From what I gather, if your current home value is lower than your outstanding loan, you’re in distress.
And why do people default and foreclose on their homes when house prices fall? Could someone elaborate on this? I can’t seem to comprehend it.
Thanks!
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I need to refinance because my ARM has adjust twice now and is a small more than I’d like.
Firstly, is it a excellent time to do so, I’m in SE Michigan?
Secondly, what are the expected rates and fees?
I own less than 20% of the home value but median credit rating is around 760 (750-790)
I am a 1st time buyer / new home owner who hasn’t even made the first payment yet “Sept. 1st”. I have PMI on my mortgage that I want to get rid of as soon as possible. Most lenders require a year or two as excellent payment history before you can drop PMI. I have no pre-pay penalty on my mortgage so if I refinance with another lender in less than a year when my value exceeds 20% (basically there already) will the new lender require that I have been in my home at least a year or two with excellent payment history?
Ok Guys, Im new to this whole home buying thing, but I just have a question because I hear about it all the time. When someone refinance a house after a few years, they get a lower rate and they have amassed a excellent amount of justice both from paying the mortgage and from increases in home value. If they refinance, how do they pull out cash from the refinance and still maintain the same payment, sometimes lower?
Lets take this scenario: $620000 home. $400000 mortgage for 30 years @ 6.5%. After ten years the home increases to $1000000 and balance on mortgage is $340000. Lets say after the refinance the rate is 5%. I know the new payment for another 30 years would be $1825/mo but “how and what would they be able to pull out”?
Can anyone clarify (in lamens terms)? thanks so much!