i want to refinance. would be ok to refinance my car and my house too?

Question

can anyone tell me if it is ok to add my car when financing my house. i wonder if payment would be more than just paying it for the two more years that i have to pay my car. should i refinance my car separately? please help

Answer 1

If you are going to refinance the two, then I'd just add it to your mortgage.

Advantages:

1. The interest will be tax deductible in most cases.
2. The monthly payments may be lower and you will have more flexibility choosing a loan program.

I hope this helps! Please e-mail me at [e-mail] with any other questions.

Best of Luck!

Anne Palmer

Answer 2

You should find out how much the closing costs for refinancing both the car and home would be. You only have 2 more years left to pay on the car. But if you refinance with the car in the loan, the 2 years worth of payments will be spread out over the life of the loan. Refinancing is good for other investments, home improvement, remodeling master bath or kitchen because they add value to your house. We all know that as soon as you drive a new car off the lot it starts to loose its value, so adding the car woun't contribute to the value of the house. I would keep the car separate since its only 2 years left on the note. Also remember that you don't want to add too much debt to your mortagage. If you overdue it by adding cars, credit card debt, etc and can't make the new payment, you could loose the house.

- good luck

Answer 3

You can do a cash out refinance, and pay off your auto - you can take the additional interest you are paying on your mortgage off at tax time. But in the long run, you will need to get another auto, so than you have another auto payment - If I was you, I would pay off high interest credit cards, etc, and pay some on your auto - maybe that away you would not have to take as much cash out of your equity in your home. It is up to you. YOu would save aprox 300 a month (paying your auto off) if that is what you are paying now. You could but the savings into a savings account - or a CD and let it earn interest, for when you need another auto down the road. Just an Idea. Only you can decide if this is to your advantage. Take a table of paper and write downt he pro's and con's. ok ! Also if you are wanting to refinance, please look at the following.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down

Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Rates are still good - so decide if it is a benefit to you. - ok

Just a reminder, you will get a 1099 INT form, for interest you paid each year at tax time, you can take that off if you go 1040 long form. If you refinance, you will need to sign up (again) for your Mortgage exception and Homestead exception and any other exceptions at your local court house 1 month after you close on your loan. This will LOWER your PROPERTY TAXES. Your Broker should mention it to you, or your closer at the closing.

Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...

Answer 4

I am agree with mrs Palmer, as she said if you will re finance you shoul ad your car to refi, it helps you reduce your payment for your car, car insurance and helps your credit.

On the other hand why you will refinance when the rates are this high, did you check for HELOC(Home equilt line of credit) if you dont have to maybe it is better to go HELOC because you can have good rate, and also when the rate goes down you may refi and pay your HELOC too.

Good Lck,

and dont forget to rate the answers.

Answer 5

If your equity in your house is enough to get that big a loan, then sure, you can do it.

Now, do you really want to still be paying for that car 20 years from now, long after you've probably traded or junked it? Interest rate will probably be lower on a mortgage than on a car loan, but total interest paid will probably be much higher since you'll be paying on it so long.

Answer 6

Your difficulty is at present the domicile received't appraise on the non-public loan fee, for this reason at present you probable can not get a lender to refinance a private loan it is higher then the be conscious fee so as you pronounced you ought to placed monies into upgrading the domicile in hopes that once the improve the domicile will appraise for the be conscious fee or take that monies you the position going to apply, pay down the be conscious to the point the position the domicile will appraise for the hot personal loan fee

Answer 7

I work for United Lenders Group and I work with over 45 different banking companies and all 50 states so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
916-860-0804
keyon

Answer 8

amk is right, it is better to take out cash out in a refi and pay off your debts. The last guy who said to take out a HELOC is unaware that the Prime Rate has skyrocketed and thus HELOCS connected to the prime are expensive now.
Good Luck