I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I’d like to redo my loan, and add my car payment on with it on a 15 year loan. The problem is that the mortgage company had a stipulation that they got to do my 2nd and 3rd mortgage, which they want to charge thousands of dollars in fees to do. Can I go through my local bank and do a home equity loan using my house as collaterol, and pay of the mortgage company?
Can I Get A Home Equity Loan Or Do I Have To Re-do My Mortgage?
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depends what the rate is on the first mortgage.
if it’s less than 6.25% than you might want to think twice about refinancing.
FHA allows you to go up to 95% ltv…and with good rates.
You can still refi to a 30yr fixed mortgage, and make payments as it was a 15yr mortgage. You dont want to strap yourself for money if you can afford ‘a little more’.
I’ve never heard about a stipulation in final docs that gives a lender exclusive rights to your subsequent mortgages: did you use a broker? I hate to say it, but that sounds like something a less-than-honest broker would say to get you to come back to them. In any case, it would be spelled out very clearly in your final note that you signed.
As far as your other question about your car, you really should get advice from a mortgage professional. It MAY be a great idea to refi and include other debt (like your car) in your mortgage payment, but it might NOT if you have a rate that is unbeatable in today’s market. What about a HELOC or a personal line of credit? Or what about simply making accellerated payments on your car? You have quite a few options: sit down with someone who can help you make the best decision. I would strongly recommend you start with the wealth management advisor at your bank – almost all banks have someone in that position and they would not be as inclined to try to convince you to do a home refi simply because they want to get paid.
Be careful, make an educated decision, and good luck!
If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determine
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