teachingmother asked: My husband & I purchased our condo with two loans from Bank of America: a 5/1 ARM @ 5.25% and a 2nd mortgage @ 6.75%. I would like to refinance our mortgages before the rates adjust. However, the value of our home has decreased over $100K. I have called Bank of America to…
Category Archives: Renting & Real Estate
How long after bankruptcy shall I wait to apply to refinance my mortgage?
Penny asked: I filed for bankruptcy in 2004 and I have been paying on it for so long now that I have a chance to pay it on out. I have about a year left to go if I don’t pay it on out. I want to refinance my house. If I pay my bankruptcy…
Do you think it make sense to refinance your mortgage if you are trying to increase your credit score?
chicken2008 asked: I am trying to get my credit score into the high 700′s within the next few years right now it is in the low 600′s. It was suggested to me to refinance my mortgage. I thought that will drop my score some points. Also I am fine with my monthly payment. I attended…
Can a spouse refinance a mortgage alone if the other is not working?
jasonex asked: The situation is this. My wife and I bought a home b4 we had kids. she is now a stay-at-home mom and does not have a paying job. We want to refinance to lower the payments. Does the bank require a credit check on both spouses or is it normal that they only…
Selling home, making a profit – better to pay off credit card debt or put money into new home?
Cookie On My Mind asked: I have some credit debt left and I’m wondering if I should put the extra money I make from selling my home into the new house I’m purchasing or if I should go ahead and pay off the credit card debt. What is a smarter decision? Just wanted to say…
Refinance Mortgage?
Brian asked: I am splitting up with my girlfriend with whom I bought a house with exactly one year ago. We agreed that I would take over the mortgage pending approval on the mortgage reapplication with my co-signer. My questions are; -does my co-signer have to be on the title of the house? -will I…
when does mortgage refinance make sense?
Xiaobei asked: Hello all, i ‘d like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don’t need to lower my monthly payment, so I don’t have any clear purpose in mind. It is just that I have heard a lot of…
Refinance mortgage after garage is converted to living space without permit?
Susan asked: Last year, we coverted our one car garage to a living space by enclosing it, adding a window, finishing the floor. No plumbing is added. From outside, it still looks like a garage. We didn’t apply for a building permit. We are thinking of refinancing the mortgage. Note: It is in New York…