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The Internet has made a lot of things so much easier for the average human being that if the plug were pulled tomorrow we would all of a sudden find ourselves in a very difficult position with respect to carrying out our daily routine. Because of its convenience there is something for everyone that they would miss if the Internet went down - not just from a sentimental point of view, but also because it would change how they did things, quite radically in some cases. One of the most important applications of the Internet is from a point of view of personal finance. A lot of people these days do their banking online. But it doesn't stop there, because getting the best deals on a range of financial products becomes a lot easier when the Internet is involved.
A mortgage refinance, for example, is something that more and more people are considering because of the state of the financial markets.
The markets falling has led to lower interest rates, and anyone clever enough and with a good enough credit rating to refinance to a fixed rate mortgage under the current circumstances can end up making a big saving. The idea is to pay off your existing mortgage with the new one and have a little left over to cover other debts - leaving you with one manageable monthly repayment. The key aspect of this whole idea is that you will be stretching those payments over a longer time - so you will have longer to wait for the magical "mortgage free" feeling. The payoff for you is that if you refinance at the right time, you can end up with a great deal.Finding the right deal is very much the key in this respect. If you use an online mortgage calculator before arranging your mortgage refinance you can find out exactly where you stand.
Taking into account your income and the current state of your finances a mortgage calculator will drive you towards the best deal for you. The best mortgage deal for you may not be the one which is best for others, and the calculator takes account of this. Overall, by paying attention you can save yourself a lot of money. The right mortgage refinance will often differ from the wrong one by an overall figure ranking in the thousands of dollars.Everyone likes to save money. The best mortgage refinance will allow the customer to do this not only in the short term, but can make the long-term level of debt you carry significantly smaller. The truth of the matter is that this will not be the case for everyone, and this is what the mortgage calculator is there to detect. If, for example, you only have five years until retirement and no significant pension plan, you will not be the best candidate for a mortgage refinance. In other circumstances, though, it could be the decision which allows you to unlock the potential of your income.
Suggest Using a Mortgage Refinance Calculator IssuesQuestion by TAVIO A: Mortgage Refinance? I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year. I realize i cannot get an interest only loan plus get my taxes paid for $ 2500.00 So can i get a payment of $ 2500 without the taxes? for 673,000? Best answer for Mortgage Refinance?:
Answer by ron d
Your payments @ 6% with $ 666 per month for taxes would put you about $ 4040 per month without including insurance, mortgage insurance and/or hoa. Hope this helps. http://1stmdloans.com
Answer by ycj
It will be impossible to have a payment at that amount without it being a negative amortization. You can refinance it again and have your current loan payments lower. Do you know the margin on your loan. I assume Lending Tree has a large margin on you. Your best bet is to keep the negative am and hopefully the equity will outgrow your negative am.
Answer by dvd
The scenario that you entered on lending tree did it ask for your fico score? What loan program information was provided to you in the feedback (verbiage)? With your existing loans totaling 673k refinanced into one new loan my calculations on an interest only program the mortgage payment would be more than 3k per month (not including the tax payment). Suggestion, make sure you read any fine print on Lending Tree website. Also if you are seriously shopping to refinance your loan, do not allow everyone to run your credit. Having your credit ran by different Lenders and Mortgage Brokers may drive your fico score down which may reduce your chances to qualify to receive a good interest rate.
Answer by LeoLends.com
We have a fixed 30 year with a Interest Only Option on the 10 or 15 years of the loan. I am not sure how that payment worked out to $ 2,400. If you borrowed $ 673K @ 6.% that a I.O. Payment of $ 3,365.00 plus $ 666.67 taxes per month = $ 4,031.67 That negative am loan is junk,,,,,get out while you can Leo Namiot http://www.LeoLends.com
Answer by Home Loan Guru
Unless I'm reading this incorrectly, you want to get a $ 673,000 refinance loan plus pay $ 8,000 a year in property tax for $ 2,500 a month? I hate to say it, but as far as I can tell this is very unrealistic. Others here have said it's possible, but I'm not sure how. I put your basic info into the Quicken Loans affordability calculator (I work for Quicken Loans) and the numbers just don't come close. Even with a perfect credit score, it's not possible. I think Lending Tree's calculator results must have been a mistake of some sort. Good luck with this and be careful who you work with on your refinance or you could find yourself in a worse situation than now. Make sure you can trust your mortgage professional to get you the best deal available that won't set you up for financial problems down the road.
Answer by Arturo S
If you really can't make the payments for a 5yr ARM Interest Only of about $ 3,365 + taxes and insurance. Then you'll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.
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