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Posts Tagged ‘Value’

Would anyone be able to explain the value of refinancing a home loan…?

18 Aug

I’ve recently purchased my parents home in order to free up income for them so they can live a better lifestyle and have more “throw” away income later in their life.

My situation is this: I refi’d their home instead of getting a traditional mortgage with a rate of 6.35ish in Sept. I am set up on a 20yr bi-weekly payment which should pay off in 17 years without putting any additional monies onto each payment (thank you to one of my friends for giving me that information about the bi-weekly payments. Saving 3 years right off the bat was very awesome…).

With the rates going so low lately should I consider refinancing in order to lower payments and/or timeframe of the loan?

 
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How does one determine current market value for a home?

03 Aug

My home is not paid off. I owe less than $10,000.00. I would like to get a consolidation loan for some unsecured loans, borrowing against my home for collateral, if I can. It’s not a fantastic house, but I know it is worth more than what I still owe on it. Is this a possibility, or should I just keep plugging away at my debt with monthly payments? Any ideas or suggestions would be helpful.

 
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For interest only loans, what happens if the value of the home decreases? Who takes the hit, the lender?

09 Jun
 
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Is there a mortgage loan company, that will refinance our home if the value is less mortgage balance?

08 Jun

My husband and I are in our 30s. We have a mortgage that is unbearable but we have manage to make the payment for the three years that we have had the home on-time. Our employment status has changed and my husband is the only one working. Our home value is less than the balance we have. We have good credit. Is there a loan program that can help us reduce our payment/rate? Our rate is currently at 11%. Are there any programs for minorities? Lastly, our mortgage is with HFC and they are dissolving but there mother company is HSBC. I called them re: the President’s Home Affordability Plan that was announced on 3/2/09. Per the website, I should qualify, but HFC said that they did not have any info on this yet and I would have to wait but it looks like I would not qualify. That does not seem right.
I hope this makes sense.
I would greatly appreciate some real help.
we purchased the house for 143,900 now the house is worth 135,000 and our loan balance is 151,000.

 
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Consolidation loan for more than the value of my home?

30 May

A financial institution has made an offer to combine all of my credit card debt ($35,000), my mortgage ($120,000) and my second mortgage ($29,000) for a total loan value of $184,000. I believe that my home is only valued around 165,000-170,000. The offer is for a 15 year loan at 8.89% APR. (My current mortgage is 6% and the second mortgage is 6.4%). It would only reduce my monthly payments by a couple hundred dollars, but the thought of having my home paid for in 15years is appealing. They are charging a pre-paid finance charge of $7400, which I really don’t understand. They are adding that to the value of the loan making the total principal to be $194,000. I am really leaning towards going forward on this, but would really appreciate any advice. I am a little uneasy about the fact they are offering the loan for more than the value of my house. I realize that I will have to change my spending habits and get rid of my credit cards or this is useless. Thanks!

 
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Will making my dining room into a bedroom increase my home’s value?

27 May

I have a one bedroom home and it was appraised at $47,000 6 years ago. I want to get a second mortage to consolidate credit cards but don’t have enough equity. Would making my dining room into another bedroom increase my home’s value? Or do the appraisers go by the total square footage? By how much would it increase in value? The room will be about 10×9.

 
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Any way to refinance 2 mortgages in to one if the balance of your loans exceeds the value of your home?

26 May

We have 2 loans- (30 years fixed at 7% and 15 year Balloon at 12%). We have lived in the house for almost 4 years and both have excellent credit. We were planning on refinancing by now but the value of our home has dropped below what we now owe. We are ineligible for any government assistance because we haven’t missed/been late on any payments. Anyone have any insight as to get in a better mortgage position?

 
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Mortgage rates are significantly down, and I know we should refinance but loan to value is higher than 90%.?

17 May

So what are my options at refinancing, given that most lenders, including my current have added stringent measures? Also I dont want to pay a huge closing cost.

 
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CA Property tax question: If your home is appraised will your tax rates be based on the appraised value?

15 May

Or does prop. 13 force counties to stick with the original price a buyer paid for the home? I want to take a very small home equity loan out ($5,000), but it may not be worth it if my tax bill goes up 50%.

 
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I need a NO credit check, NO Docs, Home Equity Loan. I own my house (no leins) and only want 80% Loan To Value

14 May

I am tired of online mortgage sites promising no docs no credit check loans and not really being anything but regular standard lenders. I have a ton of equity in my 4 year old paid-off home. I wish to get 80% of the appraised value in a home equity loan. I work for myself and much of my income is not reported. I have been divorced and my credit score is bad. I do own the house though and wish to use that equity. Please only answer with a real solution. Predator lenders need not bother me with empty promises and credit card lending rates on a secured home mortgage/equity loan. It needs to be a lender that can operate in South Carolia as well. This is a house, 2 story frame built house 2168 sq feet heated. 2.5 baths and a 2 car garage all on a .51 acre lot. Thank You Very Much!

 
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Can your mortgage lender require PMI when your home value decreases?

02 May

Bought my home in 2007 with 20 % down. Never wanted to have to pay PMI. With current home values I may only have 10% equity now. Can the lender require PMI under these circumstances?

 
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My tax value on my home has increase. Should I refinance my first home and add the home equity loan?

29 Apr

I left off the following information about my previous question. The first mortgage of $190,000 has a fixed rate of 5.375% and the home equity loan in the amount of $35,000 has a variable interest rate currently at 12.13%. Please see my earlier question for more details. Thanks so much for your help!!!! I want to pay my house off as fast as I can!

 
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I have a home equity loan. In Texas, the 2 parties must agree on a fair market value. If not, is my loan null?

29 Apr

I have a home equity loan, which is going into forclosure. I started looking at the original loan papers and the Texas Constitution’s articles about mortgages, trust deeds, leins, ect. In the constitution, it says that both parties (lender and borrower) must agree with a fair market value of the homestead. I found the fair market statement and I was the only party to sign it. Would that make my loan null?

 
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Why aren’t the mortgage companies and Banks resetting home loans to current value?

15 Apr

I was told that the mortgage companies and banks are going to reset (re-write) home loans starting on Oct 1st. Why are they waiting so long? If they re-set the loans now they will receive monthly payments and people will stay in their homes. If they continue to wait until oct 1st more people will be walking out on their homes cause they cant make the higher payments.
This same greed has caused the problem, the banks should take what they can now and not loose more money.

 
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Can I refinance my home loan if the the value of the home has gone down over the last year?

01 Apr

I want to refinance my home loan to get a better rate. I purchased the home 1 year ago and currently have a 30 year fixed at 7.0%. I bought the house for 475,000 an currenty owe 423,000. I worried that the home prices have droped so low in my area because of foreclosures that they won’t let me refinance. Also, do you have to get an appraisal on your house before you can refi? Thanks

 
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