I'm trying to decide if I should refinance my mortgage. I have two mortgages: One is a 30-year fixed and the other is a home equity line of credit, which I used to purchase the home, as I didn't have 20% to put down. The 30 year fixed is at 6.5% and has a balance of $172,273. The home equity is at 7.375% and has a balance of $36,211. I purchased the home for $238,500 about 5 years ag...
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I owe $13,500 @ 6.385 on my first mortgage and $11,500 on my equity line. I need home repairs and was considering a refinance to consolidate both mortgages. I have a quote of 6.185 on a 10 year fixed. Is this wise or should I just use my equity line for the repairs.
My ex-spouse and I bought a house four years ago and the loan and deed are in both names. I wish to leave and sign a quitclaim deed. Our mortgage company will not refinance because we owe more on our home than what it is worth due to the drop in market prices in our area. What are my options to remove my name from the mortgage?
My home has lost value due to the real estate market. I need to refinance in a couple years, before my interest rate adjusts, but I feel the value will not be what I paid for it. How can I refinance into a fixed rate without having to come up with the money to meet the LTV ratio of a lender? I don't want to lose the home but if the lender gives me no alternative I guess I will have to.Read full question
Home value = $200,000; Current 1st Mortg Balance = $155,978 @ 6.75% APR, Current 2nd Mortg Balance = $39,408 @ 7.99% APR; I received an offer to refinance my 1st Mortg 30-Yr Fixed @ 5.75% but the loan amount will go up to 164,000 with all the fees and points. Is this a good idea. I'd save $98.70/mo on the 1st mortg; money which I could pay toward the 2nd mortgage. IS THIS A GOOD IDEA (in...
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My mother is 72 years old and is very ill. I am her elder daughter who lives with her. The house has so many problems that need to be fixed but we don't have the money to do so we want to refinance so we can get some money to fix things up our bank said we did not qualify because we were late twice with the mortgage in 6 years. what should we do?