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What will happen with my 5/1 ARM if I cannot refinance?

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 […]

Can I refinance if the value of my house has dropped $60,000?

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.” […]

How do I refinance a modified loan?

Here is an interesting question with my answer just below. 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 […]

Does it make sense to refinance if we are selling in 3 years?

The question is below and my answer to it follows. If we are thinking about selling our home within 3 years, with that said, my question is, 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 […]

Can I combine an old loan and a new purchase mortgage?

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 […]

Should I refinance my ARM into a fixed rate loan now or wait?

The question… Should I refinance my ARM into a fixed rate mortgage now or wait? My answer: 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 […]

What rate can I expect on refinancing a rental property?

The question: What rate can I expect on refinancing a rental property – 1 percent above par? My Answer: Rental property refinancing rates are typically higher but only because there is more risk lending on investment property rather than home loans. Hold on though…there is light at the end of this tunnel. Just because ther […]

Should I refinance consolidating my mortgage and HELOC?

The 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 loan […]

Is consolidating my first and second mortgage a good idea?

Here is the scenario…then I will 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 […]