Should I Refinance My Mortgage
November 15th, 2009
You should always weight the risk of refinancing
your mortgage. Best way to do this is to work with one of our online calculators. By putting the numbers in you will see instantly weither or not it would be worth looking into refinancing.
This is also a fantastic way to tell if a mortgage loan officer has your best interest at heart or not. If you can see the numbers just are not adding up but yet a mortgage loan officer is still stating it is a fantastic go – then you know it is probably time to look for another loan officer to work with in the future.
Refinancing your mortgage is a fantastic way to get debts paid off, some home improvement done or just any number of things that the extra cash flow could help with. One main reason alot of people do this is when the interest rates drop lower – they want to refi to save on their monthly mortgage payments. Again use the calculators and figure if this go would really help save you money or only add to the backend debt of your home mortgage.
If you need help with figuring this up – please contact us here at GetLoansCheap.com and we will be pleased to help you in learn more about the calculators and figuring what is best for you – at the current time you are in.
Get Loans Cheap
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Posted in mortgage refinance
What costs should I expect to quit claim a house and refinance a mortgage?
My partner and I are splitting up and she will be quit claiming the house to me. I want to take her off the mortgage (there are 2 mortgages). Is re-financing my only option? What costs should I expect to pay for the quit claiming and the refinance (unless I can do this without refi)? I haven’t the first clue how to go about this.
You have to refinance, because her name is on the loan too. I can set you up with some fantastic resources for refinanicing, just shoot me an email to msmith@premierloangroup.com, and we’ll see what we can do!
Marty
References :
http://www.premierloangroup.com
Quit Claiming will not get your partner off of the mortgage, only refinancing in your own name will do that. All a Quit Claim is, is a legal document filed with your local court house that states that one of the mortgagees is opting out of ownership and no longer has any claim to the property. But, the mortgage you both signed supersedes the Quit Claim Deed and your partners credit will still be affected and if the loan goes into default your partner will be equally responsible if your mortgage company starts foreclosure action and starts acceleration of the loan. I do not know how much it costs to file a Quit Claim, but your local court house can tell you.;
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Yes, refinancing is really your only option.
The cost of your partner filing a quit claim is minimal. It’s the cost of refinancing that will be a bit more significant – these are going to be mostly comprised of an appraisal, title fees, and escrow (or closing attorney) fees. But if you increase your total loan amount a small, you’ll be able to cover these costs with the new loan without having to pay for them out of pocket.
I reckon the only huge question for you is whether you can qualify to cover the payments for the new loan (paying off both existing loans plus closing costs) on your income alone. I say this because you probably qualified previously using both your incomes. But, if the new monthly payment totals less a third of your yucky monthly income, you shouldn’t have a problem. Excellent luck.
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As posted above, you will need to refinance to get the loan in your name alone. Costs associated with a refinance vary depending what you hope to achieve through the refinance. There are certain refinance options available that keep your closing costs to nearly nothing and are offered on a case by case basis depending on what your goals for the property are. Give me a ring if you’d like to explore your options further.
Thanks.
Daniel Algieri
Loan Specialist
(888) 202-2015 x 1491
dalgieri@pacifina.com
References :
Quit claiming is relatively simple and inexpensive. To be quite honest, I would never advise your partner to take her name from a title unless the mortgage was refinanced and her financial obligations were removed. Why should she give away her ownership rights while remaining on the mortgage? It doesn’t make sense, but it is done all the time.
Refinancing can be relatively inexpensive as well. I suggest meeting with the current lender to discuss refinancing.
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