Comments on: Refinancing Mortgage Loans – When Is A Good Time

By: Anonymous

Anonymous — Mon, 02 Aug 2010 07:26:13 +0000

You should plan to stay in the house for 7 to 10 years. Conservatively, that's about how much time it'll take before you'll make a profit – in consideration of the market conditions. To survive financially, you should rent a room or two. I'm aware that sharing the house isn't the best solution. But, it's much better than foreclosure, the impact to your credit, or barely surviving on your income.

I think you'll loose too much money on a short sale to consider it.

I hope that you didn't put the wife on the deed. If you did, you should look at doing a name change to remove her.

By: CHRIS A

CHRIS A — Mon, 02 Aug 2010 04:19:37 +0000

If you have a 100% loan….that ship has sailed. All subprime funding has gone the last two weeks. You will need to document your income and make sure to have the credit score.

By: ldeweyjr

ldeweyjr — Sun, 01 Aug 2010 20:13:05 +0000

The problem is that it is a rental property! VA does not do non-owner occupied, nor does FHA. Conventional will with higher credit scores (740) but not at the loan to value that you need. Rental properties max out at 75% L.T.V. which you need more than that. Sorry!

By: Don

Don — Sun, 01 Aug 2010 01:06:58 +0000

By: msusms2006

msusms2006 — Sat, 31 Jul 2010 10:41:18 +0000

Check out Life lessons for all ages, the average home loan will make you pay way too much in interest!

By: mhalweg

mhalweg — Fri, 30 Jul 2010 23:35:22 +0000

I worked at a mortgage Company for 15 years and the rule of thumb is if you're not lowering your interest by at least 2% financially it isn't worth it Did the Loan Officer tell you what the difference, in dollars and cents, would decrease if you refinanced for a 1% lower interest rate. It's very little. What about discount fees if you have to pay 2% of the loan to get a !% lower interest rate you should stay where you are. You should figure out all the costs of refinancing, discount, origination fee, appraisal, credit report, job and bank account verifications, etc. It's always surprising to people that they have to start over and qualify for a new loan, but you do. Figure out how much it will cost you to refinance whether you add it to the loan or pay out of pocket. Then figure out how much you will save in lower monthly payments and see how long it would take to recoup what it cost to refinance against how much you will be saving in the lower payment amount. .Don't let anyone talk you into a refi to lower your interest by 1%……..it makes no financial sense.

By: Babsie

Babsie — Fri, 30 Jul 2010 09:55:16 +0000

You need to rent for a while. You are in no condition to assume a loan even if a lender were to grant you one. How would you ever keep up the payments and maintain the house without a job?

I don't want to be cruel but the most sensible option you have is to forget about home ownership until you are able to clear up this mess and find work. You realize that if the mother-in-law applied for credit cards in your name that this is fraud? Have you reported this to the police in spite of her being deceased? Have you disputed the credit card charges on those cards?

You have a lot of unpleasant work to do. Sorry.

By: rndllhllw

rndllhllw — Fri, 30 Jul 2010 08:29:24 +0000

Nice work. keep it up. mean time come for social media marketing for esteembpo**com

By: MrMortgage1

MrMortgage1 — Fri, 30 Jul 2010 08:24:57 +0000

interest rates, refinancing options, mortgage lenders, loan comparrisons, credit ratings…..there’s a lot to consider

Forunately however help is at hand

mortgageartist. com

helps you find all this and more.

The best thing you can do is arm yourself with knowledge, even better if it’s free. a little time and a few clicks now could save you years and thousands of dollars later.

the choices you make today define your tommorow.

By: Faite M

Faite M — Fri, 30 Jul 2010 01:48:00 +0000

Only by speaking with a mortgage expert and discussing the terms that are available to you. Some other features you need to make note of for your qualifications: cash reserve assets you own, amount of equity in your house (what is your value and amount owed on the home), how many years do you have left, how long do you plan on staying in the home?

A lot of people in the public will probably answer "when the rate is 1 percent lower, its worth it), but thats not really true. Its when the benefit outweighs the cost of the refinance – THATS when its time to refi.

For instance… if you have a $60,000 loan, by refinancing on a new loan amount of $62,000 (closing costs included), from 6.5% to 5.5% would result in a savings of $38 a month. This would take 53 months (4.5 years) to break even on the cost of the refinance.

Or, another example… if you have a $350,000 loan from 6.5% to 5.75%, the new loan amount of $355,000 would save $140 a month. This would take 36 months (3 years) to break even.

In either case, if you're planning on moving in 2 years, then you're better off not refinancing.

One last option is refinancing to consolidate debts as well. A lot of times, I've found customers able to payoff their bills, save $300-500 a month AND shorten the term of their mortgage from a 30-year term to a 20- or 15-year term loan. Thats the ideal situation. Talk to a mortgage consultant to find out your options!