1st And 2nd Mortgage Refinance Loan [mortgagegoalrates.blogspot.com]
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1st And 2nd Mortgage Refinance Loan
Refinancing both your first and second mortgages will result in one low monthly payment that could save you thousands in interest charges. By combining both mortgages, you qualify for lower rates than if you refinance separately. visit here -Â http://getquickenmortgageloans.blogspot.com
You can see a significant savings with your second mortgage refinance, which is often several points higher than your first mortgage rates. You will also save on application fees and other closing costs.
Strategies To Lower Your Mortgage Payment
You have a couple of options to lower your mortgage payment when refinancing.
The first choice is to find a low rate mortgage. So even if you choose the same length for your loan, you will still see a savings in your monthly mortgage bill. Adjustable rate and interest only loans will give you the lowest payments, at least at the beginning of your home loan. But a fixed rate loan can also give you reasonable rates with security that they won't rise in the future.The other option is to extend your loan term, especially in the case of your second mortgage which usually is for five to ten years. By consolidating your loans to a thirty year loan, you lengthen your payment schedule for principal, so you have a smaller payment. However, your interest rate and charges will be higher than with a shorter term.
Getting The Best Loan
Once you determine the type of loan and terms you want, do your shopping for a good lender to save even more money.
Lenders will vary in how much they charge for closing costs and interest rates. The APR will tell you how loans compare overall, both in terms of rates and closing costs.But if you are planning to move or refinance again in the future, then be wary of paying high closing costs. Even if they secure you a lower rate, you will only see a savings if you keep the mortgage for several years.
Don't base your lender decision based on posted loan rates. Ask for a personalized loan quote based on your general information. With more accurate numbers, you can make an informed choice as to who has the best financing for you.
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1st And 2nd Mortgage Refinance Loan
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Suggest 1st And 2nd Mortgage Refinance Loan TopicsQuestion by mickeytchs: I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage? Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In total I am paying between 750-800 a month (not including taxes or homeowners insurance) should I refinance. Best answer for I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage?:
Answer by john
Read some tips and articles on mortgage and loans on this site
Answer by Pixie Girl
depinding on your credit score. if it is in the low 600's you may not get a decent interest rate. if it higher than 750 you might be able to get prime , which is around 6.25% but your best bet is to come up with 20 % so you wont have a secong mortage.
Answer by jennifersuem
Sure why not.
Answer by VanJohn ♫
I don't believe you can get competent, informed advice from Yahoo like this. You have a very good question and at least here in California, the interest rates have been going down for the last one month. It may make sense for you to refinance, and it also may not make sense. The smart thing to do is consult with your mortgage broker or lender so they can review specifically 'your' situation and give you the best advice. The overall situation for each borrower can be very different, even though it seems on paper to be the same. You need to approach your decision making from a very personalized standpoint.
Answer by jannie
you'd have to borrow at least 85000.00 as that is your total as you would have to pay other two liens off
Answer by bianca
your rate is kind of high for the mortgage you got one year ago. i don't know what state are you from, but it will not hurt to ask your loan officer if refinancing is the option for you. if you combine 1st and 2nd mortgage your payment will be lower, but of course there is a lot of factors to consider and the best way is to talk with specialist.
Answer by ruthie
Absolutely, if you have good credit you can get a loan for about 7 % right now. That will save you lots of money in the long run. Call several banks and talk to them. then decide which is the better deal.
Answer by Joy
You wan to refinance. Make sure you can refinance at this short time. Read both mortgages, they can impose some penalties if the morgaged property is refinaced in so short time. Make sure you have some equity (market value of the property less the balance of the two morgages). Financial institutions do not typically give 100% loan to value when refinancing. How your property have increased in value in one year? Is this increase in value sufficient to refinance the current debt on the property at a lower rate? Make sure that, if you can refinance and have equity, the interest is lower than the one you have right now. Remember, that refinancing is cancelling one loan and making another loan and there are some closing costs that you have to pay. Make sure you have money for these cost unless you want to mortgage the closing costs. Refinancing takes many aspects to evaluate: interest rates, loan to value, closing costs, market value of the property, amount of existing morgages, credit score, credit history, your current income and expenses, additional debts after you bought the property, etc. I suggest you to call the financial institution that you trust an explain to them your goals and your current situation. They are better qualified to inform you and help you determine a course of action to refinance your property.
Answer by netpik888
Here in hawaii, the rate can go as low as 1% depending on your credit score. If you had a credit score of 620 or more, you will qualify for this rate. For example, your first mortgage will be at a rate of 1%, and the second mortgage could be at any rate, possibly 8%, but this is better than what you have.
Answer by robert495713
I disagree with the previous answer that says you can't get competent advice from Yahoo answers. Here is some competent advice: Both of the rates you are paying are high. I'm guessing you bought the home about 2 years ago, judging by the amount you've paid down on the mortgage. Rates back then were much lower, and you were probably overcharged if you're paying 9.5% and 12%. Depending on whether there's a pre-payment penalty or not, it may make A LOT of sense to refinance now. Has the property gone up in value? If so, you may have more equity, and you can probably combine the two payments into one. You'll probably need to contact a competent mortgage broker in your area (not a bank)...they should be able to get you a good loan.
Answer by MortgageGuy
People People....If you got a rate for 9.5% last year, that means you arent going to qualify for anythin gspecial now... It may though be beneficail to eliminate the 2nd mortgage by rolling them together into one... Im just letting you know to disregard the people talking about 7% rates...Unless your credit has doubled, then it will be very hard... Yhey are correct to say though that you need to speak with a professional loan officer and go from there... My name is Jason Fry, i am a licensed mortgage originator from Providential Bancorp.. We are a mortgage lender serving most of the US... Feel free to call me at 312-264-6448, or email me at jasonf@providnetial.com.. Good luck Jason Fry Licensed Mortgage Consultant Providential Bancorp 312-264-6448
Answer by stevemorbitzer
Refinancing seems to be a good idea for you. Your mortgage payments will be manageable. It is also a good way to get rid of the Private Mortgage Insurance you have to pay for, but your home needs to appraise for the right amount of money. Call your local bank, lending institution or credit union.
