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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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
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.
Has anybody applied for a mortgage refinancing to consolidate credit cards?
And if you had, did the mortgage people had to issue themselves the checks to the credit cards or you did? Thanks.
It is NEVER a good idea to put your home at risk over credit card debt. If you are financially irresponible chance are you will get in the same condition the minute the cards are paid off and then where do you turn.
CC debts can not take your home. Refinancing and putting that debt against your house CAN!
If a lender determines that your monthly payments will be too high with the addition of their new loan, they may require that they send checks to as many credit cards as necessary to insure that they have indeed been paid off. Otherwise, if the bank determines that you can afford this new loan, they will give you the cash to do as you wish.
If you are still looking to do this consolidation and you think my information was helpful, you can visit my website at CaseyCasperson.com and call me or you can contact me by email (on my website as well). I work for Chase as a loan officer and would be more than happy to help you out.
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 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...
go to http://www.savingslife.com/loans/step1.php
some basic info about your home and your current loan will get you a few different quotes and advice on different financial packages from local lenders. You can use the home value tools on the site to get a current estimate on your home value, so you can get a good picture of what kind of equity you have.
Refinance 6% mortgage for 2 homes on 10 acre lot to consolidate debt?
Just added another manufactured home on permanent foundation,1600 s.f., year 2000, to our 10 acre property. We can split the lot into two 5 acre lots, so each house is on 5 acres. Property values are increasing 10-15%/year in this area, even in this market. We have a 6% mortgage, 2 years old, and a 13% second mortgage for about $14000. We have about $45,000 in consumer debt, credit score in low 600's. Should we try to use the value in our property to relieve us of the high interest consumer credit? Would we be better off, considering our mediocre creit score?
I'd be more than happy to work up the situation for you with some numbers. What is the balance on your first mortgage? How much is the property (properties?) worth if you were to split the 10 acre plot into two 5 acre plots? Based upon what you've said so far I'd imagine that you probably wont be able to get back into another mortgage in the low 6% range, however you may still see substantial monthly savings by consolidating the consumer debt.
Some food for thought - once a property exceeds 3 acres (typical threshhold 3-5 acres) a lender will price it as a rural property and you will see a rate increase. If you do decide to divide your plot make sure you do it in such a way that at least one is not considered rural due to the acreage. This will save you the headache of having to pay 2 rural rates.
Drop me an email and we'll work out the specifics.
Daniel Algieri
DAlgieri@pacifina.com
(800) 202-2015 x 1491
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
can i refinance my mortgage with a low 450 fico score.have equity and want to consolidate some bills?
Only if your total financing totals no more than 60% loan to value, and your rate would probably suck.
Find a good mortgage broker who is good at helping you bring up your fico scores. I'm an extremely experienced Realtor, and I have done financing origination myself some years back, but I asked a friend of mine who is a specialist and the smartest guy I know in the lending field for information, and he helped me a lot.
I'd had my x poison me, was sick, 4 kids to care for, and she had destroyed all my assets and our credit. The mortgage broker helped me a lot, because he deals with that every day and knows what to do specifically.
I'm a pretty sharp cookie in pretty much any business to do with real estate, but part of really being sharp is knowing when to get help from someone who knows more about a specific detail ... and that is what you should do now.
Good Luck
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
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!
consolidate mortgage refinance - News
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How to Help Distressed Homeowners by Offering Free CMAs - RisMedia.com (press release) How to Help Distressed Homeowners by Offering Free CMAs the all-important LTV to see whether the homeowners would likely qualify for loan to refinance their mortgage and perhaps even consolidate debt. |
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Holding on in the face of foreclosure - The Virginian-Pilot Holding on in the face of foreclosure Earlier this decade, refinancing became a popular method of consolidating debt and paying for home improvements, said Steve Rockefeller, vice president of |
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Mortgage refinance could be money in the bank - Cadillac News Mortgage refinance could be money in the bank To provide a means of consolidating your debt. As a rule of thumb, it pays to refinance if you can get an interest rate at least 2 percentage points lower More Canadians refinancing mortgages to pay off other debts |
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Does It Pay To Refinance? - Forbes Does It Pay To Refinance? Many homeowners refinance in order to consolidate their debt. At face value, replacing high-interest debt with a low-interest mortgage is a good idea. |
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The Truth About Mortgage Refinancing Revealed By Texas Mortgage ... - SBWire (press release) The Truth About Mortgage Refinancing Revealed By Texas Mortgage Consolidating unsecured debt with a refinance loan can be a dangerous idea. You may not be in financial trouble now, but if in a few years things change, When NOT to refinance your home |