I am thinking of changing my mortgage over to try to get some extra cash is this possible by switching mortgage lenders and can you advise any good mortgage lenders???
2006-06-16 01:08:18 · 7 answers · asked by noodles 1 in Business & Finance ➔ Credit
Okay this is what I do for a living and there are questions you need to answer to yourself first...
1. How much is my property currently worth? Have a real estate agent give you a CMA (cost market analysis), of what it is worth. This should be a free service to you.
2. If there is some or more equity that you can use go to a local mortgage broker office NOT A BANK, there are many options available to all but it will be based on your credit and how well you have paid your current mortgage.
3. Once you have gotten at least 3 different options from the brokers office (I always get 3 options for my clients; refi fixed/arm and interest only or HELOC(home equity line of credit) or a 2nd mortgage usually a 30 year due in 15 years. Make a decision as soon as possible and only do what is right for you.
DO not let friends or family members make this decision for you they do not know your whole situation or credit history. Just follow your gutt!!
2006-06-16 01:54:09 · answer #1 · answered by pww 1 · 2⤊ 0⤋
Yes there are lenders, however I would only do it if the interest rate was a point lower than what you are paying now. It also depends upon how much equity you have in your home as to the amount they will lend you, most will try for a home equity loan-a second loan different from the original mortgage.
Disadvantages- It would be like trying for a mortgage the first time, it would be more lengthy in time, both will have loan originating fees, appraisals. Banks are the best in mortgage lenders.
2006-06-16 08:15:52 · answer #2 · answered by DollyLama 5 · 0⤊ 0⤋
Hello,
How long have you owned your house? The more years the more equity you have in your home. Yes there are advantages of switching mortgage companies. There are banks that don't have mortgage programs that can help individuals pay a reasonable mortgage and get cash out and lower your interest rate depending on your score we can help including help you improve your score if is bad.
We have program for good credit, bad credit or no score or low score programs.
We work for you and work fast. What state are you from?
2006-06-16 08:17:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The advantages depend on the terms you have now, and the terms you have in the new loan. Sometimes it is better rates. Sometimes it frees up equity to pay off credit card debt or home repairs. I like Countrywide.
2006-06-16 08:16:51 · answer #4 · answered by redunicorn 7 · 0⤊ 0⤋
Not much just your time - I looked at both situations, jusk ask your current lender to offer some other terms that are being offer by new lender.
2006-06-16 08:13:41 · answer #5 · answered by Zee99 3 · 0⤊ 0⤋
you could get extra credit if you had equity on your property
but you could do that at the same place . just remortgage providing you would get a good interest rate
2006-06-16 08:15:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Have a look here.
2006-06-17 13:25:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋