Question: I got a flyer from a mortgage broker that said “From your loan records, you could refinance at a lower rate today!” Rates are low, and I was looking to refinance. So I called and we got started. He promised zero points and zero loan fees. Everything proceeded as expected, [...]

Question: I’ve been getting ads for refinancing in the mail and some look pretty good. How can I tell if they are on the level? I called one and it sounded good. Called my mortgage company and they told me no way it can be true, if its that low a rate then I [...]

Question: I recently refinanced my home (8 months ago at 8 3/4%), and just had the loan broker call me and tell me he can do a no cost refinance to 8%. Has anyone heard of this, and if so, what is the catch. What motive do they have for giving me [...]

Question: I have a 30-year mortgage with a prepayment penalty. I’d like to refinance, and notice that the clause governing the prepayment states that “if I prepay this loan in full within 2 years from the date of this loan, I agree to pay a prepayment penalty in an amount equal to 6.00%…”
Can [...]

Question: I was approached with an investment opportunity and I’m wondering if there are downsides to it that I am not appreciating.
The person I would be giving my money to is a loan agent for what seems to be a legit mortgage company.
What he does is give people 1-2 year loans at around [...]

Question: I own a rental property which is mortgaged for the amount equivalent to ~30% of its market value, rest being equity. When I file taxes, I deduct the interest paid on the mortgage from the rental income – which is how it should be. I am planning to refinance the rental property to get [...]

Question: Is there a newsgroup for dicussing refinancing my primary (and only) residence ?
The Consumer Information Center has some information on this subject. Point your browser to our home page and there’s a link. Best of luck!
Answer: No Cost refis are quite common. Use a broker [...]

Question: My brother-in-law is reluctant to refinance his 10.5% mortgage for two reasons: he doesn’t want to extend the life of the loan (~8 years left) and he doesn’t want to pay additional interest.
My first reaction was the only important things are interest rates and closing costs. If he gets a 10 or [...]

Question: Pardon me if this is a FAQ. I would be grateful if anyone has information on the following dilemma.
My husband and I have decided to re-finance our mortgage. We purchased our house two years ago, and at that time paid massive amounts of money for a title search and title insurance. [...]

Question: I realize that a mortgage company has every financial > incentive to discourage their customers from refinancing when > rates are low….
>I do not believe this is correct. Almost all mortgage companies >(and banks for that matter) resell the mortgage on the secondary >market. They [...]