Mortgage rates fall even lower Chattanooga Times Free Press
After watching for two years, Jennifer Garrison knew Thursday afternoon was the time to act.
Her 6.125 percent mortgage rate was a good deal back in 2002 when she bought her Cleveland, Tenn., home, but as the stock market shot up and down this week, mortgage rates declined to historic lows.
The dental hygienist got a call from her broker Thursday saying that she could lock in a 3.875 percent rate, consolidate her two mortgages and pay $100 less each month.
“I couldn’t celebrate too much because I had a patient sitting in the chair,” she said. “All I could do was get up from my patient and say, ‘Yes, lock it in.’”
With a son about to transfer to an out-of-state college, the extra savings will be a help, she said, and when considering business growth in the area and her steady job, she’s not worried about the economy or the stock market.
“It’s up and down all the time and you just can’t worry about it,” she said. “I hate to say I’m glad the stock market went down, but it helped.”
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Mortgage Refinance & Debt Consolidation Video | Bills.com
www.bills.com Is refinancing your mortgage the best way to pay off your credit card debt? This mortgage refinance video from Bills.com reviews the ...
What is the best way to consolidate my debt? I have a mortgage and want to refinance,add my debt to new loan?
I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
It might be hard refi-ing a jumbo loan these days.
Getting additional cash out might be impossible and a very bad idea to begin with.
personal loan= no bueno, looks bad on credit like BK
Rolling your debt into the mortgage is not a bad plan, IF, you are not going to run the debt up again.
If you can overcome those problems, then it's better to do it in a refi, or maybe a second. In both cases you would be able to claim the interest as tax deductible.
http://badcredits.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
Is it wise to refinance your home mortgage to consolidate auto loans?
My gut answer to this is no. I tend to think that a refi on my home mortgage for 30 years to consolidate a 4 -5 year auto loan only extends my payments and in another 5 years or so I will have to get another auto. Would a 2nd mtg or line of credit for the auto loan be wiser?
NO.
Cars depreciate in value - if you owe more than you can comfortably pay - sell it and get a cheaper car, preferrably one you can pay cash for.
Best case is to never finance cars, and buy good, dependable used vehicles.
SO, I guess we would need more info into your situation to give a informed answer.
1- the difference between the rate of refinancing and the average rate of your auto loans
2- your ability to make the payments of the new loan.
Don't get fooled by promising sales lines you only pay ### (for life) and the likes. Compare simple annual fixed rates, no fancies, no options. One way people deceive consumers is by comparing apple and oranges. So make sure you're not sold a lemon!
Second, if your financial situation is tight, it maybe better NOT to mortgage your house and risking to be thrown out!
The best is cut out (at least momentarily) what you do not NEED to survive: do you need the car? do you need cable? do you need a phone? a cell phone?
Make your bugdet based on what you CAN spend, NOT on what you WANT to spend.
Paying interest, any interest is never good.
You would never finance a car for 15-30 years.
You said you need to buy another car in 5 yrs? To replace the one you're making payments on right now or as an additional vehicle? Because I'd think, if you take good care of your car now, you could make it run long enough to not have to borrow to buy in 5 yrs. Besides, having two years of not having to make car payments is a nice break to have.
There are things to consider before determining whehter or not it is a good idea...
when someone says that you take a car and spread it over 30 years, it makes no sense... For instance, if you owe $10k on your car, and you roll it into a mortgage, how long will it take you to pay off the $10k????
It sure wont take you 30 years!!!
You will most likely pay it off in 7 years or less...
People get the idea that because a mortgage is 30 years then it is going to take the full 30 years to pay off the debt... its ridiculous... If you have a mortagge of $100k, and add a $10k car loan, and in 30 years you pay off the entire $110k, how did it take you 30 years to pay off the $10k car????
I hope that makes a little more sense, because its ont of the most common misperceptions in the mortgage industry...
Now, the things you need to take in to account is why would you wnat to pay off the car????
Is the payment to high for you to afford right now????
If that is the case, then it only makes ssense to pay offf the car into a 30 year mortgage in order to bring your payments down...
If you arent worried about the payments, then what is the interest rate on the car loan?
If it is over 7%, then it may make sense as well to roll it into your mortgage...
The main thing to realixze is that a doing a refinance is simply using "equity" in your home to your benefit..
You have earned this equity... You chose this house as an investment, and between paying payments, and an appreciatinig value, you have earned money in this house (equity)(
So, if by refinancing, it can lower your payments/rate, and allow you to live more comfortably... then it absolutely makes sense to refinance the auto loan into the mortgae...
The main thing people do wrong when tryin gto get advice about a mortgage is ask friends family, and even worse strangers that have no experience other then what is best for "THEIR SITUATION"
What i mean by that is EVERYONE IN AMERICA IS IN A DIFFERENT SITUATION FINANCIALLY, EMPLOYMENT WISE, CREDIT WISE, ETC...
We all have different situations, therefore something that maikes sense for one person, may make NO SENSE for another... Also somethingt hat is the best idea for you, may be the absolute worst idea for someone else...
Just because one person found a benefit in doins a specific type of mortgage loan, it doesnt mean that that same program will be right for you...
WHat you need to do is have a LICENSED professional look at your finances, and credit and give you accurate advice on whats best for you..
From there you can then make a more informed and educated decision on what is the best idea, and mortgage option for you...
I work with Providential Bancorp, we are a Mortgae lender serving most of the US...
I would be happy to give you more advice..
Feel free to call or email me at any time!
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-264-6448
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
Check with other lenders.
http://www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=landing
Mortgage, Cars, Student Loan Should I Consolidate??
I have mortgage payment, two car payments and student loan. I don’t know anything about refinancing and I was wondering if I should consolidate my mortgage, two car payments and student loan.
I still have 4 more years for my cars and $50000 of student loan.
It all depends on what the payments and interest are as well as your credit. If you have good credit than you would be better served by consolidating the debts and then taking the monthly savings and apply that to either paying down the mortgage or investing (investing being the greatest priority) you can go to http://www.flagshipfinancialmortgage.com to find out if there would be a benefit for you to consolidate.
Will I receive a 1099 for a cash-out mortgage refinance?
I am refinancing my mortgage to consolidate debt. The current mortgate and HELOC are listed in the mortgage documents, but the other loans, ie credit cards, student loans are not listed and will be paid from the cash I receive at close.
Is the cash-out portion considered income that I will have to pay income tax on?
No, it is not income. It is a loan, which must be repaid. Hence no 1099.
Hope this helps.
Should I refinance Home Equity loan to consolidate credit card debt (I am buying a new house in 120 days)?
Consider this:
1. I have $30k in credit card debt.
2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.
3. I am buying another house at the end of April.
Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?
I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true?
Thoughts? Opinions? Alternatives?
You don't mention how much equity you have left in the home, but lets assume you have some equity. You would not want to "max out" your equity. Save at least 5-10% since you are going to be buying another home soon. Now if you have equity left to refinance your equity loan & pay down some credit cards, by all means do so. To best improve your credit score, pay off what you can, but at least reduce each credit card so that you have some available credit if any are at or near their limits. These are important factors in credit scoring and will get you a better rate on your new home. Its best not to close the cards that you pay off. Having that available credit will help your score. Close the cards after you secure your new home loan. Good luck!
Should I consolidate a HELOC loan and 1st mortgage?
My house is valued at about $550k. I have a mortage of $172k at 5.85%. I have a HELOC balance of $27k at 7.5% (and rising). It will be almost impossible to pay off the HELOC anytime soon. Does it make any sense to combine the two and refinance my house at 6.5% with closing costs of $7k? Money is tight, this will save me about $400/month.
I would say that is a resounding 'YES'. Even if you sale your home soon you can still make a profit considered your home is worth $550K, current outstanding loans total $199K and closing cost of the new loan is $7K which leaves about $344K in equity.
Personally if I were you, I would refinance a new loan for at least $221K to get at least $15K of equity to deposit in the bank.
The advantage of the refi is that you lock in the interest rate on the HELOC. The disadvantage is that your interest rate will increase. You also need to realize that you'll extend the length of time it will take to pay both of these off, unless you make more than minimum payments (make sure there's no prepayment penalty).
Use the $400 you save every month to set up a small emergency fund ($500-1000), if you don't already have one. Emergencies will happen, but they're a lot easier to take if you're prepared.
I'm a recent college grad looking to consolidate/refinance my student loans. What company should I do this w/?
My loan is currently with Wells Fargo and the interest rate is higher than most mortgages. Is there a place to find a more competitive interest rate? Thanks!!
Direct Loans is where I have mine - it's a program w/ the federal government and so far so good - decent interest rate, good service and my total actually seems to be going down finally!
Here is the main site:
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
Good luck!
should I consolidate bills with a refinance of mortgage....?
Or should I make a seperate loan for all my bills and refinance to put money back into the house?
Look at the interest rates you have been quoted. The interest on a home, is tax deductable at the end of the year.
What would put you into a better financial picture? What is your interest rate now, how long have you lived there, do you have enough equity in your home to pay off all your bills, so it will free up money for you, and make life easier. Lenders look at the benifit to the client.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...
Can you refinance a 1st mortgage and 2nd mortgage without equity?
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum
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