Answers - Refinancing

Here’s the question:
Sunnie asks,
“So here’s the deal. My husband and I are trying to refinance the house I owned with my ex-spouse. Salary and credit we are approved for the loan. The appraisal is fine. My husband still has a mortgage with his ex.
The decree states that she is responsible for [...]

The question…
“Our uncle died a few weeks ago and he quit claimed a deed to us for some property. It is a conventional insured mortgage. Will we have to refinance the mortgage or can we just assume it?
We have been living in the home for 1 1/2 years and have made [...]

The question…
“Does the right to cancel apply when you refinance your loan with your existing lender? We are doing a no cash-out refinance (aka rate and term refinance) with our existing lender to a lower interest rate. We are not borrowing any additional funds and are paying for all closing costs by certified [...]

The question…
“I am refinancing my first mortgage with no cash out. I have a second mortgage equity line of credit and my first mortgage holder will not refinance unless I reduce my equity line amount from $21,000 to $5,800. My remaining balance on my first is $55,000. I have already re-subordinated the [...]

The question…
“I’m in the process of refinancing my house into a lower interest rate and taking out the equity. The title search listed a lien from Mellon Bank. This was a line of credit loan taken out in 1992.
In 2001 we filed bankruptcy & Mellon Bank was notified of the bankruptcy. The house was [...]

Here’s the entire question…
“A friend of mine is in a serious situation. She is strongly considering intentionally defaulting on her mortgage payments in order to be able to move out of her current State. What’s worse is that she is considering obtaining a cash-out refinance on her home before intentionally defaulting. What are the [...]

Here’s the question…
“I live in FL and currently have a fixed rate mortgage with Accredited Home Lenders. I have been contacted by PrimeLending (a PlainsCapital company), saying that they have a “partnership” with AHL and would like to see about moving me into a lower interest rate loan. AHL would pay my closing costs, waive [...]

I’ll reprint the whole question as asked:
“I am getting divorced and have a quick claim deed on my home from my former spouse.. Can I refinance the house and get the formerly joint mortgage in just my name without any additional paperwork. I live in Florida.”
Yes, the “Quit Claim Deed”…not “quick”…everyone makes that mistake…so no [...]

Here’s the readers question…
“We have Wachovia as our lender. We have to stay in our loan until another 10 months or we get hit with a $5,000 fee. I was wanting to refinance b/c we have 2 loans, one for $19,??? and the other for $78,???. Our payment is $916 a month and only $69 [...]

I truncated the whole question down to make for a readable headline, but let me repost it in it’s entirty now before I answer.
“Do I have to go through with my refinance? It is currently in underwriting now. I was told that the lender is going to be Countrywide. I was locked in at 6%. [...]

Here is the question before I answer..
“I have a situation specific refinance question. I purchased a home in CA in 2004 for approx $600k using a 5/1 ARM with a 3.875 percent rate putting $60K down.
In the interim my family had an unexpected financial strain and depleted a HELOC in the amount of $250k.
At this [...]

Maybe.
If your home was worth say $300,000 and now its worth $240,000 with a mortgage of about $200,000, you could since your mortgage is still less than the value.
But my guess is your question, was really more along the lines of, “Can I refinance when my mortgage is greater than my home’s value.”
This state [...]

The question:
“Should I use a cash-out refinance to pay for an addition on our home?”
My answer:
I would need additional information to give more specific advise on a cash-out refinance to pay for home improvement, but I’ll try without it.
First, a first mortgage cash-out refinance should most likely be avoided since the loan amount will be [...]

Interesting question:
“I am in the midst of a refinance. I am completing a modified loan on my previous mortgage and that ends on 7/14. I wish to refi – paying off present mortgage and a credit line of $16,000 loan plus about 4,000 in cash. New rate will be 5.6 percent with another provider. Did [...]

The question:
“If we are thinking about selling our home within 3 years does it still make sense to refinance?”
My answer:
I get this question all the time so it about time I answer it for all to see. And the answer is – It “depends”.
It depends on:
Where do you think real estate values for your [...]

Question in total republished:
“I owe less then my home in Michigan is worth and now want to buy a home in North Carolina. Can I get a consolidation loan combining my old house AND a new house in order to allow more time to sell the old one? Having two separate mortgage payments is too [...]

Currently (April of 2008), the 30 year fixed par rate, the rate a good shopper could get, is around 5.75%. This is a good rate to “fix in” for the long haul. Given our current administration “likes” the dollar at all-time lows, sooner rather than later, rates will have to rise.
Getting caught in an [...]

Let me reprint the whole question before answering.
“Mortgage just sold to another mortgage company. I have a 5/1 ARM set to adjust Nov 09. I have a HELOC with original loan company and I co-signed on a loan for my niece, bad I know. Mortgage at time of adjust should be 206,000, HELOC right now [...]

The rate doesn’t have to be effected at all. Simply use the chart below to determine the investment property adjustment or “add-on”…and pay it as discount points directly to the lender. The rate will remain par if you negotiated a par rate in the first place.
Investment Property Adjustments:

Here’s the whole question:
“I wanted to know if it was a good idea to consolidate my current mortgage and my home equity loan. I have a 30yr 5.875 mortgage with approximately $157K remaining. I pay about $500 extra a month on the principle so I pay this closer to a 15 yr schedule. My HELOC [...]

Here’s the scenario…then I’ll answer…
“I owe on my first mortgage $77,000.00 at a fixed rate of 5.25% ( it was a 15 year loan, Monthly payments of $1,180.00 I have around 8 years left to pay ). I also have a equity line of $100,000.00, I used $98,000.00 at a variable rate of 6% now, [...]