Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Wanting to refinance my house and get some work done
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="dru" data-source="post: 1924178" data-attributes="member: 3047"><p>So are you trying to refinance to lower your monthly payment to free up extra money with which to fix these things or are you talking about a cash-out refinance where you refinance and tack the cash out amount to the mortgage to be paid back over the life of the new mortgage?</p><p></p><p>In either case, first before you go and talk to a bank, make sure you have enough equity in your house to do this (it will save you the time and trouble of approaching banks only to have them turn you down). Banks vary on their percentages that they like to have in equity so I can't give you a good number there but if you are underwater, or have little equity in your home, then your chances are much worse.</p><p></p><p>Also, if you would like to avoid the refinancing, you could also consider taking out a home equity line of credit (HELOC). This usually has a shorter term than a refinance, and the process is generally faster and has far smaller fees and costs associated with it than a refinance. Downside is that it has a shorter term, and usually a higher interest rate than a re-finance, which both act to increase your monthly payment goal.</p><p></p><p>Assuming that you still want to do a re-finance, research banks. The BBB is good, but honestly just ask your friends, family, neighbors, church associates, co-workers, etc. See what they recommend. Also, there are a number of good online solutions. Try lendingtree.com, quickenloans.com and others that you can find through google searching. Avoid the shady ones and even the online banks will be easy to deal with.</p><p></p><p>Forgot to add: Get estimates for the amount that all this fixing will cost you and THEN you will have an idea for the amount of the loan you will need. Then go to the bank</p><p></p><p>Second edit: Not sure who you would ask about the settling issue, but I would seek out a reputable home inspector. If they can't tell you whether or not its settling, I'm sure they would be able to point you in the right direction</p></blockquote><p></p>
[QUOTE="dru, post: 1924178, member: 3047"] So are you trying to refinance to lower your monthly payment to free up extra money with which to fix these things or are you talking about a cash-out refinance where you refinance and tack the cash out amount to the mortgage to be paid back over the life of the new mortgage? In either case, first before you go and talk to a bank, make sure you have enough equity in your house to do this (it will save you the time and trouble of approaching banks only to have them turn you down). Banks vary on their percentages that they like to have in equity so I can't give you a good number there but if you are underwater, or have little equity in your home, then your chances are much worse. Also, if you would like to avoid the refinancing, you could also consider taking out a home equity line of credit (HELOC). This usually has a shorter term than a refinance, and the process is generally faster and has far smaller fees and costs associated with it than a refinance. Downside is that it has a shorter term, and usually a higher interest rate than a re-finance, which both act to increase your monthly payment goal. Assuming that you still want to do a re-finance, research banks. The BBB is good, but honestly just ask your friends, family, neighbors, church associates, co-workers, etc. See what they recommend. Also, there are a number of good online solutions. Try lendingtree.com, quickenloans.com and others that you can find through google searching. Avoid the shady ones and even the online banks will be easy to deal with. Forgot to add: Get estimates for the amount that all this fixing will cost you and THEN you will have an idea for the amount of the loan you will need. Then go to the bank Second edit: Not sure who you would ask about the settling issue, but I would seek out a reputable home inspector. If they can't tell you whether or not its settling, I'm sure they would be able to point you in the right direction [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Wanting to refinance my house and get some work done
Search titles only
By:
Top
Bottom
