Question by harrygams: Mortgage, refinance, Countrywide loan, VA: Need simple answers?
Where is a site that is simplified in answers regarding mortgages, loan companies, interest & everything else.
Every time Hubby gets a letter offering to refinance us
& lower our monthly payments,
& skip a mortgage payment, plus return our escrow
I smell a fish & Hubby sees a great! opportunity to save a few bucks so,…
Where is a site, with simple explanations, that can answer any questions about mortgages.
(For example: Just how well is Countrywide doing? Do we want to get away from them? Are they about to sell our note to a Mexican bank & we’ll start having to pay in Pesos?)
So do you know of a site that can answer mortgage questions in an easy to understand way?
Thank you,
Harry Gams
Best answer:
Answer by AB
Usually those letters that you receive about refinancing only qualify for people with certain qualifications. They are sent out in mass to everyone who has a loan so it doesn’t mean that everyone will be able to qualify for them. If you have a fixed rate mortgage, I wouldn’t worry about refinancing now.
I would not worry about Countrywide going out of business (I have a mortgage with them too). Most likely your loan has already been sold to someone else and you are just paying countrywide who pays the other party. If your mortgage is taken over by someone else, they will need to notify you.
Know better? Leave your own answer in the comments!
There are several sites that offer mortgage information but you have to google them. You could borrow a “Real Estate Dictionary” from any local realty agent. A nice agent will be happy to loan it to you. It has all the explanations.
Every refinance costs you $3,000. That is why the banks are so happy to offer them to you. If your payments are acceptable, don’t refinance. If rates go down to 4.5%, fill out an application.
Countrywide is not doing well. Overwhelmed with repo’s and just purchased by Bank of America.
Unless you plan to stay in your home at least another few years, you do not have a pre-payment penalty on your current mortgage and are going to see a 1% decrease in your interest rate, DO NOT refinance.
Every refinance costs you money, not a few bucks, thousands.
Tell hubby to throw those offers away. Unless you have a high interest rate, you do not need to refinance. If you have a high interest rate, have improved your financial situation, and are tempted by the very recent mortgage interest rate reductions, talk to a local lender.
Just to say, it is not worth it. Some of those folks are better scalpers than some of my ancestors,
Most of those refinance offers are scams and you pay dearly for them.
Below are two link from a mortgage refinancing site for your reference which can answer your question related to mortgage refinance:
http://www.iloanshop.com/mortgage_refinance_questions.php
http://www.iloanshop.com/mortgage_refinance_faqs.php
You can always purchase a copy of McGraw-Hills, (Interest Amortization Tables). It was only a couple of dollars when I purchased it a couple years ago. It is available at most book stores. You can quickly figure going from monthly to biweekly payments,Adj-rate loans,remaining loan balances, Daily Interest Rate Factors, Also what if’s. Example: If my ARM can rise up to 3%, what payment keeps the same payoff schedule.. Perfect for figuring fixed amounts, say 175k at 6.5% over 25 years. Check one out at your local bookstore your husband will love it, and you will be at ease for it.