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Is it possible to refinance only the amount that is owed on a home or do you have to refinance at the current home value?
Wiki User
∙ 7y ago
You can do either, but some credit sources place limitations on the minimum amounts / minimum percentages that they will loan.
Wiki User
∙ 7y ago
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Can a home be refinanced for more than the current loan amount?
Depending on your credit score you can refinance up to 100% of the appraised value of your home. In fact, there are some lenders who will allow you to borrow up to 125% of the value, if you have a credit score about 720.
What is the average closing cost to refinance?
The average closing cost to refinance varies depending on the amount of money unlocked during the refinancing process. As a broad average, this is around 5% of the total value.
Can you combine home auto and credit card debt into one loan?
Yes..that is called a "cash-out" refinance or consolidation loan. The Lender will base your loan amount on the current value of your home. Of course you will have to qualify for the new mortgage payment.
What factors help determine mortgage refinance rates?
Mortgage refinance rates are dependent on a multitude of factors. Individual credit scores, documented ability to repay, current prime interest rates as published by LIBOR, and property value are major influences.
How much money will I save if I refinance?
You may not save anything. It depends on what you're refinancing from and to, whether the value of your house has fallen since you bought it, and your current credit situation.
I would like to refinance my home and maybe pay off some bills. My home has depreciated in value and I wanted to know if I still have shot at these great rates out there?
You cannot refinance and take a cash-out refinance unless you still have 80% equity in the home at its current value.
Can a home be refinanced for more than the current loan amount?
Depending on your credit score you can refinance up to 100% of the appraised value of your home. In fact, there are some lenders who will allow you to borrow up to 125% of the value, if you have a credit score about 720.
Present value of a future amount?
the current dollar value of a future amount
What is the average closing cost to refinance?
The average closing cost to refinance varies depending on the amount of money unlocked during the refinancing process. As a broad average, this is around 5% of the total value.
Can you combine home auto and credit card debt into one loan?
Yes..that is called a "cash-out" refinance or consolidation loan. The Lender will base your loan amount on the current value of your home. Of course you will have to qualify for the new mortgage payment.
Can your refinance if you don't have the equity in the house?
It may be possible to refinance your home if you do not have equity. I have done many of these loans. There are currently programs for both Freddie Mac and Fannie Mae that will allow you to refinance even if there is not equity. There are Loan to Value limits, but they are well over 100%.
Is it possible to surrender LICs market plus policy after 3 years if yes then will get the principal amount?
you can surrender, but u will get the current market value
What factors help determine mortgage refinance rates?
Mortgage refinance rates are dependent on a multitude of factors. Individual credit scores, documented ability to repay, current prime interest rates as published by LIBOR, and property value are major influences.
Does current value depends on the amount of charge moving past a point in a unit of time?
Yes, the current value is directly related to the amount of charge passing a point in a unit of time. Current is defined as the rate of flow of charge, so a higher amount of charge passing through a point in a given time period will result in a higher current value.
How much money will I save if I refinance?
You may not save anything. It depends on what you're refinancing from and to, whether the value of your house has fallen since you bought it, and your current credit situation.
Refinance Interest Savings?
Refinance Interest Savings How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.
Do you need an appraisal for a fifty-percent loan to value ratio refinance?
No, you do not need to have a fifty-percent loan to value ratio to refinance. There are many many loan programs that will allow you other ratios and consider an overall financial picture of the situation so that you can refinance.
