Refinance Mortgage

My husband and I both got 10% cut in pay and he was cut down to 32 hours a week, I work full time but 1 wk it is 3 – 12 hour shift and next week is 4 – 12 hour shift so I really don’t have 40 hours each week. Our bills are going higher and our pay is not. Would refinancing help us? Do not know how to go about it.

Refinancing may help depending on your current mortgage rate, the terms and the monthly payment. Refinancing may be difficult because of your drop in income, but that is far from certain. Use some mortgage calculators to see how much of a loan you may qualify for an then call a local mortgage lender to discuss the issue. The mortgage company is there to help you, ask as many questions as you want until you are comfortable. Refinancing to change your mortgage rate or its terms is easier than getting one for cash back, this may help qualify.

I curently have 15ys with a 5.75 interest rate

It’s extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!–usually are very profitable and it’s a good idea to remember where all the money is generated from. You, the customer are the root of their profits.

http://mortgages-finance.awardspace.com/

Once you need to finance the buying of your own home with a mortgage, it’s very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing–>enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

I have a owner occupied Multifamily 4 unit that i purchase for $170,000 and it is appraise by the town at $260,000. i want to purchase another multifamily but i need like $60,000 to put down, so should i refinance the loan for $230,000 (its new Appraised value) or get a home equity for $60,000. i have great Credit and Income. Which could i get a better rate and pay less $$$

First, a town appraisal, and I’ve never heard of that, doesn’t mean much, any lender will want a licensed appraiser to inspect the property. As far as your question go, I would have to say refi the home, home equities are very,very, very difficult to come by these days and I certainly would not go through a broker for a home equity, many lenders have completely eliminated wholesale home equity all together. Even if a broker does find a lender, I’ve seen great credit get approved for a high interest rate home equity loan, the line of credit wasn’t even an option. The other downside to the home equity is this, say you get approved for a 75k home equity, the reporting agencies can hold this against you in the fact that if you only take out 50k, you still have access to another 25k, in other words, it’s not what you owe but what you have access to. If you have great credit and income, and you have the room with your ltv, then the refi route is the way to go

My husband suffered a catastrophic illness, I became unemployed & our income was cut to the bone. He is recovering, but is disabled & I have returned to work for less money than before. Through all of this our credit score dropped below 500. Is there a mortgage company in Texas that will refinance our home so we can pay-off old bills and get a fresh start?

That’s why you need Disability Insurance……
I am not sure but there are certain banks who would like to refi. Since the score has dropped, it will be higher rate, I would recommend you to consider Home equity instead and don’t touch the 1st mortgage if its under 6.5%.
Do any of you have any life insurance or retirement account? may b you can borrow money out of it. (if borrowing against life insurance, make sure to keep the coverage continue)

Try www.bankrate.com

I refinanced 4 months ago with a co-signer. He is no longer living in the home, nor helping with payments. He refuses to quit claim off the deed and will not allow me to refinance without him on the title. Is there anything I can do to get out of this mess?

You can’t simply force him to give you his part of the property. You can obtain a court order requiring the sale of the property and him to receive his funds at that point.

I am aware that when refinancing a mortgage on a home some finance companies, banks, etc hold the closings in an attorney’s office; other companies hold the closings in their own offices without an attorney present.

Why is this and what difference does the presence of an attorney make?

Differences is some companies dont have license to close thats why they pay to attorney to be closing officer, some can do their self because they are direct lenders and they can close any where they want.

I refinanced my home in 2009. On the form of all the Settlement Charges, can I deduct anything identified as a ‘fee’? If not, what can be deducted?

Points only. Sometimes referred to as Loan Discount, Points, Discount Points, or Loan Origination Fee (if a percentage of the loan proceeds). Any other fees are added to your basis in the home. Prepaid items (property taxes, homeowners insurance, etc.) have no tax consequences.

My brother and I share a condo together and both of our names are on the deed. Next year I plan on moving. I know that we will have to refinance the loan to remove my name from the deed. Do I get any proceeds from the refinancing in order to purchase another home? Or will equity need to be taken out? Is this process treated the same as when a couple divorces and one moves out?

First off, your brother will have to pre-qualify for the refinance without you.
Secondly, there are no proceeds unless you do a cash-out and a cash-out is equity.
If equity is cashed out it is added to the org loan amt + refi fees.
Which in turn, would leave your brother with a higher loan amt and a slightly higher pmt but would allow you to walk with your money to invest.

If he refinances with our son, who has better credit then I do, would that mess up my sons chances of getting home financing in the future? Also would that put my son on the deed and take me off?
Would it affect my sons ability to purchase a home even if we showed that we were making the payments?

Hi 123abc,

It could affect your sons ability to buy his own home in the future. Lenders want to know what his back end debt ratio will be. IE: Does he make enough to support two homes. A back end ratio greater than 55% may put him in jeopardy depending on his situation when he looks to buy his own home.

If your husband and your son wanted to proceed they would be legally responsible for paying the loan. You would be off title until you submitted what’s called a quit claim deed, or warranty deed in some states.

You would then hold legal interest in the property, but you would not be held responsible to pay on the mortgage.

Your credit will still show, however if you are not going to be taken into consideration for qualification purposes, than there are programs that can minimize the effect of a derogatory spouses credit profile.

Good Luck,
~Trey

I recently started the refinancing process of my home, located in Charlotte, and now have told that it must meet the HUD foundation requirements for manufactured homes. I have lived in my home for years with no problems, so what are these requirements and why are they needed?

HUD foundation requirements are required by ALL lenders in which manufactured or mobile homes are financed or refinanced using FHA backed loans. In order for the FHA to insure and distribute loans on manufactured homes, they require that the foundation of the home meet the requirements of HUD, specifically, HUD Handbook 4930.3 entitled, "Permanent Foundations Guide for Manufactured Housing". These guidelines are however, more stringent than the local building codes in which the home’s foundations are originally built. Therefore, a home’s foundation can be structurally fine per the local buildling codes but still not meet the HUD guidelines.

HUD guidelines for the FHA backed loans are based on providing additional structural stability to the foundation and ensuring that the systems are permanently installed (not removable). Below, I have listed the basic HUD foundation requirements for FHA backed loans.

• Concrete footings shall be provided below the frost line for the concrete block piers that support the chassis.
• Concrete block piers shall be laid using Portland cement mortar. (As an alternative, blocks may
be laid dry and secured with fiber reinforced surface bonding cement such as Surewall or
Quickwall.) (Not required for Freddie Mac.)
• Chassis shall be anchored to the footings. (Screw-in earth anchors cannot be substituted for
anchoring to the footing!) The Vector Dynamics brand stabilizations systems are acceptable. (Not
required for Freddie Mac.) (Recommended system shown below, Contact us for number and
placement of systems.)
• Foundation shall be enclosed with a durable material, such as masonry.
• Adequate number of screens shall be provided (1 square foot of net free area per 150 square feet
of crawl space floor area) around the entire perimeter of the building.
• Entire dirt floor of the crawl space shall be covered with 6-mil polyethylene plastic sheeting.
• Tongue, axles, and wheels shall be removed from the site.
• Utilities shall be permanently installed.