How much equity would you need to refinance?

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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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Is it possible to refinance an existing home equity loan?

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 ( Full Answer )

What is needed to refinance?

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 ( Full Answer )

How soon can you refinance or get a home equity loan after the purchase of a home?

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 ( Full Answer )

Do you need your cosigner to sign when you refinance?

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 ( 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 ( Full Answer )

Can you refinance and use the equity to pay off your bankruptcy?

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 ( Full Answer )

Is a home equity loan considered a refinance?

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.

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 ( Full Answer )

Can you refinance a foreclosure with 0 equity?

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 ( Full Answer )

Do you need an attorney to refinance?

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 ( Full Answer )

Can you refinance a home equity loan and get cash out?

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 ( Full Answer )

Refinance or equity line of credit?

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 ( Full Answer )

Can you refinance a home with no equity?

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 ( Full Answer )

If you are unemployed can you refinance or get home equity loan?

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 ( Full Answer )

Why does crude oil need to be refined?

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.

How do you Refinance home equity loan?

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 ( Full Answer )

How much does it cost to refine coal?

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 ( Full Answer )

Can your refinance if you don't have the equity in the house?

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%.

How much does it cost to refinance?

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!

How much equity do you need in a home in order to get a home equity loan?

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.

Can you refinance your 1st mortgage if you have a home equity loan?

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 ( Full Answer )

Why would someone need an equity line of credit?

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.

Can you refinance your house after getting a home equity line of credit?

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 ( Full Answer )

How would you refinance an auto loan?

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.

Can you refinance a house with negative equity?

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 ( Full Answer )

What would one need to apply for a fixed equity loan?

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.

Are there any benefits to a home equity mortgage refinance loan?

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 ( Full Answer )

With whom can refinance home equity loans be arranged?

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.

What are the rules for equity loan refinance in the UK?

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.

What companies offer the ability to refinance a home equity loan?

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.

What types of home refinance loans are available for no equity needed?

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 ( Full Answer )

What home equity loan refinance options are there?

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.

What are the advantages of equity refinance?

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.

Why would one refinance a mortgage?

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 ( Full Answer )

What is the difference between refinance and home equity loans?

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 ( Full Answer )

What is a 125 percent refinance home equity loan?

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 ( Full Answer )

How can a home equity line of credit be used to refinance a loan?

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 ( Full Answer )

How would one get a RV refinance?

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.

Where can one get refinance or home equity loan?

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.

How would you explain electrolytic refining?

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.