Kristy Annely asked:




The idea of refinancing your second mortgage is undoubtedly attractive – if you can pay off your present 2nd mortgage by obtaining another with better terms. But beware – refinancing your 2nd mortgage is only advisable under some situations. Study the prevailing interest rates and determine whether they are conducive to refinancing. Are the effective interest rates lower now than when you obtained your second mortgage? If so, then refinancing makes sense.

Refinancing can be tricky, so be prepared to do careful math before you decide. Take into consideration the length of time it will take you to pay off your home, and how much you will be paying (in total) over the years if you stick with your present 2nd mortgage or decide to refinance.

Before you refinance, be sure to properly educate yourself about the advantages and disadvantages of refinancing your 2nd mortgage. Refinancing has the power to put you in a better place if you use it properly, but can also yield catastrophic results when poorly timed. Such catastrophic results include ending up paying higher rates, having longer re-payment periods, a change in heart that could lead to yet a third refinance, or even the worst: foreclosure. Nobody wants that, but foreclosure occurs every day as a result of people being unable to keep up with payments.

Consult a trusted mortgage-lending expert before making your decision. If your current finance situation does not absolutely require you to refinance or get a second mortgage, then do not refinance. Stay the course and wait until you are sure before you change course.

Micheal

paul h asked:


i was just pre approved by westpac for a 20,000 dollar top up loan which takes me to 80% later they told me they can only give me 60% because my post code comes as a high risk area when i asked why . they said as it was a minning area . i later called to get this in writing but they seem to be reluctant to give it to me and are saying that the guy shouldnt have told me this they now seem to be avoiding my request of this in writing and say a supervisor will get back to me which hasnt happened as it is a minning area they say boom times can affect peroperty values up or down depending whether its a down turn or upturn in minning yet the minning company state that minning dosent affect the property values can any one tell me my rights as to obtaining a letter from bank to say why my post code is classed as a high risk area and has anyone heard of this or had the same experiance

Lisa

Julita Viola asked:




For many homebuyers they always look at the mortgage rates predictions so that they will know when to purchase their dream home. But buying your dream house is not going to be based on what the mortgage rates predictions are. It is better for you to know how much can I borrow for a mortgage. Using mortgage calculators or home loan calculators can give more information and quotes that may be more useful in your search for a house or home loan.

Mortgage rates predictions are just a mere forecast as to where to rates are going and how they can affect your variable mortgage rates. It is very difficult to accurately predict where the interest rates are going especially when the main factors affecting rates are going in opposite directions. The US is reeling from economic difficulty and these major factors that control mortgage rates are pulling in unrelated directions.

Accurately determining where the mortgage rates are going can be extremely difficult with the opposing directions of the major indicators. The ever slowing US economy plus the subprime mortgage fiasco, it is putting too much pressure on mortgage rates to go down. With too many home foreclosures and the oversupply of homes for sale and buyers, the pressure is on to lower rates. But there are the pressures of inflation to contend with.

The price of fuel or gas and food is increasing by the day and it seems that there is no end in sight. Rising prices of commodities, fuel or gas and food are indicators of inflation. And when there is inflation, there is pressure for mortgage rates to go up. But you cannot just move the rates higher when there is too much of homes for sale and no buyers. It just not going to work that way. The main culprit in inflation is the Federal Reserve or central banks printing too much money and nothing to back it up.

There are other factors that determine how home mortgage rates go. Stocks and bonds an also play a role in the determining or predicting where the mortgage rates are going. But unless the central banks stop printing too much money and put into circulation, inflation will stick its ugly head.

With the economic crisis, the ever increasing inflation will force financial institutions and lenders alike to move interest rates higher. Accurately determining which of the factors will stood up will mean the difference between a correct mortgage rates predictions and one that is way out of estimates. But these are not the sole determinant in your search for how much you can borrow for a mortgage.

Robert

tony asked:


when the extra money is suposto go back to the principal on my loan in 30 days after the work has stoped and thay just keep it 17955.00 who do i report the theft to its bin a year now and my house payment is 255.00 a month more because of this and i have no money for a aterny

Martin

.phantom47 asked:


We are being told that we must rent out the other house for just at the morgage price and no more is this true or are they trying to get over on us about the extra rent we could make on the rental price of the house?

Brent