Comments on: Refinancing Your Mortgage Loan to Save Money

By: John D

John D — Wed, 30 Sep 2009 12:57:22 +0000

We mortgage types don't have any secrets. Just shop around and avoid anything that has the words balloon payment or adjustable rate attached to it. This software is a scam, save your money. Instead order a copy of your credit report (direct from the bureau not freecreditreport.com and make sure it's correct and in order. Good luck!

By: Edward E

Edward E — Tue, 29 Sep 2009 22:33:46 +0000

FHA all of the way! They will lend you the most if your home appraises for less & they have great rates.

Good luck!

By: whitewolfe

whitewolfe — Tue, 29 Sep 2009 14:32:29 +0000

By: kdube151

kdube151 — Tue, 29 Sep 2009 10:42:10 +0000

Rates are now at 5% and the one above me is right you want to decide how long you intend to stay in the home.
I don't know what you owe on your house but that will also be a huge factor if it's worth refinancing.

By: needknow

needknow — Mon, 28 Sep 2009 17:35:23 +0000

apply for financial aid.

If you do loans, they should be in your daughter’s name. This way, if she quits college, you are not paying the loans for the next 10 years.

If you want to actually pay the loans, OK, but keep them in her name.

By: Joyce P

Joyce P — Mon, 28 Sep 2009 09:30:12 +0000

Depeding on the terms of your loan, you can actually refinance as soon as 6 months. The best thing to do is to call your mortgage loan holder(s) and just ask!

By: jewel

jewel — Mon, 28 Sep 2009 05:04:49 +0000

No.

You report equity on your home when you sell it. Then, you subtract your total costs from your home from the selling price to figure your profit on the sale. If you are single and have owned your home for two years or more, the first $250,000 is not taxable income. If you are married, the first $500,000 of profit is not. Any amount above and beyond that amount or if you have not lived in your home as your primary residence for more than two years, all profit is deductible.

By: chazmataz

chazmataz — Sun, 27 Sep 2009 06:04:04 +0000

Contact your lender again. Ask for their loss mitigation department. Then ask for a supervisor.

By: Ackerley D

Ackerley D — Sun, 27 Sep 2009 06:01:30 +0000

Yes if the terms of the new mortgage are better than the terms of the existing mortgage, and taking into account the costs of refinancing. You can decide that only be evaluating the mortgages available to you and comparing with your current mortgage.

Normally, a refinancing is not feasible unless the new interest rate is about 1 percent point lower than the old rate. But other factors have to be taken into consideration.