Home refinance?

May 03, 2007 by Thao Y | Posted in Personal Finance

I want to refinance my home and take some cash out.
Is there a such thing as borrowing more than what the house is worth? Say my home was worth $100,000. The balance of my mortgage is $94,000. Which is only $6,000 in equity. I want to refinance and cash out $20,000 to make a purchase. Is this
possible? What do they mean when they say 110% financing?

A 110% financing mean they will finance 100% of your mortgage and 10% of any other debt you have such as credit cards or loans. So when you refinance, they will include your mortgage and 10% of other debts in the loan.

When you refinance, your mortgage will be stretched out to a 30 year loan. Your monthly payment may be lower and your interest rate will change. You have to be careful when you refinance. You want to know what kind of loan you are getting. Is it a fixed-rate loan? An adjustable-rate loan? An interest-only loan? A balloon mortgage?

As for cashing out $20,000 by refinancing, that is not possible. You can take a loan out on your equity, and this loan is called a 2nd mortgage. Or get a $20,000 loan from the bank.

Where can I find a wholesale lender to refinance a mobile home?

May 04, 2007 by Frank M | Posted in Renting & Real Estate

This is in Southern California. I need to broker out a mobile home refinance for someone. Please help and maybe we can make a few extra bucks. Thank you.

I would try JCF Acceptance, I know they have a wholesale division. I just got a loan from their retail division and got a great rate 6.74%. Much less than other lenders that I got quotes from. You can reach them at (800) 745-0607. Their website is www.jcfinc.com.

The only lend on mobile homes in parks, leased land, or when the mobile home and the land are not tied together by way of deed.

Good Luck,

Peter

who is a reputable manufactured home refinance?

Feb 12, 2009 by M H | Posted in Renting & Real Estate

I need to refinance my doublewide manufactured home. Who is a reputable company to do this through?

what would happend to someone who sign someones name to get a home refinance?

Aug 21, 2007 by boricua_2290 | Posted in Renting & Real Estate

my husband brother in law sign a document for a home, my husband did sign the first loan, but then the deal with the business home group went bad for them and they decided to refinance but this time without telling my husband, in the new loan documents it says that whoever sign the borrower wich is my husband show proper ID and this is a lie because my husband didnt sign anything this time.. the borrower had 11 thousand dollars at closing wich is another lie we didnt get any money.. can we go after this loan mortgage company? should have they check to see if the person who sign the documents was really my husband? when the documents says that the borrrower showed proper ID only it wasn't my husband who sign? do we hve acase of forgery? do we have a case at all?

Your first step would be to contact a local title company and request a property profile on this property. This is free to the public and will give you some of the information you will need:

I use Fidelity Title for this service, but you can pick one of your choice - ask for the following:

Property profile along with transaction history recorded in the last 6 months. You will need to provide the address of the property along with any owners on title (this will help the title company to search the property).

After you obtain this information go to your local recorders office as do the following:

You need to get a copy of the recorded Deed of Trust and Grant Deed removing your husbands name from title. This document will be recorded in the county in which the property is located. The property profile from the title company helps to show the documents recorded on the property (part of the transaction history) so the recorders office can locate the documents you are requesting.

Please note this:

In order to have your husbands name removed from title his name would have to be notarized by a notary public. This would be a grant deed (removing his name and keep the other people on the property). A notary public is required to notarize his signature (properly identitfy him by drivers license, passport, etc.) and put a thumb print in the notary journal (this is a book the notary public needs to keep at all times). If a notary public were to obtain fradulent documents or identifications to notarize any document - you can bring up criminal charges to the notary public.

Get a copy of those recorded documents and go from there. You can file a complaint againt a notary public through this website:

http://www.sos.ca.gov/business/notary/notary.htm

If the loan agent that handled this loan transaction is licensed by the department of real estate or even the licensed broker (loan office) did fradulent activity report it here:

http://www.dre.ca.gov/

I hope this information helps, best of luck to you.

What’s the easiest place to get a mobile home refinance loan?

May 07, 2006 by Excellent Credit Service | Posted in Personal Finance

What’s the easiest place to get a mobile home refinance loan?

What I’m getting is my mobile home needs to be on a permanent foundation to get the loan. I need the load to put on a permanent foundation. I’m kind of stick in the middle.

Vanderbilt Mortgage refinanced my mobile home WITHOUT a foundation.

is it smart to refinance a home to pay off credit card debt,and do some home improvements?

Oct 03, 2006 by artist7167 | Posted in Personal Finance

and how hard is it to get your home refinanced with one spouse that has been self employed for under a year?

Hey Artist,

There are some really good answers thus far, and also some really bad ones.

First off, it is entirely impossible to use your self-employed spouses' income if he/she has been self-employed for under a year. Unless, they have been self-employed in the same line of work for the last two years, or, you do a "no doc" loan, in which your employment history is not verified AND you income's are ommitted from the loan. You must have a qualifying credit score to do so.

Second,
Let's examine your goals. Paying off your credit cards will in turn do what? Lower your monthly obligations? Is that your goal? And improving your home will do what? Increase it's value? Is that the goal? What is your current rate? How much debt do you have right now? How much equity do you have?

There are a lot of variables here, too many for anyone to give you the right advice. But let me tell you what I do know:

DO NOT bounce your debt around on 0% credit cards. You have the debt. You want to get rid of it. Work a plan out that fits within your budget. If you do decide to refinance, DON'T listen to advice telling you "you'll be paying on it for 30 years". Just because a mortgage is amortized over 30 years doesn't mean you have to take 30 years to pay it off. That's just ridiculous. Here's an example: You owe $100K on you house worth $150K. I have no idea what your rate is, so we'll use 6%. The payment is $600/month. You have $10,000 in credit card debt and the payment (minimum) is $400. Total outgoing monthly expense: $1000. By rolling in $10K in debts, pulling out $5K for home improvements and rolling in the cost to do the loan (approx. $1500) you end up with a new loan amount of roughly $116,500. Using the same rate as above, 6%, your new payment would be $700. You've taken $400 of COMPOUND interest, and converted it to a lower, simpler, tax-deductible interest rate, saving yourself $300 a month, getting that new kitchen or bathroom which in turn brings up the value of your home, and, there's more... If it costs you $2000 to do this, how many months of $300 savings does it take for you to break-even? Less than 7. After that it is TRULY $300 a month in savings. If you directed that extra $300 a month back into the principal of that loan, how many months would it take to eliminate the debt? 33.3. In less than three years from now, you are debt-free (if you do it right) and an improved home. It is even lower than three years since you get a portion of your interest back, every year.

That's treating your home like the investment it is... Not another liability.

When does it make sense to refinance home given our situation?

May 14, 2008 by deucedown | Posted in Renting & Real Estate

I was just wondering if it made sense to refinance our 30 year fixed 6.25 home loan. We have owned our home for 3 years and 5 months. What does the interest rate have to fall to in order for it to financially benefit us to refinance?? Any help appreciated.

I would compare your current monthly payment to a loan under current rates. The other thing to consider is potential closing costs on new loan. The other thing to consider is whether you intend to stay in your home for a while - like five years or more - especially if you have to pay closing costs.

Below is a link to a refinance mortgage calculator.

How much money do you have to pay for closing cost when you refinance home loan? ?

Dec 28, 2008 by k2 | Posted in Renting & Real Estate

I would like to refinance my house to get lower rate. My loan is 200,000. I m a first time homeowner, my current rate is 6.5 %. I ve own my home for about a couple of months, my credit is good, not excellent. I would like to know a ball park on paying closing cost. Also is the closing cost money i need to come up with?

2%

Looking to find lowest refinance home mortgage rates?

Feb 11, 2008 by TJR | Posted in Personal Finance

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?

You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.

You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.

Check for a lower rate here free:

http://www.checkmyrate.com.au

I have questions about Home Refinance with really bad credit.?

Jul 03, 2008 by Will H | Posted in Personal Finance

My family,I want to refinance our home and we have really bad credit. Is there anything we can do?

Loan companies are very choosy right now, and a lot of people who want to refinance cannot get a refi loan. You're going to have to talk to your bank and see what they can do for you.