Archive for the ‘Home Equity Loan Refinancing’ Category

Home equity loan term is running out. what to do now?

Thursday, August 26th, 2010

Our loan was for 5 years. That time is almost up but we will still owe approx. 66,000.00 as a balloon payment. Cannot find any information on what we can do now. All I can find is that you can refinance it through your existing company. We have done this twice before over the past 10 years. However, this time we have had a severe drop in our credit score. Our estimated property value is at least 3 times what we need to borrow in order to pay off this 66,000.00 balloon payment. would like it to be a regular mortgage, or whatever, so that at the end of the term, we wont owe anything.I guess I am wondering if my current bank is obligated to refinance it or would I be forced to find another company who finances couples with poor credit. We have been with this same bank for 15 years. The last time we refinanced the equity loan, when our credit was good, I asked the banker to set it up so that we wouldnt owe so much at the end of it. I guess he thought that 66,000.00 wasnt SO MUCH. Is any company out there helping couples in our situation .

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Should I refinance my mortgage?

Thursday, August 26th, 2010

My home is appraised at 5,000, my mortgage is at 5.875% with a balance of 67,000, I also have an equity loan at 31/2 % with a balance of ,500 should I refinance ?

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Tax advise please?

Friday, August 13th, 2010

Hi,
About three years ago we refinance our home, and took some cash out to pay bills mainly student loans. Sounded like a good deal at that time, well it was one of those inflating rates.. we tried to refinance and found out that we owed alot more then the place was worth. We talked to a realitor and he advise that the way over inflated the value of condo. We hired on attorney and discovered they forged the value and our income. He gave them the opportuntiy to refinance our home at todays value or else court time, plus but the intrest charges twards the equity of the home. The mortgage company did that with out any question, they told us they will "eat the diffrence" this was about 56k they "ate". There was no disscussion of tax during this. Will we get at W-2 for this, how ugly will it be during tax time. The lawyer fee was 5k for this. We live in Ca.

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To refinance or stay put?

Thursday, August 12th, 2010

I have a current home mortgage, Terms; 30 year 5.25 rate 99,000 left to pay. I have a home equity loan, Terms; 10 year 5.5 rate 39,000 left to pay. Should I roll both loans into a 30 year 4.5 rate to lower my monthly payments or leave it the wat it is?
Thank you for your answers. I just refinanced last year for free to get the lower rate so I’m at 30years. The equity loan I payed off two years was 45,000. I was planning to take a 150,000 loan at the 4.5 rate through my credit union to also pay down some credit card debit, about 6,000.

Accessing property as joint tenant when ex resides there?

Monday, August 2nd, 2010

My ex husband resides at the property we jointly own and has done for the past 18 months. I chose not to live in the home as I wanted to remain close to my family and had more support than he did at the time. We have a 18 month old child together. We had an arrangement that he would pay me out a share of the equity. As he resides there he pays the mortgage. He decided to quit his job and study instead.

It has become apparent that he had no intention of paying me out and has had his new girlfriend move in to the property without letting me know. He also refuses to sell the property and keeps it in a run down messy state. I have since been advised that he is now pulling out the kitchen, pulling panels off walls etc. even though I have asked him to consult me prior to altering the property. I am concerned he is devaluing the property. Each time I pursue the property he sends me letters about what a bad mother I am and how he will apply for primary care of our son (when he has spent an hour with him in 12 months).

As a result, I have attempted on numerous occasions to organise to access the property to take note of its condition and any alterations that have been made. He will not provide me with any keys (as he changed the locks) and simply states it is inconvenient. It is obvious he does not want me to see the house.

Does anyone know or had experience with this situation? Im no sure of my rights in accessing the property. As I will be taking the matter to court I need to sight the condition of the house.

I need the matter resolved as I am having to pay all the rates and insurance (as he doesn’t pay his share and I don’t want my credit rating to suffer), cannot get my own loan or refinance my car as my name is on the property and just simply want to get on with things.

I don’t want to have to turn up with the police but I have been asking for at least 3 months with no co-operation from him.
I have been seeing a lawyer for the past 12 months, but he has been in and out of hospital and I can never get in for advice. About 00 so far for not much at all. My ex has a law degree so he is having a great time drawing things out to cost me money.
Our divorce should be finalised next month.
Just wanted to see whether anyone may know about this as I cant afford to start with a new lawyer.

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What is my best option for leveraging the equity in my home to finance my daughters college education?

Friday, July 30th, 2010

Is it refinancing my 1st mortgage? Taking out a home equity line of credit? Taking out a home equity loan? Or none of the above?

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can you refinance your loan without affecting your home equity loan?

Saturday, July 17th, 2010

Does this FHA streamline refinance make sense to do if I plan to sell in 4 years?

Wednesday, July 14th, 2010

Here’s the scenario …

Been in my first home for 1 year and have a 5.5% fixed rate on an FHA mortgage. I plan on living here for 4 more years and then selling to upgrade into a new home. I was contacted by my old broker proposing to do an FHA Streamline refinance to take advantage of the current lower rates. His proposition is this…

- 4.625% rate
- Payments lowered by 0 per month
- I bring .8k to closing
- Loan balance goes up by k

I’m trying to understand why this would make sense for me to do.
By my logic the scenario doesn’t give me much of an advantage…

GAIN: months(48) x savings (0) = 80 gained
vs.
LOSS: closing (00) + loan balance change(00) = 00 lost

The broker is arguing with me that the closing is basically free because I can bring the skip payment that would occur plus some refunded escrow money to pay for it. I don’t know if I would agree with that. Seems like I’m financing my savings with cash upfront and losing equity. Any opinions or insight would be greatly appreciated. Thanks!

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Refinancing a FHA loan to Conventional loan?

Tuesday, July 13th, 2010

I recently purchased a house with a FHA loan. The home appraised to a value greater than what I owe the bank. Can I refinance the loan to get a conventional loan using the equity? Is there any time period restrictions for refinancing a FHA loan to Conventional loan? Will the upfront mortgage insurance on the FHA loan be refunded if I refinance? Please advice.

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Buying a home, need a down payment?

Wednesday, June 30th, 2010

Currently I am in the process of house hunting. I already own a home, but its occupied by three people including me. I am trying to move out to live on my own (Finally). I did a recent credit check back in april, it was good, but back then i wasnt interested in owning a new home.

I have a steady job, and make about 2,000 per month. I have a car payment and a small debt to pay to a bank loan (around 1,500 dollars). So my question is, is it possible for a mortgage company to give a loan without having the required 20% to buy a new house? Should i refinance my current property or get an equity loan? The other two current home occupents will remain in that house and carry on the payments there. If anyone has any suggestions or experience, let me know.

By the way this would be my second time being a home owner, the first time i was very young, and might have missed something. My current situation with the home im living in is fine, but i just want to get out, get my own place and go solo.
By the way, those remaining occupents wouldnt be tennants, one of them is on the title and deed to the house, which would probably make him responsible for the mortgage. Still i would be partly responsible.

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