related linksRead more about mortgages and loans
FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
You fortgot reason 11 for not refinancing:
The house is PAID OFF!!!!!!!!!!
I've received an offer from the bank to refinance under the Obama
administration's plan to force banks to help homeowners. However, I am in Chapter
13 bankruptcy, and even though I would like to refinace, and the refinance would help lower my'
payments and total interest paid, a rule says if you are in bankruptcy
you cannot refinance. So much for getting "help" from that program
I am a Loan Officer for a Bank and I am hearing all kinds of stuff in the conversation. There is NO reason that someone needs to wait 120 days to settle on their loan.... that is not the norm... 30-45 days tops.
Also there is available programs that will fit most home owners needs to help them lower their current rate.
Look harder for a Good Loan Officer and check some references and make sure he or she can do what they say.
If you have an existing mortgage why not just make extra payments every month ? That way you are effectively lowering your interest rate without going through the pain of a refinance. And the icing on the cake is you're not giving the greedy banks more money for the refinance, you're taking money away from them by prepaying and shorting them out of the interest !!
That's what I've been doing for years.....screw Bank of America, every month I make a payment I laugh about all the interest I'm taking away from them.
the major problem point blank is that fannie and freddie were forced by obama to buy up the **** mortgates while the banks like bank of new york maintained the 'credible' low-risk mortgages in their portfolios. if you are a **** mortage owner under freddie or fannie...you can refinance under HARP (govt bailout program for the delinquent and less than honorable homeowners...you know, the one's who shouldn't have a mortgage in the first place. HARP I, II, and III is so generous that obamanigga will guarantee up to 125 percent of your mortgage so to cover the 'low market value'...all of this on the backs of those of us who are not **** mortgage owners.
so **** u obama and your low-life strap hanging 'takers'.