Is the zero refinancing home loan real ?
I am planning to buy my first home and applying for a home loan and one of the lender said this to me " If you take your mortgage with us and after 4 payments are made, if the rate goes down by a. 25% we will refinance you at no cost" 1 Do they really refinance at NO zero cost of the rates go down. 25% ? 2 Are there any other charges which are hidden which lenders charge if we refinance at a later stage when rates drop ?- All they're saying is that if rates go down. 25% or more after you have made at least four payments, they will drop your rates. It will not cost them anything but a little paperwork - will not need a new appraisal or le search, for example. They are NOT saying your rate would go to zero, just that they will drop it and not charge you a fee for the change. And by the way, if you go with them, I'd get that in writing, including how they will ign the new rate
- Some lenders have such offers. It refers to the administrative costs of the refi - NOT the new interest rate you will pay. Just remember that they can change or rescind that offer at any time
- Ask them if they will provide that guarantee in writing. Since it would be the same lender, it would really be a loan modification. In only 4 months time, the only expense to them would be to pull a new credit report we pay $12 - $18 for them, and whatever it costs to draw up the papers. They could use the same appraisal, le policy with maybe a small addendum, and flood cert. The escrow would not have to change because your taxes and insurance would be affected. It would be very possible, if you're dealing with a reputable lender. When the market was so slow last fall, my company offered no closing cost purchase money loans. The rates were comparable to other lenders, and we just absorbed the closing costs. We're over run with refinances right now mine is taking at least 3 months, which is a little longer than for people who do not work here. We have always paid the closing costs on home equity loans and lines of credit in TX, and lines of credit everywhere else, if you took at least a minimum initial draw, and you could just put it back tomorrow if you did not really want it. It's not unheard of, but you want to be sure of what you're getting. If you're dealing with Joe's the broker, or Joe's Mortgage Company, or the First National Bank of Joe, I'd be leary. If it's somebody you have heard of like Wells Fargo or Bank of America, I'd say it's probably true, but get it in writing
- Get it in writing and read every single word of that, especially the fine print. It is very unlikely that they do not have a million clauses, including the right to rescind at any time
Knowledge Base
bad credit. home equity loan?
we just purchased a house cash with money made from seasonal business. reo property for under 20k. house is worth 140k. it needs work plus we want to open another office for our business. is it possible that a bank would give us a home equity loan for bout 50k? (home equity line)
What are your experiences with a Reverse Mortgage
a home equity line of credit heloc would make more sense. if you do not use it, it cost you $50 per year and comes with a credit card and checkbook. as a licensed mortgage lender, my advice would be to consider other alternatives. reverse mortgages do not make sense (consolidation loans)
How to get personal loan if you have bad credit?
how to get personal loan if you had already done settlement for credit cards. you have bad credit rating and few times personal loan application got rejected. is there any bank or any organization who can give personal loan which can be return in emi with less interest rate? please (refinance loan rates)
Knowledge Base: Loan Refinancing
How can I get a High - LTV ration mortgage refinance loan?
i have a recently purchased condo in dc with a value that continues to tank with the economy. currently have 2 mortgages on it making the ltv somewhere in the neighborhood of 110 percent. looking to refinance i have relatively high income, excellent credit property value approximately $250, 000 and (home loan refinancing)
For California, do both names on a mortgage refinance loan need to be on the house deed?
i am in the process of refinancing my property with my father. since both of our names will be in the mortgage loan, do ca laws required him to be on the house deed or le too? he does not want interest in the property. if no, is it possible (home loan refinancing)
Can I get a no doc mortgage Refinance loan with a 600 Fico Score?
fico scores range from 585 - 621. self employed, bankruptcy within past year. do not care about interest rates. honest, kind answers only, please. no doc mortgages are really in disfavor because they caused much of the mortgage mess. if they are available to anyone, it would require a higher (loan refinancing)
What are the fha home loan rates like as of now? I am looking to use a fha refinance for my current home. ?
fha refinance loans seem like my best option at the time for refinancing my home loan. can anyone provide me with some information pertaining to the current fha rates?. 15 yr is 4. 75. 4. 875% - 5. 00% on a 30 year mortgage is about the lowest going rate (loan refinancing)
Can I refinance my student loan through Sallie Mae since the interest rates were lowered?
i am paying a really high monthly rate and i was wondering if i could refinance so i pay something more reasonable. hello, i am mary parker from new york, i saw your question on yahoo answer and i want to refer you to the international loan company that help (home loan refinancing)
Knowledge Base: Home Loan Refinancing
What is the different between loan, refinancing, home equity?
i want to know which loan is really the best. i want to borrow about $120 gran but after looking at all the charges that loan in 30yrs will cost me $350gran, that doesn't sound right to me. they are all different types of loans, usually for different purposes. usually (home loan refinancing)
How does one go about refinancing on their home mortgage?
the fees that the mortgage company is charging you to do the loan. software helps build equity fast, and will help me payoff my home in less than half the time without refinancing. your decision to refinance has to make sense. i will not process your loan request if it (home loan refinancing)
What are the risks ociated with refinancing home loan with a local lender instead of the big companies?
we are in the process of refinancing our home & i recently submitted my contact info online & i am receiving calls from many of the local lenders, can anybody let me know if there are any risks ociated with the small companies instead of going with big banks like (home loan refinancing)
Refinancing a home loan do I need to put 20% down again?
with all the mortgage rates dropping, i am considering refinancing my home loan. do i have to put a 20% down payment again to avoid pmi even for a refinance? my concern is that if my montly payments get lower, but now i will have to pay pmi, it might (home loan refinancing)
Refinancing home loan mistake?
i recently recieved a loan from capital one online to refinance my home. after they paid off my past lein holder and credit cards they told me that they had failed to give me 3 full days notice of right to cancel. they quickly sent me fed ex document to (home loan refinancing)
