About Home Refinance

Do you think it sounds like we have a good chance at selling our house with the repairs we made, eventho...?

2010-06-18T03:26:52Z

It didn't sell for a whole year after being on the market? When we first moved in our Double Wide home 3 years ago, which is a 93' model, it had old fridge, stove, washer, and dryer (maybe from the early 90's). We replaced all of those appliances in a matching set. They are all white fridgidaire. We bought those brand new. Also since we moved here, he replaced the whole AC unit and Hot water heater. He also painted a few of the rooms which were wallpapered from when it was built.. so you can imagine the walls looked nasty. The only thing i think will turn people away is the carpet, which is a blue and has wrinkled up i guess you could say. We are talking about having someone come in and clean it and tighten it up. Also, the kitchen floor has a few mud stains on it and some other little problems here and there (nothing major). We are trying to get out of debt and that is why we are trying to sell the home. He bought the house 3 years ago for $98,000. When we got it appraised a year ago (before we updated everything and made all the changes), they appraised it as 121,000. I was shocked. Now that we have done all of these repairs, i am thinking that if we sell, we can use the remaining balance to pay off our debts, get married and move into a nicer home with cheaper payments or at least look for something in better condition. We have 2 loan bills over 1,000$ a piece from having to replacing the AC and a couple of other reasons. We also have 2 credit cards and our furniture bill that we racked up from buying the new appliances for the kitchen. Since our credit is bad, we cannot get approved for a home equity loan, a personal loan AND we cannot refinance. My boyfriend has a 12 hour job that he works 6 days a week and he would get a 2nd job to get out of debt, but they keep changing up his hours and they are not understanding about anything. Everything is very overwhelming and hard to deal with and selling the home seems to be our only option of saving from foreclosure and causing our credit score to drop even more. Please let me know what you think we could do.. and also.. if we put the house up for the market, are we allowed to have our stuff in here while they come look at it? I always see pictures online of homes for sale and they are always empty. :/

Should I try to refinance?

2010-06-18T02:23:02Z

In 2005 I bought my home for $90,000. It appraised exactly what it needed to. I then went and pursued a 2nd mortgage in September 2006. It again appraised what I needed to to close on that loan (approx. $101,000). I now have the first mortgage with a balance of approx $82,000 (6%) and the second mortgage a balance of $11,800 (14.5%). I spoke with with a local mortgage broker and got pre-approved for a refinance. I could go 15 year mortgage at 4.25% that would raise my total payment by only $30 a month. Or go 20 year mortgage at 4.75% and lower my payement by about $75 a month. Both of those options have thier pros and cons and are both a lot better than I have now. So I really have two questions. First, should I even try to do this. It will cost me $325 for the appraisal and I have no idea if it will be high enough or not. I know they do things a lot differently than they did back in 2005-2006 when I got into this mess, so no guarantee that the appraisal will come in. Anywhere to look where I can find a reliable estimate of what my home is worth? Have any of you realestate people seen many of these come in not high enough? 2nd question is, which one of the two mortgage options would be by best bet? I know the 15 is probably the way to go, and I could afford the $30 that it will cost more a month, but an extra $75 a month would always be nice as well. How much cost savings would I be looking at in the long run if I went with the 15 year? We plan on being here for probably at least 7-10 more years.

Warring Accountants.... do I qualify for First Time Homebuyer credit?

2010-06-17T22:39:03Z

I had been living in my partner's home but had no ownership interest or mortgage obligation in the property. New job required a move to FL this year, so I started looking for a condo as a qualified first-time homebuyer. To help fund my downpayment, my partner refinanced his house and he also went in with me on the mortgage/deed for the FL property. During his refinance, however, he added me to the deed on his house for estate planning purposes (His accountant advised us that would not disqualify me for the homebuyer credit.) NOW my new accountant disputes that interpretation, saying that the ownership interest in my partner's property will disqualify me from the First Time Homebuyer credit on the condo we bought in FL a few weeks later (in March 2010). In my view, I took an interest in my partner's house as a vacation property since I had to move to FL but plan to be back and forth. Likewise, my partner lives at his house, but has an interest in my condo as a vacation property. How does the IRS evaluate these things? Refinance occurred in Feb 2010. Condo settlement occurred in March 2010.

RENTER WITH QUESTIONABLE LANDLORD?

2010-06-17T01:04:19Z

i am currently renting a home and we received a NOTICE OF TRUSTEE SALE in the mail..it wasn't addressed to anyone in particular so i opened it and it said that the house is going to be auctioned off in august. i called the landlord and a assured me that the house was not going into foreclosure that he is refinancing the home and this is all part of the process.. the only thing i am wondering about is the fact that on the notice, it stated that the rent hasn't been paid in 4 months, which is around the time we moved in. DOES IT TAKE THAT LONG TO REFINANCE YOUR HOME? i dint know what to think about all of this..does anyone have any advice or a website that can help understand..thank you so much

Resolved Question: Should I refinance, or pay extra on my current monthly statements?

2010-06-16T02:57:31Z

I am currently in a fixed 5.375% mortgage with 13 years, 2 months remaining. My home is worth $145k and I owe $77k on it. With rates currently around 4.25%, I am tempted to refinance for 10 years. My current Principle and interest payment is $718. My payment would go up about $75/month after such a refinance. Would I be better off to just pay an extra $75 a month on my current loan and apply the money that I would have to spend on the closing costs toward the principle of my current mortgage?

Home affordable plan mortgage rates?

2010-06-16T01:25:40Z

Should a refinance with a 30 YR. fixed rate mortgage be the same rate as a regular 30 YR. FRM? When I locked for refi when rates were 4.79, then was switched to Home Affordable plan when rates are 4.72, my quoted cost went from 4.875% with a .625 (or $1,506.25) rebate to 5% @ (0.336) rebate. Should I stick with this lender? Thanks!!!!

10 points Please, please help me!<3?

2010-06-15T20:32:16Z

7. Which term refers to the decrease in value of an asset over time? Financing Equity Depreciation Inflation 8. How much of your FICO® credit score is determined by your payment history? 25% 35% 45% 55% 9. How do interest rates on a secured loan usually compare to credit card rates? Higher Lower About the same There's no consistent relationship 10. Which of the following should you definitely NOT do when you pay off a credit card? Celebrate Use the card again Close the account Remove the card from your wallet 11. What do lenders get in exchange for money when providing a secured loan? Collateral Credit report Interest payments Principal 12. Which of the following is the worst type of debt? A home mortgage A car loan A car lease Credit card debt 13. Which of the following is NOT a credit reporting agency? Equifax TransUnion American Express Experian 14. Which type of debt is the least attractive for a consumer? Unsecured debt Secured debt Mortgage debt Lease debt 15. Why do lenders often charge higher interest rates on a car loan than on a home mortgage? The car could be stolen. The car could be destroyed in an accident. You could move the car and they couldn’t find it. All of the above 16. Debit cards are most similar to which of the following? Credit cards Charge cards Checks Car loans 17. If the bank decides you’ve defaulted on a car loan, what will they do? Refinance the car Repossess the car Depreciate the car Inflate the car 18. How much of your FICO® credit score is determined by your credit mix (number and types of loans/debts)? 10% 20% 30% 40% 19. When you pay for something with a debit card, what interest do you pay? 0% Under 3% About 10% From 18% to 22% 20. How much of your FICO® credit score is determined by your debt-to-income ratio? 30% 35% 40% 45%

Home Ownership Questions-Spousal State?

2010-06-15T16:18:06Z

I live in NJ. I purchased the home that my husband and I presently live in, prior to me being married to him. Only my name is on the deed and the mortgage. When looking into refinancing the mortgage, I was told by the mortgage company that I would have to add his name and that he would have to sign on the mortgage because NJ is a spousal state. I would prefer for everything to remain in my name only. Is this at all possible? Why didn't I have to add him when we got married then, if this seems to be such a big deal now that I am trying to refinance. Also, is "my" home considered an "asset" of his now, just because we are married, even if it's namely "my" home? Could my home be "seized" for any legal judgments against my husband, that are not associated with me, such as his child from a previous marriage? If there was a

Resolved Question: Renting property and taking a loss on it?

2010-06-15T01:54:42Z

I have a house that I am about to rent in Arizona. I can not get my mortgage payment from a renter. I will have to rent for less than my mortgage payment. I will pay the difference myself. Can I write off the loss on my taxes? Do I have to refinance my home or anything like that?

when can i refinance a home loan?

2010-06-14T19:50:18Z

I live in chicago, il