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I have raised, mostly because I made a purchase when the property market was booming. I can not refinance my house with my current bank because of my condo will not be assessed in more than 90% because I have two laenuon high, mainly because I made a purchase when the property market was in full boom. I can not refinance my house with my current bank because of my condo will not be assessed in more than 90% because I have two loans … Can I combine two loans, give me a better opportunity to refinance for better rates? Can I combine two loans, give me a better opportunity to refinance for better rates?
But the question is it smart to refinance a $ 40-45000, and I had to repay student debt? at least then I’ll just have to worry about my house only. I think my interest rates on student loans is slightly higher than 4%. My mortgage was originally 186,000 and $ 158,000 I have now, but the house was valued at just over 200,000 recently. I think I’m worried about what I did pay after school (11 more classes to go). single parent and I own my house …….. Note 1462.00/mo..car is 211.00/mo.

7 Thoughts on I have great interest in my current mortgage rate is the bank that I transfer my loan to the bank for a lower rate?
  1. Reply
    Sharon T
    February 11, 2011 at 6:23 am

    Now is not a good time to try to refinance with little equity. If your payments have all been on time, you might ask your current bank if they will reduce the rate. Hey, it never hurts to ask if you do it with a pleasant attitude. Do it in person, not on the phone. Better yet, call ahead and make an appointment.

  2. Reply
    chatsplas@sbcglobal.net
    February 11, 2011 at 6:54 am

    not a good time for 90% loans, but check around

    Pay down that second loan and try again. . . extra principal payments every month can make a good impact fairly quickly, even if just $ 50 or $ 100 extra

    You may have a high rate loan because your credit isn’t that good and you required two loans to buy the property (booming market didn’t give you high interest rate, your credit rating and small down payment did). BUT if you have paid on time, your current lender may be willing to do a refi OR to reduce the rate. Ask, and ask more than one person, get a supervisor. And yes, combining your two loans into one loan is a good idea, one payment, lower interest rate. You need to do some legwork.

  3. Reply
    Tim
    February 11, 2011 at 7:20 am

    You don;t transfer mortgages. You refinance. If you have little equity, chances are you will be stick unless you pay down the balance of the loan.

  4. Reply
    Big Deal Maker
    February 11, 2011 at 8:01 am

    Tell your bank you Want a lower interest rate or they can have the condo back. They do not want that back…Call each lender and tell them if they do not reduce your interest rate you will be forced to give them the condo back. I`m betting the condo is worth far less than you think……Best of luck

  5. Reply
    godged
    February 11, 2011 at 8:19 am

    Probably cannot combine these since the sum total of what you owe is higher than what the condo is worth.

    You don’t transfer a mortgage, you refinance, and there will be thousands of dollars worth of fees attached to this.

    You are probably going to be better off to attempt to pay down some of this debt, then refinance when you can.

  6. Reply
    the kid
    February 11, 2011 at 9:04 am

    Why would you do that? You would PAY to refinance your home to pay a HIGHER interest rate than you already pay on the student loans? You pay 4% now, and you’d be paying 5.5% after the refi. Plus you’d pay at least a few thousand to refinance. It makes no sense.

  7. Reply
    Tim
    February 11, 2011 at 9:36 am

    Hi Nicole,

    This is pretty simple. You do not have enough equity to refinance and pay off your student loans because lenders no longer offer 100% cash out refinancing. If you add your student loans to your current mortgage balance you end up at $ 198,000 to $ 203,000 and your home just appraised at a little over $ 200,000.00.

    FHA allows cash out refinances to 85% of the appraised value but I don’t know if that would help you.
    You can also look into a straight rate and term refinance to see if you can save some money on your monthly payments.

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