Mortgage Refinance Costs [mortgageprotectiontips.blogspot.com]
Home lending emerged as one bright spot in bank earnings, after Wells Fargo and JPMorgan posted higher mortgage revenue spurred by a wave of refinancings. Wells, the biggest US home lender, reported another set of record quarterly earnings after ... Refinancing programme lifts big US lenders
While no cost refinancing options do exist from certain mortgage lenders, keep in mind that all lenders and banks are in the business of making money. If there is no profit to make from closing costs and other fees, you can count on something being added on to your interest rate, or the fees were in fact included in the loans total.
Mortgage lenders and banks who offer truly no cost mortgage refinancing are very hard to find. Always be sure to read all fine print in contracts, and compare different mortgage lenders. Try to get a GFE (Good Faith Estimate). Also, ask if the lender can guarantee the GFE. While guaranteeing an interest rate, terms, or conditions of a loan is not required, a lender who wants to work with you will give you one.
Here are some other Mortgage Refinance Costs:
-Loan Origination Fees.
-Processing Fees
-Administration Costs
-Application Fees
-Inspections Fees
-Appraisal Fees
-Escrow Fees
-Credit Report
-Loan Tie In Fees
-Tax Services
-Recording Services
Also, a lot of mortgage lenders charge homeowners extra, add on interest rates and fees, which can often be negotiated down.
These are a bonus if the lender can pull them over on you, and will net them extra profits. If you ask about them, they can often be removed.Another mortgage refinance cost you may have noticed is also called a "Yield Spread Premium". This is money which is given to the mortgage lender by the bank for connecting you with the banks services. Worth remembering is that the YSP could have been a savings for you if it would have not been there, and only profits the mortgage broker.
Find More Mortgage Refinance Costs ArticlesQuestion by : mortgage refinance declined due to low income? around a year ago we tried refinancing the mortgage with our lender indymac . At first they pre approved us. Then we gave them everything and they even asked for 300$ for the work. Eventually gave out all the paper works they asked for 6 months and they ended up declining and stated that our income was too low.We bought the condo for 479,000 about 5 years ago and now its estimated to be at 510,000.We have 2 mortgages for this condo. The first mortgage interest is 7.25% and was at 384,000 now its at around 363000 another mortgage is at 9.25% at 95000 now its at 92000. The total mortgage is at 3400$ for both these mortgages. The combined gross income is 116,000. After tax it the income ends up becoming 6000$ a month, and with the bills the credit cards and a summer house it all adds up to about 6500$ and thats not even including the cost of food. For 4 people we spend about 300$ on food which in total is 6800$ . we wait for the income tax return which is at 6000$ and once every 6 months we get vacation money which is 2000$ and thats 4000$ in a year. 10000$ extra goes into paying for the credit card loans that we take because we have an insufficent amount of 800$ a month. Since our mortgage lender declined is there anyway to refinance? Thanks for your help put no downpayment for the mortgage around 3900$ with every bill associated with this condo about another 900$ for the summer house 200$ for car insurance 1000$ for credit cards. 400$ driving to work. and 300$ on food = around 6800$ Best answer for mortgage refinance declined due to low income?:
Answer by Equality
No since the mortgage rule is NO more then 3 times annual income. That is 332k and you owe more then that. You need to cut your spending and eliminate CC debt. Sell the summer house and learn to do without.
Answer by the kid
You DON'T have enough income. Usually you qualify for about 3X your yearly. In your case, that is 348K. You need to borrow 455K. Doubtful you will find any lender to refinance with. even if you could, you wouldn't drop your payment by $ 800 You have an $ 800 a month shortage but you have a summer house that requires a $ 900 a month payment. Makes sense. Sell it, or get a second job.
Answer by madamsmall
Sell the summer house, how can you justify it when you can't even pay for your primary home? Put that income tax return and "vacation money" onto your credit cards. You need to downsize. If your home is worth more than you owe, SELL. Get something you can afford before you get foreclosed upon. You can't keep this up forever.
