Comments for Refinance Mortgage

Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by bbydol221

bbydol221 — Tue, 22 Jun 2010 11:36:59 +0000

Wow! Probably not. Unfortunately lending institutions just don’t think like that. You could try to put some of your credit cards together on one card and get a lower balance transfer rate. That may help save you a little bit.
References :
http://potluckathome.blogspot.com

Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by Ray Smith

Ray Smith — Tue, 22 Jun 2010 11:30:59 +0000

Refinancing your mortgage will typically be the best option, as it can save you hundreds of dollars per month if you’re refinancing from a high interest rate to a lower rate.

The website below may provide some insight for you.

http://www.refinancing101.net

Good Luck……..!
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Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by MadMan

MadMan — Tue, 22 Jun 2010 11:05:59 +0000

No, you cannot. The best thing for you to do is to just pay down your debt as fast as you can, starting with the one with the highest interest rate. Generally, this will be the credit cards.
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Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by ibu guru

ibu guru — Tue, 22 Jun 2010 10:17:59 +0000

If your home is worth $250,000, the most you can get a mortgage for these days is likely to be around $200,000. Most mortgages that are actually being funded are around 80% LTV, which means you need about 20% down to get financing. Even in the days of 100% financing, you could never have gotten $350,000 on a house worth $250,000. That's 140% LTV! Keep making out 12 checks a month and get that debt paid off. In this economy, the ones hurting the most are the ones with debt. The debt-free are generally hanging on.
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Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by David M

David M — Tue, 22 Jun 2010 09:33:59 +0000

Nope, your living well beyond your means has now caught up with you. The only way to fix this is to significantly increase your income or significantly reduce your spending. Good luck.
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Comment on How much can a loan agent make when refinancing a loan? by whatever

whatever — Tue, 22 Jun 2010 09:28:59 +0000

Yes, but let’s keep in mind the Loan Officer does not get all of that money. Different lenders have different commission structures for their LOs. So one LO may make the bulk of that amount and another will see a very small slice of the pie – just as for realtors. And it balances out to a large degree. The LOs that make more money due to a higher commission split do so because their company does less for them in way of marketing. marketing and everything comes out of that LO’s pocket. It can be a lucrative business, but it’s a lot of work and there are no guarantees…people shop their loans around, deals fall apart and so on.
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Comment on Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan? by Nina T

Nina T — Tue, 22 Jun 2010 09:24:59 +0000

For matters pertaining to equity the authority that I go to is Marian Snow – best-selling author of "Stop Sitting on Your Assets". She talks about how to let your equity work for you, how to become your own bank, and secure your financial future. I got a lot of new ideas, and now view my money and financial management in a different way. She also tells you why your equity is your best asset, and the best strategies to leverage this asset.

Preview the book here — there’s a lot of vital information you can’t find anywhere else. I suggest too that you make a small investment on the book. It changed my total outlook on investments, mortgage, equity and personal finance.

http://www.stopsittingonyourassets.com/MarianSnow/preview/contents.html

You can contact Marian through her personal blog here:

http://mariansnow.typepad.com/assets

References :

Comment on Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan? by godged

godged — Tue, 22 Jun 2010 09:09:59 +0000

You can take out a traditional mortgage, no problem.
References :
Oregon Realtor

Comment on Can I refinance my mortgage for $350,000 if my house is only worth $250,000? ? by grand lake bum

grand lake bum — Tue, 22 Jun 2010 09:09:59 +0000

No, I'm glad my house is paid for, in full.
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Comment on How much can a loan agent make when refinancing a loan? by gtofinancial.tomvoli

gtofinancial.tomvoli — Tue, 22 Jun 2010 08:47:59 +0000

Yes. In addition to what you pay there is a rebate that is paid by the lender. Most brokers will also collect here as well. It would be listed on the Final HUD. This will show every dime and the actual costs for evetything. The GFE is an estimate.

Lets also remember that a real estate agent earns 3%. Are they any more entitled to those earnings than the person in charge of the financing? The fact is that both are middle men between you and the sources but you need them because they can save you in many ways if they are good.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
References :
Mortgage
http://www.tomvoli.com/2006/11/14/understanding-the-good-faith-estimate-part-1/
http://www.tomvoli.com/2006/11/10/negotiating-mortage-pre-payment-penalites/
http://www.tomvoli.com/2006/11/09/why-would-i-ever-want-to-pay-points-for-a-mortgage/