Are the closing fees to refinance a house the same as the initial closing fees when I first bought the house?

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0805 | Bauman Apartment Developing | 2009 | West Side

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0805 | Bauman Apartment Constructing | 2009 | West Side

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Question by Ken: How much will a Home Equity Loan cost?
I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, information pills how much typically will a Home Equity Loan cost me in fees?

Best answer:

Answer by matzael
Interest on home loans is generally tax deductible. This includes equity lines.
The fees range from nothing to about $ 1-1500 tops. This is going to depend on the rate. Obviously the ones that have no closing costs typically have a higher rate. Typically for a smaller loan amount you want to go with a no closing cost option and for the bigger ones you’d pay the fees and get a lower rate.

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Question by Think about it: What is the difference between the Making Home Affordable refi and modification?
My mortgage loan qualifies for the Making Home Affordable program, viagra but I don’t know what the difference is between selecting a refinance or a modification. My situation is that I have significantly lost income and at the same time my home value has dropped way below my mortgage balance so I can’t sell and my payments are too high to continue making, am already about to miss a payment this month.

Best answer:

Answer by bobby769
Modifications are generally designed for people who are late on their mortgae and/or owe more than the home is worth. Their’s no closing costs and the ‘new’ loan would be with the same bank. Generally less paper work is required.

A refi involves more paperwork and and just about anyone who can afford the closing costs and has the required creid tcan qualify for the refi. A refi very often is with a differnet bank.

Because you’re upside down on the mortgage (meaning you owe more than the house is worth) you may qualify for a mod. If you do, and the terms of the mod are better (that is, you can actually afford the home after the mod) then I’d say jump on the mod. One thing to keep in mind. Sometimes you are required to bring the mortgage current in order to get the mod. If this is something you have to do but don;t have the funds to get current, beg and borrow to get that money from family or friends.

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Question by Cool Dude: Does anyone have a handle on how much the Feds spend on banking regulation?
I tried to find out how much is spent on enforcing just the Home Mortgage Disclosure Act (HMDA) and the Real Estate Settlement Procedures Act (RESPA), buy which entails an army of government lawyers and statisticians, cure but neither my Congressman or my Senators could come up with an answer and didn’t seem particularly concerned that no one knew.

My guess is that more money is spent by the lending industry itself in government mandated reporting and by the Feds in excessive monitoring and regulating than would be needed to fund every loan ever turned down by any lender for any reason whatever, physician including fraud and bad credit, let alone illegal discrimination.

Anyone know how to light a fire under Congress and make them come up with a figure?

Best answer:

Answer by brokerstorage
probably millions.

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Question by midnightlamp: Does it hurt my credit to submit multiple applications for the same product from different lenders?
We are shopping for a 30 year FHA mortgage. We need to be pre-qualified. All the lenders we talk to want to run our credit. If I allows 3-4 potential creditors to run my credit, thumb will this hurt my score? The applications would be completed over the course of a 1-2.5 week period.

Best answer:

Answer by Cece
I don’t think so. Those lenders have the right to run your credit report to ascertain whether you have a good credit for repayment of the loan. These lenders are not filing for bad credit complaints to add to your credit report. They are just checking and no tampering to your credit report so it does not jeopardise your credit score. You might like to put down at least 20% per cent down payment so you don’t have to pay for PMI.

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Question by kkpretty06: Are their special loans for people on Social Security Disability?
My mother is on disability and is looking to buy a home. I know there are low income loans out there, what is ed but I’m looking for loans specially for people on Social Security Disability. Does anyone know where I can find one?

Best answer:

Answer by GG
no. you can still apply for pay day loans and your income will be counted in lieu of a paycheck. apply online by going to www.google.com and typing on payday loans,etc.

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Question by Edison: Are the closing fees to refinance a house the same as the initial closing fees when I first bought the house?
We have been in our house for about a year now. We own about 250K on the mortgage. One year ago when we got in the house the closing fees were about $ 7, stuff 500. I am about to refinance now the closing fees will be about the same as when I bought the house. Is this normal? We have an FHA loan and are doing the governments FHA Streamline refinance. Thanks for the help.

Best answer:

Answer by Judy
Many of the fees will be the same – appraisal, viagra 60mg for example. Points can be higher or lower. You wouldn’t need an inspection, and won’t have prepays on taxes.

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