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Yes you can, however there are some things to consider. First, you should check to make sure that there are no pre-pay penalties on your existing mortgage. Most 30 year fixed loans do not have one for the borrower, hoever many hybrid, ARM and interest only loans carry a 1 year or 3 year pre-pay. The next consideration would be what percentage of the purchase price did you finance when you bought the house? Many times home buyers will finance 90% - 95% of the purchase price and pay PMI assuming that they will be able to refi the loan and get the PMI off by showing a higher appraised value on the home. For example, you buy a house for $100,000 (I know, that doesn't happen anymore) and you have a mortgage for $90,000, making your loan to value (LTV) 90%. If you were to have the house appraised by a commercial appraiser 7 months later, you may be able to get them to show a current market value of $120,000, which makes your $90,000 loan only 75% of the new market value. This would mean that you would no longer have to carry PMI since the threshold for requiring PMI is 80%. You have accomplished one very important goal, however you need to make sure that the lender you work with will allow a refi based on current market value. Many of them will make you wait at least 12 months before you can use anything other then your purchse price as the market value. More and more are now allowing current market value within 12 months as long as you are living in an area of rapidly increasing home values. Either way, there is nothing which can stop you from being able to refi 7 months after your purchase. In fact, it is done quite often these days. Good Luck
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When can you refinance your home after a chapter 7?
In order to refinance after a Chapter 7 most bank guidelines will be 2 years from discharge date. The credit will have to be reestablished as well. There are some banks with various guidelines that will take a look at refinancing <2 years but not less than 12 months if you can prove the bankruptcy was caused by extenuating circumstances beyond the borrowers control. Veronica Rodrigues Voyage Home Loans
Can you get home financing after bankruptcy confirmed?
You can get a home after a BK. If it was a chapter 13 you can get a mortgage at any time. You can even use a refinance to buy out the BK. If it was a chapter 7, you normally need to wait 2 full years. Under certain circumstances you can buy a home after one year.
How many monthly payments would it take to pay off 55000 at seven percent interest?
There is not enough information in your question to provide an answer. Depending on what you are borrowing the money for, the lender will offer varying terms. For example, an automobile loan is typically 60 months, but some lenders offer 72 months. Home mortgages are usually 180 months or 360 months. To refinance your home, you should speak to a loan officer who can help you determine the best strategy to get you what you need with the terms you need. Your question should have been, How much will my monthly payment be if I borrow 55000 at 7 percent, for "X" months. Then of course there in the amortization table to consider. These questions can all be answered by a loan officer at your local bank or savings and loan.
When should you refinance your house?
Disclaimer: have not worked in this field for over 20 years.The rule of thumb used to be that you refinance your home when prevailing interest rates fall 2 percentage points or more below the rate at which your home is currently financed. In other words, if you financed your home at 7% interest, and the rate today is 5% or less, you will save money by refinancing. This answer does not take into account offers to refinance your home without fees, or with reduced fees. Take extra care to find out how the lending institution makes money on refinancing you if they don't charge any fees. They would not be offering refinance unless they make money somehow. Be careful who you refinance with. Some companies will sell your mortgage to other finance companies, and some promise never to do that. The disadvantage to you if they sell your mortgage to another lender is that you may get crappy service, or the new lender may not have payment terms as good as the original lender. Be smart and avoid adjustable mortgages (ARM's). Pay as large a down payment as you can, and accept only fixed term, fixed rate mortgages. Bear in mind that you want to stay in a home at least 7 years if you want to break even on the sale, if you decide to sell.
Can you refinance after chapter 7?
Chapter 7 Bankruptcy will remain on your credit report for 10 years. However, many lenders will refinance you after 24 months has passed from the DISCHARGE date (not the filing date). Each lender may set their own parameters, so it is always possible to find lenders who may require more or less time. Additionally, most lenders will require the re-establishment of good credit. This is often defined as 3 new accounts opened and maintained after the bankruptcy occurred.
When can you refinance your home after a chapter 7?
In order to refinance after a Chapter 7 most bank guidelines will be 2 years from discharge date. The credit will have to be reestablished as well. There are some banks with various guidelines that will take a look at refinancing <2 years but not less than 12 months if you can prove the bankruptcy was caused by extenuating circumstances beyond the borrowers control. Veronica Rodrigues Voyage Home Loans
If your chapter 7 bankruptcy was discharged six weeks ago what are your options for a refinance?
You can quite possibly refinance up to 80 percent of the value of your home and get some cashout with a decent rate.
Does+anyone+know+what+the+price+will+be+for+Windows+7+when+it+comes+out%3F?
Depends on whether you are upgrading, or buying the full version. It also depends on what version you are buying. The cheapest way to get Windows 7 is buying the Home Premium Upgrade for $120. The good news is that the upgrade applies to both Vista and XP (all versions). The full version of Windows 7 Home Premium will be $200.
What are the advantages of buying a laptop with Windows 7 Ultimate as compared to Windows 7 Home Premium Edition?
Home premium should be more user friendly but the other has more fatures.
How long after bankruptcy do you have to wait before refinancing?
Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed. Generally, you are able to refinance 2yrs after a Chapter 7 discharge.If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
What fraction of the year is 7 months?
7 months/1 year = 7 months/12 months = 7/12
Can you get home financing after bankruptcy confirmed?
You can get a home after a BK. If it was a chapter 13 you can get a mortgage at any time. You can even use a refinance to buy out the BK. If it was a chapter 7, you normally need to wait 2 full years. Under certain circumstances you can buy a home after one year.
What is 85 percent of 7 months?
85% of 7 months is 5.95 months.
How many monthly payments would it take to pay off 55000 at seven percent interest?
There is not enough information in your question to provide an answer. Depending on what you are borrowing the money for, the lender will offer varying terms. For example, an automobile loan is typically 60 months, but some lenders offer 72 months. Home mortgages are usually 180 months or 360 months. To refinance your home, you should speak to a loan officer who can help you determine the best strategy to get you what you need with the terms you need. Your question should have been, How much will my monthly payment be if I borrow 55000 at 7 percent, for "X" months. Then of course there in the amortization table to consider. These questions can all be answered by a loan officer at your local bank or savings and loan.
When should you refinance your house?
Disclaimer: have not worked in this field for over 20 years.The rule of thumb used to be that you refinance your home when prevailing interest rates fall 2 percentage points or more below the rate at which your home is currently financed. In other words, if you financed your home at 7% interest, and the rate today is 5% or less, you will save money by refinancing. This answer does not take into account offers to refinance your home without fees, or with reduced fees. Take extra care to find out how the lending institution makes money on refinancing you if they don't charge any fees. They would not be offering refinance unless they make money somehow. Be careful who you refinance with. Some companies will sell your mortgage to other finance companies, and some promise never to do that. The disadvantage to you if they sell your mortgage to another lender is that you may get crappy service, or the new lender may not have payment terms as good as the original lender. Be smart and avoid adjustable mortgages (ARM's). Pay as large a down payment as you can, and accept only fixed term, fixed rate mortgages. Bear in mind that you want to stay in a home at least 7 years if you want to break even on the sale, if you decide to sell.
What fraction Is 7 Months Out Of 12 Months?
7/12 approx
How many years is 247 months?
247 months is equivalent to 20 years and 7 months.
