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Anybody familiar with refinancing?

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hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Anybody familiar with refinancing?

We refinanced once to pay off bills and our interest rate was lowered. I want to re-do my kitchen and wondered if this is the way to go again. The interest rates are higher though so I don't know if this is the right thing to do.
I am sooo confused with all of this stuff!
Thanks!
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Posted 12/31/05 10:48 AM
 
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DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Anybody familiar with refinancing?

Dont refinance. Just do a home equity line of credit.

Any bank can do this... you dont have to get it with the bank you currently have your mortgage with.

Posted 12/31/05 6:17 PM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Anybody familiar with refinancing?

Posted by DjPiLL

Dont refinance. Just do a home equity line of credit.

Any bank can do this... you dont have to get it with the bank you currently have your mortgage with.



Would I have a loan then?

Posted 12/31/05 8:02 PM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: Anybody familiar with refinancing?

You have FM!

Posted 1/1/06 10:13 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Anybody familiar with refinancing?

Posted by hazeleyes33

Posted by DjPiLL

Dont refinance. Just do a home equity line of credit.

Any bank can do this... you dont have to get it with the bank you currently have your mortgage with.



Would I have a loan then?




Its a separate loan with a separate interest rate. Usually around 8% interest rate... but you only take out a loan for what you borrow.

Refinancing means you have to restruture your entire mortgage for the house. I wouldnt recommend this for what you are trying to accomplish.

Posted 1/2/06 7:02 AM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Anybody familiar with refinancing?

Posted by DjPiLL

Posted by hazeleyes33

Posted by DjPiLL

Dont refinance. Just do a home equity line of credit.

Any bank can do this... you dont have to get it with the bank you currently have your mortgage with.



Would I have a loan then?




Its a separate loan with a separate interest rate. Usually around 8% interest rate... but you only take out a loan for what you borrow.

Refinancing means you have to restruture your entire mortgage for the house. I wouldnt recommend this for what you are trying to accomplish.



Thanks. We are really not ready for a loan right now so I guess I won't be getting a new kitchen anytime soon!
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Posted 1/2/06 7:04 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Anybody familiar with refinancing?

You can always start the "paperwork" of opening up a HELOC even if you don't intend on pulling money out.

Its always beneficial to have a HELOC open just in case you ever run into financial hardship.

You know you don't need the money now. But if you ever run into that hardship... and try to open the HELOC the banks may not give it to you.

But if you open it while you are financially stable... you can then pull from it whenever you want. (even if you are making zero dollars).


I had a HELOC opened when I bought my house because I took out an 80/10/10 loan. I just paid down my HELOC last week so right now its at zero balance. But its nice to have that chunk of change available just in case I need it.

Posted 1/2/06 7:08 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Anybody familiar with refinancing?

Most banks will open an HELOC for you for free. ZERO closing costs and not a dime out of pocket for you.

Citibank will even give you a FREE Ipod Nano for opening up one.

Read the fine print though to check for any fees and stuff... but they claim its no closing costs.

Click Home Equity Loan or Line Of Credit

Posted 1/2/06 7:11 AM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Anybody familiar with refinancing?

Posted by DjPiLL

Most banks will open an HELOC for you for free. ZERO closing costs and not a dime out of pocket for you.

Citibank will even give you a FREE Ipod Nano for opening up one.

Read the fine print though to check for any fees and stuff... but they claim its no closing costs.

Click Home Equity Loan or Line Of Credit



Thanks so much for the info. I will definately look into it. At least I know when my son goes to kindergarten in 3 years I will have extra money if I have to wait that long-lol!

Posted 1/2/06 8:40 AM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Anybody familiar with refinancing?

Posted by DjPiLL

Most banks will open an HELOC for you for free. ZERO closing costs and not a dime out of pocket for you.

Citibank will even give you a FREE Ipod Nano for opening up one.

Read the fine print though to check for any fees and stuff... but they claim its no closing costs.

Click Home Equity Loan or Line Of Credit



I just went on my credit union and a fixed home loan is 6.99% so it is not too bad if we had the extra money now. It would be about $50/week so not too bad. Hopefully soon!!

Posted 1/2/06 8:44 AM
 
 

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