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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Couple of Questions for those refinancing.....
We are in the process of gutting our entire secong floor.....so I'm assuming I'd have to wait for it to be finished to refinance right? Does the appraiser come in your house? Also, how do we even begin going about this? Do I call the broker we went with the first time or look directly into banks. What are the closings costs associated with this. Right now our rate is 6.25 and we plan to be in our house for a while.
Thanks!
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Posted 12/19/08 8:05 AM  |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Couple of Questions for those refinancing.....
Why don't you call your mortgage broker and ask about loan modification instead of refinancing? It's cheaper and you may be able to lock in a lower rate.
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| Posted 12/19/08 10:43 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Couple of Questions for those refinancing.....
Loan modifications are for people who have already missed payments.
I agree though that you should call your broker/bank.
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| Posted 12/19/08 10:57 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Couple of Questions for those refinancing.....
I've called around and the general concensus is closing costs are approx. 2% of the loan amount.
ETA: If you are afraid your appraisal is going to come in under you may want to wait until your done with renovations...if you dont think you will have aproblem with the appraisal you may be able to do it now.
Message edited 12/19/2008 11:03:43 AM.
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| Posted 12/19/08 11:02 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Couple of Questions for those refinancing.....
More than likely the appraiser will come in the house. And depending on the bank, the unfinished floor could be a problem. There are a lot of different ways it could play out depending on the bank and the appraiser.
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| Posted 12/19/08 11:26 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Couple of Questions for those refinancing.....
Posted by Blu-ize
Loan modifications are for people who have already missed payments.
I agree though that you should call your broker/bank.
ITA.
I dont know why people keep saying "oh just do a rate mod" - its not that easy.
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| Posted 12/19/08 12:38 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Couple of Questions for those refinancing.....
Posted by Meaghan729
I dont know why people keep saying "oh just do a rate mod" - its not that easy.
Because people typically don't know what they are talking about.
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| Posted 12/19/08 6:23 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Couple of Questions for those refinancing.....
Posted by ave1024
Posted by Meaghan729
I dont know why people keep saying "oh just do a rate mod" - its not that easy.
Because people typically don't know what they are talking about.
considering I do this for a living (I work with the lawyer and banks)- I can tell you- you can get a mod if you are late or not- it's actually easier if you are not- but it's not a matter of just wanting one
if you are not late- but have a hardship - if we can prove that you are barely getting by, loss of income, illness etc
or if you have a pay option arm (not late)
or an adjustable rate that is about to adjust (not late)
the bank isn't going to do it if you call them- but with an attorney you can get it done
the banks aren't eager to help people that are late either with out some pushing
but in all honesty if you have a low fixed rate, no second and no hardship- good luck- I wouldn't even waste your time
ETA- this is not a mod sitaution- they just added on to the house- no bank is going to mod that
ETA- you also can't reallly mod a investment property-
Message edited 12/19/2008 6:51:16 PM.
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| Posted 12/19/08 6:35 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Couple of Questions for those refinancing.....
but in all honesty if you have a low fixed rate, no second and no hardship- good luck- I wouldn't even waste your time
exactly my point!!
if you are on time and even have a rate in the 6% range and bought at the height AND put 20% down, you most likely wont appraise and have to stick with your rate because you didnt get an ARM - not very fair.
life's not fair
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| Posted 12/19/08 10:02 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Couple of Questions for those refinancing.....
Personally I would wait till you finished the second floor because I would assume (not an appraiser) that that would increase the value.
Experts correct me if I am wrong!
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| Posted 12/20/08 8:54 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Couple of Questions for those refinancing.....
Posted by leese
Personally I would wait till you finished the second floor because I would assume (not an appraiser) that that would increase the value.
Experts correct me if I am wrong!
your correct- I would assume the point of the re-fi would be to raise the value, get rid of PMI?
not sure why you would re-fi sooner- unless you need the money to complete the project?
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| Posted 12/20/08 8:52 PM |
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