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View Full Version : looking into refinancing my house, where do i start?


VickNotic
01-11-2012, 09:14 PM
who should i look into? should i stay with my original loaner and ask if they can lower my monthly payment and lower my interest rate.. or should I just go ahead and find me a new loan for the house? Ontop of that i want cancel my joint account and just make it my own.. where to go go about?
TIGERJC
01-11-2012, 10:26 PM
who should i look into? should i stay with my original loaner and ask if they can lower my monthly payment and lower my interest rate.. or should I just go ahead and find me a new loan for the house? Ontop of that i want cancel my joint account and just make it my own.. where to go go about?

Just remember you're going to be adding 3-5k to your home loan for the closing cost
BanginJimmy
01-11-2012, 10:46 PM
who should i look into? should i stay with my original loaner and ask if they can lower my monthly payment and lower my interest rate.. or should I just go ahead and find me a new loan for the house?

If your mortgage is owned by Fannie or Freddie look into the HARP program. If not, you can avoid an appraisal with a streamlined refi. Streamlined refi is not eligible for the lowest rates on the market though so it really depends on your exact situation.

Shop around for it. There wont be a negative effect on your credit score for inquiries made within the prior 30 days.



Ontop of that i want cancel my joint account and just make it my own.. where to go go about?

You need the approval of whoever is on the account with you. A joint account means you both have an equal share, so both of you need sign off on it.



Just remember you're going to be adding 3-5k to your home loan for the closing cost

You could do a cash in refi to cover any closing costs, but as a general rule if you shave 1 point off your interest rate you will make out big time over the course of the loan even with the added closing costs.
VickNotic
01-13-2012, 02:07 AM
^ i dont understand, man. But really i just want to lower the monthly payment and sign off from the mortgage and leave my dads name on it only. But thanks though guess i'ma go in and have a talk with a bank loan rep..
BanginJimmy
01-13-2012, 09:09 PM
^ i dont understand, man. But really i just want to lower the monthly payment and sign off from the mortgage and leave my dads name on it only. But thanks though guess i'ma go in and have a talk with a bank loan rep..

OK, If you want off the mortgage then your dad needs to re-apply and get a mortgage that will pay off your current one.