Question by REEMPIRE888: What do I need to prepare to refinance into a fixed rate loan?
My current mortgage loan will be resetting to an adjustable this coming Sept. I need to know what steps I need to take to possibly refinance into a fixed rate loan. My credit is not shiny and the score is around 600. I only have about $ 2000 in credit card debt and will pay it off this month. Reason why is credit score is so low is because I had high credit card debts that went to collections but I managed to paid those off in 1999-2001. Someone told me to dispute negative items with the credit beareu. I was told that those negative items are to stay in my credit for up to 7 yrs? The clock is ticking and I’m so stressed out now I don’t know where to start. The lending industries are tightening up their lending standards because of the subprime woes, does that mean I won’t be able to refinance and end up losing my house if i can’t pay the higher payment? My current rate is at 6.35% for $ 289000, what’s my payment gonna be after Sept? I don’t think my payment will double right? Plz HELP!
Best answer:
Answer by Nick
If your rate is 6.35% then YES it could double but it all depends on the details of the mortgage.
My guess is that your are looking at probably a $ 3000 payment. Some of the bad choices you made in 1999-2001 will already be off your report. You can dispute any claims on your report and they credit agency has 30 days to verify that the claim is accurate. This might help with some accounts but don’t count on it. Make sure to check out all 3 credit reports. You can do this for free once each year at www.annualcreditreport.com (it’s free by Federal law – there is no catch).
You will also need to have some equity built up. Did you put a down payment on the house? Has the value of your home increased?
Personally, I would recommend checking out a fixed rate refi sooner rather than later. If you are denied they will tell you why and you will be better able to plan your next move. Better to pay 7% or even 8% now than 12% or 14% in Sept.
Good luck.
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Title: 0m refinance deal suits Barneys.
Author: Linda O’Flanagan
Publication: Real Estate Weekly (Magazine/Journal)
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Price: $ 9.95
Banking Refinance.com MORTGAGE DOMAIN NAME - $980 APPRAISAL - 317 MONTHLY SEARCH
US House Loan.com Key Words Loan Business Refinance
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Question by Zwazoe: How much will I end up paying for my home loan?
What I wanna know is how much will I end up paying for a $ 150,000 home loan with 4% interest rate in 30 years?
Best answer:
Answer by Huntsman
About $ 700 a month
Google: Home loan calculator
http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx
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Question by amdollar: How to refinance when your loan is higher than your home’s value?
In this day of recession and economic downturn with no upside, all I hear is that people should refinance now. An example: If a home in 2006 is worth $ 365,000 and has an interest only loan of $ 365,000, in 2009, it is now worth $ 290,000 (-$ 75k less), should he/she refinance? Now unless they come up with the 75k difference, no bank is going to offer a mortgage with over 100% LTV. Any thoughts on this???!??!
Best answer:
Answer by Wyld Bill
i am not a mortgage expert. that is not what i do for my profession. however i do know that the fed was willing to help people upside down in their loan. talk to a mortgage professional. there were some programs for a while. they may be gone by now. if that is the case you are SOL to put it bluntly. however what is your rate. please tell me you are not in one of those horrible ARMs that got us into the situation we are in now. if you have a descent fixed rate just ride it out. things will turn around……………maybe.
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Question by Jeremy F: Is it possible to refinance you car while unemployed?
I have a really bad interest rate, and I am able to make the payments right now and still have 38 months left on the loan? My credit score isn’t good either. Is it possible to refinance it and if so any recommendations where?
Best answer:
Answer by jlf
Nope.
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Question by Jeremy F: Is it possible to refinance you car while unemployed?
I have a really bad interest rate, and I am able to make the payments right now and still have 38 months left on the loan? My credit score isn’t good either. Is it possible to refinance it and if so any recommendations where?
Best answer:
Answer by jlf
Nope.
What do you think? Answer below!
Question by Zwazoe: How much will I end up paying for my home loan?
What I wanna know is how much will I end up paying for a $ 150,000 home loan with 4% interest rate in 30 years?
Best answer:
Answer by Huntsman
About $ 700 a month
Google: Home loan calculator
http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx
What do you think? Answer below!
Question by Eguy: How soon can you refinance if your property is on the market for sale?
do you need to take your house off the market and wait 30 days in order to refinance?
Best answer:
Answer by Hoa N
If you want to refi, the best is have your w-2 of the last 2 years, check stubs, credit score of 700, 20% down, some money left in the bank .
everything changed after financial crisis, no more easy stuff or ninja loan.
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Question by dara91562: Can I refinance my home with bad credit?
My husband and I need to refinance our home to lower our monthly payments. We are paying 9% right now. We both have bad credit. About 4 years ago we started getting behind and couldn’t make credit card payments. It was either pay them or pay our house payment. So I just didn’t pay them. We also have some unpaid medical bills that our insurance didn’t cover after the birth of our daughter. The creditors are always on our backs. In May we will be eligible to refinance our home (we had a prepayment penalty clause in our mortgage agreement). What chance do we have of getting a lower interest rate and lower monthly payments? Any help is greatly appreciated!
Best answer:
Answer by Yanswersmonitorsarenazis
You just have to start shopping around.
There’s dozens of subprime mortgage companies going bankrupt right now, so that entire market is going a little crazy at the moment. Rates and products will vary widely between different lenders, so call several. Get the first one to tell you your credit scores, maybe even get a copy of your credit report from him/her, and use that to shop from other lenders.
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