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Can you refinance your home for a lower interest rate if you don't make as much money at the time of the original loan?
Wiki User
∙ 13y ago
Whether or not to make you a new loan would depend on the lender. If you still make enough money to be able to make your payments safely, according to the lender's policy, I would think they would make the loan provided there are no other problems. All you need to do is to talk the various banks and see what they say.
Wiki User
∙ 13y ago
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What is the meaning of 'refinance'?
As in the meaning of "redo" to "re"finance is to basically redo your original financing. There are many reasons one would refinance, possibly to switch from an adjutable to a fixed mortgage, to lower you interest rate, to obtain money from the equity in your property, to consolidate debt through a cashout, etc.
Why do people Refinance a house?
People refinance a house because they need money quickly. They might need money for a sudden illness, unexpected home repair or job loss. They also might refinance if the interest rates are low enough.
What are the reasons to do a mortgage refinance?
Some of the reasons for a mortgage refinance would be lower rates, to get additional money to eventually buy a home somewhere else or even to consolidate two mortgages.
What is the difference between a refinance and a home equity loan?
There are many differences between a refinance loan and a home equity loan. These include differences in costs, loan structure, interest rates and accessing your money.
Does having a cosigner lower the interest rate?
The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.
How to refinance my car and lower the interest?
To refinance a car you will have to go to a bank and apply for a new loan or find a bank online with a lower interest rate. You will likely have to put money down to get the loan though.
What is the meaning of 'refinance'?
As in the meaning of "redo" to "re"finance is to basically redo your original financing. There are many reasons one would refinance, possibly to switch from an adjutable to a fixed mortgage, to lower you interest rate, to obtain money from the equity in your property, to consolidate debt through a cashout, etc.
Is it possible to refinance an auto loan?
It is possible to refinance an auto loan. Refinancing offers the opportunity to lower your interest rate and save money over the term of your loan, which lowers your monthly payment.
Can a refinance calculator show you how much money you can save?
A refinance calculator compares your current loan to a new loan. The comparison will reveal if you will save money by refinancing your existing loan, end up with a lower payment, and if you will save on interest and fees.
What are some benefits of auto refinance?
The biggest benefit of auto refinance is that it can allow you lower monthly car payments. Auto refinance can give you a better interest rate on your car loan, which can be extremely beneficial in saving you money on paying your car off.
Why do people Refinance a house?
People refinance a house because they need money quickly. They might need money for a sudden illness, unexpected home repair or job loss. They also might refinance if the interest rates are low enough.
Which companies online offer a free mortgage quote?
Bank Rate is a good company with a free refinance mortgage calculator that you can use to estimate what a refinance will do with your mortgage payments. Also the calculator will help assist to see the savings difference that you will be saving with a different or lower interest rate to see if in fact the refinance will save you money and allow enough money to use your equity that you may have on your previous loan.
What happen if you borrowed money to individual person but he put to much interest?
Refinance unless is still in process.
What are the advantages of paying your house off?
You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.You save a load of money in interest and lower your monthly expenses. You can put the money in the bank instead if you have no mortgage payments.
What are the reasons to do a mortgage refinance?
Some of the reasons for a mortgage refinance would be lower rates, to get additional money to eventually buy a home somewhere else or even to consolidate two mortgages.
What is the difference between a refinance and a home equity loan?
There are many differences between a refinance loan and a home equity loan. These include differences in costs, loan structure, interest rates and accessing your money.
How can banks help people refinance their mortgages?
Banks will help people refinance their mortgages by offering them a good rate of interest to borrow more money, You might want to do this if you were thinking of having home improvement work carried out and didn't have the money to hand to pay for it.
