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Edgar Said:

Will I get my escrow money back from American Home Mortgage after refinancing?

We Answered:

it is yours; now as to whether they kept it separate [in a client trust account like they should have] ...

tough to guess

might depend on state law in your state ... you'll have to google that for yourself.

***
it is almost certain sure that the refi was recorded the same day or the next day ... you can check on this at the usual place, possibly online [land records ... just put your real name in].

***
one thing's for sure ... your regular monthly payment is still due at the address you were told. someone will be taking care of that and they'll follow up if the money doesn't show up.


GL

Phyllis Said:

What is the best way to go about refinancing your home mortgage?

We Answered:

You should find you a mortgage broker from your telephone book, unless you can get a referral from a friend or neighbor.

He will complete a loan application for you, this will not take a short time so pull up your comfortable chair get your favorite beverage and allow him to complete the application either over the telephone, by faxing the application to you,or you going to his office.

He will need the following items to get started

#1 Six months bankstatements from each bank you are currently doing business with as well as any statements from your 401k plan from your job.

#2. One month of pay stubs from each job and anyone else on the mortgage

#3 2 years of federal income taxes along with the W-2s

Once the application is complete he will run a credit report which will tell him your credit scores. Your credit scores will tell him the type loan programs you are qualified for, to include the interest rate.

He will issue you a good faith estimate (GFE) outlining all the fees, points and other cost of the loan. If you have a problem go over each charge item by item, take notes. Some or most of these fees are not the mortgage broker's fees.

You have escrow fees, title fees, appraisal, credit report cost and other items that you will be charged, but he can explain each one to you.

You should outline to him why you are getting refinance, what you plan to do with the money from the refinance.

Prior to getting your loan docs and the closing of the loan your mortgage broker might ask for additional information or documentation, just get it or tell him what he needs to know this is common so don't get all tense and go on a binge.

I hope this has been of some use to you, good luck.

"FIGHT ON'

Shelly Said:

Questions about refinancing home mortgage? i put this in the wrong section?

We Answered:

We were in the middle of locking in 4.875% for a refinance today when rates went back up. We're hoping they'll go back down. Like you, we're at 6.25%. The closing costs I was quoted today were about $3500. Our payment would reduce by about $130 per month, so it would take us 27 months to recoup upfront closing costs. We plan to be in our house for more than that so it will be worth it for us to refinance.

You should use some mortgage calculators (try bankrate.com) to see how much you'll save per month and how many months it will take you to make up those costs. Then decide if you will be in your home long enough for it to be worth it.

As for what you've paid upfront it may depend on how its been allocated. If its sitting in an escrow account you'll get a refund.

Jamie Said:

What's the difference between home loan modification and mortgage refinancing?

We Answered:

A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification

Samuel Said:

Who is the most reputable agency/company to deal witin MA with when it comes to refinancing your home mortgage?

We Answered:

Yes start with your local bank where you have your checking account.
With the tightened restrictions on lending, finding any company willing to underwrite a mortgage is very difficult.

Gwendolyn Said:

Home mortgage refinancing fees?

We Answered:

These things are not typically addressed in a mortgage contract. You'll need to negotiate to get them to waive this. I am guessing your motivation is to get a better rate. Then shop-around, chances are if you show your new bank another offer, they'll be willing to play nicer.
;)
Enjoy the ride!

Suzanne Said:

Drawbacks in Refinancing Home Mortgage and Cash Back Loan?

We Answered:

best not to borrow. refinancing may lower you current monthly payment, but in the long run it will cost you more. best to buy everything with cash, even a home. Living debt free is best.
having no loans