Time to refinance? How low can mortgage rates go? Reuters Blogs (blog)
Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.
“I knew the Fed statement was coming out and rates had dropped to historically low levels, and it just seemed like an opportune time. I hadn’t even thought about it until then,” says Sass, who owns his own marketing research company.
Their original mortgage had a 20-year amortization period — at a 4.875 percent rate — with 12 years remaining. They are rolling it over into a 10-year mortgage with a 3.5 percent rate. “I was able to knock a couple of years off the term with a very modest increase in the monthly payment,” Sass says. “It seemed like a no-brainer to me.”
Sass and his wife are both 55, so retirement is on the horizon. “The opportunity to look 10 years out and know that – unless things change – we won’t have a mortgage when we retire looked like a smart decision,” Sass says, adding the overall savings on interest by reducing his term will be in the neighborhood of $20,000.
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will a bank refinance a house that is on the mls?
I am trying to sell my house. If I decide to keep it and refinance the mortgage. will a bank be ok with that?
Every Lender in America have different guidelines for your situation..
i have a few lenders that stipulate the house has to be off the market for 6 months, and i have others that will allow you to refinance the day after you take it off of the MLS...
what i can suggest is you get a professional opinion.. First tke your house off the market, and then talk with a mortgage consultant to find out EXACTLY what you qualify for..
Once you know more anout what you qualify for, if it makes sense for you to refinance then move forward with it..
My name is Jason Fry, and i work for Providential Bancorp, a nationwide mortgage lender. I would be happy to assist you in a refinance.. Give me a call at 312-264-6448, or email me at jasonf@providential.com..
Good luck to you!
Jason Fry
If you decide to keep your house and refinance, they may require that you take it off the market before proceeding with the refinancing.
Just talk to your lender. If you go through a mortgage broker/company, check the Better Business Bureau for their rating. I used a company I found via Lending Tree, and they really tried to screw me over for lack of a nicer description. Hindsight being 20/20, if I would have checked their BBB record, I would have never used them in the first place. I just assumed they would be reputable coming through Lending Tree. I found another finance company through my Realtor, and everything was smooth sailing.
Even then you can only get a portfolio loan. Fannie mae requires 120 days since removal from MLS. So 30yr, 15yr etc is out.
Can refinance my student loan through MY bank?
If I have a student loan at another bank—can refinance them through MY bank where I have my checking account?
I am in repayment now.
If the bank will allow it. But I doubt it, it depends on how much you owe and how good your credit is. It would likely be set up as a signature loan,,, and not a student loan. Meaning this would be bad for you, you could not deduct the interest you pay on your taxes, you could no longer defer payments for hardship circumstances or going back to school. If they are federal loans, you could not have them forgiven if you become disabled or die. Don't do it. It doesn't help you any to refinance... except maybe make your interest rate higher.
Is it possible to refinance a car loan with one's current auto loan bank or institution?
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower.
In fall 05, I started it w/ a loan balance of ~$27K. In 1.5yrs, I've paid down the loan to a little under $15K. Currently the car has a trade-in value of ~$19,500 and a retail resale value of ~$23K(I looked this up on Kelly Blue Book's website). So I know that I'm not upside-down on my loan.
Do I have a good chance of refinancing? My credit is solid, but the only thing that I'm afraid might hinder me is the credit card balances that I currently have(although I've been paying them on time).
More importantly--Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it's within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I'd say it's a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won't help me. They also said that I'd only qualify for a "used car" loan, and the rates are higher for those. But I will definitely try Bank of America...except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?
Yes it is possible. Since you have paid the loan down so much your loan to value has changed greatly. This is one of the main things that lenders base rate on.
You should have no problem refinancing with your own bank, if you do? Try a credit union, they will always beat a bank on rate anyway.
And yes it will be a hard inquire.
Does Chevy Chase bank refinance auto loans?
If I look under "personal loans" on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
If not, can you recommend any reputable companies through which I can refinance my car?
Thanks!
Any bank that does auto financing will do auto refinancing.
Also check into Capital One. they offer great rates and good service.
is it easy to refinance my mortgage with Bank of America?
I currently have a 30 year fixed mortgage that I obtained one year ago at 6.00%. I was looking today's rate and a 15 year fixed mortgage is 4.875%. Do you know how easy or hard is to refinance through Bank of America? Average closing costs to refinance? Thank you
My personal experience with BOA was that they are difficult to deal with, tack on a lot of questionable fees that if not disputed, can cost you hundreds more and in general were arrogant. maybe in today's economic climate they may be more accommodating.
When I refinanced 3 years ago, I went to BOA (holder of my mortgage), Wachovia, Wells Fargo and WaMu. The best deal I got was 1% less than BOA nad 3/4% less than the others. Wells Fargo came in lowest at 5.25% APR, quickly and with few junk fees.
Check them out and compare. If you have good credit, good equity and in a viable economic commuinity you are in the driver's seat. Good Luck
Where I can get a loan or a bank to refinance an ATV?
My score is 578 and I have applied with Honda but because I have a Chapter 7 , alredy Discharged for 5 yrs now they didn't want to refinance. I have $500 to $1000 downpayment. Do you know where I can apply and be approved?
An ATV is considered a luxury item, and with a Credit Score of 578 you are going to find it hard to find a loan with a decent interest rate.
Now, are you talking about a new purchase or a re-finance. Because I am not sure why you would need a downpayment on a re-finance. If it is a re-finance why not just make a $1000 payment and reduce your current principal. If you are talking about a new loan you might need to rethink that until your credit improves just a bit. You will need to get into the 620 range at a minimum before a lot of banks will even consider a loan.
Can I refinance my student loans with my bank since interest rates are low?
I have ~12,700@~7% and 12,500@5% in student loans. Can I refinance with my bank? Should I?
Student loans are covered under a government program in that they are guaranteed from the banks perspective. If the bank will refinance a "student loan" you will pay almost the same rate you are now. If you go to a bank to refinance it outside of a student loan program (which would be awesome because if you default, which I don't endorse, you are not followed by the debt if you file bankruptcy if it were a student loan) you have to think about it from a bankers perspective...for them it is basically a $25,200 unsecured loan. Most unsecured loans carry really high rates like 10 to 20 percent. Just something to think about....
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlhawk.com/58k
Why would a bank want to refinance my mortgage?
A few years ago, I had a mortgage with Bank A. The rates went way down so I refinanced with Bank B at a lower rate AND a shorter term (went from 30 year to 15 year.) Why would Bank B want to offer me something like that? What is in it for them? Please advise. Thank you!
It's all about the money. They are in the job of making money. I think I can explain it like this. They will be able to make lots of money off this new loan.
Let's just say that you borrowed $100,000.00 that would be 180 payments for 15 years. Now let's say that your new mortgage rate is 5% and now your new payments are $790.79.
On a $100,000 loan for 15 years the total Interest would be $42,342.20 Not a bad increase. You will have paid $142,342.20 for a $100,000.00 loan.
That's why they do it, in order to make a profit. Plus you had to pay refinance fees, closing fees and those should be factored into the final cost.
I've given you a webpage so you can calculate your own mortgage payments, even your old ones. Have fun with it.
good day! I am a resident of Ukraine, it is possible to receive the amount in UK bank to refinance mortgages?
good day! I am a resident of Ukraine, it is possible to receive the amount in UK bank to refinance mortgages for my country? And pay a mortgage UK bank? Thank you very much.
no.
As a resident of the Ukraine you must use your own banks to finance your scams.
Plus, you need a rudimentary grasp of the English Language to communicate with English Banks.
What bank will refinance my home with a 529 credit score?
The low credit score is due to a collection 4 years ago ( which I dont know about) and a credit card currently delinquent. I have never been late on my mortgage. I am facing foreclosure in the near future... Help!
The delinquent credit card is showing up twice on my credit report. Could that be affecting me as well, If so, how can I get that resolved?
I don't understand how you can be facing foreclosure if you've always paid your mortgage in a timely fashion. A combination of a single delinquent credit card and a single collection in your past seems unlikely to create a credit score this low. Can you bring the credit card current? Is the mortgage current? If it is, now is the time to talk to your existing mortgage lender before the loan starts to go bad.