Author Topic: ?? about refinancing home loan  (Read 1263 times)

the cheapining

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?? about refinancing home loan
« on: May 21, 2017, 04:47:36 PM »
I will start off with my info
My wife and i make 105k a year only debt is 4k left on my wifes car
we bought a home in 2010  for 134,00 now valued at $210,00  we are in the Austin area its crazy here
My dad loaned us the money and matched the banks mortgage rate .He told me yesterday he is putting the 70k we have paid so far to the principle and is killing the interest (really surprised me i am the oldest kid and have always paid for everything and never asked for money but wow what a gift)
so he wants the 64k the the taxs he has paid which is around 10k pretty soon so he can dump some cash in stocks .totally cool and grateful for this .So we are gonna refi for the 74ish k.are payments now are $881 a month and want to for the refi for 10 or 15 years.we can afford paying up to 1ka month.any  way to get out of origination fees and any things to watch out for refinance fees?
we plan to saty in the house for another 5 years then rent it out after i remodle it to try to make it tennet proof(i was a plumber and can do alot of work myself)
anyonline lenders worth checking out?

thanks yall sorry for the meandering and bad punctuation.


the cheapining

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Re: ?? about refinancing home loan
« Reply #1 on: May 21, 2017, 05:16:34 PM »
I forgot to ask,about a year ago I froze my credit with 4 of the credit agency's.Do I need to unfreeze them to start the refinance ?

SwordGuy

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Re: ?? about refinancing home loan
« Reply #2 on: May 21, 2017, 05:44:57 PM »
Can you un-meander a bit?

You say you don't have any debt but a car but then we're discussing a mortgage you have.  Both can't be true.

You owe $74,000 to your dad and he needs the money soon. 
You want to refinance the house with a bank so you can pay back your dad ASAP.

Is that what your situation is?

Yes, you will probably have to un-freeze your credit with the service bureaus to get a mortgage with a bank.   You will probably also have to produce some written documentation of the mortgage debt to your dad.

As for the fees, shop around.  A lot.   Ask the bank to explain each fee ahead of time and then ask those the government does not require to be dropped.  It won't hurt to ask.