Bad Credit Consolidation Loan

Posts Tagged ‘Closing Costs’

Lucky asked:


My husband is laid off from his HVAC job. The company is not doing well so we don’t expect him to be called back. He is thinking about going back to school full time. We are trying to eliminate some of our overhead expenses. The only debt we have is our house. We owe 23 years on our mortgage. We would save $140 a month if we refinance for 30 years. He is 55 years old and the fact that we are getting so close to retirement makes me nervous about a 30 year mortgage. However, once he is working again, our plan would be to pay $300 to $400 extra each month to pay it off early. Everything hinges on his finding employment that pays well.Do you think this is a good idea or should we just keep the mortgage we have. There are no closing costs and refinancing is through our credit union.

mortgage refinance

BRIAN asked:


I purchased in 2006 for 74000.00 in Cleveland Ohio, A year later I took out a Equity Loan of 15000.00 to pay for new windows, paint job, and furnace/air conditioning, energy efficient appliances, and wiring updates. My current rate is 6.5 on a 30 year fixed conventional. I went to my current loan institution recently and was told that the current rate was about 5 percent now, but was told that I could not do a refi with my current backer with was Fannie Mae due to the big mortgage crisis they have gone through. So it would be a total refi and would then get slammed with closing costs. However they told me that I would have to combine the 1st and 2nd mortgage(home equity loan) into one, and that would put me at a greater then 80% loan to value, which would require me to carry PMI (mortgage insurance). When it was all said and done, i would be saving roughly 30.00 a month on my current bill???? If i didn’t have to carry PMI it would be about 100.00 in savings a month? Have things changed again, should i retry this attempt. Should i get an appraisal, cause he told me my home would have to appraise for 103,000 to not have to carry pmi. I believe my home is worth every ounce of that, but the current market might not! any help would be appreciated.

mortgage refinance

Chgo1978 asked:


Do they really stick with their low closing cost? Any hidden costs? Seems a bit too good to be true. ($695 to close, 0 points)

mortgage refinance