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Let's talk refinacing...

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Let's talk refinacing...

Old 03-31-09, 02:49 AM
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Re: Let's talk refinacing...

another refinancing question...i have a loan for a place i bought myself. to refi with a better rate i was told that if i get my fiance (who also obviously lives here) on the loan as well it would help.

1) is this true that our combined incomes would make the loan better or give us a better chance to get the loan?

2) what are the disadvantages to doing this? what should i be concerned about?

3) is this even allowed? or do i have to wait til we are married before we can both be on the loan?

4) we both have good credit - what kind of rate should we be looking for? what about closing costs - what did you guys pay for closing costs when you refinanced?
Old 03-31-09, 08:38 AM
  #77  
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Re: Let's talk refinacing...

Originally Posted by atari2600 View Post
another refinancing question...i have a loan for a place i bought myself. to refi with a better rate i was told that if i get my fiance (who also obviously lives here) on the loan as well it would help.

1) is this true that our combined incomes would make the loan better or give us a better chance to get the loan?

2) what are the disadvantages to doing this? what should i be concerned about?

3) is this even allowed? or do i have to wait til we are married before we can both be on the loan?

4) we both have good credit - what kind of rate should we be looking for? what about closing costs - what did you guys pay for closing costs when you refinanced?
1. Yes
2. NEVER take out a loan w/ someone who is not your spouse (this includes family members). What happens if you breakup? It may not be likely, but it does happen. Your life will be a LOT more complicated in that scenario. IMO, you are better to wait until you are married before "joining" your assets and liabilities.
3. It is not uncommon at all.
4. I don't know.
Old 03-31-09, 09:03 AM
  #78  
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Re: Let's talk refinacing...

I'm still seeing rates at 4.75 with 1% point. Will they go lower with the fed buying up the bonds?

I'd like them to be 4.75 without the point
Old 03-31-09, 01:11 PM
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Re: Let's talk refinacing...

Originally Posted by ANDREMIKE View Post
I'm still seeing rates at 4.75 with 1% point. Will they go lower with the fed buying up the bonds?

I'd like them to be 4.75 without the point
I locked in at 4.75 yesterday with no points. Consolidating both mortgages gets me stuck with PMI, but the rate drop is significant enough that I'm still coming out $140 ahead per month.
Old 03-31-09, 03:05 PM
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Re: Let's talk refinacing...

I need some more advice.

I have a primary loan and a HELOC. I want to refi, but just not sure what to do..

Here are my options
Refi my primary and secondary into 1 home loan. I'm hesitant to do that because it will make my monthly payment be higher then what it is with 2 loans seperate. Thats because I pay just a tad more then interest on my HELOC. I'm concerned the combined payment will be to high to my liking. Plus I might get disqualified due to debt to income ratio.

OPTION 2
Is just refi my primary loan and save about $150.00 a month and put that towards my HELOC. I may also have additional money coming in that would allow me to pay down my HELOC faster. The rate on my HELOC is excellent. The only difficulty is I have to get my HELOC bank to approve a subordination so they will stay secondary.

OPTION 3 is take a little more cash out of my primary to pay down my HELOC thus leaving my primary payment the same. This would knock down my HELOC by about 20%
I still need to do the subordination..

Thoughts??
Old 04-01-09, 03:54 PM
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Re: Let's talk refinacing...

Suggestions for me?
Old 04-01-09, 03:59 PM
  #82  
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Re: Let's talk refinacing...

Well, if you combine, you will want to stay below the 80% LTV. It would suck to refinance to save money and then have to start forking out PMI.

It depends on time left too. I mean, if you have 21 years left on your MTG, and refinance into a 30 fixed, you probably aren't saving much.

There is a calculator (post 54) that is useful to see how it would benefit to do a refi. You can vary the amounts and see what the payback/saving would be on the new loan.
Old 04-02-09, 09:46 AM
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Re: Let's talk refinacing...

i wouldn't have to pay PMI. I'm below the 80%. I do have about 25 years left on my 30. I don't mind reseting it.
Old 04-02-09, 10:24 AM
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Re: Let's talk refinacing...

Well, you could use the calculator to find out how long until the break even point is.

I would look into refinancing to a lower rate 20 year mortgage. You will probably pay the same each month (maybe a touch less depending on rate), but knock 5 years off your term, and save thousands in interest.
Old 04-02-09, 03:56 PM
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Re: Let's talk refinacing...

Who cares if it resets? Just pay a little extra each month (basically your previous payment) so that you are paying it off in 20 years.
Old 04-02-09, 07:14 PM
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Re: Let's talk refinacing...

Well, some people refinance and see a lower payment, while extending the term and could end up paying more in the long run.

I am just pointing it out. Honestly, I don't care at all what he does.

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