Q&A: Is renewing and refinancing a mortgage the same thing?
Question by Jenna R: Is renewing and refinancing a mortgage the same thing? I am looking for ways to pay down my mortgage faster if you have any advice that would be great. Also I would like to know if renewing and refinancing a mortgage is the same thing and is there any fees you have to pay when you do this. What are the fees for doing this? Best answer: Answer by Appraiser guyNo such thing as renewing a mortgage. You can only refinance and yes you have fees to do this. Add your own answer in the...
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Question by Matt: Mortgage refinancing advice? We are considering a refinance at a sub-prime lending rate of 9.1% fixed, 50-year mortgage. I’m told that when working with mortgage companies it is a good idea to get a couple different good faith estimates to see if there are any added line item charges that shouldn’t be there. Here are some of what they propose to charge us for. Should we question any of them? Loan origination fee Appraisal fee Credit report Admin & Underwriting fee Flood cert fee Tax service fee Closing/escrow...
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Question by gregg s: mortgage refinancing advice? I have a 15 year fixed rate mortgage at 4.75% balance is 54,000 I thinking of getting a refi at 3.8 fixed for 15 years i have plenty of equity in the house and want to take out about 25,000 cash this loan is a no cost loan. current payment is 825 mo. new payment would be 580mo. I have 7 years left on my old loan. so I understand I would be starting at 15 years again. money is so cheap to borrow right now i cant see any negatives? any advice I understand there is no such thing as a no cost...
read moreQ&A: Why should I trust the advice of a mortgage loan professional when buying or refinancing a home?
Question by econqwest: Why should I trust the advice of a mortgage loan professional when buying or refinancing a home? Best answer: Answer by NitengaleMy motto is if you don’t know them personally don’t trust them. They are out for the commission they make so do you homework before you committ to a specific person or company. Add your own answer in the comments!
read moreI have a 5 year ARM mortgage and i need advice on refinancing to a fixed rate mortgage?
Question by ssk402000: I have a 5 year ARM mortgage and i need advice on refinancing to a fixed rate mortgage? When I bought my house it was worth 291,000 where I made a down payment of 20,000 and now I am having an appraisal getting done and with the housing market as it is, i’m sure its worth much less. I originally had a 5 year ARM mortgage at a 5% rate but am now looking to refinance to a longer fixed rate mortgage. What are my options? Best answer: Answer by Biggie @ Arbor MortgageYou may be fine putting 20k down on the loan, but...
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