Divorced,recently had deed put in my name only,have a home equity loan,wondering if refinancing would be a good idea ,lower payments,lower interest rate,for 15 or 20 years
2006-11-23 00:40:33 · 4 answers · asked by debra x 1 in Business & Finance ➔ Renting & Real Estate
When doing a home equity loan you want to ask yourself several questions.
1. What do I plan on doing with the money?
2. If not sure, put a plan together for what you are going to do once you close and have the fund available.
3. Do I have debt I can payoff with this?
4. What are my mid-long term goals with my new mortgage?
5. What payment can I afford?
6. What are my credit scores (to determine what kind of rate you qualify for)
Your mortgage professional should go over your short and long term financial goals with you. You can leverage your mortgage payment to create a savings account, add to a savings account, payoff debt, etc. Feel free to email me if I can answer more questions.
Best Regards,
Anthony
2006-11-23 01:53:33 · answer #1 · answered by lowermydebtnow.com 2 · 0⤊ 0⤋
Often times, when divorce happens the deed gets put in one person's name, but the existing mortgage is still in both names.
Also, when divorce happens, people's credit gets hurt.
CAN you refinance at a good interest fixed rate loan on your own?
If you can afford the payment, then the shorter loan is better. If you are unsure about expenses and your future ability to handle the full payment on your own now, then go with a longer term fixed rate loan. Send extra to the principal every month. You can pay off a 30 yr loan in 15 yrs if you send the amount that the 15 yr loan would have required...
2006-11-23 01:37:05 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
If the economic business enterprise sells your place for greater beneficial than you owe on the indoors maximum loan plus their expenses (that should be alot) you're entitled to the version, in in the present day's industry i does not assume to confirm that. only be conscious in the 1st few years of a 20/30 300 and sixty 5 days own loan the majority is going to activity with little or no paying down the crucial. you is additionally in charge for the shortfall ought to the economic business enterprise sell the valuables for under you owe. Taxes are by no skill refundable, they bypass to the city you have been living in.
2016-10-12 23:28:27 · answer #3 · answered by ? 4 · 0⤊ 0⤋
As a loan officer I would look at what you trying to do and what needs you may have. You may be in good shape or not. Feel free to give me a call @ 313.897.2511
2006-11-23 01:41:59 · answer #4 · answered by roderickpotts@sbcglobal.net 1 · 0⤊ 0⤋