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no closing cost refinance

The mortgage interest rates have gone down again. Does that mean that refinancing is the best thing you can do? It’s a dirty little secret that most of the homeowners who are under water got there through refinancing, not by borrowing for their ...

The rush to refinance - Boston Globe

(Money Magazine) -- Question: I'm refinancing my mortgage, and my lender tells me that I need to get a new title insurance policy, which will cost more than a thousand dollars. We haven't made any changes to our home, and there aren't any outstanding ...

Refinancing for less - CNN Money

A: No. The lender has made no commitment to change the loan, and any change may be insufficient to provide real help. Imagine if you default on your loan. Your credit rating will be shot and no other lender will want to refinance the property. You ...

Q&A: Should I stop paying my mortgage? - Philadelphia Daily News

Grubb & Ellis Predicts a Challenging 2009 for Commercial Real Estate as Economy Weathers Recession SANTA ANA -- Grubb & Ellis Company , a leading ... Location Based Technologies Reports 10,000 PocketFinder Downloads for Apple iPhone and Google ...

Latest News - dBusinessNews.com

Many Americans may have little hope that the New Year will ring in positive change for their personal finances. They know they'll be riding out a recession that some economists believe could last at least until next winter. But there are some signs ...

This year, take control of your finances - MSNBC

Though the owners of Tracy’s West Valley Mall are fighting to stave off bankruptcy, local officials say the retail center’s business will continue as usual. A shopper walks out of the West Valley Mall Friday afternoon. The mall’s owners face ...

Mall owners hit the wall - Tracy Press

Sometimes, it feels like the whole world is working against you. If Dow Chemical CEO Andrew Liveris is thinking that, maybe he’s right. Suddenly his pending $15 billion acquisition of rival Rohm & Haas looks like an uphill battle, with myriad ...

Dow Chemical’s Tale of Woe - Wall Street Journal

Financial Resolutions for the New Year The Pros and Cons of Buying a Car Now Fund Managers Share Lessons From Crash QUESTION : I carry a large balance on my Chase card. Previously my interest rate was at prime all round, inclusive of cash advances. I ...

Financial Crisis Answer Center - Smart Money

As the global financial crisis deepens, Report on Business writers examine and explain the turmoil in credit and stock markets. Here, we answer your questions daily, with the most recent at the top. Is the recent jump in oil prices directly related ...

How the Middle East crisis affects oil prices - Globe and Mail

Open Question: My DH and I are both on the title and mortgage of our home. We both have excellent credit. ?

We are refinancing and when we were checking closing costs etc. the loan officer had only looked up my DH credit. She said the loan could be in his name only and the title would be in both our names (otherwise she needs to redo everything). What I would like know is that if I am not on the mortgage will this effect my credit score? Does being on a mortgage that is paid on time help keep your score up? I only have two credit cards that I don't use much and wouldn't have much of a record of "on-time" payments if I go off the mortgage. Will this hurt? I am not worried about any missed payments that would hurt my credit if I was on the loan. Thank you. more

Open Question: Refinance Loan I need to reduce my mortgage payment?

I need to know the best mortgage company that will give me a good deal to refinance my mortgage TO FIXED RATE because my adjustable rate has been increased. also i don't have any money for closing cost so i will need a mortgage company that is zero closing cost or they will add the closing cost to the life of the loan, i need this help today.ThanksMY CREDIT SCORE IS 651, THE HOUSE WORTH 235,000 BUT I BOUGHT 210000 IN DEC 2006. more

Open Question: Dealing with the ex-wife...does this sound fair to you?

Background- When my husband and his ex divorced he got the house, after we had been dating for a while and decided to get married he wanted to sell the house. He put a for sale sign in the yard and his ex-wife asked about it. She wanted to move into it and refinance it in her own name (It was in my husband and his father's name). He agreed to let her do that. Well, he was in a rush to get out (not sure why because I wasn't even living in town at the time) and let her move in without getting anything in writing (dumb move!!). So, she initially had the intention (or so she said) of refinancing in her name. After he moved out and I moved back in town we were renting a house and she was living in his house but paying the mortgage. Then about 2 months after the moves took place we were dropping the kids off and my husband gave her the paperwork to get things going on the refi. Honestly she flipped, I was there...he handed her the paperwork and said something to the effect "Here's the papers to get the mortgage out of mine & dad's names." and she responds screaming "And what, if I don't get it done are you going to throw your kids out of their house?!" That was really out of the blue. Well, we kind of let it drop and after she had been in the house for about a year and we had been renting a year we were ready to buy our own house and needed her to refinance so we could get his name off the house so that we could get a mortgage together. Needless to say, she was denied because her credit is no good. So now another year has gone by (actually 26 months) and she hasn't made any effort to refinance the house. They got into an argument over the weekend because their initial agreement for this weekend was that my husband was getting the kids Thursday-Monday (he usually gets them Fri-Sun) because she needed a break Thursday and then she works Monday and the kids are out of school so he would keep them. Well, about 9:00 Sat. night she texts him that she has decided to pick them up at 1:00 on Sunday instead. He asked why and she gets all defensive saying that she doesn't have to explain herself and she'll be getting them early because she let him get them on Thursday. Well he told her no, he gets them til 6:00 and that we had plans and she can't just decide that she's changed her mind. Things aren't about her convenience and she can get the kids at 6:00 which is what the papers say. Then she starts going on an on about irrelivant things and he says well, that's fine because we're about to go to court so I can get week day visitations and force you to refinance or move. So then she gets scared and wants to work something out about the house. Calls up and says that she can't believe he's going to take her to court when he hasn't even talked to her about it (which he has...3 times, the most recent time being in June and the others were stated above). She says that it's going to cost $3,000 to refinance and she doesn't have it (which she would if she didn't run to FL and New Orleans every other weekend and waste her money buying things for the house that she doesn't need). And she wants to see if we'll split the cost with her. My husband told her no way, but at this point I'm ready to help her with the closing costs if it means his name is off that house. I'm not willing to go 50/50- I feel we've already done a lot by letting her move in scott free, not charging her rent or anything, but simply letting her just pay the mortgage. Now, I also realize that it is helping my husband's credit because she's paying on time every single month, so I've talked to him about it and gotten him to agree to a 25/75 split...so basically we'd pay $750 and she'd pay $2250. Does that sound fair to you. And what kind of time frame do you think is appropriate? I was thinking give her until May or June?? Opinions? more

Resolved Question: I've read that refinance closing costs are about 1.5% of the loan amount. Are "free" refis really free?

Just would like a sense of the range of refi costs I should expect. more

Resolved Question: what options do i have with a 50k 2nd mortgage pay it off?

i have a 300k 1st mortage at 5.75% and a 2nd at 50k at 9%. what options do ihave to knock my payment lower?i pay 458 a month on the 50k loan. and in 15years it will balloon.my home is only worth 409k so if i refinance i will have to pay PMI and 10k in closing costs. anyone have any ideas or options to help me lower the payment? more

Resolved Question: 30 year fixed rate mortgage but ins and taxes are killing me. Any advice?

In June 2006 I bought a house with an 80 / 20 loan. The 80 is @ 6.65 % and the 20 is at 8.1 %. Both rates are 30 year fixed. Also I gave $9K down including closing costs. My insurance and taxes are in escrow and included in my mortgage payment to Wells-Fargo. I live in Miami. The price of the house was $229,500 but the value according to Zillow.com is $185,000 and sinking!. My initial mortgage payment was $1800 / month but has now ballooned to $2232 / month! I purposely avoided an ARM because of the eventual increase but even a fixed rate still increases due to taxes and insurance! Has anyone experienced this? How did you handle it? I can't refinance because I owe more than what the house is now worth. Plus it's not really the banks fault it's the county and states. I can probably find an apt. as big as my house for $1000 less per month (probably with a view of the ocean). I am seriously considering walking away. Does a foreclosure only damage your credit? Any advice or thoughts?Last year the taxes & insurance were about $3700. I can afford the payments, but I did not anticipate a $400 / month increase in less than 3 years. And it's been going up every year. I have no reason to believe that it's going to stop. Eventually I won't be able to afford it. I'm wondering what's a common increase for my area and what I should have planned for?Correction the taxes alone were $3055 for 2008. more

Resolved Question: How much money do you have to pay for closing cost when you refinance home loan? ?

I would like to refinance my house to get lower rate. My loan is 200,000. I m a first time homeowner, my current rate is 6.5 %. I ve own my home for about a couple of months, my credit is good, not excellent. I would like to know a ball park on paying closing cost. Also is the closing cost money i need to come up with? more

Resolved Question: i have a bad credit and owe my house for 2 years.with no late payments.can i refinance? ?

i live in the poconos (p.a) and i work in ny.my morgage cie (indy mac bank)offered me the option but i turned them down,because of the closing costs that they asked me to pay.please tell me also the better cies or bank that i can get a good deal from. more

Resolved Question: Can I cancel my mortgage before closing?

Almost a month ago my husband and I signed papers to start processing our mortgage refinance with mortgage broker . Last week, my husband found a better deal which is lower interest rate and lower closing cost. Today, my husband got a call from mortgage broker that we can now close the deal. My husband mentioned that we are no longer interested. The owner of the company called and left a voice message that we can't just back out and we have to pay $2,000 for processing fee even though my husband and I signed that the Application Fee, Appraisal Fee and Credit Report Fee will cost us $0.00. The broker company owner also said, that not to pushed this further which I think he meant they can sue us if we back out or if we do not to pay the $2,000. We live in Wisconsin. Do they have legal right to do that? There is nothing in papers that we signed that if we back out or cancel this we will need to pay for this amount. Please need your help. We are so confuse. Will our credit score get affected? Will they win if they decided to sue us? Any help is definitely appreciated. Thank you! more

Resolved Question: cost to refinance mortgage in New York?

What are the average costs to refinance in New York? I want to refinance 360K and was quoted around $5,500 in closing costs. more

Resolved Question: How can i reduce closing costs while refinancing my mortgage with good credit?

Hello mtg. gurus. What would you suggest in the way of reduced closing costs and APR? What can I do to get a great mtg? I have found a way to get rid of FHA financing on my mtg. Are there any other things? more

Resolved Question: Should I refinance my home?

My mortgage is as follows: 1st mortgage - $146,000 @ 4.875% 30 yr term that I'm 5 yrs into paying 2nd mortgage - $36,000 @ 7.855% 30 yrs as well - 2 yrs into paying (182K total) I have more than 20% equity I'm thinking of a refi offered to me of 4.625% over 30 yrs that would consolidate the two loans with the closing costs into the loan. The cost of refinancing would be offset in 2.5 years by the monthly savings and I don't plan on moving at all. Is there anything I'm missing or is this a no brainer. My concern is I', refinancing and starting over with a 30 yrs loan again so I feel I should pay down a bit extra to amortize to 25 yrs since I'm five yrs into my current loan. I'm looking for opinions from professionals in the mortgage business. more

Resolved Question: Should I refinance my home from 6.5% to 5%?

I have a VA loan and almost made 12 payments. I'm being offered a lower interest but at the cost of two points. The total closing costs will be $8,815 including the two points, the 1% origination fee, prepaid escrow, etc. All this CAN be rolled over into my mortgage. Should I refinance? If so should I make a down payment for the closing costs? Or let it be rolled into the mortgage? Please help me!I have practically no equity at all in the home. I'm looking to do a VA Streamline Refinance if anyone knows about that...Does anyone know a good place for refinancing va loans? more

Resolved Question: Should I refinance my mortgage at 4.75% for 15 years and pay $4000 in closing fees or go w/ a 1yr arm at 3.3%?

My 5 yr adjustable is up March 09 and the 1 yr ARM resets Dec 20 which is going to be around 3.3%. There are no fees incurred if I rollover to a one year ARM compared to $4000 in closing costs if I were to refinance to a 15 year note. The max the 1 yr ARM can go to next year is 2 points higher. Does the mortgage rates appear to be heading much higher over the next year? I don't think so but was wondering what everyone else is thinking. more

Resolved Question: refinance to lower rate - avoiding Closing costs?

Is there any way to avoid closing costs a second time if you refinance w/in 6 months of the previourefinance ?we refinanced 6 months ago from a 30 to a 15 @ a lower rate...now we want an even lowe rrate more

Resolved Question: How do I overcome lowball bank appraisals to refinance my home? Can I contest an appraisal? Other options?

I purchased my 1950's California home in 2005 for $450k and subsequently sunk $175k into substantial improvements, making the total investment about $625k. I currently owe $340k on this home and have no other debt. I was attempting to refinance at a new, low rate, and get some cash out for my business. Yesterday I received a crushing appraisal from one of the bank's selected appraisers. The guy came back with $312k--less than 50% of my investment. I personally took this appraiser through my home, pointing out all the improvements that had been made and where all the money was spent. I even gave him a breakdown of everything on paper that he took with him. I offered to provide him with before pictures but he wasn't interested. He admitted in his report that he could not find any recent comparable sales in the area and had to go quite a distance out, into neighborhoods that I would not consider equal. He seems to have based his appraisal purely on the last known sale price of homes of similar age and size, and completely disregarded the $175k in improvements that I'd made to my home. Obviously, judging a home's value by a recent sale price is flawed. We don't know what the circumstances and conditions of that sale were. Foreclosure, short sale? Judging a home's value by its age and dimensions is equally flawed as we don't know whether that home has been updated in the last 50 years, whether it's completely rotting inside or what. His report also states that homes in the area have fallen 15-30% since 2005. Now, I would expect a super conservative appraisal to value my home at 70% of my purchase price and improvements at 80% of cost, putting the number closer to $455k. That would have put me at 25/75 LTV, and at least given me a chance to refinance. Is it worth seeking other financial institutions, and pay another $400 for each additional appraisal? Do you expect my experience will be the same with all appraisers at this time? I've read that banks are encouraging appraisers to return values that represent an amount where at it would be impossible for a bank to lose money on the property in a foreclosure... roughly 60% of actual value. Is it worth attempting to find independent appraisers and contest the bank's appraisal? Is there anything I can do to force a bank appraiser to value my improvements, or just value my home higher in general? Do I have any other options? I'd really like to refinance while rates are amazing, and I'd love to get cash out or as part of a HELOC for my business. Rhetorical question/rant: why would people want to avoid foreclosure when their homes are being appraised at 50% of value? How many years does it take to get a foreclosure off your record? How many years will it take you to earn that $300k that your home just lost in value? more

Resolved Question: Should I refinance my 30 year 6% loan into a 15 year 4.875% loan?

I have a 30 year fixed at 6% on a prinicpal of 275,000. Monthly payment is $1,648.76 for principal & interest. I've paid down a lot of principal in the 2.5 years I've had it, and owe about $170,000. My current payment puts $717.00 to principal, $931.00 to interest, and then we pay an extra $352.00 per month on principal (for a total monthly payment of $2,000). So the total payment going towards principal is $1,069.00 per month (and climbing). I was thinking about refinancing into a 15 year fixed at 4.875% through my same mortgage company and the closing costs and 1.25 points is $4,749.00 It would lower my payment to $1,333 per month, a savings of $315.00 per month. We were planning to keep our monthly payment of $2,000 the same, so there would be a larger difference of $667.00 per month going towards additional principal. Looking at the amortization schedule, the loan would start out with $642.41 going towards pricincipal, plus the additional $667 towards principal, for a total of $1,309, with only $691.33 going towards interest. At this rate, my loan would be paid off in 9 years. If our payment is reduced by $315 per month and the cost to refi is $4,749, we would break even in 15 months. If my math is correct, as long as we stay in our house for at least another 15 months, it makes sense to refi, correct? more

Resolved Question: Can I get out of a refi since the rates have dropped AGAIN?

We started the process to refi our house 9 days ago. We filled out the application and signed a bunch of papers but have not closed on the mortgage. An appraiser came to the house this past Friday, but we have not heard back about the value of the house. Our credit is excellent and our income is better than average for the amount we want to borrow, so I'm sure we will get accepted for the loan. We locked in at 5.5%. The mortgage lender said he could not reduce the rate if it dropped before we closed. We decided to go for it, because we thought, even if they did drop, they wouldn't go down that much. Today I saw rates as low as 4.75%, which is a huge drop for the amount of money we are refinancing. We have only paid an application fee and the cost of the appraisal up front. If we just walked away from this and said we changed our mind, then went with a different lender at a lower rate, is that legal? Or are we legally bound to take this new mortgage? I did some research and read that all mortgages have a 3 day opt out clause. Does that only apply after you've signed the papers for the mortgage? Or does that have to do with the papers we signed when we applied, and our 3 days have passed? Thanks! more

Resolved Question: Should we refinance from 6 1/8 interest rate to a 5.5 interest rate on our 30-year fixed rate loan?

value of house:$600,000 loan amount: $477,000 Our loan office said it is worthwhile to refinance if we get a rate at 5.5% or lower. But we don't have the cash on hand for the $5,000 closing costs...he suggests doing a seprate HELOC to cover the closing costs. Is this worth it?? Or should we just stick with our 6 1/8 % rate?Dr. Deth raises a good point...is it possible to pull out cash from the refi to cover the closing costs? In other words, just add 5k more to our loan amount and use that for the closing costs? I'm guessing we can't do that and must have it up front, but just wondering more

Resolved Question: Any advice for getting a bank to streamline a refinance?

I think "streamline" is the right word. We bought our house 5 months ago and have 6.25%. Our mortgage broker called an hour ago and said she can refinance us to 4.875% but closing costs equal about $3500. I called the bank that holds our mortgage to see if they can just lower our rate. I had to leave a message because they've had over 60K calls today so I'm waiting for them to call me back. We aren't in a hardship situation so I'm afraid that might actually work against them wanting to work with us. We just want a lower rate but would rather not pay a lot of closing costs. We would make up the closing costs in savings in about 26 months (probably less since our property taxes are also going down for next year). We put down 20% and would like to avoid having to take on PMI by rolling closing costs into our new loan. Anyhow, I'm very interested in your thoughts/advice for streamlining.Acemill: You are mistaken. Rates are that low. Wells Fargo has multiple options in the below-5% range today listed on their site. And our broker is not offering a buy-down mortgage. And we also have no prepayment penalty. To the third answerer: We put 20% down and have not made much of a dent in it over the 5 payments we've already made. If we roll closing costs in we will have to add PMI at a cost of $80/month until we again reach 20% equity. The only way I can see around that is if our house appraises for more than it did 5 months ago, and I think we all know that's not going to happen. more

Resolved Question: When where how and who to help refinance home for lower rate?

I have been with citi mortgage for 3 yrs at a 9.75 rate on my home, I keep hearing about the feds cutting rates etc but this doesnt nec. affect long term mortgages, I have a little money to apply to closing costs but am looking for help on trying to refi to get a lower interest rate. My credit score is around 700, what are some of the best ways/companies to use for a refi? I hear its better to use a big bank than using a broker as they are like a middle man so to speak, but sometimes they have access to better rates? more

Resolved Question: Should I refinance my home loan now, 12/16/08?

I have a 5 year ARM. I have $105,000 remaining on my loan. I am now in the last year of my ARM loan. The ARM rate is 4.625% and will adjust to a different rate November 2008. 30 year fixed rates are now 5.125%. Should I refinance? What are they additional costs to refinancing? Do you think the 30 year rate will go lower? How much would closing costs be? Thanks. more

Resolved Question: I got a quote for an FHA loan requesting PMI funding Fee of $5190 in addition there is $149 monthly PMI?

Can any one explain why PMI Funding Fee? is it required even though there is a $149 monthly PMI fee? the mortgage is for a refi of $351K cash out. 95% LTV. This is in addition of closing costs of $2691. The total refinancing will cost $ 9496.74. more

Resolved Question: Does this sound like a good time for me to refinance?

I currently have 6.35% va loan. A company is offering me 4.75% with an escrow refund and two months where I do not need to pay my mortgage. My payment will go from @1,167 to $1027.00 only thing is that closing costs will be added, but not out of my pocket, they wil be apprix $5000 to $7000, what do you think? more

Resolved Question: Taxes and Closing Costs for Refinance in 2008?

I have been exploring refinancing options for my mortgage in 2008. If I close on Dec 31st can I claim my closing costs and property taxes for the 2008 tax return? Also for this do I have to pay my property taxes by Dec 31st 2008 or can I pay it in January? thanks - more

Resolved Question: Should we Refinance....or wait to see about rates dropping in the 4% range?

We just bought a home (only made 2 payments). We have a 30 yr fixed @ 6.25%. My wife and I both have great credit, and a lender in my leads group said anyone with good credit and a loan above 6% he could lower their monthly payments by $60-$100/mon and not have any costs, only 45 min here and 45 min at closing? I called him and he said some things and said at the most we would have to pay $1000 to re-setup ESCROW accounts? Is this something I should jump on? When reading around that seems to be the big thing is what it woudl be for closing costs? more

Resolved Question: i need a mortgage modification or refinance badly without closing costs..any suggestions.?

hi guys... I was just wondering. I really need a refi badly without any closing costs.. any suggestions? I tried contacting my mortgage companies for a mortgage modification and both denied me. I resubmitted, now i'm just waiting to see what happens. I have a property i purchased at 100% financing for 793k. 6.75 interest only on 635k and 13% interest on 158k. i have pretty good credit, solid 680. should be nearly 20 points higher within another month or two.. Please let me know if you have any ideas that can help my situation. more

Resolved Question: How Does a Home Loan Modification affect your credit score?

I am considering a home loan modification to reduce my interest rate (and thus my payment), but I was told by the mortgage company it has a negative affect on one's credit score, but they couldn't give me details. I don't want to refinance as I probably won't remain in the house long enough to cover the closing costs. My interest rate, while fixed, is high (7.5%). My credit score is good (740) For anyone who has done this or is in the industry; any information is appreciated. I am not behind at all on my payments, and not likely to be. I just feel 7.5% is way too high in today's environment and I think I'm paying too much but don't want the expense of a refi. I posted this once before and only got 1 answer, so I'd like to get at least a couple of perspectives. Thanks more

Resolved Question: What is my best option for refinancing?

We have been in our home for 3 years and did an 80 and 20 loan with no down payment and a fixed 20 year loan. The rates are approx 6.4 for the 80% loan and 7.6 for the 20% loan. We bought for 112,000, currently owe 108,000 and it was recently assessed by the county at 104,000 however they do not know about approx $40,000 in improvements we have done such as going from a 2 to a 4 bedroom and many others. It is a very nice house. We have excellent credit and have never had any late payments on anything. We also qualify for a VA loan. We want to roll into a 15 yr fixed rate and have just one loan instead of 2. We would also like to roll closing costs into the loan or not have them at all. What are my best options or am I living in fantasyland? more

Resolved Question: On a second home, should I refinance a 6.5% interest only mortgage to a 5.375 (5.395 APR) 30-yr. fixed?

On a $360,000 loan (I'm not taking any extra money out), the payments will be about the same (the 30-year fixed will be $2015.90 per year as opposed to my current $1949.99 per month interest-only payment now). My estimated closing costs are $2,067. Additionally, with 17 days of interest ($901.23) and having to come pay my January, 2009 quarter's property taxes ($1,062), my total settlement charges will be $4,030.23. I think this is a great interest rate for a second home that I'm renting out.No, I'm not paying any more than the interest on the original (current) loan. more

Resolved Question: Is a no-fee no closing cost loan fair?

The loan in question is a no money down 5.8% refinance where the broker is getting $14k in broker fees FROM the lender. Is this savings that should have been passed down to the consumer or is it a typical percentage paid to the mortgage broker? more

Resolved Question: Mortgage rates are significantly down, and I know we should refinance but loan to value is higher than 90%.?

So what are my options at refinancing, given that most lenders, including my current have added stringent measures? Also I dont want to pay a huge closing cost. more

Resolved Question: can chapter 13 lower my home loan interest?

we have had a loan through citimortgage for about 1 year we closed on dec 7th of 2007 and they wanted our first payment on dec 26th our interest rate is 12.125 they said because im self employed between my tax records and bank statements thats what my interest rate would be but that if i had a w-2 i could get a 6% rate which is crazy in my opinion but then i dont know what the standard is but we paid nearly 10000 in closing costs now i know what your thinking why did u do it to begin with well we sold our house with the brokerage telling us we had a 8% interest then moved in with inlaws found a house and bam 12.125% so i looked for a house to lease 1200 a month and my payment was going to be a little over 1500 and i figured in a year or so i could refinance but now with the economy and slow everything i am 2 months behind on my payments fixing to be 3 and if i can get caught up they will modify my loan so if i can file ch13 and get it lowered along with a few other things maybe im better off i dont know just weighing the possibilities more

Resolved Question: How does refinancing work TECHNICALLY - you get money and the mortgage is increased...?

Hi, I'm referring to the following case (example): - property appraised value: $100,000 - current mortgage principal/balance: $50,000 My question is in the example above, if I want to refinance up to 75% and the bank approved it, how does it work TECHNICALLY in most cases: 1. I get a new $75,0000 mortgage instead the current $50,000 mortgage where $50k of the $75k will be used to pay off the loan and I will actually walk away with the remainder $25,000 (less closing costs)?? The bank will actually transfer the remainder into my bank account? or: 2. other? (I'm asking because I haven't done it yet and it is obviously different than purchasing a home where the bank does not transfer the funds to you but rather to the lawyer in order to transfer it to the seller.) THANKS. more

Resolved Question: How do I refinance? Loans at 95%? Other options? ?

I own a home with my mom. I want to sell the home fully to my mother and take my name off the mortgage. I would also like my share of the equity. It is a small house, the house is appraised at 68k and we own 59K. We are at 86% and so refinancing would eat a lot of the equity in charges. Are there banks that loan 95%, are there any good options for selling the house without eating the equity up in closing costs. Any sound advice would be great. Thanks more

Resolved Question: Can I offer owner financing on my house if I still have a large mortgage on it?

I need to sell my house and owe $200K. I found a buyer who is willing to put down $10K and pay me $235K for the house with monthly payments of $1,650. I need help figuring out interest rate, amortization, etc. This will cover my current mortgage, taxes and insurance. What is the best way to write this contract up? Does a title company do it as well as an attorney? Will there be closing costs - which ones? I guess I have to carry the morgage for 30 years unless they can refinance earlier (they have poor credit due to medical bills now). At this point, I am just glad to not have to pay the monthly payments and have one less property to take care of. I am just not sure how to make this all legal and fair to me and the buyer. more

Resolved Question: Why doesn't there seem to be any company that will refinance my mortgage with no closing costs?

My husband and I bought a house last year at 6.5% interest rate. I am thinking that the thousands of dollars our mortgage company will get each year would be enough for them to want our loan. Our original closing costs were about $3000 and I hear if we refi that it will be ANOTHER $3000 and that it's not worth it...just pay a little more with each payment. Now regarding my question, I would think a bank would want to take my loan from another company just to get the thousands in interest we pay each year. From what I can see, it seems the only "no closing costs" refi opportunities wrap up the "fees" into the loan. I would like to get my interest rate under 6% and not pay closing costs to refi. I suppose I am just dreaming?I'm not talking about getting credit I don't deserve. I'm no bogue. These bills are paid. more

Resolved Question: good questions to ask a mortgage broker?

im looking to buy a hose and i would need a list or realistic questions that i would ask to shop around for mortgages can you please give me some and also i heard a rumer that if i pick a bank and later in like i want to refinance they wont charge for the closing cost where a provet dealer does is that true? thanks more

Resolved Question: Is there any help with 100% refinancing out there?

I had to refinance to consolidate date because of a job loss. The rate is 9.74 on a two year arm which is almost up. The fair market price has dropped considerably since then. With closing costs, etc., if a refinance again with this same company I will owe even more than now..but stay at 9.74. I went to a few lenders but there is nothing out there. Can I file bankruptcy..should I? Should I let it go into foreclosure? I actually have a good credit score and never missed any payments but I am going backwards here. I am 54. I will never get it payed for at this rate. more

Resolved Question: Should I refinance my home for a lower fixed rate?

I owe 82,383 on my mortgage at 7.25% fixed rate for 30 yrs. My mortgage broker is offering to refinance at 6.25% fixed - conventional loan. Closing costs add up to 5,620.00 which are rolled into the new mortgage of 88,000. It has been stated that I could save about 25,000 over the life of the loan (30 yrs). Currently, My payment is about 866.00, which includes an escrow account for taxes and insurance. I pay 34 dollars extra on the principal and insterest on my monthly payment. any comments? Thanks. more

Resolved Question: Is there any way I can refinance my mortgage without paying /rolling over the closing cost?

Other than admitting to defaulting, what other ways can I work with my lender without looking at competitors? more

Resolved Question: should i refinance or not?

i bought my house 2 years ago for 389000. i have gotten 2 mortages(TOTAL 355,296) so i did not have to pay PMI, but now it is tax deductible. The 1st mortgage is for 301,611 at 5.75% for 30 years. My 2nd mortgage is for 53,685 at 8.8% for 15 years and it is a 2nd balloon or something, so the 2nd mortgage i have to pay 358$(interest only) a month for the full 15 years and then the principle has to be paid in full or i refinance. my bank countrywide told me i can refinance both mortgages for 360,000 at 6% fixed for 30 years. but they told me i would be paying 3700 in closing cost now they sent me the paperwork to sign i see the closing cost tally up to be 13K?says closing cost and prepaid items worst case also i would have to pay a PMI of 200$ a month. i am thinking i will stay in the house for a long time.now i am looking at the paper work i have to call because i think the lender is paying for some of the closing cost but i belive i am still paying about 4k in closing cost since they are refi me at 360k should i try to pay off my 2nd mortage? or is it not worth it because it 358$ a month just in intrest plus principle? more

Resolved Question: What do you think of my "bailout" plan?

Instead of bailing out the large banks who caused this mess I have a real solution. Freeze all foreclosures. Legislate that the money that would otherwise go to a "bailout" to banks, be given to the lending institutions that the foreclosing property owners owe in back payments to make them current, so they can start from scratch. Do not include mortgage brokers but the direct banks involved, so there are no closing costs, title searches or that litany of costs typically incurred in refinancing. Restructure the loans for 40 or 50 years if necessary so that the new payments will be lowered (yes people will die before it is paid, but leave that to the heirs to decide to keep the property and continue payments or sell it). Provide the lowest possible interest rate at .01% above the cost of the bank loan based upon the wholesale interest rate. Prevent the selling of any loan on the secondary market to any institution that is not solvent to again prevent another disaster. This way, people get to keep their home, lower their payment and the bank still gets its cash flow that they need to stay in business. Then, legislate that the negative credit reports of these distressed homeowners be erased; with the stipulation that it only include home mortgages; not credit cards or any other kind of debt. Finally, if all else fails, repeal the Bush bankruptcy code so that individuals can claim bankruptcy if they must, and make it so that one does not have to hire a lawyer (which they cannot afford) in order for it to be discharged. It's easy for a big bank to do it, so why shouldn't it be easy for me? My plan does limit compensation to CEO's. The reason I place the money toward the distressed homeowners is because it would be less expensive than $700 billion. If we "bailed out" these predatory lenders, it would send a signal that we will do it again. The people who received these loans are not at fault. The banks told them (ME) that they qualified and that they would refinance these loans later, "No problem" they said. Then when it came time to do that, the banks said, "You don't qualify". My three year ARM was ABOVE prime rate at 6.76% to adjust to 8.9% in 3 years. Didn't tell me that I couldn't refinance before that without paying a $4000 penalty. These were predatory loans that consumers knew nothing about. Why would a bank lend me money if they KNEW couldn't be paid back? I paid my loan on time every month + $50. Then tell me that I don't qualify for a new loan? Because I put 30% down and they wanted my house to sell for a profit. more

Resolved Question: how much should closing costs be for refinancing a mortgage?

I owe about 142,000 on my house. I got a quote to refinance and the closing costs are nearly 6,000! This is comparable to what the closing costs were when I initially purchased my home. Should it be this much to refinance the mortgage? (There are no problems with our credit, just a normal refinance for a lower rate) more

Resolved Question: I would like to know if is worth to buy points to get 5.85% refinancing rate?

I am refinancing my condo with Citimortgage and I am negotiating a 5.85% rate. However I have to pay points in order to get 5.85% and my closing cost will be higher. I don't know what to do. more

Voting Question: Who should be worried about the Financial Crisis?

Who is REALLY affected by the financial crisis? We purchased a new home in May '08 and chose a 4% ARM loan thru our local credit union. The housing market was falling apart; we anticipated rates falling and then we could refinance with a fixed rate loan. Thru the credit union, we can refinance at any time, as often as we like; we just have to pay the closing costs. Additionally, our ARM can only go up (or down) a max of 1% every two years and cannot go up over 8% over the life of the loan (we hope to have lock a fixed rate in the next 5-10 years). So in May 2010, our worst case is 5%. We have no other debt, loans or credit card balances. Should I be worried? more

Resolved Question: Would you be for the bailout if it worked this way?

I have been against all bailouts and for people loosing money, both irresponsible banks and homeowners. I figure if we are going to do it, it should be the homeowners. Allow homeowners going to forclosure to refinance through the government. With the following terms. Refinance 90% of the value of the loan. The other 10% will be collected at the selling of the home. Meaning Not giving anyone anything. Refinance at a maximum of 40 years. Interest rate at 4.5-5%. This could lower a payment on a 150K home by $275. Requirements: The new payment can not be more than 25% of gross household income. The house value must be less than medium houseing price for an area. The borrower pays 3% of the homes value upon selling back to the government. (closing costs to discourage people from purposely defaulting.) With the mediun value of the home @ 200k or so, 100 billion could re-finance 500,000. The target would be 1000 from each congressional district. I do not like this but do not want a free lunch to anyone in anyposition. Their are ~2 million homes in forclosure. What do you think?Harry K, The point is not to make the home the value of it. The government will have risk. Many people are having trouble over a few hundred dollars a month. There ARM adjusted and they can not refinance because they have lost equity due to the reduction in housing prices. Making the payment back to what they can afford will be helpful.The payment for a 4.5% rate @ 40 years on a 450K $2040 loan is less than a payment @ 6% 350K $2100. And both less than what they have to pay now. Also for most homes they payment would be better than renting in that area. more

Resolved Question: Is now a good time to refinance a home? We tried 6 months ago but were upside down. Trying to lower monthly ..?

about 6 months ago we tried to refinance our home, for a lower monthly note. However, we were upside down due to the recent crash of the housing market. So, is now a good time to refinance? We'd love to be able to do a no closing cost refi, but don't think our credit fits the bill. Our home is 3 years old, and we've been living in it for 2 years this month. more

Resolved Question: My home's worth 1/2 of my mortgage! Question resubmit with more details.?

I purchased my house in a suburb outside of Detroit in 2004 for $147k which was one of those awesome 105% loans where the concessions paid for my closing costs. The issues starts where my wife lost her job at the end of the first year of us owning it (causing us to go bankrupt on some credit card debt) but I could still make the house payments on just my income. Since then, gas is 4 to 5 times as much as it was then and of course inflation on food and everything else. So after being a stay at home mom for 4 years since she lost her job, we were behind one mortgage payment and she was forced to go back to work and our two children are now in child care and/or school. We've already gave up all of our "luxury" stuff with the exception of cell phones and broadband internet. The cell phones though have no data or extra features, just 700 shared family minutes. We don't leave the house except to go to work (an hour away each of us). We eat cheap foods that's caused me to go up 2 pant sizes... We only eat out at McDonald's and we order from the dollar value menu... Our cars are paid off but in order to afford the house while she was looking for a job we had to get a credit card to supplement the income so we have about $5,000 in debt to Discover at 22% APR. Now back to the house. We haven't made any improvements on it (since we can't afford the house in the first place let alone another loan) and the homes in my area/city are selling now for $70k on a short sale (some of them are bank owned but most of them are short sales). The homes in my area that are selling over $70 (but under $80) have garages and I unfortunately do not have one... The deal is we would like to stay in this house if we can get Countrywide to agree to a forgiveness of debt since my mortgage is for 6% and I know I wouldn't get approved for that again with my bad credit from the bankruptcy but last we tried to work with them they wanted us to be 2 months behind in our payments before they would talk with me about it (ruining my credit that I've recovered since bankruptcy). So I tried to refinance the house but they would only refinance what the house was worth leaving me with almost 40% negative equity to have to cover out of pocket... I lastly got approved for a mortgage (before my wife was back to work) and found a house I wanted but found that in order for me to move into the new house they wanted me to have my old one sell first to make sure I wasn't renting out the new one since it was so much cheaper than the one that I owned (not in value but in mortgage amount)... What do I do??? more

Voting Question: Balloon Payments Double?

My aunt came over today and said that payments were DOUBLING on people who had balloon payment mortgages. I haven't heard anything but I am really worried because my current mortgage has a balloon payment. I am planning on refinancing, but won't have the money for closing costs and appraisal until tax time. more