What should I know before having my mortgage refinanced?

What should I know before having my mortgage refinanced?
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1 Answer

Answer :

You should know the value of your house. You will have to pay for a assesment of it's worth and if you do not have equity then the refinance will rarely go through but you still need to pay.
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Related questions

I refinanced 4 months ago to consolidate debt and was suppose to refinance again to get a lower rate. Bank now says can't refinance before 6 months of payments have been made. Is this true?

Description : I refinanced 4 months ago to consolidate debt and was suppose to refinance again to get a lower rate. Bank now says can't refinance before 6 months of payments have been made. Is this true?

Last Answer : Untrue. I was promised an immediate refinance and it is 2 1/2 yrs. later and I have not been able to refinance. With Conventional loans there is no seasoning. FHA loans do require 6 months. ... There are obviously other issues which have nothing to do with the number of payments that have been made.

How do I get refinanced with broken credit?

Description : How do I get refinanced with broken credit?

Last Answer : You may want to try Prosper peer-to-peer lending. Loans may be available to people who are not eligible for bank loans.

Does my equity improve my chances of getting refinanced?

Description : Does my equity improve my chances of getting refinanced?

Last Answer : The more equity someone has, the better the chances of getting refinancing to go through. Confirming this with current lenders or banks would be best to get an accurate answer.

How does having bad credit affect my mortgage payments?

Description : How does having bad credit affect my mortgage payments?

Last Answer : If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you ... of being denied a loan until bad debts are taken care of and even then you may have a higher rate.

I decided to do a short sale on my property before it the mortgage company starts foreclosure proceedings. I approached a realestate agent and he told me he will handle everything. he will talk to the bank, get a buyer, etc. Should I let him handle it or should I approach the mortgage company first to tell them about the short sale?

Description : I decided to do a short sale on my property before it the mortgage company starts foreclosure proceedings. I approached a realestate agent and he told me he will handle everything. he will talk to ... him handle it or should I approach the mortgage company first to tell them about the short sale?

Last Answer : Get that puppy sold. You don’t have to let the mortgage company know. If you trust your agent then let them do their job and earn their commission.