Foreclosure Bailout Refinance Program for Mortgage Brokers
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Leaseoptionprogram.com helps homeowners in foreclosure who have equity and wish to keep their home. If you are unable to refinance the client and they have no other option, send them to us. We match that client with an investor who will purchase the home and lease it back . This stops the foreclosure and keeps the client in the home at a payment that they can afford. Mortgage brokers who refer a client to us receive a 1 point fee now and hopefully are able to refinance that client in 12 months….
Help answer the question about refinance home equity mortgage
Can I refinance my mortgage and home equity line of credit together?For example, I take both loans and refinance them together as 1 loan with a 30 year loan?
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Tags: Bad credit loans, Bad credit mortgage, Commercial LOANS, EQUITY LOANS, interest rate, Mortgage rates
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August 8th, 2009 at 2:20 pm
Well if you are affording the curent payments on your loans, the new payments on the changed situation you descibe will probably be a little higher (since you will have about 35k new debt and since you may not be able to get the 5.6% rate that your main loan has) but not to much higher.
Also, so long as you have no other major costs (you said these were your only debts so that sounds like the case), it sounds like you have enough income to afford the new loans. The bank probably won't lend you more than 80% of the homes value without other costs (PMI and fees) so 517K borrowed on a 650K house is about all you would want to borrow (very close to 80%).
I'd advise going to your current bank (the one with the 300K mortgage) and telling them the whole situation and asking them if they will write the loans you describe. They will tell you if they can do it, and also will give you a "Good Faith Estimate" of what the approximate costs to do this would be. You may want to also go to a few other lenders to compare costs.
August 8th, 2009 at 3:50 pm
If you could get 6% on a cash out refinance without PMI and minimal costs, the new first mortgage would give you a lower average cost of funds and monthly payments.
On the other hand, if you have to pay a couple thousand in closing costs on a new first, the low closing cost on the 2nd might be better. It may really come down to how much additional borrowing you would be doing at the higher rate vs. what the difference in closing costs is.
To do a proper analysis, I would need more information. I would suggest calling a couple banks and having them put together some good faith estimates. The analysis is not difficult so any competent loan officer should be able to help you with it. Watch out for pressure to refinance the first. If you are only borrowing a few thousand on the 2nd (home equity), you are probably going to be better off going that route, the the LO may try to steer you into a new first as they can't make any money on a little loan.
Good luck.
August 8th, 2009 at 3:14 pm
Video number 2 – clear and straightforward.
August 9th, 2009 at 1:49 am
because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.
August 9th, 2009 at 11:43 pm
if you have enough equity in your home you should try wrapping these loans together into one 1st mortgage at the lowest rate possible. If you can afford the payment on a 15 year fixed loan, those are probably the best rates available right now. Some banks will even let you amortize the new loan for the amount of years remaining you currently have, especially the small local private owned banks.
August 10th, 2009 at 2:49 pm
Suggest you also do some calculations on the effect of the refinance. If you took the money that you'll probably have to pay in fees and put that directly against the mortgage you may end up with a net savings in interest. With only 8 years to go (didn't specify the original term) the amount of interest you are paying on the first is probably fairly low.
August 11th, 2009 at 1:06 am
Sure….as long as your value in your home has not depreciated under the amount that you owe.
August 11th, 2009 at 4:36 am
You have one option.
First, call your lender(s) and ask to speak to someone in the Loan Modification Department. They should be able to help you get your
rate(s) down.
Please don't fall for any of the Modification scams going on right now. Anything that they say they can do for you you can do as well directly with the Lender.
Godd luck and I hope this helps
August 11th, 2009 at 2:56 pm
How much are you borrowing?
If you exceed $100k, home equity loan interest would no longer be deductible. Then refinance might be a better choice. Otherwise, I would agree with the first answer. Go with the better interest rate.
Best wishes.