Mortgage Refinance

Q&A

Asked by Brian

Is there always a closing cost to refinance a mortgage?

Upvote 3
Answers 1

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Hello Brian - Yes there are always closing costs; the question is whether or not YOU pay them as the borrower. Closing costs can be paid outright by you, they can ...

Mortgage Refinance Borrowing

Q&A

Asked by Marcia

What are the qualifications for the HARP program?

Upvote 0
Answers 1

Answered by Ray Jones
CA Mortgage Loan Officer in Fresno, CA

The biggest qualification issues I have found are the "owner" of the mortgage and the origination date: * * * The current mortgage must have been owned or guaranteed ...

Mortgage Refinance Borrowing

Q&A

Asked by DONNA

Why can't I get a refinance or equity loan?

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Hello Donna: I'm not 100% clear on the supporting information for your question; was the home sold (and therefore no longer owned by you), or do you still own it bu...

Delinquency, Foreclosure & Eviction Home Equity Loans & Line Of Credit Mortgage Refinance Borrowing

Q&A

Asked by David

My wife and I are looking at refinancing. We have narrowed in on a 7/1 ARM and a 7/1 Interest Only.

Upvote 3
Answers 3

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Hi David: Thanks for your question. You actually touch upon a very common theme in finance and that theme is "discipline". Having served hundreds of clients over th...

Mortgage Refinance Borrowing

Q&A

Asked by Vickey

Any assistance for low income people with lots of equity but high payments in relation to SSDI income? Never missed a payment since 1994.

Upvote 6
Answers 2

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Vickey: I believe that Mark provided a thorough answer to your question, but I would add one more item since you are looking to take cash out. Take note of what you...

Home Equity Loans & Line Of Credit Mortgage Refinance Social Security Borrowing

Q&A

Asked by an anonymous user

How can I refinance my mortgage when my home value is less than the loan value?

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Thanks for the question. Hopefully you either have an actual appraisal, a real estate broker opinion, or you just have a good handle on property values in your area. I...

Mortgage Refinance Borrowing

Q&A

Asked by PATRICK STEVEN BARANICK

I have received several offers to refinance, can you tell me which company to deal with?

Upvote 4
Answers 1

Answered by Chad Freeman PRO+
Branch Manager in Bethesda, MD

Hello Patrick: It would appear that the list you have provided are not mortgage companies, but rather different names for the HARP refinance program. "HARP" stands ...

Mortgage Refinance Borrowing

Q&A

Asked by an anonymous user

I recently foreclosed on a home in a different state last year.

Upvote 4
Answers 1

Answered by Mark Haynie
Mortgage Broker in Los Angeles, CA

Any credit company that says they can remove a foreclosure from a credit report may as well be selling unicorn rides as well. As for getting a loan with a foreclosure...

Delinquency, Foreclosure & Eviction Mortgage Refinance Borrowing

Q&A

Asked by Charles Jones

I have a HELOC loan of $181,000 coming due. Do I extend the term (10 yrs) or refinance both 1st and 2nd, but higher monthly payment?

Upvote 14
Answers 4

Answered by Mark Haynie
Mortgage Broker in Los Angeles, CA

Based on the 2.5% rate of your HELOC, it appears to be PRIME -.75%, which is a pretty sweet deal. I don't know if your initial interest-only term was for 15 years or...

Home Equity Loans & Line Of Credit Mortgage Refinance Borrowing

Q&A

Asked by Maria Mapoy

Is it advisable to refinance to lower the fixed rate from 4.25% to 3.375% over 30 years and lower the terms to 15 years if I just refinanced last 11/13?

Upvote 4
Answers 4

Answered by Ted Rood PRO+
Mortgage Broker in Maryland Heights, MO

The answer to your question depends on several factors. How financially secure are you? How large is your loan? Do you live in a state (NY/FL for two) with high clo...

Mortgage Refinance Borrowing