78 posts tagged with mortgage and refinance.
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How to refinance a mortgage?

I am 8 years into a 30 yr mortgage, with a fixed rate that is about 1.25 to 1.75 points above where rates are now, so it seems like a good time to investigate refinancing. What are the problems and issues I need to watch out for? [more inside]
posted by anonymous on Oct 7, 2016 - 14 answers

Low appraisal for mortgage refinance

We are trying to refinance our mortgage, and the appraisal came back low. Now our loan to value ratio is lower than expected, and the closing fees are higher. We don't feel like the appraiser did his job correctly (more inside for details). We are pretty sure a second appraisal would come back much higher, but the cost of the appraisal is about the same as the increase in fees. What should we do? Have you successfully contested an appraisal (is such a thing possible)? If not, can we use this low appraisal to request a lower assessment on our property taxes? [more inside]
posted by one_bean on Sep 24, 2016 - 4 answers

How to help a senior who can't find a job

My friend Jenna (alias), a 62-year old woman, very smart and capable, lost her cashier job of 30-some years about a year ago. She's freaking out and has asked me for help. Now I'm freaking out! [more inside]
posted by cartoonella on Sep 15, 2016 - 24 answers

What do I do with my parents and their weird divorce/mortgage situation?

My mom cant pay her own bills after her divorce and me having to pay hers is slowly driving me crazy because I've lost my freedom and flexibility. We have a weird mortgage situation that essentially expires in 2 more years, but I want to resolve it sooner than that so I can move into a new apartment and just feel less stressed. What do I do? [more inside]
posted by nodebunny on Apr 25, 2016 - 14 answers

Mortgage refinance - ethical dilemma

Is it ethical to go with the best deal on a mortgage that is NOT through a broker even when my broker did a bunch of "free" work that opened up this opportunity? [more inside]
posted by smurfzambo on Apr 8, 2016 - 8 answers

Housing Refinancing 101- Options in NYC or NJ for a NYC home?

Am looking for loan to refinance a paid off, income generating house I have inherited with two brothers. The aim is to get 1/3 of the value to buy out brother M, so it will become co-owned with my other sibling. More inside! [more inside]
posted by TenaciousB on Mar 24, 2016 - 4 answers

How do I apply for a mortgage refinance?

I've always been told to shop around for a mortgage. I have one and want to refinance, so what does shopping around mean? Is that still good advice? [more inside]
posted by fireoyster on Jan 10, 2016 - 12 answers

How do I know if it's a good idea to refinance?

I own several houses which I rent out. I frequently get "pre-approved" offers to refinance the ones that have mortgages. How do I know if it's a good idea, and what's the best way to go about it? [more inside]
posted by cmoj on Oct 21, 2015 - 7 answers

How does the holder of a second get paid in a refinance?

YANML, and YANMBroker. I need a reality check. I tried to google this but I'm not sure what terms I should be searching for. Let's say you've loaned money to a business in exchange for a second mortgage. Now said business wants to refinance both their first and second, and needs you to sign a deed of reconveyance to satisfy the new lienholder. In this circumstance, is it normal to sign off on the deed before you're actually paid off? [more inside]
posted by bricoleur on Sep 29, 2015 - 3 answers

Unintended consequences, mortgage refinance edition (USA)

I would consider refinancing both my mortgage and my HELOC (which is reaching the end of the drawdown period next year). However my income has changed since I originally qualified for the loans, due to a more freelance work situation. If, while exploring my refinancing options, my current lender becomes aware of my less reliable income could that cause me problems with the existing loans? [more inside]
posted by jindc on Aug 31, 2015 - 3 answers

Quasi Mortgage / Refinance Application Scam?

My wife and I awoke to a bunch of emails (and now calls) from mortgage companies responding to "our" request for information about a refinance. The calls and emails are frustrating in themselves, and, of course, it's off-putting to think someone has done something untoward with our information. Has anyone else experienced this? Details inside. [more inside]
posted by Admiral Haddock on Apr 20, 2015 - 5 answers

Should I be skeptical of this lender?

I applied to refinance my mortgage. I told the agent that prior to putting any money down for appraisals, I wanted to check with a few different lenders so I could be comfortable with my decision to work with them. I was warned that shopping for rates would likely negatively impact my credit. A quick googling proved otherwise, informing me that there is a 14-30 day window to rate shop without impacting credit beyond the first pull. I feel deceived by the lender, and I'd like to know if that seems like that seems like a reasonable response. [more inside]
posted by yorick on Feb 12, 2015 - 15 answers

Who should I be talking to?

My wife and I have a rental property, and it's basically one headache after another - and worse, it's costing us money every month. I need help! But I'm not sure where to go for sound advice. [more inside]
posted by kbanas on Feb 4, 2015 - 9 answers

Do we need a lawyer when we close on our mortgage refinance?

Because we are in New York state, when we close on our refi, we are going to have to sign all of our paperwork in person. As I understand it, New York law requires this. We had our own lawyer present when we closed on the purchase of this house. Should we have one when we close on the refinance? If so, Why? If it matters, we are in Nassau county, and we are refinancing with the original bank who has owned our mortgage since we purchased the home.
posted by waterisfinite on Jan 27, 2015 - 7 answers

Su casa es mi casa, but I'm not sure we want it.

We ended up hiring a lawyer to assist in enforcing the divorce "agreement" and won! Or did we? The total judgment against the ex is 50K and he is required to sell the property. At the hearing, he tossed us a curveball and offered up the property in lieu of selling it himself. I'm confident we would not be able to turn around and sell immediately to cover the debt owed. Should we force the sale or hold onto it in hopes of making a profit? [more inside]
posted by Mysterious Trousers on Jan 12, 2015 - 15 answers

For Richer, not Poorer: forcing Ex to refi or sell to pay money owed

Basically, he needs to pony up $23k a year ago and it doesn't look like he has any intention of doing so. [more inside]
posted by Mysterious Trousers on Aug 5, 2014 - 7 answers

What should I do with my house and mortgage?

I have never refinanced my house, but am weighing that vs. investing my money elsewhere. Please advise. [more inside]
posted by deern the headlice on Mar 22, 2014 - 12 answers

Should I walk away from this mortgage?

My ex-boyfriend and I own a home together that he is currently still living in. We're underwater on the mortgage and he doesn't make enough to cover the whole payment. I've been paying half of the mortgage since the breakup in order to buy time and figure out a plan. But I'm at the end of my rope both emotionally and financially, and I'm wondering if there are any options left or if I should just stop paying. [more inside]
posted by fanta_orange on Nov 26, 2013 - 31 answers

Real Estate & Mortgages in Boston

I'm having a really hard time finding a reputable mortgage broker. The property is in Boston, MA, but I'm willing to work with someone in another state. The most important thing is that they're not slimy or condescending. Can you recommend someone in my area? Anyone to avoid?
posted by barnone on Feb 26, 2013 - 6 answers

Refinancing fees

The good faith estimate for my refinance included government recording charges $X, and title services/title insurance $Y. In the settlement statement, it turned out that the government recording charges were less than estimated, so the lawyer's office just increased the other fee so the total amount is still $(X+Y). Is this standard practice, or kind of a dick move? [more inside]
posted by Behemoth on Feb 14, 2013 - 7 answers

If it sounds too good to be true, it usually is.

FHA Streamline Refi. Is there a catch? It feels like there should be a catch. [more inside]
posted by gnutron on Dec 6, 2012 - 14 answers

HARP: good deal or not?

I have a mortgage that is perfectly healthy. Should/can I do a HARP refinance on it? [more inside]
posted by miyabo on Sep 27, 2012 - 9 answers

Borrower beware

Refinancing our home and caught our lender padding their fees with questionable stuff; what else should we be on the lookout for? [more inside]
posted by werkzeuger on Sep 6, 2012 - 4 answers

Mortgage math is hard.

Please help me understand this mortgage math. [more inside]
posted by rabbitrabbit on Aug 29, 2012 - 15 answers

Mortgage broker On the Level?

Is my mortgage broker drawing out the process on purpose? Is he getting paid now or is it a commission type business? [more inside]
posted by Kazimirovna on Jul 27, 2012 - 7 answers

Should I refinance?

Is a refi just to get rid of PMI worth it? [more inside]
posted by murfed13 on Jun 1, 2012 - 14 answers

But the mortgage worked the hardest of them all

What do you wish you had known about mortgage refinancing?
posted by LonnieK on May 30, 2012 - 20 answers

The Grass Is Much Greener On the Other Side of June

FHA refinance at the exact wrong time: any recourse? [more inside]
posted by Brak on May 10, 2012 - 7 answers

Questions about refinancing

When I call my credit union they offer me a 4% loan, when I call the broker who found my current loan (but works at a new place), he quotes me 3.75%. The credit union would keep the loan themselves. I have no idea who the other loan is with. Assuming closing costs are comparable, how do I choose between these two offers? [more inside]
posted by OmieWise on May 4, 2012 - 11 answers

A taxing situation

Looking for some tax help ! We refinanced a mortgage last April, going from a traditional bank to a savings & loan. During the process, we also closed the bank line of credit and opened a new one at the S&L. The bank held an escrow, but the S&L does not. My 1099 from the S&L has a modest earned interest amount for the period of April - December, but the bank's 1099 is more than 10x that amount. Is this due to the escrow, or is this a mistake ?
posted by lobstah on Apr 11, 2012 - 5 answers

Do I need to refinance or is my bank just suggesting this because they are trying to help me?

I have inherited a house in Massachusetts that has a mortgage. I am the executor and also one of the beneficiaries. The other beneficiary and I want to assume ownership of the house together. I contacted the bank that holds the mortgage and they suggested that I refinance. I'd prefer not to. I'm not sure if I have to. Do I have options? I have a lawyer and a banker but I'd like advice on how to approach this inheritance issue before I talk to them more about this. [more inside]
posted by anonymous on Apr 3, 2012 - 10 answers

It's what I wanted, right???

I think my ex-partner just walked out on our mortgage. Please help me navigate this new world! [more inside]
posted by anonymous on Feb 21, 2012 - 18 answers

Small mortgage balance refinance?

I need help identifying a lender for a mortgage refinance on a small balance. [more inside]
posted by ferdinand.bardamu on Jan 30, 2012 - 1 answer

FHA Streamline Refinance: Actually Possible for Underwater Loan?

Can I actually get an FHA streamline refinance? [more inside]
posted by Brak on Jan 13, 2012 - 3 answers

How can we reduce our mortgage payments if we bought the new house, *then* sold the old house?

This past year, we bought a house. A month or two later my wife sold her house. We'd really hoped we could sell the house first, obviously, but it was a bad market and we were in a rush get the home (my wife's house was in another state). So now we both have a0 large mortgage and a large chunk of cash. We're trying to figure out what to do now. [more inside]
posted by nosh, daven, shtup on Jan 9, 2012 - 39 answers

What obstacles will I face trying to mortgage a house I don't live in?

What obstacles will I face trying to refinance my mom's house under my name without living there? I've heard that financing a home is "tricky" when you're not the one living in it. Does anyone have first hand experience working around interest rate penalties? Does it matter that the home occupant is a blood relative? Or that the mortgage would be a refinance and not a first-time purchase? [more inside]
posted by JohnG307 on Dec 25, 2011 - 4 answers

What questions to ask about a home loan modification?

What questions do I need to ask before applying for a mortgage modification? [more inside]
posted by anonymous on Dec 8, 2011 - 6 answers

Know of a Credit Union that will keep your mortgage / refiannced home loan?

How / where can I take out a mortgage or refinance a house with a credit union that won't sell the loan to a big bank? [more inside]
posted by unclezeb on Nov 16, 2011 - 13 answers

MeFi, help me ReFi

We're about to refinance our mortgage, and have two questions about assets and income, and how they affect the application. [more inside]
posted by anonymous on Sep 15, 2011 - 1 answer

Dicey Refinance?

Should I attempt a mortgage refinance after long unemployment and only very infrequent freelance jobs or is this opening a big can o' worms? [more inside]
posted by anonymous on Jun 27, 2011 - 5 answers

Is this predatory lending? If so, what can I do about it?

Is this predatory lending? If so, what can I do about it? [more inside]
posted by caroljean63 on May 26, 2011 - 7 answers

Refinancing with a co-signer? Not working.

Refinancing help/ideas please. I can't seem to refinance even with a stellar co-signer. [more inside]
posted by Invoke on Dec 8, 2010 - 4 answers

How can I refinance my house if there are no similar nearby comps?

I wish to refinance my house, but, apparently, there are no appropriate comparisons in the neighborhood. My house still has a value, though, so what can be done now to figure it out so that the refinancing process can proceed? [more inside]
posted by stst399 on Oct 15, 2010 - 7 answers

To ReFi or not to ReFi?

Is it smart to refinance my house now? Very Special Snowflake details on the other side. [more inside]
posted by anonymous on Aug 27, 2010 - 6 answers

Interested in Interest

Please help me think through a financial decision involving a mortgage refinance and an auto loan. [more inside]
posted by BlahLaLa on Aug 4, 2010 - 9 answers

If it's too good to be true...

Why would Wells Fargo call me to refinance to a lower interest rate? What's in it for them? [more inside]
posted by spicynuts on Aug 2, 2010 - 21 answers

Will helping him raise his credit score lower my credit score?

Posting for a friend: I added my then-fiance's name as an authorized user of one of my credit cards a few years ago. We've broken up but still own a house together, and we need to refinance it. He has been told that it will help if he can raise his credit score, in part by having me take his name off that credit card. Would that lower my (good) credit score and affect our refinancing if that credit/debt is all mine?
posted by lunachick on Aug 1, 2010 - 4 answers

How to pick a refi lender?

After a healthy search, it's clear there is lots of interest in refinancing now given the historically low rates - but how did you pick your lender? What question did you ask that sealed the deal or exposed the cheat? [more inside]
posted by NoDef on Jul 17, 2010 - 4 answers

Should my refinance cost this much?

Where do I find a mortgage refinance that doesn't cost an arm and a leg? [more inside]
posted by madajb on Jul 13, 2010 - 15 answers

Refinance or Not?

Refinancing interest rates for a 15 year fixed mortgage are down to 3.75% at my CU. Meanwhile, I'm 5 years into a 30 year mortgage and thinking it might be a good time to refinance. I want to sell my house, but I don't know when I'll be able to since the market for sellers is so depressed. So it makes sense to cut the time nearly in half and reduce the interest rate by a third for about $50 more dollars a month. [more inside]
posted by CollectiveMind on Jun 24, 2010 - 5 answers

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