Refinance Mortgage

I have credit issues, bankruptcy discharged in 2006 and late payments after that, and I am looking to refinance my truck loan. I guess I am still considered a risk even though my credit scores have improved drastically. Any suggestions where to look?

Auto finance is what I do for a living and with late payments after a bankruptcy, it’s most likely going to be hard to get a better rate then you have now.

You might try H.S.B.C., Capital-One, Wells Fargo and Citifinancial Auto. They all have good bankruptcy programs.

How come one can refinance cars, houses, loans, etc, except student loans. You get a consolidated rate versus refinancing a student loan

You can, I get offers from banks all the time, just be aware that you’ll lose some of the priviledges such as a forbearance, etc.

I had one done for a refinace loan and it was way under value…The housing market has slowed down but not stopped where my home is located….I really have problem with appraisers. All my friends appraises where the exact dollar amount as there loan when they purchased their home so I really question them on the value ….

If you’re paying them, you get to choose them – so long as you don’t choose an appraiser who is somehow a related party to the transaction.

And your friends houses appraising for the exact dollar amount needed to justify the loan as submitted is nothing unusual. Sometimes it’s a number "manufactured" to make clients happy – stay away from those appraisers. Sometimes it’s an appraiser who could get more value, but sees no reason why they should work harder than they have to, or assume more liability

When I first got my auto in March 2006 my interest rate was 17.9% I refinance in September 2006 with E-loan for a rate of 11.04% we recently bought a home and our finally establishing some credit. So I think its time to refinance again. Does anyone recommend a great place to get a great rate?
Thanks I really appreciate it!

Why not use E-loan again?

Realize that interest rates have risen during the past 2 years and with your mortgage, you may not be able to do better than 11%. Plus, your car has continued to depreciate and there may not be any equity remaining for a refinance. Just be happy with what you have and make timely payments until the balance is $0.

I owe 40,000 on my second loan for my house. Paying I think 8 or 9% interest. Would it be wise to refinance my 2nd loan?

it all depends, there is no way anyone answering this question can give you the correct advise as no one knows your entire situation, and you shouldnt put your entire situation in this forum. the issue with seconds is if it’s a line of credit, it shows up as revolving and it is accruing interest daily. There are benefits to a second, but not at 8 or 9%. If you have equity in the home I would speak with a professional that has access to FHA as they will refi to a higher ltv than most banks will. I would also advise having a plan for the home, are you looking to use it to retire off of, or for college education, etc. Think about term of a loan, can you afford an extra couple hundred and pay this off quicker and save tens of thousands in the long run. Good luck and feel free to ask questions

My direct student loan is now through the government, and I feel like I am absolutely getting nowhere with them. I have had my loan through them since 2004 and my balance has went from 35000 to 32000. I really need some suggestions of what companies to go through to possibly refinance. My credit score is in the middle area. Thanks for your help.

Are you just making the minimum payment on the loan? When I got out of college I had a student loan. Each month I would pay an additional amount. In the memo section of check I would write $50 towards principal only. Also on the payment slips there should be a place to put the extra payments. Remember the extra payment pays in two ways. It cuts down the principal owed next month but will also increase the amount that the regular payment pays down the debt next month. Each month that amount will grow thereby paying the loan off faster.
Keep making the payments on time and the extra as this builds good credit scores.

We just bought a car today with a high apr, we used the dealer’s financing. We have a great credit history however our ‘auto’ credit score is lower than our overall score. What is the best way to refinance an auto loan? Is there a way for us to repair our auto credit score, if so, how?

Check with a local credit union for accurate advice.

Good luck.

I owe $535000 and my home is maybe worth $450000. I am currently paying the lowest possible ($2600)payment but in a couple years my loan Willrecast and my payment will be over $5000 I wont be able to afford this. Is there any way for me to get an affordable loan… all refinance people ive talked to say there is no way out.

On a refinance most lenders will only go 80% loan to value. That means, in your case, they’ll only loan 80% of $450,000 which is a maximum loan of $360,000. The problem is that’s not enough to pay off the $535,000 on the current loan. To refinance you’d have to come up with the difference ($175,000 yikes!) in cash. That’s why the lenders are saying there’s no way out.

If your home were to go up in value to $668,750 then 80% of that would be enough to refinance. Some lenders will go 90% loan to value at a higher interest rate and, in that case, your home would only have to go up in value to $594,444. The question is, will the market improve that much before your payment goes up?

I feel for you. You and thousands of others are caught in this same dilemma. Hopefully, the market will soon return to normal. Today’s headlines were encouraging.

I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

Right now rates are LOW, I would just refi instead of the HELOC that might cost you 7% on up. Why pay for 2 transactions.

My girlfriend has an outstanding student loan of $3,000 with 8% annual interest day. What’s the best way to refinance this loan in order to reduce the payments? If you know any good student loan programs, I would like to hear about them.

Typically lenders won’t do a refinance for any amount less than $7,500, it’s just too costly for them to make sense.

Contact the current lender to see if the offer any type of rate reduction program. Some lenders offer a discount if you allow them to auto deduct the payment from your checking account, also if you have a good payment history you may get a discount for that.