinanced lately, how long did it take? How much time passed between the appraisal and the closing? We are going thru a broker, and it see...
Answers
- It takes longer these days because the lenders are really scrutinizing people carefully. We lost our patience, also, but we couldn't change mid-way, so stick it throug...
- We are currently going through refinancing, and we are using the same broker we used when we did our first refinance 4 years ago. My hubby's uncle is a real estate in...
- Former bank loan officer speaking- A broker isn't always the best route to go, largely because they are just shopping for you. They may not have actually found a b...
Did You Get an Appraisal to Refinance and Then End up Not Being Able To
Asked by B.R. from Madison
on August 7, 2012
-
With the low rates we want to refinance, we have only been in our home for 1.5 years but I fear that just maybe our house would be worth less then 1.5 years ago. it co...
Answers
- We refinanced. Our house came in $10,000 less than we paid for it. We had 3 years equity. We ended up having to come up with an additional $5,000 to keep 20% equit...
- We didn't have to pay for an appraisal. I refinanced through our current mortgage holder. It was our second refi (the value did drop a lot, but we didn't owe nearly ...
- How much was your house worth when you purchased it? If it was worth $100,000 and you have a $3,000 margin, that's 3%, so then it may be worth it to go forward with t...
Will It Be Possible for Us to Refinance with Another Lender?
Asked by A.W. from Austin
on March 15, 2010
-
Can anyone tell me if it is possible to refinance a loan in which you are currently delinquent on? My husband and I got severely behind on our mortgage. We have tried ...
Answers
- Hi A. - Even in the old lenient days of lending, you couldnt easily refinance a past due mortgage. Other than the lender agreeing to modify your loan, I highly doubt ...
- I don;t know about the refinancing but you can force them to lok over your escrow again. There are legal limit--I think 2 months--that a bank can make you have as cus...
- I seriously doubt you can get a loan when you are behind in your mortgage. Sometimes, I'm sure I sound like a broken record because I suggest it so much but please go...
