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Robin Said:

refinance mortgage offers, "no costs to you" are these legit?

We Answered:

These no cost loans, mean no closing costs will be paid by you. But, the lender will give you a higher interest rate so they can afford to pay for those closing costs. Ultmiately whether you like it or not it will end up coming out of your pocket. Typically unless you plan to sell or refi again in the near future it is worth paying the closing costs up front and taking a lower interest rate. It may cost a few thousand at first, but you will end up saving money in the long run if you plan on staying in the property for more than a few years.

Cecil Said:

Refinance mortgage if behind on payments?

We Answered:

Your existing lender will always let you refinance (they have no control over if you pay them off, or how you pay them off), however obtaining a new mortgage to refinance into will probably be the bigger issue... as any new lender is going to be very interested in your payment history to your current mortgage. If you are on a repayment plan, usually the mortgage history reports late payments until the repayment plan is completed... but it will depend on how your current mortgage lender wants to report it. The best way is if they just reported the 7 months of payments as late, but all the payments since they have been reporting on time... but (so many buts, I know) they could also report all the payments as late (even the ones you are making on time, since technically you must pay all previous months payments before the latest payment will report as paid on time).

What is the reason you need to refinance? Payments getting to you?

Cheryl Said:

How can I find a refinance mortgage to help me keep my home?

We Answered:

Well there's alot of information needed here to give you accurate advice..

What i can tell you though is what to look for..

From you saying "keep my home" i assume you are not currently in a good financial situation..

Are you late on payments? Are you having a hard tiem affording the current mortgage?

If so, there ARE many options out ther eot get you a lower montyly payment..

What you need to do is talkk to a LICENSED professional, have them look at your creidt and finances, an dadvise you on which way to go..

Without knowing your exact situation its hard to offer much insight here..

I work with a nationwide mortgae lender.. I have an individual mortgage license as well, and would be more then happy to assist you in a refinance..

Give me a call or shoot me an email, and ill gather some more information and give you an analisys...

Look forward to helping you!

Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-550-5583

Ryan Said:

Appraisal to refinance mortgage for a home remodel, any tips?

We Answered:

An appraiser is looking at square footage & condition of property so they say it doesn't help to clean up etc. But what a lie that is! Have the house un-cluttered, yard mowed/trimmed etc. They won't climb on the roof but they will look for signs of leaks- holes in the wall, worn carpet, broken windows- they do not check each appliance but they will check some outlets/ lights- plumbing etc. Not nearly like a home inpection but the better you have things the better for you. One other thing- open windows if weather permits! I had one appraiser come back from doing a clients house & he said the "kitty litter smell" was enough to gag him. Although he said it did not affect his value, the appraisal was lower than expected.

Alex Said:

Possible to refinance mortgage with no job but high equity and extra cash for partial payoff?

We Answered:

Unfortunately no. It is of primary importance to any lender that the borrower have a method if paying back the funds. they really do not want to have to take possession of the property.

Wendy Said:

Refinance mortgage or invest in stock market?

We Answered:

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Luis Said:

I got a Good Faith Estimate from my refinance mortgage lending company and there are Title search, title?

We Answered:

Underwriting should require an update on the status of the title to make sure no liens or outsales/clouds have appeared on the title.

Every new loan has title insurance.

Yes you do

Varies from day to day and situation to situation. Best discussed with your broker