Home Loan Refinance
Is a refinance or equity loan?
I bought a house for 6 months before I sold my apartment. Tome borrow money from my brother for the new home until the condo sold. I have a written contract and have been paying interest. He is starting to get nervous, so I would like to take out a mortgage to pay for the house. Would this be a refinance or a home equity loan? In addition, when selling condominium, I look forward to taking a mortgage of about $ 40,000. Assuming you get a new mortgage now at home, when I pay 3/4ths of the loan amount out in a lump sum, monthly payments will be or decrease the amount of monthly payment stay the same, but the loan will be paid more quickly?
Hello .. I agree that these are good wquestions very … as a corridor of these have to be common to some of my frequently asked questions … Here's to respond the main question … A line of credit and refinancing are 2 different things .. A HELOC (Credit Line) is simply a loan is shown as a lien on your property .. (Similar to a mortgage) Unfortunately, there is a mortgage … A HELOC is a secured credit card giant for its home … In your credit report shows how mortgage real estate debt .. A HELOC shown as a revolving debt (like credit card )…. Also a mortgage is a lien position 2 of its first mortgage … (Which makes it much more of a risk) A loan refinance is a new loan to pay your home loan, personal debt, car loans, credit cards, make improvements, etc. .. Many things! The thing is to refinance again, simply re-establish a new first mortgage (which will be a DEBT ESTATE REAL) 1 of the mortgage is much less risk to a lender, and is MUCH MUCH BEST for your credit! Today almost all large U.S. banks trying to sell (selling keywords) … HELOC's to their cliend ts because they can make form a lot more money … You'll see ads saying low or no cost HELOC'S … Lets face it, its 2006, and in life nothing is free anymore … You pay for what is obtained …. If you do a loan from a lending organization with no cost .. There is a catch … here it is … in the last 3 years the prime rate a home equity line of credit (HELOC) has increased from 4% .. a staggering 8.25 %!!!!! The unfortunate thing is that Th is still growing! People HELOC has 3 years ago saw their payments more than triple in the last year! So I propose to stay away HELOC'S FAR FROM AWAY !!!!! Namely what I would suggest .. You do what is called a CASH REFINANCE … can get cash to pay your brother … You now have a new mortgage with a monthly payment again … Now, as I said you will get the lump sum from the sale of your condo … When that time comes (which has no idea when) you take the lump sum, and pay the bulk of the mortgage … Now, if you leave it at that, then you are right .. YOUR MORTGAGE PAYMENT remains the same .. you will just be paid in full ~ CASI ~ ~ What you can do so if you want a lower payment is to refinance again and extend the term .. (Although I would not advise it unless you need to be paid more bass) The reason why I do not advise Htat is because I'm sure you realize, the longer something finance the interest you pay more … Sometimes, however, is inevitable that you have to pay the interest to have an affordable payment … It would be more or less to what you can comfortably afford at a time, and you will to decide whether to make a new mortgage for 10, 15, 20 or 30 years .. (The year less the lower the payment) My name is Jason Fry, I am a licensed mortgage officet Bancorp providential. I hope this information is useful, and I would Hapy to ask for more help if needed .. Since you are asking the question here, i assume you do not have a corridor that normally .. (Or trust for that matter) I would be happy to step in and help with funding … I've been in business for 8 years, and I have the expertise to find the best options … Do not hesitate to call me one if you have questions, concerns, or want to refinance .. My direct line is 312-264-6448, and you can send an email to jasonf@providential.com … My company is nationwide, so I have a license to originate in all states! Thanks for reading, and good luck to you! Jason Fry Senior Mortgage Specialist 312-264-6448 Providential Bancorp
What you must know about Home Loan Refinancing and Balance Transfers 24 March 2009
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