Question by Tomtom02: Refinancing our Mortgage – Help?
My wife and I are wanting to refinance our current mortgage. We tried about 3 months ago and was told that the house didn’t appraise high enough. Not sure how they got that b/c they didn’t even come in to the house. We got a letter from the state about our taxes and they had our home and property listed as being valued at 198, salve help 000. Our mortgage is $ 123, side effects online 000 and our home equity is 40,000. They appraised the house at 160,000 (the bank that we tried to refi through). We were told that they can only give us 80% of the homes value. Since that time we have put on a new roof, new HAVAC unit and new windows in the back of the home. Can someone explain how we could get approved to refinance for the amount needed to combine our mortgage and home equity. We’ve been in the house for 7 years now. Our credit scores are average hers is 637 and mine is 645. Wondering if this would hinder any decisions? Are there any things that we can do to improve our chance of getting the money we need and lowering our payments?
Best answer:
Answer by Go with the flow
Fix your credit also.
Your scores are low.
Know that you will not get those interest rates advertised.
Get a book on Credit Repair from a library or a bookstore.
Know that carrying credit card balances seriously reduces credit scores.
Give your answer to this question below!
Question by : How long did it take you to pay off your debt completely?
My husband and I are on a mission to pay down the debt and live completely on cash. We are down to a 30, store 000 student loan. I’m dying to knock this loan out by december 2011. The pain that debt has caused us has been very real, viagra 40mg and I am absolutely ready to see it gone from my life! Any other debt recovery stories out there?
Best answer:
Answer by Summer Lover
I only have $ 1,000 debt.
I should be able to pay it next week.
Give your answer to this question below!
Question by ~Willow~: What is the best web-site for Real Estate?
We are looking to move, hospital more property and a bigger home. I have been to many websites but I was just wondering if you all could tell me the best web-site you have come across. Thank you so much for your help!! =)
I live in Maryland and we are looking for MD property or Southern PA property… anything will help!!
Best answer:
Answer by Patricia C
www.realtor.com
Add your own answer in the comments!
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Question by Capo Crimine: Do I need a real estate agent to refinance my home?
I’m planing in refinancing my home for only like $ 30, there 000. This dude tells me he can help get the lowest points. He wants to CHARGE ME $ 6, what is ed 000!!!!!!!!! Hell no!! WhAt should I do.
Best answer:
Answer by SG Elite
You don’t need a realtor to refinance your house. They don’t have the monies. You need banks and finance companies so don’t get conned.
What do you think? Answer below!
You need to contact a local mortgage broker either my a referral or select one out of the telephone book.
So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.
This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.
Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect.
There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.
#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment
#2 One months of pay stubs from all that are going on the mortgage.
#3 Two years of federal income taxes and W-2s
After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will then lock in your rate to Guarantee that you will have the rate while continuing the loan process with his underwriter.
He will also be able to issue you a Good Faith Estimate (GFE) as to what charges you could expect to pay for this loan. If you don’t understand any part of this document, now is the time to get any explanation, because it will make a smooth operation if you know what you will have to pay and have no surprises in the end.
The mortgage broker will order an appraisal of the house to prove the value.
Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don’t plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.
Don’t sign the loan docs if anything change from what the mortgage broker explained to you. Call and get an explanation. Make sure you understand what you are signing at the loan doc signing, 2 or 3 years down the line is too late to say I did not know what I was signing.
Once the loan docs has been signed you have three days as a right of recission not to accept the loan.
I hope this has been of some use to you, good luck.
“FIGHT ON”
No absolutely not.
What you should do? Fire him. Research this topic on line. Try bank rate.com, aol., and other trusted sites. Look under finance. Please educate yourself. You are prime for being taken advantage of. There are many loans that wont charge you anything, or very little. BUT you have to be careful about which type you get.
$ 6000 is way to much money in fees. Try to go to a bank and not a mortgage broker to avoid the fees.
Thats alot of fees. He must be charging 4 points! Give me a shot, I can help. Msmith@premierloangroup.com
Marty
NO.
That’s 20% and sounds more like an unarmed robbery than a loan.
If your FICO score is okay you should be able to negotiate a good deal with any number of firms but do you shopping first for the best deal for you.
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that’s extremely high for that little of a loan. Are there very special circumstances that would justify this fee? in other words, is it a very tough loan? take your app and credit report to another experienced Loan Officer and see what they come up with.