Refinance Q&A Tom Wilt News
Refinance Q&AI am in a bad loan beside country wide it is adjustable interest only loan. Of course the open market took a down turn and I would like to refi so I don’t loose my home, I hear about adjectives of these things that are out…
I have a $ 600 car record. Crazy I know! I have been working concrete trying to get my credit back on track. All my repeated bills are automatically taken out of my account, I no longer have credit card debt (I presently use a secured credit card only) and I have no…
For starters, you can look up terms in a dictionary. You can access the Meriam-Webster dictionary online at www.m-w.com. If you are getting a mortgage next ask your lender to explain what things mean. People that work in the mortgage…
I bought a house with a girl 5 years ago in quebec. it be hard for us to get approved, but we did. very soon she and I both want her to go, and she doesn’t want the house and i…
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Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my original loan. I have already tried to call my original loan company and tell them to return the check, but they say there is nothing they can do. I tried to get Wells Fargo to stop payment on the check but they said i had to go to the branch. Are there any other things i can do? Maybe write a letter or something?
No you can't. But you might be able to refinance again.
Refinance a non-recourse loan in california?
Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it's a non-recourse, or a recourse loan? If it doesn't spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! :)
A non-recourse loan is one where the lender is counting on the collaterall to be worth the loan amount. Correct? So if you refinance both loans, to a different loan program, the non-recourse loan is paid off by the refinance. Simply tell the lender you plan to refinance with that the loan CAN NOT be a non-recourse loan.
http://www.surebill.co.uk
thats who i used last time thay got me a relly good deal
You need to call Frank immediately at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.
question about refinancing car loan..?
alrought, bought a car in august 2005
interest rate was very high. but i had no credit to get it any lower
its 2007 and I have plenty of credit cards with i would assume.. a good credit score than in 2005 (im 20 years old)
chase is my lender, but they aren't in california so i cant go into a chase location and get a better interest rate... what is you guys recommendation for a better interest bank?? washington mutual? credit union? bank of america??
You should definitely go with a credit union if you can. Credit unions tend to always look out for their customers. You will definitely get a much lower interest rate with a credit union. I just turned 21 & got my first car when I was 20. I have a couple of credit cards and a good credit score. But because I have a PT job & I'm young, some of the dealerships gave me a hard time. But the credit union financed my car without a co signer & with a great interest rate.
I was surprised when I got a 0 down 0% interest note on my car. By buying the end of model, I loose choice. Beggars should not be choosy. If the dealer option is not available use the credit union to buy a new car, trade in the one you have to cut the amount you are borrowing. You may get twice the car for the same monthly payments. CAUTION make sure the length of new payments are not longer than the time it will take you to pay off the current car note.
I am going to refinance my ARM loan into a 30-year fixed?
Any refinancing tips for first-time homeowners?
*I do not want to pay points.
**What can I expect to pay for closing cost/other fees?
***I do not have a car loan
****Any penalties for prepayment to be aware of?
*****Should I request for a "Good Faith" estimate and a "Truth in Lending" statement.
******Is getting an estimate online with current lender a good idea?
******What should I be aware of when sitting down with or talking on the phone with an agent regarding refinancing.
******Any other documents or other things to be aware of?
*******I live in California. My lender's rates are good. Is NOW a good time to refinance? I have the resources available to refinance but would like to know if I should wait it out. I understand that the real estate market in CA is not very attractive, especially in certain counties. All advice and opinions welcome.
TO REFINANCE OR NOT? THAT IS THE QUESTION
When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.
These costs may include settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states prohibit this.
The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required to obtain a loan. To obtain the lowest rate offered, most mortgage companies will charge several points, and the total cost can run between three and six percent of the total amount you borrow.
For example, on a $100,000 mortgage, the company might charge you between $3,000 and $6,000. However, some companies may offer zero points at a higher interest rate, which may significantly reduce your initial costs, although your payments may be somewhat higher.
PAYING POINTS FOR A LOWER RATE
In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.
Analyzing various interest rates and associated points may save you money. As a rule of thumb, however, each point adds about one eighth to one quarter of one percent to the interest rate the mortgage company is offering.
Generally, the lower the interest rate on the loan, the more points the lending institution will charge. Some companies offer refinancing with no points, but generally charge higher interest rates.
To decide what combination of rate and points is best for you, balance the amount you can pay up front with the amount you can pay monthly. The less time that you keep the loan, the more expensive points become. If you plan to stay in your house for a long time, then it may be worthwhile to pay additional points to obtain a lower interest rate.
Some companies may offer to finance the points so that you do not have to pay them up front. This means that the points will be added to your loan balance, and you will pay a finance charge on them. Although this may enable you to get the financing, keep in mind that it also will increase the amount of your monthly payments.
HOW TO DECIDE
Traditionally, the decision on whether or not to refinance has usually meant balancing the savings of a lower monthly payment against the costs of refinancing.
In recent years, companies have introduced "no cost" and low cost refinancing packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. (These refinancing packages compensate with a higher interest rate, or by including some of the costs in the amount that is financed.)
For the refinancing to make sense, the interest rate for your new mortgage must be about 2 percentage points below the rate of your current mortgage. However, with the newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.
An important factor to consider is how long you expect to stay in your home. If you plan to move in a few years, the month-to-month savings may never add up to the costs that are involved in a refinancing.
REFINANCE CONSIDERATIONS
Keep in mind several issues when you are making your decision:
1. First, even a small rate cut can pay off quickly. That’s because you can easily find mortgage companies willing to waive routine refinancing charges such as application, appraisal and legal fees (which can add up to $1,500 to $3,000). Of course, in exchange for low or no up front costs, you’ll have to be willing to accept a rate that’s somewhat higher than the prevailing rock bottom.
2. Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.
3. And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. This does not necessarily mean youll be shouldering a lot of debt. If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. You may be able to tack your closing costs onto your new loan and still end up with a mortgage that’s smaller than your original loan -- plus, of course, a lower rate and lower monthly payment.
DOING IT AGAIN!
Even if you have previously refinanced, it may make sense to do so again. The Joneses (not their real names) from Kirkland, WA refinanced twice within three months in 1998. In October, they trimmed the rate on their 30-year fixed mortgage by a full point -- from 9.13% to 8.13% -- for a monthly savings of $63.
Plus, because home prices in their area had boosted their home equity, they were able to stop paying private mortgage insurance that cost them $120 a month.
To exploit the continued decline in rates, the Joneses refinanced again in December. Their new 30-year fixed mortgage is at 7.375%, cutting another $55 off their monthly bill.
Since the couple had chosen a no-cost refinancing each time, their total out of pocket expenses came to just $400 in appraisal fees. By the time you read this, they will already have recouped their up front costs.
SHOULD YOU REFINANCE, OR NOT?
Remember your goals. The Joneses had very specific goals for refinancing. As their family grew, their goal was to build a cash emergency fund.
Another important point to consider in a second refinancing is the potential tax-write-off: When you pay points to refinance, you must deduct the amount over the life of the loan, usually 30 years.
But when you refinance a second time, all of the points that have not yet been deducted from the first refinancing can be written off in a lump sum.
•Down payment less than 3% of Sales Price
•Gift for down payment and closing costs allowed.
•No reserves or required.
•FHA regulated closing costs.
•Seller can credit up to 6% of sales price towards buyers costs.
•Easier Credit Qualifying Guidelines such as:
•No minimum FICO score or credit score requirements.
•FHA will allow a home purchase 2 years after a Bankruptcy.
•FHA will allow a home purchase 3 years after a Foreclosure
Online estimates are generally a good idea. The best thing you can do is shop around. With the real estate market as it is today, brokers and lenders are hungry for work. Get quotes from several brokers and pick the best deal.
By comparing offers, you'll be able to see what kind of fees brokers/lenders are charging you. Also, by comparing offers you'll be able to weed out the unscrupulous brokers who don't offer you the lowest interest rate possible. Some brokers do this because the banks reward them with an additional fee.
Some places to check out:
http://lendingtree.com - get up to four competing offers
http://finfo.com - they've partnered with a couple of brokerages to offer competitive quotes
Also check with your current lender and make sure you tell everyone that you're shopping around for the best deal. That should encourage everyone to offer the best deal available.
Best of luck!
**Closing costs vary wildy between lenders and will depend on your loan amount. Make sure to compare the top section of your Good Faith Estimate in particular as this is where most lender specific fees are located.
****Pre-payment penalties also depend on the programs you're offered, the better rate programs don't tend to have these, but this is an excellent question to ask the brokers or bankers you apply with.
*****You should absolutely request the Good Faith Estimate and Truth in Lending documents. They'll be provided by law anyhow, but that is exactly what you want to compare when you compare loan quotes. They're the only place where you'll see all the costs and be able to accurately compare anything.
******You want to look for anything that shows terms that were not explained to you. At the actual closing these usually take the form of additional riders to the loan agreement. Things like pre-payment penalties or any adjustable periods need to be explained and agreed to before you see them.
*****It sure is a good idea to get a quote from your current lender. Nothing says they'll have the best deal for you, but it's a great place to start.
*Why not? A lot of people feel this way towards points, but consider this first. Typically the more points you pay the lower your interest rate. You're looking for a 30 year fixed rate so I'm assuming you're going to be with this mortgage for 30 years. For long term mortgages you typically want to buy the rate down as low as the bank will let you. You should save much more in interest over the course of 30 years than the points cost you now. The less time you have the mortgage the less it makes sense to pay for the lower interest rate, but if you're going to be in the home more than 5-10 years it almost always is cheaper.
******Documents depend on the loan you apply for. Typical documents needed are your last months worth of paystubs, copies of your last 2 years W-2's or possibly a copy of your last couple years complete tax forms and statements from any savings accounts you have for the last month.
*****A lot of lenders or brokers use different numbers when quoting payments on your new loan, ask for details. For example; what the loan amount they're using is, how much they're estimating your taxes and insurance at, what are the total in closing costs they're assuming etc. Don't just get the rate and the payment and think that's all you need to know.
Just make sure that no one pressures you out of comparing a few different offers before you make a decision.
Good luck on your new loan!
Want to refinance a 2005 vehicle (in California). What's a good interest rate?
Nothing's wrong with the car, "Life" just got busy when we purchased and we could not afford the time to "shop."
Now, I realize it is/was a 5-year loan at 8.5% and am looking into the refinancing.
First, for a use car, you might not get a better interest rate. Second, you will likely have to pay a refinancing charge. You might be better off trying to pay this off early.
Is my loan a non-recourse loan? (California)?
I had an 80/20 ARM in 2004 on my first home, then in 2005, I refinanced and combined both into 30year fixed. I did not take any adidtional money out or anything like that, even though I could have. I just bought another house and wonder what happens if I foreclose on the home I bought in 2004 and refinanced in 2005. What will foreclosing on a home mean, do they take my second house, car, furniture, savings, retirement?
The 80/20 was likely non-recourse. Whether it was still non-recourse after your refinance is questionable.
But, in order for the lender to obtain a deficiency judgement in California, the lender must use the judicial foreclosure process. Judicial foreclosures are rare, because it's more expensive than the traditional non-judicial foreclosure. Usually a lender won't bother with judicial foreclosure unless the loss is in the high six figure range.
If the lender files judicial foreclosure, and wins a deficiency judgement, then, yes, the lender may use whatever means necessary to collect the judgement, including lien on property and/or bank accounts.
My husband and I are seperated. We have a new car together and he is taking his sweet time refinancing th car?
He's in the military and is in Kentucky, while i'm in California. The whole reason i couldn't take the car was b/c he didn't want his name on it and now he's doing to me what he didn't want me to do to him. His big excuse is that he has no time. How can i get my name off of the car loan before we get divorced? He's suppose to be deployed soon and I have it on good authority that my ex-friend is living w/him. If he deploys with my name still on the car and he lets her drive it while he's gone, I will be liable for damages she may/will cause.
I'm confused - are you both owners of the car or is it just your name on the car? If it's just yours, then repossess the car and sell it. If it's both of your names, then contact a lawyer and either force ex to buy out your half or sell the car and split the proceeds.
How can I lower auto loan interest rate without refinancing?
It shows that the minimum payoff amount in order to refinance a car is $7500 in California. Currently we owe $6800 some odd dollars on the car. We have 34 months left but the APR is at 19% because at the time we got it a little over 2 years ago, our credit was pretty bad. Our credit has recently improved. We don't qualify for auto refinancing apparently even though we've paid on time every month for over 2 years. The only reason we can't apply is because we owe too little!
Is there a way we can work around this? Should we ask our current auto lender for a lower interest rate or should we refinance, saying we owe $7500, and then get back the remainder? I don't know how this works.
Thanks
Also, the car is worth more than we owe. Just wanted to state that. We just want to get the interest rate lowered and hopefully cut down the monthly payment.
Our payoff amount to our lender is $6800 but we cannot refinance our car because the minimum to refinance is $7500. We looked everywhere and it says you have to owe at least $7500 in order for them to do a loan for you. We do not owe enough money to our lender.
Auto finance is what I do for a living and if everything is as you say the answer is to refinance $7,500.00 for 30-months at a lower rate and have them cut you a check back for $700.00.
We do this all the time at my dealership.
Additional details.
I don't know who your lender is but every lender I have bases the amount they will loan on the value of the vehicle not the payoff and since you say yours is worth more then the payoff this should not be a problem.
If this is actually what your encountering you need to find another lender.
After bankruptsy in California ?
I filed bankruptsy in 03 and had a judgement on my car and personal loan. out of the blue the bank called me and wanted to refinance my car and add my personal loan to it. Im just wondering what they are up to? I'm curious if after 4 years you have a way out of judgement and that is why they are offering me this at 1/2 my payment rate, and combining my loans and giving me 5 years to pay it off????
If the judgement and loan were included(and discharged) in bankruptcy you do not owe on those anymore so there is nothing to refinance. So I hope this bank is not trying to get you to refinance something you are under no obligation to do. If the judgement and loan were after the bankruptcy, then this bank is probably a "bottom-feeder" bank.
That is they search for people with judgements or other issues. They offer them a lower payment, but because of the interest they are charging, if you calculate it over the 5 years is probably going to end up costing you double the dollars. You have to be very careful about these type of "banks" because there are usually hidden fees or charges that unless you read every bit of fine print you will not find out until it is too late.
How to get out of a BADDD Auto Loan?
So I moved to California a while back and I've been back home for about 4 months now, while I was there I got myself into a bad car loan. (Young and stupid).. they gave me a huge interest rate, almost the highest one they have. The car is a 2000 and is only worth like 7,000 but I owe about 10,000 (again, young and stupid). I make descent money (bout 35,000/year) and I have better then average credit. I have applied for refinance through BOA, Capital One and everything else online and got declined for everything I was wondering how to get rid of this bad loan or get rid of this car and get myself a new one!!!
Here's something else you need to chalk up to your learning experience ... all your turn-downs. Every place that did not approve you contacted all three credit bureaus with your turn down. You most likely have far too many on your credit report now. Any lender you go to now will see all these on your history report and immediately turn you down too.
Why? Because they will see you've been shopping everywhere without getting approved. That's a red flag to all lenders and nobody will take a chance on you. You're now labeled a high risk and an ITD ... instant turn-down. All it takes is two or more TDs in less than 30 days to become an ITD to all lenders.
This is very bad news for you. Don't make it even worse by continuing to apply for a loan. Your only option now is to pay your current loan off ASAP. And start rebuilding your credit so that in another year or two, you'll be able to buy another car and get a better deal than you currently have. And it will take at least 12 to 24 months for all those TDs on your credit report to lose their impact.
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