How much equity would you need to refinance?
There is no requirement for the amount of equity in your home in order to refinance. You can get mortgages for 100% of the value of your home if you are willing to pay a higher interest rate. SOmetimes this makes sense if you really need the money and have no other source for the funds. The things to consider are how much of the total value of your house is your new loan amount going to be? In other words, are you trying to get a loan for more or less than 80% of the appraised value of your house? If it is more, a standard Fannie Mae loan would require you to carry PMI on the mortgage. Next would be closing costs and escrows. A refi could cost you many thousands of dollars depending on the value of your house and the amount of the mortgage. So when you are calculating the loan to value on the new mortgage, and you are planning to roll in the closing costs into the new loan, don't forget to include this amount. Another option would be a home equity line of credit. These loans can be obtained to 95% of 100% of the value of the house depending on your credit and income scenario. Answer Lenders typically require you to have a 90% loan-to-value ratio if you want to refinance. They also want to see that your home has increased in value. Most lenders won't refinance your home if it's significantly losing money.
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Answer . In a word, yes. But maybe not at the best rates. I refianced 2 years ago to get some cash to pay off credit cards, do some home improvement, etc. But the rate I got then was 10.3% and it's an ARM. So, I'm now trying to refiance and get a lower rate, but what I'm finding is that since… my house was refinaced once before I'm not getting the best rate!. Answer . Yes you can. It will depend on the time you have had it [ many lenders like you to hold it between 6 and 12 months ]. Then it will depend on your credit score and the loan to value of the equity line.\n. \nAll things being equal you will not have to pay a higher interest rate unless rates have gone up. You may pay a lower rate. ( Full Answer )
Self employeed. 1. 2 years taxes [ amount on scedule C will be the amount you make divided by 12] If income is to low then 12 to 24 months bank statements depending on the lender. [ add all deposits and devide by 12 or 24 and that is your income ]. They may take off 50% or 25% off of this if you use… business statements instead of personal. 2. Proof of business for two years. W2. 1. 2 years W2s. 2. Last two paystubs. _______________________________________ Other items needed for both. Apparisal ordered by a Lender. Mortgage credit report 3 bur., And of course all the forms you have to fill out. _____________________ If you need to go Stated Income or Stated Income Stated Assets etc. Then you will not need proofe of income but will need very good credit scores [ middle ]or your rates will be bad. ( Full Answer )
In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?
Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.
Answer \n\nFrist mortgage seasoning requirements would be determined by the terms of your loan documents. Some lenders allow loans with no restrictions, others have requirements that would limit your ability to obtain secondary financing or re-financing for a specific amount of time.\n\nHome equit…y loans have different specifications altogether. I am not familiar with any restrictions that would limit your ability to obtain a Home Equity Line of Credit (HELOC) given that you qualify for such a loan. Contact a lending professional for specific answers.\n\n Answer \n\nYou can obtain an equity line of credit immediately after you close your loan. You may refinance your loan also but you should make sure you don't have a pre-payment penalty on your current mortgage, which would require you to pay a penalty if you refinance before the pre-pay penalty time requirement. In most cases the pre-payment penalty is 5% and the time varies by lender and state. ( Full Answer )
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner… on your original loan sign anything. ( Full Answer )
Can you convert a HELOC which has a variable rate into a home equity loan at a fixed rate and if so would you need to go through the same lender that holds your home equity line?
\n. \n Answer \n. \n. \nYes, you can convert your HELOC into a fixed home equity loan. And, no you don't have to go through your current lender. There are also HELOC's with a fixed rate option which means that you can select expended amounts of your HELOC for the lender to assign a fixed r…ate to it. For example, let's say that you take out $100k at a variable rate of 7%, then you use $10K, but rates are continuing to increase. You can ask the lender to place the $10k on a fixed rate that fully amoritizes and leave the $90K on the variable rate. Hope that helps. I'm currently considering this program with Washington Mutual. I think that Well Fargo and Union bank also have similar options.\n. \n. \n Defintional \n. \nPerhaps a bit piciune - but I believe the term convert would mean change the terms of the exisiting loan - which is only done with the same lender. Getting another lender involved, would require a new or refinance, frequently needing the exisitng loan to be paid off with the proceeds. ( Full Answer )
Answer . \nAll major financial transactions must be approved by the bankruptcy trustee. The request should be submitted in written form with all pertinent information included. Any major financial changes made without having received the permission from the trustee can result in the BK being dism…issed with prejudice. ( Full Answer )
No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.
How do you know how much equity you have left if you refinance and take a home equity line of credit at the same time?
Answer . \nYou add the two loans together and subtract them from the appraised value of the\nhouse. This will give the dollar amount of equity left.\n. \nAdding the 2 loans together and divide by the appraised value will give you\nthe percentage that is left.\n. \nYou should have received a c…opy of your appraisal at your closing. ( Full Answer )
If you bought a house last year and it has decreased 15k in value and you need to refinance next year because your interest rate will no longer be fixed how can you refinance with no equity?
It is possible to refinance "out of equity" and take a loan that is more than the home is worth in certain cases. I don't recommend this option. If you were forced to sell your home because your job is relocating you, or you can no longer afford the payments, you are then in a very bad position. In …order to sell you will have to come to the closing table with money. The first thing I would do is contact your current company and see if they have a fixed rate conversion option without doing a full refinance. Some lenders will charge you a fee to convert an adjustable rate to a fixed rate. If they want you to refinance, you are better off shopping around. Your current mortgage company will not give you any breaks to refinance. The other option is to have an appraisal done closer to the time the adjustment will happen. You may be able to get a more favorable value. ---------------------------------------------------------------------------------------------- If you are in a situation where you have no equity there are still a select lenders that are financing 100% of the appraised value. I personally have two lenders that will lend 115% to an "A" paper borrower. Having negative equity is never a great thing to have, but if your back is against the wall and you plan on staying in the property for the long term, this may be the only feasable option. Having negative equity negates the detrement of missing a mortgage payment and having a poor credit history. If you credit is healthy now, and you plan on staying in the property for the long term, refinance as soon as possible. If you need to relocate due to job displacement, maybe consider using the property as a rental rather than selling. Use the money you would have brought to the settlement table to knock off your principal and get a good tenant in the building. Selling without equity should not be an option unless your in dire straits. Also, Finding an FHA approved lender will greaten your chances of being able to refinance. The new FHA "secure" that was implemented by George W Bush was implemented(pending Jan 2008) for home owners with little equity and adjustable rate mortgages that will expire. In this current mortgage market FHA is the only way to go to get a low equity or ARM fixed at a competive interest rate. Even if you miss a payment after the loan adjusts this will not be counted as long as the payment history prior to the rate adjustment is a 0x30 rating (No lates in 12-24 months) FHA would be you best option if you need to refinance. ( Full Answer )
You will need your deed to refinance your home. If you no longerhave it, your mortgage company should be able to get it for you.
Answer . No, this would be nearly impossible. Because the loan is in foreclosure, the homeowners' credit is typically very low, so they will not qualify for a traditional mortgage. Many lenders simply refuse to provide a new mortgage when the house is in foreclosure. The lenders that will prov…ide a foreclosure bailout loan base their qualifications on the equity and income. Usually the home must be 65-70% loan-to-value (LTV) to qualify for a loan. Rates are typically high (11%-20% depending on the lender), and the homeowners will need to show enough income to qualify for such a payment. ( Full Answer )
At closing, having a attorney to look over the closing documents to make sure you have received everything you asked for or told you were receiving, is a good idea. The bank will send a attorney, or notary who works for an attorney, to the desired place set for the closing of the loan. If they ask y…ou to sign papers without actually explaining what you are signing is very unprofessional. The only downside to bringing your own attorney is the bank has an attorney to represent them so you would have to pay for two attorneys at closing. If you trust your mortgage consultant and bank you are working with, and know what you are receiving, then I would say just let the bank attorney represent you and the bank to save money. ( Full Answer )
Home equity loans don't cost you anything unless you use them and only what you use will be charged an interest rate, which is tax deductable. If you have a equity loan you can get cash out at anytime. If your going to refinance a 1st or 2nd mortgage note, you can use that money for cash. Just rem…ember that when you "get cash out" of your home the correct term is that you are borrowing money using your home as collateral. You are not really getting cash out of your home. It's coming from the bank and you may find yourself deeply in debt, unable to make your payments and the bank will take your home. ( Full Answer )
Answer . Refinance with a set rate is best. A home equity line of credit is very similar to a credit card. I don't know the specifics as to how interest is charged or at what rate, but when you get approved for a certain amount of credit (let's say $10,000) It's very easy to use that money on th…ings you may not need. For example, if you plan to spend $7,000 on improvements and get the refinance loan, then that is all you will spend. If you get the line of credit you might decide after the improvements are done that you want to buy a $2,000 pool table, and you know you have that credit available so you use it. Now you will be paying for that pool table for 15-30 years, depending on the length of your loan. Things like that are much better handled with a short term loan. ( Full Answer )
Answer . You typicaly can't refinance without any source of income. Lenders will bot borrow to those who dont have the capacity to repay the debt.
Answer . YES, ALL YOU NEED TO DO IS GET IN TOUCH WITH YOUR BANK AND TELL THEM THAT YOU NEED AN EQUITY LOAN EVEN THOUGH YOU ALREADY HAVE AN HOME EQUITY LINE OF CREDIT AND THEY WILL WORK WITH YOU BECAUSE ITS UNDER THE 4TH RULE IN BANKING, THEY HAVE TO AND DONT LET THEM TELL YOU DIFFERENTLY!
No you are not likely to be able to refinance a home with no equity. Unfortunately, this is exactly the situation that homeowners are finding themselves in right now leaving them with many less options when facing the current difficult mortgage market. It is probably best to try to renegotiate with …your current lender if you find yourself in such a situation. More lenders are beginning to be forced to consider this for their customers. ( Full Answer )
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It's unlikely you can either refinance or get a home equity loan (which requires payments!), because the potential lender wants some certainty you will be able to repay the loan. Emergency loans for unemployed is specifically meant for this very purpose, using this option you can easily pay for… most of your essential requirements for which you are facing difficulty due to non availability of required funds. ( Full Answer )
Once crude oil is refined there are a variety of marketableproducts for profit. Crude oil can only be used directly as a fuelin certain steam engines, once refined there are many more options.
If you have a 1st mortgage you can roll the two together into one low rate....like 30 yrs at 4.5% with no money down depending on your value of your property....but you can ask the bank to get you to just refinance your home equity loan just the same. You will probably get a low rate like 10 yrs at …3.6% with a good FICO score! I just did it through Sun National Bank in Old bridge, NJ, they were great and no hidden fees.....the mortgage rep was fantasic and was available to come to my house to discuss or pick up any paperwork and avail on his cell anytime! I highly recommend you try them first. They will also take over the phone applications! ( Full Answer )
Coal does not get refined. Oil gets refined, but coal gets used as it is when it comes out of the coal mine. There is a process called coal gassification by which natural gas can be made from coal, but that is not really a form of refining, and in any event, most coal is simply burned, it is not gas…sified. ( Full Answer )
It may be possible to refinance your home if you do not have equity. I have done many of these loans. There are currently programs for both Freddie Mac and Fannie Mae that will allow you to refinance even if there is not equity. There are Loan to Value limits, but they are well over 100%.
Sun National Bank only charges like 2,000 in closing costs! try them, it worked for me and the guy was great, answered his cell all the time and even picked up paperwork at my house! They are in Old Bridge, NJ it can be done on the phone too!
Home equity loans enablehomeowners to get cash out of the equity in their home. As Homeowners pay downtheir mortgage, they build equity; equity is also built as a home's valueincreases. In order to qualify, most lenders require at least 20 percent equityin your home.
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and …the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you. ( Full Answer )
I think you probably can get home equity with mortgage refinance debt consolidation. You will need to sit down with your lender in order to get the refinance done. It's almost like applying for a mortgage all over again.
Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.
Technically, yes, but the home equity line of credit is a lien against your home and will have to be paid off when you refinance the house. In reality, many people find that the unpaid balance on the HELOC, plus the unpaid balance on the original mortgage, exceeds the amount the bank will lend on th…e refinance. Before you apply for the refinance, just talk with your lender. They can probably walk you through the numbers on the phone and determine pretty quickly whether or not you have enough equity to refinance. If you bought your home several years ago, you may have to have an appraisal done to find out the maximum amount the bank will lend. ( Full Answer )
You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.
At times yes. The new HARP program currently allows refinances on properties up to 125% of their value. After March of 2012 once FNMA and Freddie Mac have updated their automated underwriting engines, lenders may go above and beyond 125%. Each lender may put their own additional rules on top of thes…e rules too. Depending on the lender, your loan must be owned by FNMA or Freddie Mac to be eligible for HARP. Call your lender and ask who owns your loan or use the FNMA look up tool on-line. If your loan is owned by Freddie Mac, it also has it's own look up tool, it's harder finding a HARP lender. As always there are criteria to be eligible for HARP and if you have a second mortgage or HELOC, they have to be receptive to the HARP program too. Best of luck to you. ( Full Answer )
One can apply for a fixed equity loan at most financial institutions and lending agencies. Some of these include Nationwide, Wells Fargo, Chase and Capital Direct. These options may vary depending on the country one is located.
There are a few advantages to such a loan if the person incurring the debt only needs a small amount and can pay it off relatively quickly, (within one to two years). Banks like such customers and are usually willing to loan the money at a fairly reasonable rate. However, if larger sums are requir…ed, it is better to seek another loan type. ( Full Answer )
Home equity loans can be done through a person's personal bank, or though a the company which sold the house. And the person who owns, or in the process of owning the house is the one that can ask for an equity loan.
The rules for equity loan refinance in the UK are that consumers have a right to cancer a equity loan up to three days after signing a contract for an equity loan. This new rule is called the right of rescission.
Most financial institutions will have the ability to refinance a home equity loan. Banks, credit unions and finance companies can all offer this facility but it is sensible to compare rates and consider approaching institutions with whom one already has a financial relationship.
The types of home refinance loans available will depend on the lender and on the borrowers credit history. A borrower with a great credit history will be able to qualify for almost any type of loan even with no equity. However, someone with poor credit will probably not qualify for any. The loans… could be fixed or variable rates with terms of 10, 15, 20, or 30 years. ( Full Answer )
There are a lot of companies to refinance a home equity loan which can be found on the internet. For example: Lending Tree, Quicken Loans, Bank of America, Chase, US Bank, Refinance, Citi Mortgage.
There are several home equity loan refinance options. The most popular include fixed rate and adjustable rate mortgages, FHA and VA mortgages, and Jumbo Financing Options. Other options include Home Affordable Refinancing Program and FLEX.
Some advantages of using equity to refinance is that one can take a small amount from their equity to pay off other bills or to refinance ones mortgage. One can also use ones home equity to make home improvements.
Refinancing a mortgage is an option pursued in the current market environment by numerous home owners, for various reasons. One might, for example, refinance their mortgage if interest rates have lowered, or if their personal credit score has improved enough to warrant a lower rate. Ultimately, whil…e there are many benefits to refinancing a mortgage, there are also balancing detriments, and both of these are dependent on factors such as the lending institution and the individuals in question. ( Full Answer )
Some banking institutes that offer home equity loans refinance include Lending Tree and Wells Fargo. You can learn more about their plans or sign up on their websites.
Both refinancing and home equity loans release finance from the equity a person holds in their property. The difference that a loan is taken out based on the amount of debt owed on the property against the value if it was sold, but is separate form your mortgage. Refinancing will replace your curren…t mortgage with a new one. Equity Loans generally carry a higher rate of interest that a mortgage. ( Full Answer )
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.
According to information that is available to view on finance websites that offer information about loans and how they work, the information states that a person or persons owning a property may be able to secure a 125 percent refinance equity loan with the condition that it is not to pay another lo…an or debts off. ( Full Answer )
Home equity line of credit is often used to provide funding for on going expenses such as repairs and replacements that are a necessity.Refinancing is a tricky business and advice should only be sought from qualified and experience finance professionals. It's advisable to speak to your personal ban…k manager to determine the best refinancing solution for your needs. This is because much will depend upon your current level of debt, assets, amount required to be paid and finance terms. ( Full Answer )
One can get an RV refinance by contacting some companies and comparing their rates and then make a decision. Some companies that provide these services are: Bank of America, Bank Rate, Low RV Financing, Woodalls, RV Trader.
You can get a refinance or home equity loan from banks such as Chase. Alternatively, you can also get this loan from the Bank of America. You can apply online at their respective websites.
The process of purifying metal ingots which are suspended as anodesin an electrolytic bath, alternated with refined sheets of the samemetal, which act as cathodes.