mortgage help I’m your guy
Watch the video related to mortgage refinance options
Do you need to refinance or purchase a home!
Help answer the question about mortgage refinance options
Refinance Mortgage or Home Equity Loan?I need to get some home repairs done and have the option to refinance my mortgage at the same rate (6%) for 30yrs or go the Home Equity loan route with 7.85% for 15 years. Does anyone know if one option is better than the other in the long run?
About Author
Tags: equity, estate, home, loan, mateo, mortgage, option, pay, real, refinance
Related Articles:
- Short Sale Part 3
- Money Merge Account Mortgage Accelerator Clip ch
- Refinance Your Mortgage
- Advantages to Choosing 30 Year Fixed Rate Mortgage Loans
- Loan Modification Refinance Making Home Affordable – Quicken Loans
September 9th, 2009 at 2:05 am
September 9th, 2009 at 2:54 am
If you no longer have 80% equity in your home, conventional refinancing is no longer a viable option for you.
You may however be able to convert to a FHA refinance at up to 96.5% Loan-to-Value.
September 9th, 2009 at 9:17 am
Call your lender and explain you need to refinance. They may work with you. If they do not-there are lots of ways to be helped. Use a private real estate investor as they are aware of many different ways to help. Just be careful, there are a lot of scam artists our there right now preying on folks in your situation.
September 9th, 2009 at 2:04 am
Yes this is a great program for some people, but this is a unique loan and most borrowers would not get into a loan like this if they know all the facts.
September 9th, 2009 at 2:31 am
scum, get a job where you do more than suck off other people
September 9th, 2009 at 12:59 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.
September 9th, 2009 at 3:29 pm
If you miss a credit card payment, they'll scream and yell.
If you refinance your credit card debt by attaching it to your house, you'll be paying off your credit cards for the next 30 years, and then if you miss a payment, they take the house.
Get a copy of "The Total Money Makeover" by Dave Ramsey.
He explains a plan to never need credit cards again.
I'll summarize:
STEP 1: You're worried about emergencies. Good! Save up for them. Pay only the minimums on your credit cards for a month or two, until you get $1,000 cash saved. Withdraw the $1,000 as ten $100 bills, and buy a picture frame and get it engraved: "In Case of Emergency, Break Glass". Then put the Benjamins in the picture frame, and hide it in the back of the closet.
STEP 2: Once you have that cash saved, cut up your credit cards. Pay off the cards, just like you have been planning to. If you need to break your pretty picture frame, then go back to paying the minimums until you're back to $1,000 saved.
STEP 3: Finish your emergency fund. Continue saving the $700-$1000, and put it in a separate bank account (or buy a very large picture frame). When you have 6-months expenses saved (roughly $25,000), you'll be ahead of most people in the country.
STEP 4: Start saving for retirement. 15% of your income.
STEP 5: The kids' college fund.
STEP 6: Pay down the mortgage, until the house is paid in full.
STEP 7: Live like you're rich, because now you are.
September 9th, 2009 at 10:57 pm
If you can access your equity at a comparable interest rate. A good loan officer can save you a lot of headaches too. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .
September 10th, 2009 at 8:38 am
The first option is definitely the way to go. Put it to yourself this way: would you rather keep paying an interest rate of 12.125% on the $40,000 amount of the second for the next 5-7 years? At the end of 5 years, you will have paid almost $25,000 and still owe almost $38,000 on that portion of your debt, as compared to paying about $15,000 on that portion and owing only a little more than $36,000.
September 11th, 2009 at 7:05 am
If you go to a mortgage company, they should be able to help you find something. There are still a lot of lender out there that would go up to 95% or even 100%.
I think the more important questions is why do you wanted to refinance and is it worthit to do it.
September 11th, 2009 at 11:57 am
I can explain this loan in full…..Please contact me….This is a smart financing choice for people in some situations…
-Rob