Can I refinance my first and second mortgages that are with US Bank? We owe $97000 on our first mortgage and $57000 on an equity loan. Both are with US Bank. The first is at 6.25% and the second is at.
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In addition to an adequate credit score, you must have built up enough equity in your home to qualify for a refinance. Home equity is the percentage of the home’s value that you actually own and is the amount you would get if you sold the house and paid off your mortgage. The more equity you have, the better.
"Well, hon, I guess we can’t buy a house after all. And lenders ARE making mortgage loans.every single day. It’s just that they’re not making the goofy loans they used to make the put so many.
If the appraiser can’t find out why the home is worth $20 more per square foot, the appraiser will state a value closer to $160,000. The seller would need to drop the price to the appraised value, or you as the buyer would have to come up with the difference in cash.
A Cash-Out Refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe. To be eligible for an FHA cash-out refinance, borrowers will need at least 15 percent equity in the property based on a new appraisal. A Cash-Out Refinance can be a smart option for many homeowners.
To stop paying PMI on an FHA loan you will need to refinance into a conventional mortgage. If you have paid down the loan to 78% of the value of the home you can refinance into a conventional mortgage without having to pay PMI. conventional pmi rates are lower than FHA. The mortgage insurance fee on a conventional loan is lower than it is with FHA.
An FHA loan, which is backed by the Federal Housing Association, only requires homeowners to put down 3.5 percent, and most mortgage lenders will go as low as three percent for a minimum down payment.
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They have well-researched models that suggest average refinance risk. compared to times when MBS prices are holding in a more stable pattern. This double whammy for mortgage borrowers can keep.
Should You Choose a Fixed or Variable? If prevailing interest rates trend lower, a fixed-rate mortgage holder may choose to refinance, and that may involve closing costs, additional paperwork, and more.² With variable-rate mortgages, the initial interest rates are often lower because the lender is able to transfer some of the risk to the borrower; if prevailing rates go higher, the interest rate on the variable mortgage may adjust upward as well.Should You Choose a Fixed or Variable? Should You Choose a Fixed or Variable? Buying a home is the single-largest financial commitment most people ever make. And sorting through mortgages involves a lot of critical choices. One of these is choosing between a fixed- or variable-interest-rate mortgage.