just get all the information and make a decision based on the total cost of the loan over its full term

Sounds legit, just make sure she put's it in writing before you sign anything. And make sure she isn't putting you into an adjustable or interest only loan.

You might also check around for rates. Someone might have something better.

I have worked in the real estate business for over 10 years and have never heard of such a thing happening -- but that doesn't surprise me. I would be suspicous because they can't sell your loan. I would wonder what makes it so undesirable to other lenders. They obviously want you to refinance it to make it easier to sell - hence they are probably trying to make your loans more profitable. On the flipside it could be because your loan is less desirable to lenders because it is too large of an amount based on your home value and maybe they are willing to cut you a deal to unload it. In either case it is probably legit - just be really careful about the loan term, rates, payoff penalties and any other possible costs. Ask them what they charge now for escrow services, pmi (if you have), and what the fees will be.

They are not directly related. You are talking about two different markets - housing and financial. And mortgage rates are actually rising right now as the housing market continues to deteriorate. No lenders want to loan into such a crummy market. Would you? If prices kept falling and foreclosure rates kept rising?

If a refi is right for you now, then look at getting it done. Don't expect much help from interest rates.

Check out http://www.mortgagefigure.com for lots of articles and information to answer your mortgage questions.

Hi,
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Looking at the current trend with ever changing market it would be difficult to predict the exact market position in coming years. But if you are interested in refinancing go for it.
Learn more on refinancing & mortgages: http://www.4refinancemortgage.com/index.html

www.bankrate.com

Try www.mortgagehelpnow.info

People refinance to get a lower rate or into a fixed rate or maybe even a interest only loan. It all depends where your current rate is on your home. Also people refinance to do debt consolidation take money out of there equity to pay of bills or remodel there home. In which some equity sometimes a second mortgage or heloc/home equity loan comes in handy.

When you can get a MUCH better interest rate on your loan. NEVER, EVER refinance to include other non secured debts like charge card debt into your home loan.

If rates were to go down you could refinance and switch your current rate with a lower one.

rule of thumb if you can save 1% or better it is good to refinance! some would say that paying off credit card debt is a bad idea but if you are paying a interest rate of 14% on a card it is best to refinance and include it if you are also getting a lower rate on the mortgage than you started with!

Its best to have a professional look over the idea and see if it makes sense. always get a fixed rate mortgage for stability.

contact someone and see if it makes sense you may find you save alot of money (depending on what rate you have currently) try directlendigplanet they should be able to tell you if it makes sense and show you on paper within a few minutes

www.directlendingplanet.com

You can refinance to pay off debt, cashout, remodel your home, lower rates. Go from variable to a fixed. Get out of a negam loan, get out of a balloon loan. There are tons of reasons, maybe you want to go from 30 year to a 15 year or you're just tired of dealing with the bank that has your loan. You can tap into the equity in your home and invest it or maybe you need to pay for your childrens college education. It's really something that changes from individual to individual, so it's really hard to say how to best use a refinance, because it depends on what your situation is.

If you can lower your payment or change to a fixed from an adjustable rate loan...why wouldn't you want to save some money? Some people also use a refinance to fund a college education or add on to their existing home or remodel. If you consider this, please be aware of the potential consequences of removing the equity in your home. Many are facing foreclosure now as they used their homes as a piggybank. When house prices began to drop they found that they actually owe more than what their home is worth.Instead...Be conservative.

to get a LOWER rate or into a fixed rate or maybe even a interest only loan.
President Bush have implemented an FHA refinance program called "FHASecure". To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines.
I found interesting information about your answer & the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot.com/2007/06/mortgage-opportunitty-financing-and.html
Good luck!

This depends wildly on a variety of factors your current income? your future income? your plans to stay in your home long term or not? is your current rate low? is your current rate fixed or currently adjustable? Is your rate fixed for at least a few more years? Do you have a deferred interest loan? Are you comfortable paying ALL of your bills on time? How much equity do you have? Are the values in your area going up? Staying about the same? Plumeting? Do you have kid(s)? Do you plan on having kid(s)? If you have or plan to have kid(s) do you live in a good school district? Is your home the right size for your family? etc.

Ok so now that you know I am answering this question semi blind lol I will give you some "basics"

If you have a deferred interest loan or a loan that is currently adjusting or has less then 2 years to adjust and you plan on staying in your home long term get the hell out of that loan and get a FIXED rate! Get a 15 year fixed if you can afford it because the rate is lower and you save tens of thousands of dollars in intereste over the life of the loan and you will own your home out right that much sooner.

To the person who says don't consolodate debt that may or may not be true. IF you are having trouble paying your bills and a consolidation can save you a LOT of money a month ($300 or more) then it "may" be a good idea to do so! ONLY if you NEED that payment relief in a bad way! Otherwise the prior poster is correct. Also, as long as doing so is not eating up too much of your equity! I used to do debt consolidation and I would save people $500 a month or more! This made the difference between paying everything on time and not! So to say that debt consolidation is a no no under ANY circumstances is wrong. Although in general this is not a good idea but it CAN be exceptionaly useful in some situations. Also, when you consolidate your credit card debt now becomes tax deductable which gives you further savings.

I hope this helps!? lol!

Yey! Refinancing....what joy!....something you should investigate, because there are tricks in refinancing too as well as selling or buying a home.
Compare rates and DO NOT be rushed into signing anything no matter how well you get along with the lender. Their job is to get along with the client to get a commission on the refinanced loan. So be careful litirally!
Avoid signing a variable rated loan of any kind and ONLY look for fixed rates and be diligent in comparing rates to get the one you can afford to pay. Read up on lender laws that are always changing to keep up on your knowledge to throw back at a lender should they get to that con stage.
You want your money back through a future sell, then it is most wise to use your money for any upgrades needed to keep current with the market demands and laws:
Such as updated earhtquake straps for the water heater, if you live in California, emergency gas shut off valve, f you live in CA, water regulator, updated certified termite treatment/report, etc so you don't get had in escrow if you were to sell your home at a future date. I would check with the city or even an escrow company first on what list of items that most people get stuck with in escrow who are the sellers and get the pricing on each item. Take that into consideration dearly to CYOA. That way you will know how much you need to refinance for to keep your home current. Unless you are current, then I would refinance to possibly update a room such as a kitchen, bathroom or even possibly a new addition. Think about the reward, but put your self in the buyers shoes and walk through your house and think of what turns you off, get estimates from qualified contractors so that refinance can help fix that.
Avoid using your equity on the refy to pay for vacations and extravagant endeavers as this will just damper your future profit on any future sell of that house. Or even make for a worse monthly payment.

There are any number of reasons to refinance. Many people need the lower payment. If you trade one 30 year loan for another, you will end up paying for another 30 years no matter how long you have been paying for.

You could refinance into a 15 year loan, especially if the rates drop.

We recently refinanced into an interest only to free up more available cash each month as a safety net. We can afford the payments be we leveraged our home into 2 additional rental properties and if one sits vacant we can pay just the interest if needed. With our interest only, we can pay additional amounts toward principal each month.

Generally if you can save money it is worth doing. You need to factor in the costs of a new loan. If you have an arm that is scheduled to reset. I'd get a fixed rate loan now.

It is not a particularly good idea to include other debt in the refi especially now with falling Real esate prices-so be careful. Good luck

try washington mutual,indymac bank and homecomings ,they have the low rates now

I hear Creative Mortgage is a good company to work with. Toll free number is 866-488-0929. They Say ask for Anthony in human recourse's.?

Low interest rates, but that's the obvious. If you have some high interest debt, like credit cards, loans, car payment, etc.. then that might be something to look into. Get out and stay out of credit card debt. You waste so much money on interest. Refinancing and paying off your high interest debt can save you a lot of money. I did it not too long ago and ended up saving more than $300 a month on payments.

If you're looking to refinance just to refinance you'd be smart to invest most of it elsewhere. But go ahead take some money and go have fun. You've earned it.

It completely depends on what your goals are when you are refinancing. Are you looking for a low rate? Do it when the rates really dip down. Are you looking to consolidate debt? Do it when you need to but make sure that the fees you are charged do not put you in a worse situation. Are you looking to get a fixed rate? Watch the rates and do it when you get close to that ARM expiring.
I work for a title company and know that one of the biggest factors in refinancing is finding a good loan officer. I have seen many good and many bad ones. If you would like to be referred to a few that I would send my own family to, shoot me an email and I would be glad to share.

Stephanie

when interest rates are low


here are some suggestions
http://www.ehow.com/how_2002256_time-refinance-mortgage.h

It's predicted that rates will rise within the next few months.

Only refinance if you have an ARM and want to go to a fixed rate; or if you can qualify for a lower rate of 1-2 % points less than your current rate, and if you are going to remain in the house for at least the next 2-5 years. Figure out how much you will actually save per month by refinancing before you sign on the dotted line.

Don't fall for any advertised schemes that offer artificially low rates. Check the list of fees associated with the refinance loan.

Don't take equity out of your house to pay car or credit car debt. Most real estate markets are soft and may remain like this for several more years. If circumstances change and you need to sell quickly, you have the additional debt to repay. Only refinance for the remainder of the original loan. That is the smart way to go.

The new mortgage company you are doing a refinance will let them know. They will get a payoff from the old mortgage company and pay it off at closing. The title company is responsible for sending out the payoff to your old mortgage company. There will be a penalty if you have a prepayment penalty on the loan you have with the old mortgage company.

When you refinance, the full amount due on the first mortgage is paid to the lender from the proceeds of the new mortgage at closing.

As far as penalties go, you would need to check the terms of the first mortgage to see if there are any pre-payment (early termination) penalties involved.