I have a good rate with my first mortage at 4.25 fixed for 15 years. I also have a heloc that is adjustible and is at about 8.5 percent right. I would like to refinance the heloc without loosing the rates on the 1st. Is there such a thing?
yep….it’s called a 2nd mortgage
With no money down? This is our first home and we’ve owned it for 4 years and looking to refinance.
Very bad idea. You take unsecured credit card debt and a car loan and put that all into your mortgage and you’ll be paying on it for the next 30 years. Stringing it out means you’ll pay a lot more interest.
Many people do this but turn around and run the credit cards right back up. And of course, you will need to buy a new car long before that mortgage is paid off. Now you have that bigger mortgage and all theother debt. If you can’t keep up, you could lose your home.
If you refinance, do it to lower your interest rate. That will lower your payment and free up cash to throw at that credit card debt.
I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I’ve already lost around $35,000 in value.
buddy….there are many refinance program online sources where you can get full of information and also get the refinance loan at lower mortgage interest rates and reduce your negative equity…i have the source where the option of existing loan modification and low interest rates : http://www.refinancing101.net
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I recently got a loan modification and it is going great. However, I am interested in refinancing to include my home equity loan. Is that possible or can you not refinance once you have gotten a loan modification.
It is most likely up to your primary lien holder or mortgage holder. If you are looking to consolidate your home equity loan into one payment you will need to apply for refinance. Depending on how long ago your loan was modified and what kind of credit you have, you may be able to refinance the property into one consolidated payment. You can contact your lender directly with borrower authorization and have someone walk you through your current options at your bank.
Now may be the time for you to jump off the sidelines, and refinance your mortgage as rates are near all-time lows, leaving lenders swamped with people trying to refinance. KXLY4’s Tori Brunetti reports.
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I want to refinance but I have an owner financed mortgage. Can I it refinanced?
You’ll have to look at the terms of your contract. If there is no prepayment penalty, then I’d say go for it. If there is, weigh out the difference in saved/lost. You should have had a term length for payment in full when you set up your contract, usually 2 year or more. If the person holding the mortgage currently is doing owner financing for profit, then they might want you to live out the term of the note. If they did it as an additional option to sell there home, they might love the idea of you refinancing and taking full legal possession of the property.
http://www.refiadvisor.com Refinance Mortgage Rates – How to get the lowest possible rate when refinancing your home without paying junk fees.
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Car loan is 17000 dollars apr is 17 %.
Dealer told me that i can refinance in 4-6 months, but i think he lied to me. Bank told me that i can refinance only once.
So 4 months passed.
SHould i try to refinance it or wait at least 12 months???
Thank you.
At that apr and assuming the 17000 was the value of the car, you will be "upside-down" for 2-3 years, i.e., your car will be worth less than the loan balance. Make double–even triple–payments as you can, or you will need thousands to refinance.