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What else can I help you with?
At what point is it beneficial to refinance a home mortgage?
If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.
When you refinance do you start over at 30 yr mortgage?
Yes if you choose to get a 30 yr mortgage. You also could get a 25, 20, 15, and 10 year mortgage. I would look at the 15 year mortgage is is about 4.5% on todays market.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Do I have to refinance in order to remove PMI from my mortgage?
No, you do not have to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
Do you need to refinance in order to remove PMI from your mortgage?
No, you do not necessarily need to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
At what point is it beneficial to refinance a home mortgage?
If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.
When you refinance do you start over at 30 yr mortgage?
Yes if you choose to get a 30 yr mortgage. You also could get a 25, 20, 15, and 10 year mortgage. I would look at the 15 year mortgage is is about 4.5% on todays market.
Is it required to have a mortgage insurance?
yes..unless you are making a 20% downpayment on your purchase or have 20% equity on a refinance.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Do I have to refinance in order to remove PMI from my mortgage?
No, you do not have to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
Do you need to refinance in order to remove PMI from your mortgage?
No, you do not necessarily need to refinance in order to remove PMI from your mortgage. You can request to have PMI removed once you have reached a certain level of equity in your home, typically around 20.
Will you have problems getting a mortgage if you have average credit and a deferred student loan?
Many banks will give you a loan for a house, but your problem will be getting the best APR on your loan. A good rate is around 6%, problems with credit might get you a 8% APR. Don't get fooled into doing an interest only loan or 40 year loan. Use the 30 year loan and you may have to get an 80/20 (80% value of the home for the first mortgage and 20% on the second mortgage) right off the bat if you don't have a down payment of 20% of the value of the home. No one likes a second mortgage coming into the deal, you can always refinance in a couple of years into one mortgage. Shop around to get your realtor and bank.
How to Get the Lowest Refinance Rates?
Mortgage interest rates are near the lowest point they have ever been. Because of this, refinancing to take advantage of the low rates is a great idea. Unfortunately, banks have tightened their lending requirements and have made it more difficult for people to take advantage of the low rates. Luckily, there are several ways a person could increase their chances of getting the lowest refinance rates. The first way to get lower refinance rates on your mortgage refinance would be to consider a 15-year amortizing loan as opposed to a traditional 30-year loan. With rates as low as they are, many people could actually switch to a 15-year loan without seeing a drastic increase in their monthly payments. For example, if you had a 30-year, $200,000 loan with a 7% interest rate, you would have a monthly payment of $1,330 per month. If you look to refinance after 7 years, your mortgage balance would be reduced to $182,000. At a 3.75% rate, the 15-year mortgage payment would be only $1,325 per month. The second way to get lower refinance rates on your mortgage refinance would be to put forth sizable equity into your home. Due to declining home prices across the country, many people now have less equity than they did at closing. In some situations, they may even have an underwater mortgage with negative equity in their home. Unfortunately, to take advantage of the low rates, a person will need to have at least 10% equity in their home. To get the best rates, and to avoid paying private mortgage insurance, a borrower will need to have at least 20% equity in their home. For those with less, this could require a large equity pay down. The third way to get lower refinance rates on your mortgage refinance would be to shop around with numerous banks. While banks have tightened their lending practices, banks are still looking to lend to qualified customers. If you have a good credit history and sizable equity, then you will have plenty of negotiating power with lenders. To give yourself the most leverage, apply for a mortgage with several different banks. These banks should each provide you with a fee and rate quote, which could be used to negotiate down rates and fees with other banks.
What is the highest interest rate allowed by law for consumers in the state of Florida?
max 18% if is more than 500.000 25%
The price of a home is 220000 The bank requires a 20 percent down payment The balance is financed with a 30 year fixed rate mortgage at 75 percent what is the monthly mortgage payment to the neare?
an arm and a leg...
What is a mortgage refinance loan for?
A mortgage refinance loan is used to replace your existing mortgage with a new one, often with different terms. The primary purposes of refinancing include: Lowering Interest Rates: Refinancing can help you secure a lower interest rate, reducing your monthly payments and saving money over the life of the loan. Reducing Monthly Payments: By extending the loan term or securing a lower interest rate, refinancing can decrease your monthly payment, making it more affordable. Shortening Loan Term: Refinancing to a shorter loan term (e.g., from 30 years to 15 years) can help you pay off your mortgage faster and save on interest. Switching Loan Types: You can switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM) or vice versa, depending on your financial goals and market conditions. Accessing Home Equity (Cash-Out Refinancing): If your home has appreciated in value, a cash-out refinance allows you to borrow against the equity for purposes like home improvements, debt consolidation, or other financial needs. Eliminating Private Mortgage Insurance (PMI): If your home’s value has increased and you’ve gained enough equity (usually 20% or more), refinancing can help remove the need for PMI. Debt Consolidation: A cash-out refinance can help consolidate high-interest debts, such as credit cards, into one lower-interest mortgage payment. Adjusting to Life Changes: Refinancing can be useful if your financial situation changes due to factors like a new job, retirement, or unexpected expenses, allowing you to customize your mortgage to your current needs. Ultimately, refinancing can help you achieve better financial stability or meet specific goals, but it’s essential to consider the costs and ensure the benefits outweigh the expenses.
If you were just added to the title and want to refinance to get a friend off the title and remain in the house how soon can this be done?
If you are simply looking to change title then you do not need to refinance, a lawyer can help you do this. If you are looking to possibly lower your rate, get cash out from the property or to change the term of the mortgage, then you can do a refinance and at the same time remove your friend from title. If you need any further help or information please feel free to contact me, I am a Mortgage Loan Officer and service over 20 states. Thank You, Edward David Sr. Loan Officer 347-254-8311 EdwardDavidNY@Yahoo.com
