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Mortgage refinance when is the best time ? Refinancing mortgage is not an easy decision, when is the best time to refinance ?

Refinance Mortgage? I am splitting up with my girlfriend with whom I bought a house with exactly one year ago. We agreed that I would take over the mortgage pending approval on the mortgage reapplication with my co-signer. My questions are; -does my co-signer have to be on the title of the house? -will I have to go through a lawyer to have my girlfriend removed from the title?

Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments? we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?

Is Countrywide Mortgage safe to refinance or get a new mortgage with? I need to refinance my mortgage or get a new one if I decide to buy a new home. Which mortgage co. is safe and reliable?

when does mortgage refinance make sense? Hello all, i 'd like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don't need to lower my monthly payment, so I don't have any clear purpose in mind. It is just that I have heard a lot of different views on refinance. I hope to get some insights and analysis from you out there. Thank you.

Which bank offers the lowest interest rate for mortgage refinance in California? I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.

How do I know when its time to refinance my mortgage? I just bought a home last October. I signed a single 30 year mortgage for 280,000. My interest rate is 6.75%. I have only made 3 payments on this mortgage. With interest rates dropping when is a good time to refinance?

refinance mortgage offers, "no costs to you" are these legit? I need to refinance my mortgage very soon. For the past 6 or so plus months my mail has been flooded daily with offers from various mortgage brokers or lenders offering me a deal of a lifetime. Many say they are offering me refinancing at no cost to me. This sounds a bit fishy, I doubt anyone is willing to help me at no costs. Is there any truths to these offers? I don't want to waste time contacting these companies and filling out applications if they are not true. Any thoughts? Thanks !

Are there always closing costs when you Refinance a mortgage? I'd like to know when it makes sense to refinance a 1st mortgage? What interest rate difference is worthwhile? And if you refi with same bank, can you negotiate the closing costs? Maybe say you will take your mortgage elsewhere?

My 5/1 arm will reset in 18 months, should I refinance home mortgage now, or wait for few more months? Current rate of ARM interest is 5.125%. Would it better to go for 6.75% mortgage refinance at no closing costs, if I am planning to live in the same house for next 7 to 10 years?

Can someone answer a mortgage refinance question? When you refinance your home with another mortgage company then the one you have know, who lets them know you've gone with another mortgage company? Are there penelties? We are in a sliding rate and are trying to get into a fixed rate. thanks!

What costs should I expect to quit claim a house and refinance a mortgage? My partner and I are splitting up and she will be quit claiming the house to me. I would like to take her off the mortgage (there are 2 mortgages). Is re-financing my only option? What costs should I expect to pay for the quit claiming and the refinance (unless I can do this without refi)? I haven't the first clue how to go about this.

How do I refinance my mortgage? I wanna refinance a 30-year mortgage. I've been living in my house for a year and have a prepayment penalty of 2 years. Two points. My loan is 80-20 and my monthly payment is 3600. How can I refinance a loan of 520 to get 20000 on cash and reduce my monthly payment? Price for the house has increased... I wanna know how does that affect the mortgage.. Is it good for the loan?

Looking to find lowest refinance home mortgage rates? I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?

Can you add people to your mortgage when you refinance? My mother isn't working and I wish to refinance her mortgage using my income since her rate is 8%. I live in the property and want to have some ownership rights as I'm paying the mortgage and such. She has no problem with me doing so. Any suggestions ?

refinance my mortgage now with no fee and lower rate? I have mortgage with Wells Fargo fix 5 years, its only my 2nd year,can I still ask them to refinance w/no fee?

Can I refinance my mortgage to purchase land? Is it possible for me to refinance my mortgage to purchase land for my son who would like to self-build a home for him (and his family) to live in.

Do I need to report the equity "cash out" from mortgage refinance as income? I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to "cash out" some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it's accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It's not "wages" -- does that make a difference?

Refinance: mortgage is 280K property value is only 230K. Do you know anyone who can refinance this? The mortgage resets in another 2 months and the payment will go up about $500. Is their any plan to refinance this mortgage???

With the poor economy and financial market crisis, is now a good time to refinance the mortgage on my house? With the interest rates dropping I think I could really save some money every month on my mortgage if I refinance, but are banks hesitant to lend right now with the financial crisis? What are your thoughts? Thank you!

if i take out a home equity loan now will this loan affect me if i want to refinance my mortgage.? I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

What is the 4506-T for in regards to a mortgage refinance? I am a loan officer for a mortgage company refinancing one of my clients. He is stating his income as he is self-employed. One of the conditions required by the lender is a 4506-T tax form. I forwarded it to my client, but he is hesitant to submit this form in fears of being audited by the IRS? What is the likelyhood of this actually happening and what would need to happen for the IRS to take such drastic measures? Otherwise I'm not sure why this is a requirement from the lender... Of course I haven't been a loan officer for very long...if I had been in the industry for many years, I doubt I would be coming to Yahoo Answers to obtain smarmy replies from know-it-alls. But hey, you were all in the same boat at one point in your careers, right?

Are the interest rates the same between people who take a new mortgage and those who refinance? I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer's rates (with the same terms and credit rating of course)? Thanks.

Is it better to pay down my current mortgage and refinance or refinance and use the money for downpayment? I have inherited some money and I want to use it to pay down the debt on my house and to make the payments lower. Would it be better to pay the mortgage down $100K and then refinance the $75K balance or Should I refinance the $175K and put a downpayment of $100K? Maybe it would be the same difference, but I just wanted to make sure I am using this money in the best way. Thanks!

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?

is it easy to refinance my mortgage with Bank of America? I currently have a 30 year fixed mortgage that I obtained one year ago at 6.00%. I was looking today's rate and a 15 year fixed mortgage is 4.875%. Do you know how easy or hard is to refinance through Bank of America? Average closing costs to refinance? Thank you

Can you refinance an adjustable mortgage as a fixed mortgage? Thankfully, my mortgage is fixed rate. For those out there who are getting pounded by their balooning adjustable payments, do they have an option to refinance their property with a fixed rate mortgage?

What does refinance a mortgage mean? I want to know what these terms mean because we are about to get a house and i keep seeing things about refinancing a mortgage. Also, whats home equity?

Can anyone recommend a mortgage company to refinance a mortgage that was in default but is current now? I was in default on my mortgage and was just able to catch up and now it is current- would like to refinance and get a better rate to lower payments- it is interest only now.......any suggestions?

Appraisal to refinance mortgage for a home remodel, any tips? I am having my home appraised Thursday. Other than tidying the place up is there anything I can do to help elevate the appraisal? Does an appraiser physically check the house like a home inspector? Do they verify that all appliances are working? Are they climbing on the roof etc? Thanks

Can I get a Hard Money loan & then Refinance Mortgage on a foreclosure property? And How do i go about it? I took a brief real estate class and i remember the general discussion of hard money lenders and how they give you a large sum for a short time for things of this nature. I'm thinking about getting my first home but have limited funds and thought of this as an alternative.

Will a mortgage company refinance a loan currently in forebearance? I've got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan). Thanks for your help!!! Stressed in GA...

Why do rising house prices make it easier to refinance a mortgage? Assuming there are rising housing prices, why would it be preferable to refinance a mortgage? Why would this lead to lower interest payments than the current loan? Did the assumption that house prices would always rise contribute towards the sub-prime mess?

does anyone know where you can obtain a Home Mortgage refinance while in a Chapter 13 Bankruptcy? looking to refinance my mortgage I am currently in a chapter 13 bankruptcy have been paying my mortgage and the trustee on time

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.

what is the best rate someone can have for a refinance mortgage? having 668 on credit score and being first time home buying. Today, what docs do we need to present to refinace? Thanks, I appeciate your help.

What exactly do home appraisers look for when doing an appraisal for a mortgage refinance? We live in Ontario! We need an appraisal to re-finance our mortgage, and are unsure of what they look at on the property and what they base the value of the house on. Any tips would be appreciated!

Refinance mortgage if behind on payments? I lost my job and was out of work for seven months. I got behind on my mortage payments and am on a pay plan at the bank. Will they let me refinance? I only owned the home for about two years? What is reconfirming your loan mean? Please help!

Why would a bank want to refinance my mortgage? A few years ago, I had a mortgage with Bank A. The rates went way down so I refinanced with Bank B at a lower rate AND a shorter term (went from 30 year to 15 year.) Why would Bank B want to offer me something like that? What is in it for them? Please advise. Thank you!

How can I find a refinance mortgage to help me keep my home?

What is the best way to go with a Mortgage refinance? I am refinancing a $180,000.00 mortgage. Company one wants to add all of the refinancing cost onto the back of my loan at 5.5%. Company two will refinance with no cost but will charge me 5.8% for a 5.5 loan and keep the difference. Now of course I will be paying this 5.8% for 30 years. Can anyone translate these two offers into figures that I can understand so that I can choose the correct one hopefully sometime this week. I am not anywhere close to being a mathematician. Thank's ,John

Is it possible to refinance a 2nd mortgage, and not touch the 1st? I have a great fixed rate on my first mortgage 4 3/4%, however I am paying about 11% on my second. Are there any companies out there that will refinance only the 2nd? And how does equity come into play with this, the CA housing market is not that great! Not looking for cash out, just a lower monthly payment. If anyone knows a company that might work with us, please let me know. Thanks,

With the emergency rate cuts by the Fed yesterday, should I refinance my mortgage? I have a 30 year at 6.125% I bought in Oct 2006 with 20% down for a $250K house. Got a 30 year mortgage at 6.125%. With the emergency fed rate cut yesterday, is now a good time to refinance or do you think it will go down more? How much cash do you need to refinance? Thanks!

Will companies refinance a mortgage that has no equity so that my payments would be lower? I have 2 mortgages with a combined total of 65,000, which is also equal to the value of my home. I want to refinance and combine the 2 mortgages. Are there mortgage companies that would be willing to do the financing to combine the 2 mortgages?

Is it better to refinance a mortgage for a tax deduction or continue with my 15 year mortgage? I have 10 1/2 years left on a 15. Single, retired and no dependents.Pension(60,000) Does it make sense to refinance?

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?

Can I refinance my mortgage and home equity line of credit together? For example, I take both loans and refinance them together as 1 loan with a 30 year loan?

What is the difference between a second mortgage and a refinance? I am financing a pool and was told by the lender that a refinance and a second mortgage are the same thing. Is that correct?

Should I pay my mortgage company to refinance? My mortgage company (Countrywide) contacted me to let me know that it is a good time to refinance my mortgage. Given the times, should I offer to pay anything to refinance, or should I tell them sure let's refinance but I don't want to pay, or let's refinance but only for a couple hundred bucks?

Refinance Mortgage? I just purchased our 1st home in October. Covential 30 year fixed @ 6.5, loan amount was $152,000. Our current payments around $1200 a month. We have 770'ish credit score. Should I refinance now with current drop in rate? 30 year? 15 year? Thanks

How much are the fees to refinance a mortgage? I have a 30yr mortgage that i have had for 3 years. I want to start over with the 30 years. What would the fees be to do this?

Refinance Mortgage? I currently have a 1% arm that is adjusting on fully amortized side to 8.50%.. I am currently wanting to refi loan to fixed 30. I am being offered a 80/20 1st is at 6.75 and 2nd is at 10.5. I was not told rate of 2nd mortgage over phone only saw on documents sent to me and I did ask but was told everything was fine. Am I just better off staying current loan that may adjust higher? I am getting to many mixed messages from brokers about what loans are really available to me why?

I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage? Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In total I am paying between 750-800 a month (not including taxes or homeowners insurance) should I refinance.

Refinance Mortgage? I have a 3 yr Arm? I've been in it for a yr. Home worth $145000 but loan now over $150,000. What are my options?

Refinance mortgage again? How many times are you allowed to refinance your home? My wife & I refinanced our mortgage about 5 years ago (we have a fixed rate). I heard the government lowered the rates or something.... Thanx for any advice!

does anyone know of a lender who will refinance mortgage while in chapter 13? i'm almost 2 yrs into chap 13 and have been advised that there are lenders out there who will refinance my home mortgage. I only want to refinance the mortgage, and not include the balance on the bankruptcy

Will be moving in 6 months - how do I refinance (mortgage up in October)? As stated above, I will be moving, but I need to refinance my mortgage ASAP (5 year fixed up in October). What is my best option so I do not have to pay any penalties/fees when I go to sell? Thanks for your help! If you need more info, please post for me to read and I'll respond. I live in Illinois. Yes, I have a five year fixed at 5.25. Any idea how much it will go up if I do not refinance and then sell in February? Thank you mj69catz and dzwreck for your very informative feedback.

Investing in Multifamily... Take Home Equity Line or Refinance Mortgage? I am looking into getting a home equity loan or refinancing my mortgage to get funds for the down payment of my first Multifamily investment property . Which is the better option? Also is it better to put down 20% to avoid PMI? Lastly my wife and I are really soul searching because we don't want to use up all our equity in our home due to the fact we may sell in a year or two and will need to maximize our equity in our home for a down payment. I know I have lots of questions but I want to make the right choices. Our house is valued at 250000 and we owe 163000. Thanks, Scott Oh yeah we have owned the home for about 4 1/2 years.

Mortgage refinance? Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion? Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes. We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250. Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611. Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home. We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage. Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad. It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break. On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner. What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!

Mortgage Refinance or Home Equity? I have some home repairs in the near future and am wondering whether it is best to go with home equity line of credit or just refinance on my mortgage. The home is a recent purchase so the mortgage rate would probably not be any lower. I'm leaning toward the line of credit because I also work for a company that is going thru some restructuring and figure having a line of credit available is some security if I find myself out of work. What is your vote... line of credit or refinance?

Is a mortgage refinance right for us? Pitfalls? We have lived in our house for 3.5 years and plan to purchase a new home in 1.5-2 years. Our mortgage is 6.25 30 year fixed. We took on a 2nd mortgage about a year ago to pay off debt. Now we want to refinance and roll the two together with our existing car loans and credit card, so we can fix any credit problems, make payments easily, etc. so it will be easier to buy the next house. The new rate being offerred is 6.95%. Our mortgage payments will be $400 more, but we will be saving an additional $400 in monthly payments. We figure our credit will improve greatly. We were worried about paying down a credit card "over 30 years", but the refinancing co. reasoned that we will only have this "bigger" mortgage payment and interest rate for the next couple of years; it's the mortgage for the new house we need to be concerned about. (And by doing this, we will improve our credit and chances for a better mortgage next time.) Hope that's enough info. for detailed info on pitfalls of refi. Thanks for the replies so far. Here's more info: Mortgage: 180K 2nd: 30K 15 year fixed at 9% Credit cards: 8K at 21% Auto loan: 7K at 8% Home value: approx. $255K (conservative). Mortgage payments + current loans = 2400/month. Refi payment would be 2000, incl. closing costs, taxes, insurance, etc. We could pay off credit cards by the time we want to move, using bonuses, etc. but right now it is hard to make payments on time. P.S. I can't do the math figuring the percentages over time, etc. I am just awful at it and my head is already spinning!

Home Mortgage - Refinance? My mortgage payment is currently 4200 per month. I have two loans, one at 9.75 for 15 years and another at 6.75 for 30 years. I purchased my home in October 2006 (I know, I should've waited) and would like to refinance to make my mortgage payments more manageable. Can I refinance so early into my mortgage? Any ideas or suggestions would be greatly appreciated.

mortgage refinance? My husband and I bought a house in October with a no documents loan and ended up having to split our mortgage and have two smaller loans. Our mortgage servicer recently called and said that they have been unable to sell our mortgage and would refinance our loan at no cost to us. The woman I have been talking to said that they could combine our two loans and get us a better interest rate...sounds great But is this legitimate? Is this something that I should be concerned about or is this something that happens often? We still owe about 94K on the original loan and they are trying to combine both the loans. Overall it looks like it will be good for us because we'll have one loan instead of two and our interest rate will be lower...can we just tell them not to refinance? How does that work? Our loans are crap right now so it wouldn't take much to make it better for us We're in Oklahoma City

mortgage/refinance? based off of the most common outlook for the housing and financial markets, are mortgage and refinance rates going to decrease?

Mortgage refinance, divorce, self-employed for only 8 months? Help!? I'm in the process of a divorce and I need to refinance my home in order to get my wife off the mortgage and pay her portion of the equity. I started my own business in January and have been working to get that off the ground. Most mortgage companies won't finance a self-employed person without 2 years of business history. Any advice to get this done?

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?

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.

Bad Credit Mortgage Refinance in Australia? I am trying to refinance my existing home loan, plus a 2nd mortgage as well as a number of other loans, cards etc. I do have 2 defaults on my file, one paid and one unpaid. Has anyone been in a similar situation and how did they refinance

What is mortgage refinance? What is mortgage refinance? I have a house, and I'm nearly pay off. Someone was telling to refinance to purchase another house.

Does anyone know of an online mortgage company that offers gift cards with refinance? mortgage, refinance, home equity, bad credit mortgage

Refinance my mortgage and home equity loan? I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K. I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys. Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks

Refinance current mortgage? Hi I have a mortgate of around 2 years old and is a 30 year fixed rate at 6.5%. With interest rates being slashed right now and house prices dwindling it would make a lot of sense to be able to refinance the mortgage at a much reduced rate, lower the monthly premium but still pay (ie overpay) the same amount each month to the mortgage company thereby paying of the principle faster and possibly ending up in a few years time with some equity back in the home. If I leave it as is the market is going down as fast as I'm paying off the principle and am therefore no close to actually owning my home. The other alternative to over paying is refinancing at a 15 year fixed rate loan as that seems to be giving me around the same monthly payment as I'm paying out now. But the question is, with no equity in the house will my current (or even another) mortgage lender even look twice at refinancing (I understand that lenders are reluctant to give out loan to value ratios of higher than 70-80%) thanks

Refinance of our mortgage? We want refinance our Mortgage. Credit Fair Our mortgage just went up from $1754 to $1919.40. Our MORTGAGE Company HOMECOMING FINANCIAL[GMAC COMPANY] has not explained, well.?? Do not want to deal with them JUST need to change company Any mortgage lenders in Houston, who can work with us. Present interest fixed @ 9% Just want Lower our payments by about $500 . Can anyone suggest any remedies. The Refinance should include the closing costs etc Thank you

Refinance my mortgage or no? - 5/1 ARM? In September of this year, I will have had my 5/1ARM (80/20, Interest only, 100% financing, No prepayment penalties) for 2 years. I have read often that a good rule of thumb for refinancing a mortgage is either a 2+ percentage point drop in rates or 2 years. I can understand why a drop of 2 percentage points make sense, but can someone explain to me why 2 years? I'm anxious to refinance. I've seen only very, very modest declines in value in my neighborhood over the past 18 months, mostly I think because I live pretty close to the beach and there isn't really any undeveloped land to build a bunch of new homes on. But I still am anxious. Any thoughts?

Refinance my mortgage or no? - 5/1 ARM? In September of this year, I will have been in my 5/1ARM (80/20, Interest only, 100% financing, No prepayment penalties) for 2 years. Purchase price: $750K. (Recent appraisal: $810K) Adjusts in 2011. I have read often that a good rule of thumb for refinancing a mortgage is either a 2+ percentage point drop in rates or 2 years. I can understand why a drop of 2 percentage points make sense, but can someone explain to me why 2 years? I'm anxious to refinance. I've seen only very, very modest declines in value in my neighborhood over the past 18 months, mostly I think because I live pretty close to the beach and there isn't really any undeveloped land to build a bunch of new homes on. But I still am anxious. 1. Any thoughts about the situation in general? 2. How should I factor the recent "new limits on Jumbo loans" legislation into my consideration? thanks. hey, mscarriem... overthinkover@yahoo.com

Will they refinance my balloon mortgage? My 3 year balloon mortgage is maturing in February. Back in March of last year, we tried to refinance with another bank but they said our Debt to Income was too high and the only way we could do it was to use equity in our home to pay off some of the other debt we have. We were not sure that the value of the home would be enough and decided not to do it because we would end up having to pay the appraisal fee if it didn't work out. We have been doing business at the bank where the mortgage is at for 20+ years. My question is.. Will they refinance the mortgage since the other bank wouldn't? We called our bank in December and asked what we needed to do about the maturity coming up and they said just wait until we make our last payment and then come in and they would set it up for 3 years again at prime rate...We paid every payment ontime for the 3 year duration and I see no reason they shouldn't set up the balloon again. But since the other bank wouldn't do it,it's got me worried. help?

i am going to refinance to home mortgage, will it hurt if i take a loan from my 401k? I want to refinance my mortgage so I can add an extension to my home. I would like to borrow some money from my 401k to help pay for the addition. Will borrowing from my 401k be a problem when I refinance? ( I am borrowing from my 401k since my home does not have enough equity to fully pay for renovation) Am I better off waiting till the refinance is completed to borrow funds from 401k? (my job is secure and I understand the risks and downfalls of borrowing from 401k, looking to borrow 30,000)

i am going to refinance to home mortgage, will it hurt if i take a loan from my 401k? I want to refinance my mortgage so I can add an extension to my home. I would like to borrow some money from my 401k to help pay for the addition. Will borrowing from my 401k be a problem when I refinance? ( I am borrowing from my 401k since my home does not have enough equity to fully pay for renovation) Am I better off waiting till the refinance is completed to borrow funds from 401k? (my job is secure and I understand the risks and downfalls of borrowing from 401k, looking to borrow 30,000)

i am going to refinance to home mortgage, will it hurt if i take a loan from my 401k? I want to refinance my mortgage so I can add an extension to my home. I would like to borrow some money from my 401k to help pay for the addition. Will borrowing from my 401k be a problem when I refinance? ( I am borrowing from my 401k since my home does not have enough equity to fully pay for renovation) Am I better off waiting till the refinance is completed to borrow funds from 401k? (my job is secure and I understand the risks and downfalls of borrowing from 401k, looking to borrow 30,000)

who will refinance our mortgage that is in foreclosure? We are in foreclosure, it has not yet been sent to the mortgage companys legal department but it is just a matter of time. Is there anyone who knows who might refinance us so we don't lose our home? Our best credit score at the moment is 565. We have good steady income and can make a payment up to 800.00 a month. Any and all help is welcome. For Landlords information, our income became lower when my husbands job position changed. We reported it to the mortgage company to see if we qualified for Mortgage assistance or help. They too 3 months before they responded and said they could take 50.00 off our payment, by then we were allready behind. We don't have credit cards, we don't have any outside bills except for our 1 car insurance. No cable, No phone. We keep the heat on 63 to keep the bill down. We have no help from the local social services, no medical insurance. We have nothing but our home. Our original payment was supposed to be 574.00 a month. You tell me how it got to 877.00 on a fixed rate!!!. The mortgage company can't . We aren't "refusing" to pay anyone "LANDLORD", and as for "ripping someone off", you talk as if you are familiar with this??? Thanks to those who don't judge before knowing all the facts. God Bless you all.

Can I refinance my mortgage if I have no equity? I have a 30 yr adjustable rate mortgage with the first 3 yr fixed rate of 6.8%, I have 1 yr since I refinanced. Is it a good time to refinance now that the rates dropped so much? Can I refinance even if I dont have any equity on the house? What I want to do is lower my rate & my monthly payment, not get any money out it. Please advice, I dont want to find myself in a place where I'm about to lose my house. BTW I live in NJ.