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Latest imagesHow were people's experiences lately with Mortgages/refinancing?
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Nila
Hellsangel
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How were people's experiences lately with Mortgages/refinancing?
by Hellsangel Fri May 27, 2011 11:52 am
Has it become a huge hassle?
Hellsangel- Posts : 14721
Join date : 2011-04-28
Re: How were people's experiences lately with Mortgages/refinancing?
by Nila Fri May 27, 2011 1:14 pm
After paying taxes and debt we don't have down payment...and so stopped looking for houses.
Nila- Posts : 1485
Join date : 2011-05-03
Age : 45
Re: How were people's experiences lately with Mortgages/refinancing?
by SomeProfile Fri May 27, 2011 11:19 pm
Sasthi wrote:After paying taxes and debt we don't have down payment...and so stopped looking for houses.
Serious question: What debt? How can a two-income middle-class family in the US have so much debt that they can't save enough for a down payment?
SomeProfile- Posts : 1863
Join date : 2011-04-29
Re: How were people's experiences lately with Mortgages/refinancing?
by Marathadi-Saamiyaar Sat May 28, 2011 2:27 am
SomeProfile wrote:Sasthi wrote:After paying taxes and debt we don't have down payment...and so stopped looking for houses.
Serious question: What debt? How can a two-income middle-class family in the US have so much debt that they can't save enough for a down payment?
Say in Kalophonia someone living paying a mortgage on a 800,000 (1000 sq. ft house) wants to move to a 1500 sq ft home with a "garden" (valued at 1.5 mil), they need to come up with 300K downpayment. Big problem, the 800,00 housesells only for 500,000 meaning they need to pay 300K on the old house AND 300K downpayment for the "Garden" house.
Not ot mention the closing costs, etc... And the lenders look at the job of the applicant and the chances of it being outsourced to India before deciding on the loan. Unless you are a doctor or a plane driver or a Wall street Looter or a tenured loser others are vulnerable to losing their job - and hence getting a loan approved.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: How were people's experiences lately with Mortgages/refinancing?
by indophile Sat May 28, 2011 7:18 am
Hellsangel wrote:Has it become a huge hassle?
We refinanced last year around Oct-Nov. We did it with the same company that held our original mortgage. It was very easy. The rate they offered was very competitive and there were no points either. The whole thing was finished in about a month. Even the settlement attorney came to our house on the settlement day.
indophile- Posts : 4338
Join date : 2011-04-29
Location : Glenn Dale, MD
Re: How were people's experiences lately with Mortgages/refinancing?
by Marathadi-Saamiyaar Sat May 28, 2011 3:48 pm
refinancing is not that big a problem. I misread it as buying a new house (reading Sasthi's post).
If one has a good credit rating (over 750), refinancing is relatively easy - that too, with the same company.
If one has a good credit rating (over 750), refinancing is relatively easy - that too, with the same company.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: How were people's experiences lately with Mortgages/refinancing?
by confuzzled dude Sat May 28, 2011 8:53 pm
Hellsangel wrote:Has it become a huge hassle?
It has been like it used to be i.e prior to the stated income loans nonsense. If you're genuinely qualified not an issue yeah you may need to provide a bit more details/documents but won't be denied.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
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