Question by : I hold daughters mortgage loan can I refinance it at a lower rate? My daughter purchased a house in May and I financed the mortgage rates. She has made the first 2 payments and I want to redo the loan papers at a new rate to lower her payments since Federal AFR has dropped. Can I just make up a new loan schedule and paperwork saying we are refinancing the loan? Is that legal Best answer for I hold daughters mortgage loan can I refinance it at a lower rate?:
Answer by Bash Limpbutt's Oozing Cyst©
Assuming that you are holding the mortgage yourself, you can pretty much do anything that you both agree to. Be sure to get it blessed by an attorney first, just to be sure that everything passes legal muster.
Answer by Huntsman
The rates have not dropped that much in 2 months. (is your daughter mentally stable?) The rule is do not re-fi unless you can get at least 1.5% lower. If she wants to do this - make sure you charge her what a bank would charge her in refinancing costs. Thousands of dollars just to re-finance
Answer by the kid
Do you mean her mortgage is through you? If you are the lender, you can set any rate you want, it doesn't have to be based on AFR. You could do 1% if you wanted to. If you mean you took out the mortgage b/.c she coudln't. it would be a waste of money to refinance based on the rates dropping so little in 2-3 months.
James Parrott, Senior Advisor for the National Economic Council, answers your questions on President Obama's homeowner refinancing proposal that aims to make it easier for millions of homeowners around the country to refinance their mortgages and save hundreds of dollars each month. It will cut through the red tape will be good for families, good for communities, and good for the country at large. www.whitehouse.gov
mortgage-investment.blogspot.com Ask An Expert: Will Interest Rates Under The Refinancing Proposal Compare With The Marketplace?
The average U.S. rate on a 30-year fixed mortgage fell this week to a record low ... said Thursday that the average on the 30-year loan dropped to 3.66 percent. Rate on 30-year mortgage falls to record 3.66 pct.
If you are a first-time homebuyer or a buyer who has had a foreclosure in the past couple of years, you may want to look into a federal home loan mortgage. A federal home loan mortgage or FHA Loan is a loan that is provided by a private lender but insured against default by the Federal Housing Administration. This type of loan has some major advantages over traditional mortgage loans.One advantage that an FHA mortgage has is the more relaxed credit-qualifying guidelines. Because the FHA's mission is to promote home ownership for low to moderate level income level families they can help people get a loan with little or no down payment. Instead of the 10% often required for standard loans a 0%-3% maximum is needed for a federal home loan mortgage.In the past, regardless of your FICO credit score, you could qualify for a FHA mortgage. Although that is still technically the case today, with the recent government Stimulus Package in 2008, a minimum 580 FICO score has become the generally accepted lower limit for loan approval.
The Stimulus Package also raised the maximum loan amounts available significantly on a per county basis. You will need to contact n FHA lender who can tell you the specific maximum amount available in your area.An FHA mortgage generally has very favorable interest rate and is usually lower than a conventional mortgage. Because the loan is guaranteed against default by the federal government, private lenders are more willing to reduce the interest because their risk has lessened. A lower interest rate means you can save thousands of dollars over the life of the loan.Another advantage of an FHA loan is that you can still be eligible if you have had a bankruptcy or foreclosure in your past. Eligibility for a new home mortgage requires that the declared bankruptcy occurred at least 2 years ago, foreclosures must have occurred at least 3 years ago and in both cases your credit since that period of time has been good. Find More Home Mortgage Loan Rates | Home mortgage loans Issues
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