|
| |
cash out refinance: Rate & Term vs. Cash Out Refinancing - 08/12/09 08:38 PM
You are replacing your old loan with an entirely new one with different interest rate and terms. Your new mortgage may come from the same lender or another. Since the new loan pays off your old mortgage it doesnt much matter whether you change lenders in a refinance.
Most borrowers choose to refinance their mortgage to take advantage of lower interest rates, consolidate higher (non-deductible) interest rate debt, or to cash out equity in their home.
A rate and term refinance trades in your old mortgage(s) without raising the loan amount. You may be permitted to see some (minimal) cash at close. Usually the lesser of two … (0 comments)
|
cash out refinance: Mortgage Humor - Paying for Children's College Tuition - 10/19/08 06:21 PM
Perhaps a cash out refinance would be a better solution?
www.MortgageAdvisor.info & www.GregZaccagni.com
… (1 comments)
|
cash out refinance: Refinance out of your chapter 13 bankrupcy to new lower monthly payments - 08/07/08 02:51 PM
You aren't given much room to decide how much to pay the trustee and many times you are just struggling to get by. Refinancing to a new home loan seems almost out of the question. How can you get a loan when you've recovering from a chapter 13 bankruptcies?
There are mortgage programs available to homeowners who are making timely payments to the trustee on their chapter 13 bankruptcy that could enable you to refinance your home, lower your monthly payments and receive cash back when you payoff your chapter 13 bankruptcy!
Refinancing your current mortgage will allow you to pay … (3 comments)
|
cash out refinance: Does Debt Consolidation Make Sense? - 06/23/08 08:22 PM
Let's say your current mortgage is for $250,000 on a 30 year fixed rate.
Let's say you owe $45,000 in other non-deductible debts with an average interest rate of 10%.
Before:
Mortgage payment @ approx $1,499.00 monthly (not including prop tax & insurance)
Other Debts @ approx $ 375.00 monthly
-----------------------
$1,874.00 monthly
After:
Mortgage payment @ aprox $1,768.00 monthly
-----------------------
$ 106.00 monthly savings
$ 1.272.00 annual savings
$6,360.00 5 year savings
Apply this money each month and you will likely pay off your new mortgage in less than … (0 comments)
|
cash out refinance: Home Equity & Home Foreclosure - 08/23/07 10:39 PM
This week I had the unpleasant responsibility to explain foreclosures to three different clients. Two were in foreclosure with their current lenders having well over $100,000.00 in equity!
They were seeking cash out refinances and didn't understand why they couldn't qualify for a new loan? They had heard about "no doc" programs and though they would qualify. Because of their mortgage lates their fico credit scores were (very) low and the subprime mortgage market has completely lost their appetite for this type of risky financing. No doc programs still exist but require better than average fico scores to qualify. Even when income is sufficient lenders are … (0 comments)
|
|
|
|
|
|
Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
More about me…
Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
Cell Phone: (630) 853-8555
Email Me
Mortgage Rates, Programs & Trends
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)