I pay around 585 a month for my car. Is there anyway I can refinance it to make lower payments? I’ve had the car for around 13 months.
A refinance is nothing more than getting a new loan to pay off your old loan. Depending on your circumstances, you may or may not be able to refinance — and it may or may not lower your payments. Here’s more about it:
http://www.leaseguide.com/Articles/auto-loan-refinance.htm
We have well water and are refinancing our house with FHA. The appraiser said we may be required to hook up to public water. I need to know if it is required in a refinance. We do not currently have an FHA loan, we are refinancing with FHA. She didn’t know if it was required since it was a refinance and not a new purchase. Thanks.
The appraiser is not authorized to speak as to FHA underwriting guidelines b/c he is not a licensed inspector nor an FHA underwriter.
An FHA appraiser, appraises cosmetic condition and market value–period.
It is not required. However, homes with a well do require a well test to ensure that the well is safe and located the appropriate distance from a sewer source.
Local codes usually take care of the issue.
In some rural areas, most people have wells.
Obviously there is the market value they provide but what other information do they offer the lender that is key to get the refinance?
The key thing to remember is that the appraiser is the only representative from the bank to actually visit the property. So the bank is relying on the appraiser’s opinion on the condition of the property. Banks want most things to be in decent condition in order to fund the loan..
If I were able to refinance I would get a lower interest rate thus lowering my monthly bill allowing me to pay on time without getting backed up.
Some refinances can be done with bad credit still. Usually these are through the FHA.
The best way to find out whether you can refinance or not is by going over your credit report with a loan officer or professional mortgage consultant.
My ex wife lives in the house we owned when we were married. Since the divorce, she had to refinance the mortgage due to financial difficulties. Right now I believe she owes more than the house is worth on the open market. She still has financial difficulties having a large amount of debt in addition to the mortgage. Does she have any options in trying to rid herself of this house to move into a smaller, more affordable one? If she sells the house at a loss, is she required to repay the difference back to the bank or mortgage holder immediately? What options might exist for her to rid herself of debt besides bankruptcy?
She should speak with the current mortgage lender regarding a "Short Sale". This type of transaction is used when the house sells for less than the mortgage owed. Yes, the difference must be paid back. A payment schedule is created by the bank. It is a better option than bankruptcy – but will still effect her credit score (or anyone else’s score that is on the loan). However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
I just bought a home last October. I signed a single 30 year mortgage for 280,000. My interest rate is 6.75%. I have only made 3 payments on this mortgage. With interest rates dropping when is a good time to refinance?
You must have heard about the Fed cutting the interest rates again today 
The quick answer on refinance timing is that you are not required to wait any period of time before refinancing your current mortgage.
However, most home owners do wait until they have some equity in their homes before refinancing. When making loan decisions, one of the most important factors potential lenders review is the loan-to-value ratio, or LTV, of the proposed loan. This ratio compares the amount of the loan you are trying to obtain to the current value of your home. The interest rates charged on 100% loan-to-value refinance loans, are generally higher than the rates charged on loans with a with lower loan-to-value ratios (it’s intuitive, since they are riskier loans for the lender). However, if your credit score has increased significantly since you first purchased your home (or if your income has risen), you may be able to obtain a lower interest rate.
You should contact several potential lenders to discuss the loan terms they can offer you on a refinance loan. After speaking with several lenders, you should be able to determine whether or not a refinance loan is a financially viable option for you.
Another problem encountered by many borrowers trying to refinance their home loans are early refinance penalties charged by their current lenders. Many loan agreements, especially “sub-prime” loans designed for borrowers with credit problems, state that borrowers must pay a penalty to their current lender if they wish to refinance their loan before the expiration of a certain period defined by the loan agreement. These “penalty periods” vary from loan to loan, but are frequently between two to five years from the date of the original mortgage.
Before you attempt to refinance your current mortgage, you should contact your current lender to discuss whether or not your current loan agreement includes a prepayment penalty, and if so, its amount and when you can refinance without penalty. These penalties can be quite costly, and can easily make a refinance loan too expensive to save you money over your previous loan. Again, you should find out the amount of the penalty, if any, on your current loan, then contact several potential refinance lenders to discuss whether or not a refinance loan is a practical solution for you.
As far as trade in value goes.I’d like to refinance or get a low rate llone to pay it off and improve my credit.What is the best place or instutution to go through? Truck is an 04 less than 23,000 miles owe about 10 grands still.Any advice greatly appriciated.
You should shop around for the best deal, bankrate.com is a good place too look. another option is to pay more than your minimum payment to start and pay it off early.
My car was bought under my dad’s name, and I would like to refinance it under my name to lower interest int and establish credit. Is that possible?
Yes, of course it’s possible.
It’s called "buying the car from your dad".
Thankfully, my mortgage is fixed rate. For those out there who are getting pounded by their balooning adjustable payments, do they have an option to refinance their property with a fixed rate mortgage?
Yes, you can.
However, the reason most of these borrowers opted for ARM’s in the first place is because ARM’s, at least initially, result in lower monthly payments than fixed rate loans. The borrowers couldn’t qualify for the higher payment fixed rate loans, so they took out ARM’s.
So, if they couldn’t qualify for fixed-rate three years ago, then they aren’t going to qualify now, unless they are now earning significantly more income.
For example, I take both loans and refinance them together as 1 loan with a 30 year loan?
Sure….as long as your value in your home has not depreciated under the amount that you owe.