10 Home Refinance Tips Patch.com
The bad news is that we are currently living through a frightening economy. The good news is that mortgage rates have never been this low in the last half of a century. The mortgage process, for buyers as well as home owners is a challenge at best but if you are prepared you can save money and get through the process with your sanity in tact!
Why should you refinance? There are costs involved with the process, but if you plan to stay in your home long term (five – 15 years) then with current low rates you should consider it! What are some potential benefits from a refinance?
1.) If you are in an adjustable rate mortgage, then now is the time to check and see if you can convert into a more stable fixed rate mortgage .
2.) If you are in an interest rate on a 30 year that is more than 5 percent and you have good credit then you might realize substantial
Refinance Help. Fill this form and get help!
A Bad Credit Home Mortgage Refinance Loan Can Help Your Family
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Is there such a loan mortgage to refinance a home with people with bad credit?
intrest rate went up but having difficulty making payments and lowering my credit score
It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.
There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.
Best wishes!
Me2Me2Me3@yahoo.com
Currently I am working on getting my credit score higher so I can get that loan.
I can get one now but I will pay 18% interest and thats no good.
Bad Credit Mortgage Refinance in Australia?
I am trying to refinance my existing home loan, plus a 2nd mortgage as well as a number of other loans, cards etc. I do have 2 defaults on my file, one paid and one unpaid. Has anyone been in a similar situation and how did they refinance
Though refinancing your home loan to get extra cash and pay off your credit card debt might be a good idea. It is not the best solution. This serves best the credit card interests and not yours. Because even if you get your debt settled and eliminate it for good, if you don't change the way you spend, you'll keep accumulating debt once again and maybe next time you won't be able to resort to your home equity.
Moreover, since refinance home loans generally worsen the terms of your mortgage, you are further risking your property if you fail to meet the monthly payments. And though you may be replacing expensive debt with cheaper and more affordable debt, you are also replacing unsecured debt with debt that is secured with your home. If you are not good at managing your finances (and that's why you had to resort to debt settlement), that's something that you'd better avoid. Read more from: http://www.credit-card-gallery.com/article/149,Credit_Card_Debt_Settlement_Avoid_Refinancing!
hope this helps and good luck with the refinancing
Bad credit to good credit, home refinance?
I am buying a house with my husband but our credit is less than stellar. We were approved for a loan but with a nominally high (6.75) interest rate and the monthly payment is doable but will have us paying more than 3 times the value of the home over the course of the mortgage. Our credit is at such a state that it will be repaired in about a year or two and we will be back to the excellent credit scores we had before my husband lost his job. What exactly is refinancing? Does it involve a lender paying back the entire principal of the loan and clearing our name with the current lender, and then relending us the money with more attractive numbers? If so, what are the chances of us being able to do that? How does it work?
Make sure that your current loan doesn't have any pre-payment penalties that you will have to pay if you refinance in a year or two. Some loans have pre-payment penalties out for years, and hefty penalties if you are refinancing.
With that being said, you have the right idea on refinance. When you refinance, the new lender will pay the old lender the balance. But when you refinance, you incur closing costs again, appraisal fees, etc., etc. - so don't make a hobby out of refinancing your house.
Chances are great that if you continue to work on your credit, you can refinance down the road.
"Does it involve a lender paying back the entire principal of the loan and clearing our name with the current lender, and then relending us the money with more attractive numbers?"
Yes, it may work that way.
If your credit score goes up AND interest rates are stable or goes down, you should be able to get a good offer in a year.
Bad Credit refinance?
My husband and I have credit scores in the 500's. We own a manufactured home that is real property and need a refinance. our mortgage loan is a 2/28 and our payment just went up a 100 dollars a month. Is there any help out there? We have applied but no one seems to be able to help us because of our credit scores being so low.
you can do FHA but you cant have any credit lates in the last 12months. If you do ...you will have a HARD TIME getting qualified
Not knowing if your mortgage loan carry's with it ... pre-payment penalties if you refinance an pay off the loan early, or how much you owe on your mortgage, or where and how much other debt you have, (ie; car, credit card, medical, ect.) , or what your income is....there are a lot of questions that should be answered in order to give you any credible help.
If you haven't already, go to current mortgage lender, in person, face to face if at all possible, not over the phone and explain your entire financial situation. Most sub prime lenders , such as yours, are going out of their way to help borrowers such as yourself. Their default , foreclosure numbers are soaring and the losses those lenders are taking are astronomical.
The old saying: " You can get more using sugar and spice than you can using sticks and vinegar" should be used.
Talk to them, NOW, don't wait until your 1, 2, 3, 4 or more payments behind. Talk to them NOW, firmly but nicely. Have with you.... your past 3 year tax returns, pay stubs, know the phone numbers and address's to your employers., know ALL your debt ( Itemized, how much, who it's with, monthly payments, payoff balance...give your lender all the information they ask for, up front. If you are told no....ask to speak with their superior, senior lending officer! If you are declined at that level with you current mortgage lender then look in your phone book for mortgage loan brokers...use the same approach as you used with your current lender.....If your not successful in obtaining a fixed rate, no pre-payment penalty, refinancing terms, at a acceptable rate of interest through a loan broker and you can no longer afford to make your payments...Contact your lender and let them know ....don't threaten....simply and calmly....tell them.....preferably always in writing!
Bankruptcy my be your only recourse....Current bankruptcy laws are such that documenting all the steps outlined above, can only work to your betterment! Having every thing in writing....documented....will also be very beneficial to your BK attorney. Good Luck!
Good luck!
TX Mortgage Refinance $30000 Bad Credit?
My wife and I purchased a home 7 urs ago for $30000. The mortgaged amount was $33000 and the rate 9.75%. Our credit is bad and we are try to make our dollars do more to pay off debts. I want to refinance the house to a lower rate but noone wants to do loans under $40000. Tried Lending tree, Quicken loans, E-Loans , and other online companys. Please help. Thanks
You do not want to refinance other debts into your mortgage. Since that is a payment i will assume you can currently handle, keep it. Call a non profit credit counseling company and explain to them your situation. By finding a credit counseling company they can negotiate those debts to be paid interest free, which is a large discount in the monthly payment.Then once your credit is back in good standing refinance at a lower rate . If you refinance now you will have a higher interest rate and higher balance, with much higher payments, this is not a good idea. Hope this helps.
Looking for a mobile home mortgage with bad to medium credit?
We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
Try the SOL Mobil Home Mortgage Company. The Broker took my credit app. while I was in Bankruptcy Court, and had me approved before my case was complete. Gee, Thanks SOL Mobil Home Mortgage Company.
Sorry to tell you but you can't do what you are looking to do. You can't have the best of both worlds. Your options are to find a lender that will refinance your land to give you enough cash to put 20-30% down on the mobile home for the purchase. You will then have to pay them or someone else to move it to your land along with the electrical hookup and plumbing.
The only way it will happen even remotely close to what you are hoping for is to put the mobile on a foundation. Then and only then will you find a lender to consider the land and mobile as one for a refinance. This is of course after the above takes place.
I am all about helping people so don't think I am being a pessimist. If you were somehow able to find someone that would be willing to do what you are looking for I would be very interested. I would be a wealthy man with this info. We could work out some kind of split I'm sure.
If I choose to blow off a mortgage loan, how long will it take to regain credit?
BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
Comments/suggestions?
BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their "interest" back.
In your next lifetime.
I think it would take 7 years to clear a bankruptcy, but didn't they toughen the laws on bankruptcy just last year?
Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?
My 70-year-old aunt just refinanced AGAIN for a 30-year mortgage. Who expects to be paying at mortgage at 100?
Anyway, after doing some research I have learned that she has refinanced about three times and has bad credit (576 score).
I want to help her figure her way out of this. She said her son and her adopted son (who is 11) won't want her house when she's gone. So I found out about the reverse mortgage.
With these issues in mind, would she be eligible? Would that get her out of paying her mortgage 100% or only the overall loan amount ($282k), minus the amount the home is worth ($95k).
I know. This all sounds bad, but her 40-year-old son could careless about her affairs, and as her niece I want to see how I can help her out of this mess.
Unfortunately, I learned about it once all the damage was done. Also, if she is a candidate for a Reverse Mortgage, are there any cons to this concept when a house is in shambles and no one wants it once the owner is gone anyway?
I'll keep it simple.
I couldn't really follow your numbers, but the bottom lines is equity.
There must be a sufficient amount of equity in the home to qualify for a reverse mortgage. As long as she's 62 years old or older and the HOUSE qualifies, then all that other stuff doesn't matter.
Try this calculator to get an idea:
http://www.financialfreedom.com/calculator/Input_new.asp
I'm not promoting one company or program over another, but this is a quick and easy referrance that I like to use.
Once you see that she qualifies, THEN, you need to decide if a reverse mortgage is right for her.
Good Luck.
P.S. Put a "Credit Freeze" on her credit. This way nobody can issue her credit until she is notified (you can put your contact info for notification).
I'm 3 month behind on my mortgage. I try to refinance but my credit is bad. What can I do?
I try the gov. plan to help trouble home owners but they told me they couldn't because it's a conventinal loan. I didn't know that only FHA loan . My exhusband helps me but still not enough.
What can I do.
Refinancing probably wont help much....the time it takes to do so might mean the difference in foreclosure.
CALL your mortgage company NOW...wiht the housing market what it is today, they do NOT want your house...they might be able to rehab your loan by putting the payments on the back end of the note if you can prove to them that this particular delinquency was due to something that is not likely to happen again.
If it is the case that you simply cannot afford your house you might want to consider selling your house
My ex-husband and I bought a house. I sold him my part, but he won't refinance. Now my credit is bad. Help!
My ex-husband was 30 days late in 2002 paying a mortgage and he won't refinance so that I can be removed from his home mortgage loan. It shows as bad credit in my credit report. Can anyone help?
The bad part is he is deployed.
You should have went to the right professionals and you would not be in this situation. Not only the ownership rights of the house should have been transferred but also the financial obligation against it. Unfortunately, you're still responsible and the loan company should be attempting to contacting you when payments are behind.
Because this was not done correctly in the first place I have to wonder if you still have ownership in the property. Was this transaction done at a title company and did you file a Quit Claim Deed on the property? If not, you still have have joint ownership in the property. What that means is that if the house was ever sold then the proceeds must go to you too. He would not be able to account for the transaction between the two of you because it was not done correctly. Take that as you will...
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