Best Refinancing
Best Refinancing
How can I find the best refinancing deal :
There are a number of factors that will affect the ability for you to refinance now, most importantly value of the home compared to neighboring properties and your documented ability to repay. If you bought your home in September using a down payment, most likely you will have equity available. Lenders are more conservative now than on how much risk they are willing to take, including most likely your current lender…if they are still in business. As an independent broker and correspondent bank, we have the ability to marry you up with the ideal lender for your individual situation with the lowest fees in the industry. Please get in touch with me at your convenience.
Start by calling the bank you currently have your mortgage with and ask their opinion. It will cost you a few thousand to re-finance because you have to go through closing again so, where is that money coming from? HSBC has been the most competitive in New York State and don’t carry a lot of Junk fees. They also service their loans themselves.
They will be very helpful to you.
Once you’ve assessed your situation, you can start to narrow down the lenders! Talk to your current mortgage lender first; just because you don’t like your current loan doesn’t mean you can’t change its terms and conditions under the guidance of your current lender. There might be something you’ve overlooked and the best refinancing deal could be right under your nose – not far and away at another lender. Still, after you talk to your own lender, schedule face-to-face “appointments” with as many other lenders as possible. Every lender will have different words of advice for you for your mortgage refinancing – it’s your job to discern this advice!
The best way to evaluate the different lenders is to compare the refinancing deals they offer. What can you expect them to put on the table?
Your current lender will likely offer no-cost mortgage refinancing. But don’t be fooled by the name – there are still fees and high interest rates you may have to cope with. And of course, if you’re refinancing because you have issues with the way your current lender operates, this obviously is not the best refinancing deal for you.
You may also want to consolidate your debts, and that can be a big task! But the bigger the difference mortgage refinancing will make in your life, the more time and effort you will have to put into it to get the best refinancing deal.
But ultimately, to determine if you’re getting the best refinancing deal, you simply have to do a cost/benefit analysis; compare what you’re paying today with what you could be paying tomorrow. It’s worth the time and effort to get to know the different lenders out there so as to secure the best refinancing deal. And if you approach this task carefully, you’re sure to find that there is a way you can refinance your mortgage to greatly benefit your finances. I hope you get the best refinancing deal out there because is a crazy world.
- finance
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11 Responses
The one I work for, of course. Just be sure to look at more than rate. Check the closing costs. All things are not always equal. If it sounds too good to be true it probably is. Don't fall for the "It won't cost you anything." They are just putting your costs back in your loan.
so basically they are helping people..
It sounds as if you need Quit Claim Deeds on both properties. Get your names off of those titles and loans ASAP. The damage has already been done and now you need to rebuild your own credit scores. Talk to a mortgage broker or a Real Estate attorney for more information about how to get started.
Here's a link to more information on Quit Claim Deeds: http://homebuying.about.com/cs/realestateglossary/g/quitclaim_deed.htm
Good luck!
thanks mr refiadvisor
I'm sure you will have about 5 people telling you they can help you out on here…no problem
Seriously though, it depends on how much you owe on your condo. If that is 5k to the credit union then that is not great. If it is 5k total then that is pretty good depending on the rest of your borrowing picture. Florida is one of the higher states for fees since they charge doc stamps and intangible tax on refi's which is .55% total alone. Add on title fees, lender fees etc…If you want unbiased advice feel free to shoot me an email and I will help you out. There are too many idiots out there that will rip their grandma off to make a buck.
your going to lose more time and money shopping too much, rates are low right now. Pick an honest lender, then shop the rate, if it goes lower ask the lender to lower their rates. I'd advise staying away from brokers, stick with major lenders like your banks, Countrywide, Quicken Loans, DiTech…etc. Get 3 quotes and go with one. Rates are low but starting to rise.
Actually, either one will work. What you need to do is pay attention to what you actually want – but also use the knowledge of your banking professional. SOOOO often I get people that just call and say "what is your rate?" and they assume that the lowest number wins. This is a very poor way to do it. You need to sit down and look at your goals and see how long you want to stay in your home.
Now, for an example of what rates and fees do for you –
If you stay at your home for 2 years, you don't need to pay as much attention to the rate as you would think. If you pay a point or two to get a great rate, you may never see the return on your investment. In reverse, if you stay at the home for 7 years and say "I want no costs", you will pay several thousand more in interest than you would have paid in points. Rate would be a good driving factor in this situation, as you will be paying interest for a longer period of time.
Now, after all that, realize that you should avoid brokers. Your average bank should be able to do the same loan for cheaper. If you don't see the term "bank" in their title – they are most likely a broker. They make their money by being the middle man. You pay them a few thousand bucks to find a bank for you. Why not just go to the bank directly?
So, if you need help with all this, let me know. I have worked for a bank for several years and don't mind being a guide (even if you don't want to become our bank's customer
).
Our home is worth exactly the same it was worth 3 years ago, if not less, much less.
You might not have any equity on your home, even if you put 20% down 3 years ago.
To refi- you need 10% down (equity), or 20% down if you have any dings on your credit reports.
First step is to check your credit reports at
annualcreditreport.com
print them out – they are free – no credit card required
fix all the errors and wait 30 days
Then get your score from Equifax.com for about 8 bucks or so.
If your score is more than 740 to 760, you will only need to put down 10% down – equity.
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Your FIL bought the house… not you..
You are going to have to buy the house from HIM… otherwise you will have to pay Gift taxes on anything over 12000 in value…
Have you tried providing your own credit report? There's no adverse action from requesting your own credit file, and I've been told that as long as it's been w/in 30 days, then they have no right to refuse it, I mean, it's the same information, they get what information they need and you do too!
Good luck with the refi
Need a bit more. What term are you looking for? Cash out or rate and term? How much equity will be left in the house? Do you want a short term or long term rate lock? Do you want to pay points? Will you be escrowing?