home lenders refinance mortgage

February 4, 2011

Is this a good rate? I am in excellent finical standings?

Filed under: Renting & Real Estate — Tags: , , , , , , , , — admin @ 12:36 am
jason s asked:


Hello, I am a first time home owner, nearing the closing date. I have a loan for 68,750 with the ** at 2.68% ( with no fees) and I have to pick up the other amount 56,150 at another lender. The total cost of the home is 124,400. I have already decided to go with ** bank for the 56,150. ** is stating that I am getting a higher rate because the amount is small. I have a very low debt ratio and my credit score is 720. ** is giving me a 7.8 rate with the option to buy points; 750.00 for a 6.785 and 500.00 for a 6.875 and 1,500 for a 6.5. I would think that I could get a 6.5 with out having to buy points. They are also charging me 1333.00 in loan cost ( I am fine with this). I have to stay with ** because this is part of the agreement with **, no way out of it! What should I do….I closed on the 10th of September and I have to choose a rate right now. This decision will affect me for 30 years–if I don’t refinance down the road. Do I pay for the points or demand a 6.5 or lower?

Jack

how to get out of a Hard Money Loan?

Filed under: Renting & Real Estate — Tags: , , , , , , — admin @ 12:01 am
Paola Calderon asked:


I tried to refi money my home when the market was good and got talked into getting a loan trough a hard lender .. now my interest is at 12.5 and I cant get them to refinance my loan ……plus my credit is not that good… I know obama passed a law in February to help homeowners does that apply me.?

Rachel

January 28, 2011

How would a foreclosure affect us in the short/long term?

Filed under: Renting & Real Estate — Tags: , , , , , , , , , , , , , — admin @ 12:57 am
Dee asked:


We bought a home in Baltimore City in 2005. It was a renovated home and we planned to stay for 5 years. We foolishly refinanced our home in 2006. This enabled us to obtain a fixed rate, but we also pulled money out to pay off debts. At the present time, I would estimate that we are $60-100,000 underwater on our mortgage. The neighborhood is steadily becoming worse. Drug addicts, shootings, break-ins, you name it. We have since had a baby and I am uncomfortable with continuing to raise a child here. Yesterday one of our neighbors threatened my husband. I am completely at the point where I want to move. How would a foreclosure affect us? I am not concerned about our credit or owning a home again anytime soon. My biggest concern is whether or not our lender can come after us for the difference of what we owe. The only thing I am looking for is to be able to rent a home/apartment in a better neighborhood or move in with family. I believe that our piece of mind is worth walking away from our home. My husband is so worried about our credit and I am feeling that if we aren’t on the same page about this, we will have to separate. Any advice is appreciated!

Angela

January 27, 2011

Do you think a lender will do a short sale/refi for approximatly $65,000, if our loan is in bankruptcy & disch

Filed under: Renting & Real Estate — Tags: , , — admin @ 9:19 pm
bubbas asked:


We filed bankruptcy & it discharged on 11/07. With the new law the home needs to be included in the bk. We have 2 loans 1st mortgage for $230,000-7.5% due to adjust in May of this year & a 2nd mortgage for $57,000-12.69%. We did not sign either of the reaffirmation aggreements because we were afraid of what the payment will be once adjusted. We were told by Option one (current mtg co.) that they can not help us in any way because we did not sign the reaffs & we do understand that. However they did say that we could do a short sale/short refi. We are current on our payments but they state at this time it doesnt matter if we are late or current, they would still consider a short sale/short refi. We did find a lender who is willing to refinance us at a decent rate even this recent after our bankruptcy. My question is do you think the mortgage company would be willing to forgive $65,000+ or take a chance of us walking away and them losing more? Value of home $245,000-owe $287,000+.

Lester

January 22, 2011

Who guarantee’s VA Loans ?

Filed under: Renting & Real Estate — Tags: , , , , , , , , — admin @ 4:58 am
Mark J asked:


If the new “stimulus” plan allows homeowners with homes worth less than the loan amount, and are backed by Fannie Mae and Freddie Mac to refinance these to a lower home value, how can I find out who backs my VA loan. I know who the lender is, but I do not think this is the same as the guarantor, whom I believe will be either Fannie or Freddie.

Kim

January 20, 2011

Is there any option for people who are upside down on there homes and want to refi or give back the loan?

Filed under: Renting & Real Estate — Tags: , , , , , , , , , , — admin @ 7:20 pm
mongoqa asked:


As lots of folks, my girlfriend and myself are upside down on several
properties. I heard of attorneys negotiating with lenders to reducing the
principal of an existing loan and refinancing so that we could reflect the
most recent home values in the complex or area. Is this true? Is there
anything we could do to get rid of a home mortgage that is going to adjust
and increase (i.e, sale by owner, all inclusive transfer of trust deed, etc.)?
We need to talk to someone experienced and that can offer us real options
before we become victims of forclosure/shortsale… Please advise.
This is my second edit. I am a home owner and as lots of folks, my girlfriend and myself are upside down on our
properties. I heard of attorneys negotiating with lenders to reducing the
principal of an existing loan and refinancing so that we could reflect the
most recent home values in the complex or area. Is this true? Is there
anything we could do to get rid of a home mortgage that is going to adjust
and increase (i.e, sale by oner, allinclusive transfer of trust deed, etc.)?
We need to talk to someone experienced and that can offer us real options
before we become victims of forclosure/shortsale… Please advise.

Jackie

January 13, 2011

I am having cold-feet about refinancing my mortgage, what do you guys think?

Filed under: Renting & Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 7:18 am
Steve Smith asked:


I am a first-time home owner and I have been in my house just under three years. I have good credit and I have never missed a mortgage payment. Recently my lender contacted me about the new HARP program urging me to refinance. I let them send me a good faith estimate and it looks like I do qualify for this refinance.

Here are my details – after our 10% down-payment, our loan came out to $200,700. Our fixed interest rate is currently 6.375% and we pay approximately $1,570 a month including taxes, insurance and PMI. At our current payment rate we will be down to 78% base in about 2 years so we can look forward to a dropping that ~$80 PMI payment then.

The GFE has us locked in at 5.375% fixed which would drop our payment by about $140 a month and reset our mortgage @ 30 years.

Now, at our current payment we have payed approximately $57,000 in monthly mortgage payments but have only knocked about $6.2k off of the principal. Just typing that makes my knees weak. I understand that the front end of the life of a mortgage is paying heavily into the interest and a good chunk of that monthly payment goes into other things such as property insurance, PMI, taxes etc. but
I am not sure how i feel about resetting and “losing” those 3 years of payments. Our principal is currently at about 194,000.

The refinance will cost me about $4,100 with 500 due upfront and the rest rolled into the loan. so in other words we are almost right back to that 200k initial loan just with a reduced monthly payment.
Is this too much of a loss of ground or is it likely to be worth it in the long run? From my math we would make up that money in about 30 months and we will probably be in the house another 5 years before we start trying to sell. So part of me feels like it makes sense, but if we reset the loan now, are we essentially “losing” that $50,000? I know that probably isn’t the right way to think about it but it is what it is.

I know 6.375 is high and according to today’s numbers over at bankrate.com 5.375 is reasonable – especially going with the HARP program and having to do a traditional refinance full with appraisal etc – but please let me know what you guys think of this offer and if you have any other comments or suggestions.
thanks so much!
Thank you guys for so much great advice so far! I can’t believe I forgot to mention that I am in North Carolina – Durham, and the market value of my house has indeed gone up quite significantly since I purchased the home. Just under 10%. at least so I’m told by the county and my lender…
Thank you guys for so much great advice so far! I can’t believe I forgot to mention that I am in North Carolina – Durham, and the market value of my house has indeed gone up quite significantly since I purchased the home. Just under 10%. at least so I’m told by the county and my lender…

Juan

« Newer Posts — Older Posts »

Powered by WordPress
real estate agents