Brian J. O'Connor Will a refi rescue you? The Detroit News
Brian J. O'Connor Will a refi rescue you? Make sure doing so won't increase borrowing costsPresident Barack Obama has unveiled new rules aimed at making refinancing possible for homeowners who owe more on their mortgages than their homes are worth. These "underwater" borrowers can get some added breathing room in their budgets by refinancing to the ultra-low mortgage rates available today. But if they're not careful, refinancing could sink them even deeper in debt on those money-losing properties.
More than 10 million homeowners in the U.S. are estimated to owe more on their mortgages than the properties are worth, making it impossible to qualify for a traditional mortgage, especially under the tighter lending rules that have emerged since the mortgage bubble burst in 2007. An earlier version of the president's Home Affordable Refinancing Program allowed some borrowers to refinance, even though they owed up to 125 percent of the home's value on the mortgage. The new version of the program, known as HARP, for short, removes that cap and is expected to help 1.5 million to 2 million homeowners move to lower rates.
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Refinance Mortgage Calculator: Compare Refinance Rates
www.HomeMortgage.com HomeMortgage.com sets you up with free refinance mortgage calculator selections, so you can make informed decisions on loans ...
What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?
I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.
The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?
So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.
Also you can check the yahoo directory at http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Real_Estate/Financing/Mortgage_Resources/Calculators/?o=a
Mortgage Refinance?
I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?
If you really can't make the payments for a 5yr ARM Interest Only of about $3,365 + taxes and insurance. Then you'll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.
Hope this helps.
http://1stmdloans.com
Your best bet is to keep the negative am and hopefully the equity will outgrow your negative am.
With your existing loans totaling 673k refinanced into one new loan my calculations on an interest only program the mortgage payment would be more than 3k per month (not including the tax payment).
Suggestion, make sure you read any fine print on Lending Tree website. Also if you are seriously shopping to refinance your loan, do not allow everyone to run your credit. Having your credit ran by different Lenders and Mortgage Brokers may drive your fico score down which may reduce your chances to qualify to receive a good interest rate.
Leo Namiot http://www.LeoLends.com
Others here have said it's possible, but I'm not sure how.
I put your basic info into the Quicken Loans affordability calculator (I work for Quicken Loans) and the numbers just don't come close. Even with a perfect credit score, it's not possible.
I think Lending Tree's calculator results must have been a mistake of some sort.
Good luck with this and be careful who you work with on your refinance or you could find yourself in a worse situation than now. Make sure you can trust your mortgage professional to get you the best deal available that won't set you up for financial problems down the road.
mortgage refinance right for us?
I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.
If you really can't make the payments for a 5yr ARM Interest Only of about $3,365 + net wages and toy. Then you'll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I credit your currently Option ARM is rising at a monthly rate. If you really need more time before say nothing credit is damaged, I think the winner bet will be another Option ARM but enamored a FIXED MARGIN..
The closing costs for that size loan is extremely expensive, and all you are going to do is chip away at your equity, refinancing to an interest only now (which will be a bad deal for you right now), and then turn around and refinance again later?
If you can't afford to go to a fixed rate mortage NOW, then you cannot afford the home at all.
Sell.
A 650,000 30-year 6 percent fixed rate mortgage will have monthly payment of $3,897. Should you be lucky enough to get a 5 percent loan, the payment would be $3,489. These payments do not include property tax. These numbers include principal and interest. A 5 percent interest only loan would have interest of $2,665 per month not including property tax. Therefore it is impossible for you to refinance your house at the terms you want.
It appears that a possible solution is to sell your house and buy a house that you can afford. Assuming a 5% 30 year standard mortgage with payments of $2,450, the initial loan balance would be $461,000. If the payment includes tax and we assume that the tax is $450 per month on a smaller house, the mortgage payment of $2,000 would be for a loan of $376,000.
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Regulations, Real Estate and Why You Should Buy Now: Advice from ... His company's web site, www.rodeore.com, has mortgage calculators and answers to questions such as, "Should I refinance?" or "How much home can I afford? |
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Keep your goal in mind in refinancing - TheNewsTribune.com Keep your goal in mind in refinancing Brian Ng wanted to refinance and take out cash to spend on remodeling his home. A lender quoted him 4.875 percent on a 30-year fixed-rate mortgage for |