How long does it take to re-finance loans in full?

Deal Score0

A mortgage company reverse gave me a foreclosure notice and I have two weeks to pay a loan of 120 000 estimated value of my property 635 000. My credit score from Equifax is to buy the 659th title of the house is a living trust, that my grandfather took me as executor of the left. I need an updated assessment. I want a loan refinancing 180,000 to repay the reverse mortgage and have some extra money for the cost. Please let me know what I do in this Delem?
Okay, my girlfriend in a 30-year fixed mortgage. A month ago, one of her good aunt died suddenly and now we’ve just found that four of their four nephews and nieces to a considerable amount of money left. My girlfriends share (about $ 500,000) is sufficient to pay the mortgage at home and they had to pay any interest for some time in the past expressed. My question is, as it is in a fixed rate mortgage, the bank will allow it, it’s worth it when she goes there soon? Thank you for the reply. Subprime saga



John Coffman with his daughter Lindsay in the courtyard of the house she once again promised during the boom in subprime. Now they try to get back on track with the loan, but the fear of the house must be sold.

8 Comments
  1. Reply
    tagindstry
    February 24, 2011 at 6:53 am

    The quickest way to solve your problem would be a Hard Money Loan – THey can usually start and fund your loan in as little as 3 business days.

    A regular loan, if done by a good company and you cooperate in getting all your paperwork together, takes about 5-7 business days from start to finish (this also depends on if the appraiser gets the appraisal completed and into the lender in a timely manner (within the frst 1-3 business days of the transaction)

    http://www.dreamloanusa.com for an outline of how a loan works during refinancing and also help with hard money financing.

    After you get your hard money loan if you choose to go that route in order to be safe with your Timeline, you can then refinance into a regular loan at lower interest rates. It will cost you a little more this route, but you will be safe regarding the time crunch you are in.

  2. Reply
    Richard M. Johnston, Realtor
    February 24, 2011 at 7:46 am

    Here is the contact information of a great mortage broker I use and also they are a Chase Partner.

    Contact: Ken Sisson
    Chase Mortage Partner
    1-310-308-8672

    He is great at what he does and recommend by all I work with.

    Sincerely,

    Richard M. Johnston, GRI, ABR, e-Pro
    RE/MAX OTB ESTATES
    President’s Advisory Council Member
    http://www.estates.la

  3. Reply
    the tax lady
    February 24, 2011 at 8:17 am

    *Some* mortgages have a limit on how much of a mortgage can be paid in one year. If that’s the case, she pays, say, 20% for each of the next 4-5 years.

    Typically these penalties expire after 5 years.

  4. Reply
    Sam
    February 24, 2011 at 8:31 am

    Most fixed mortages do not have pre-payment penalties.
    It is the Arms and variable rate mortgages that are notorious for these penalties.
    Just call your mortgage company before hand and ask – they will quickly tell you.

    To pay off a mortgage:
    It is very difficult to calculate when the company will get the large payment.
    They charge interest daily.
    The trick send one large lump sum, almost in full.
    Wait to get the next statement.
    Pay that amount plus a bit extra.
    Everyone that has always paid off a mortgage has always overpaid since it is so hard to know the exact date the mortgage company will get that check. You always get a refund check for a small amount when you overpay…

  5. Reply
    chatsplas
    February 24, 2011 at 9:21 am

    Unless there is a prepayment penalty on her loan, there is NO problem with paying off her loan, and it can be an excellent thing to do.
    Even if there is a prepayment penalty, she can pay it off, but there is a charge for paying it off early.

    Being on a fixed mortgage simply means that the interest rate on the money borrowed is fixed, the rate does not change. It has nothing to do with being able to pay off the loan.

    She should talk to her lender about whether there are any prepayment penalties–most loans do NOT have them. When she gets her money and is ready to pay it off, she should request a Loan Pay-Off letter from her lender.

  6. Reply
    Judy
    February 24, 2011 at 9:59 am

    Check with the bank. There’s usually no penalty for prepayment unless the mortgage is very new.

  7. Reply
    My Take on It
    February 24, 2011 at 10:29 am

    She should be able to pay it off
    She would have to read her paperwork or ask the lender if there is a prepayment penalty.

  8. Reply
    2ZAWINUL
    February 24, 2011 at 11:07 am

    It isn’t life threatening, Enjoy the new experience? I bet you get to eat everyday.

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