I love the flipflops asked:


My mortgage loan is about to be sold to Chase and my payments will begin to be made payable to them next month. I would like to refinance but I live in a very rural area and there is actually not a Chase within 200 miles from me.

Can I refinance with them without being close to them? Would that be a hassle? Also I have an appraisal from about 3 months ago, can they use that appraisal or will they use their own and how will that work since I am so far away?

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Ed S asked:


A relative in Ohio missed a few payments on her house and narrowly missed a forced foreclosure auction.

I’d like to bail her out somewhat by taking over her mortgage from the existing mortgage company. She would then be making payments to me instead of them, and I’d be a LOT more willing to forgive a missed payment or three. (Also her payments would be a lot less, even if I charged, say, 4% or 5% on the balance — and no, I’m NOT trying to get rich off her or gouge her!)

It really sounds to me like a refinance process, where she would be refinancing her home, but through me instead of a traditional lender. (I have enough cash to pay off her existing mortgage and separate lien.)

But I don’t know how to get the process started, or what kinds of paperwork I’d need to provide.

Anybody else go through this before? Or be able to tell me who to talk to, or where to go? (Be nice, now …)

Thanks,
Ed

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Amit Gupta asked:


Are refinancing and mortgage rates different? Also, is refinancing closing cost higher than mortgage closing when buying new home. I bought a home 10yrs-Fixed-ARM in June’07 at 6.25 and now the rates are 5.75. I will save $200 per-month if I get 5.75. Should I refinance? Advise please. I have good credit.

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lindsaytejeda asked:


If someone wants to refinance how does it affect their credit? Will it help since it will show one loan as being paid off and another one being opened? Or does that even eachother out?

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N_ J05 asked:


Will our current mortgage report as “payed-off” on my credit report, and will it cause my scores to increase. If so, how quickly? Will getting a mortgage, improve my husband’s credit scores? If so, how quickly?

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reni768 asked:


Me & my husband separated in the year 2006 and filed our taxes separately as well as the year 2007. We got back together in October 2007 and bought a house. Now I am trying to refinance and the bank wants copies of the past 2 years income taxes. Will it look bad on us that the past 2 years our taxes were filed separately? This is the way we were told to file but I dont want to mess up the chance to refinance.

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christine [?] asked:


My mom wanted to know! =]
Thanks!

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kankarnearnas asked:


Hello mtg. gurus. What would you suggest in the way of reduced closing costs and APR? What can I do to get a great mtg? I have found a way to get rid of FHA financing on my mtg. Are there any other things?

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Here C asked:


Hi
I want to know how to get the information of Refinancing agents for Home Mortgage. For example, our term insurance was handled by agent who took in our info, ran the numbers, spoke to companies and brought us few options/choices we can select.

Do we have someone like that for home mortgage refinancing? Thank you in advance for all your help

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Mark asked:


not open a new heloc for me because rolling the heloc into the mortgage brings me to 77%. once the refinancing is done, is there anything stopping me from going to another bank to open up a home equity line of credit with them to access the other 23%. i have no plans of using it but i like the idea that i have access to it.

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