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Velma Said:

Need help with mortgage ideas for refi-ing and lowering payments?

We Answered:

I am from Texas too, so I know a little about the laws there. Let me start by saying Texas only allows 100% finance option at date of sale. Some states will allow up too 125% of value financing. Our state is unfortunatly not one of them. Having said this even if your home appraises for 230 you will only be able to finance 80% of that amount. So if you owe 172 on it know you will only be able to borrow 184 now (if it appraises for 230) which is only 12000 dollars.

Now I don't know your financials but by the way you talk I don't think 12000 doolars is going make you debt free. Therefore refinancing for that small amount of cash is not smart. Also this will not lower your payment.

Heres a few questions to ask yourself...is your house available to be classified as ag land? This will lower your taxes which will lower your payment. Also search different Ins. companies. ( I used Frost Ins in Texas and they were the best value, you should try them )If your ins. is lowered your payment will be lower. Also check your coverages, you may be over covered. Also did you homestead your home this year? When you homestead your home it will lower your taxes as well.

Another thing is look at cutting other bills you may have like a/c bills by keeping your thermostat at 76 - 78 until you go go to bed. This will lower your electric bills a lot. Maybe lower your cable bill by not having as many luxury channels. If your like me you probably have some credit card debt. Attack this hard. Pick the card with the most interest and pay more than the minimum payment. Keep paying the minimum on the others and once you've payed that one off take the extra money and apply it to the next highest intrest card. It will take a while but you can make it back. ( I had to do it as well and I am just now after 2 years about to crawl out of my hole and this is how I did it )

I don't recomend this but last but not least you can get an interest only loan which will lower your payment CONSIDERABLY. https://www.quickenloans.com/loan_progra… <-- Click that url I just put there and you can see how one of these loans work. Just remember the longer you have one of those loans the worse it is. You never pay towrd the principle of your note at all. But maybe for a few years to get back on your feet it might be ok. I personally wouldn't.

Kinda went off on a tangent but I hope all this info helped you out. Good Luck!!!!!!

George Said:

Refinance Texas Mortgage?

We Answered:

It isn't a law, but it may be a condition of the current mortgage you are in. Check the terms of the loan and see what it says.

Mae Said:

Will my mortgage payment be the same or will it change after closing?

We Answered:

Your payment may increase or decrease depending on which insurance you choice. Lenders usually estimate this at the beginning of the loan process. Look at a copy of the loan application they gave you page 2 at the top should have a breakdown of what is in the payment. Then take what your acutal insurance premium is divide by 12 for the monthly amount. Compare to what you see on the loan application and that is how much your payment will vary. In terms of the homestead I am not sure, you'll need a response from a resident in your state for that.