Here's what's behind the surge in refinancings New York Post
This isn’t a bad deal for the home owners who are chosen to take part in these transactions. Because the banks’ aim is to get the funds available from Treasury, the homeowners aren’t being charged any fees for these refinanced mortgages -- which under normal circumstances could be thousands of dollars -- and they end up with a lower interest rate.
Take a look at these numbers.
According to government statistics provided by BankRegData.com, Chase Bank at the beginning of 2011 had restructured an enormous 10.67 percent of all the mortgages it holds on one-family to four-family houses. That figure was just 5.12 percent one year earlier.
And the number could go even higher since updated figures are due out in a couple of days.
That means nearly $12 billion of mortgages were refinanced within a year by JPMorgan Chase alone, which is a huge increase over historical patterns.
Mortgage restructurings, of course, can be done for a number of reasons: the homeowner could be in trouble; rates could have dropped significantly or -- as I think is happening -- banks could simply be pushing refinancing as a way to generate business in difficult times.
Should I refinance my mortgage interest rate?
Question by Springstorm: Should I refinance my mortgage interest rate?
Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.
Best answer:
Answer by someone
Unless you get a rate of 4.5% don’t bother. Closing costs will eat up the small monthly savings
Know better? Leave your own answer in the comments!
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Can i refinance my mortgage if i got 20k in credit card debt?
My 5/1 arm will readjust in 8 month. I have a credit score of 730.
Due to credit crunch, will the bank still refinance my mortgage with the 20k credit card debt with Chase/Jp morgan and Bank of America.
The only way it matters is in calculating your debt to income ratio.
If you can afford the new mortgage payment plus your existing(credit card) payments and you have enough equity(FHA allows you to refinance up to 97% of the appraised value) you should be just fine.
(that was funny)
Is your ARM readjusting to a high rate? The prime rate is .25% right now, almost nothing.
Remember there are prepayment pentalties too.
Do you know how much it will be readjusting to? You might be happy just allowing it to do its thing.
Banks are not lending right now unless you have 10 or 20% down. You might be in for some trouble trying to re-fi.
And expect Chase to block your credit limit. Don't pay late or they will hike up your interest to 32%.
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Second, how much equity do you have in your home? The value has decreased in many homes. You home could be worth less than your mortage balance. To refi, you need at least 20% equity.
Third, that $20K in credit card debt will work against you in getting approval for a decent interest rate mortgage. You should take the next 8 months and work on pay it off.
Mortgage refinance advice and help needed?
I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.
Can someone that no about this help me to check if this estimate is right and clear.
Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.
Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.
GOOD FAITH SETTLEMENT (Description of Settlement charges)
Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000
realtor,sailor
What is the predicted trend for mortgage rates in the next 5-10 years?
Any experts out there? I just had a mortgage broker at Chase tell me that they are expecting them to go to "Carter-Administration" levels: 10-12%! Was he just trying to scare me into refinancing with him? Could it really get that bad???
Do you have to pay any closing costs when you refinance your home?
I've been in my home for about a year, and with the fed cutting interest rates I've been thinking about trying to consolidate my two loans into one low interest mortgage. I've got 25% through Chase at 8.75% and the remaining 75% through Wells Fargo at 6.25%. I'm thinking about refinancing, but am wondering if I'd have to pay closing costs again. Does anybody know about the process involved? Thanks.
Yes, you have to pay closing costs REGARDLESS of what they tell you.
You'll either pay it in a rate hit, out-of-pocket, or they will roll it into the mortgage...but it will be there.
You will get a Good Faith Estimate and a TIL, just like you did with your original loan that will spell out the terms.
Here is the rule of thumb:
1. Make sure that you are beating your interest rate by a minimum of 1%.
3. Check for a prepayment penalty first.
3. Make sure that your monthly savings outpace the closing costs to 'recoop' in no more than 36 months, or it's not worth it.
For example, if your combined monthly payment is $1,000 per month, and your NEW mortgage payment will be $850 per month, and let's say your total closing costs are $3,000...you take the $3,000 and divide by the $150 per month savings...the figure that pops up on your calculator should be 36 or less.
Make sure you are also, planning on being in the home for longer than the number of months that pops up on the calculator...or else you have refinanced for nothing, and it's just money flushed down the toilet.
Secondly, the fed rate cuts have nothing to do with long term mortgage interest rates and will not affect them.
Lastly, the answer to your question is yes, you would have to pay closing costs again unless you do a "no cost refi", in which case your rate would be higher than if you payed for closing.
I would suggest that your first step in your decision making process would be to get an evaluation of the value of your home. If my suspicions are correct, you may not be in a position to refi anyway.
Refinancing a mortgage loan? But the bank is no where near me.?
My mortgage loan is about to be sold to Chase and my payments will begin to be made payable to them next month. I would like to refinance but I live in a very rural area and there is actually not a Chase within 200 miles from me.
Can I refinance with them without being close to them? Would that be a hassle? Also I have an appraisal from about 3 months ago, can they use that appraisal or will they use their own and how will that work since I am so far away?
If you wish to refinance with another company you can have them arrange (thru the escrow or title company) to pay off the Chase loan. If you wish to refinance thru Chase, I would call them up and speak to them directly. The reason a bank has an appraisal done is to protect them- not you so they will very likely require that a new appraisal be done by someone they trust- but I would tell them about it and see what they say.
Have a 5 year interest only loan on home, upside down on home Can i refinance or how can i switch to 30yr fix?
My mortgage company is Chase. What can i do?
Contact your company and see how they would feel about refinancing. Its better to do 30 years, and over pay.. and beat the bank.
Looking for a honest Refinance company help?
I'm searching very hard to find a honest Refinance Company . We were refered to a lady by a friend years ago with Aames and she practically scammed us and put us in a worst hardship then we were and then she just skipped town. We are under a adjustable rate now and it keeps adjusting every 6 months. I went back through my mortgage company chase and they decline to even help us due to income reasons. We don't have excellent credit and we don't have credit cards bills anymore, due to us filing Bankruptcy back in 2004 and now we have completed our plan and its been discharged. Could anyone refer us to a mortgage company that can possibly help us refinance our mortgage to a fixed rate. I really would appreciate your help and advice to help us out of this horrible situation, before we lose our home.
Sorry i'm in Texas
STOP! DO NOT! DO NOT! ask for loan or mortgage advice recommendations on this site, which is loaded with loan scammers and mortgage ripoffs which use this site for leads!!! This includes legal advice also. Talk to friends and really reputable real estate agents in your area, not any agent, the reallysuccessfull ones and maybe your banker, maybe.
http://firstmortgagecorpcolorado.com/
and look up John Burke
Are you looking to refinance or need financing for a new home purchase? Are you working with a direct lender?
If you are in need of financing for a new home purchase or looking to refinance your current mortgage, a simple call today can save you thousands. I work for a direct lender that cuts out the lender costs and higher rates that the middle men charge to make a profit. In a matter of minutes I can provide you savings that you will see each and every month.
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Not the place to drum up business. Go out and do it like the rest of us.
Is it better to get a home loan thru home equity line loan?
I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.
Typically home equity loans have variable interest rates ... the very same type of rate programs that a causing the havoc in the current banking and real estate market. If your rate is fixed for the term, you will have predictable payment streams that you can budget for. If the rates are variable, and the underlying market rate goes up again, you may be asking for trouble. Try to get low fixed rates that you can pay off as quickly as possible. Having your largest asset at risk in case you experience job loss or other financial loss really sucks ... believe me, I speak from experience.
I found a clause in my mothers mortgage contract. recently deceased.I have a brother and sister. no will
okay cut to the chase the clause is mortgage assumption upon death .If ,with my siblings approval I apply to take the mortgage over would that take it out of the probate courts issues..Because I'm thinking if we split up the deed it seems to me that it will be subject to refinance ...seeking answers THanks
You need to talk to the lawyer that is assisting you with probate. If you don't have one, you should probably get one.
Good luck.
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