Guys, I have a VA mortgage for 5% and now thinking about refinancing through my bank(Wells fargo) under the 5:1 Arms program for 3.25% for 5 years and thereafter 1% increase every year.We are selling this home within next 5 years and thats why we are doing this.So far sounds like a good deal to me. Currently my payment is 64/month which will come down to 50/month.(save around 0/month). The closing cost is only 71 after some credits from the bank. I will break even the closing cost in 8 months and savings for 0.month after that.Good deal, right???

But I want to know whats the catch??? how do the bank benefits from giving me this offer?
Currently I owe 1,000 on my loan and after refinancing , it goes up to 5, 550.

these are the figures. could someone explain it to me as my consultant is not available on weekend.

1. Refinance —1,085
2. Est. prepadi items – $77
3. Est closing cost – 71
4. VA Funding fee – 70
5. Total – 6, 603

6. Other credits(bank credits funding fee) – 70

7.Loan amount (excluding PMI,MIP, Funding fee financed) -4000
8.PMI,MIP,Fundinf fee – 50
Total loan amount – 5,350

I didnt get the item # 7.
where does 274,000 comes from?
What is included in estimated prepaid items?

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Considering converting some funds from my Traditional IRA to a Roth. I know I will have to pay taxes on it. Can I take a lump sum from the Roth at 59 1/2, without any penalties or taxes? For example a lump sum to pay my mortgage off.

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My 58 year old brother has no mortgage and owns his own house. He wants to buy a nicer house that just came on the market that in another market he could not afford with his savings retirement so he will not have a mortgage on the new house.
He wants to sell the house he lives in now at a later date after the prices increase and he can make money on the old house.
He knows about two house insurances and taxes on both.
I wonder how lucrative this is to anyone to do.
The price will be prohibitive when the market increases that is why he wants to buy the new house now.

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If I want to get 2 or 3 offers for a mortgage refinance, do I have to get 2 or 3 appraisals? Or can I get just one, and use that for all 3 banks?

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Mortgage: from 7.11% fixed for 2 yrs. and just went to 8.63% adjustable this month.
My sister has a mortage for ,000.00. and this month she will need to pay approx. 100.00/month more!. if it is a good idea to refinance, please explain what the pros and cons of refinancing are, and what she should be looking for. I believe the value of the property is supposed to be 0,000.00 now. So, the LTV=79K/110; cred score=560; income=2,700/mo (32K/yr). What would be a good deal for her? What should she look for in the professional that offers to assist her? What should she watch out for? Should she expect some sort of "hidden" fees or " a catch"?

Thanks, in advance – She will need to make a decision within the next day or so – PLEASE HELP!!!!

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Im more curious about judicial vs non-judicial foreclosures. How often do each occur and what determines each? I know that non-judicial happens when there is a power of sale included in the mortgage, but i dont know how to find that in the papers.

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Considering converting some funds from my Traditional IRA to a Roth. I know I will have to pay taxes on it. Can I take a lump sum from the Roth at 59 1/2, without any penalties or taxes? For example a lump sum to pay my mortgage off.

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I don’t understand, why would you borrow money with a lower interest rate, to pay off borrowed money? Won’t you have to repay that refinanced funds? I clearly do not have a full understanding of this subject, and would appreciate a clear and concise answer to it, 10pts!
Okay mom, but eventually you’ll have to repay that mortgage too won’t you, thus adding to what you already owe?

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My husband and I want to apply together for a mortgage, his credit score is excellent, mine is non-existent since I have been in the US for only 3 years and have used credit cards related to my husband’s account only. Is there still a way for me to be on the mortgage?
Will my income be considered as part of our assets when we apply?

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Me and my boyfriend moved in together and he got a mortgage for the house in his name and I just pay him some rent. If we were to get married in the future would I then be involved on his mortgage? Or does it not work like that.

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My business was severely impacted by the economy, and I’m now facing foreclosure. When we signed our mortgage, my name was the only one recorded. How would the foreclosure effect my spouse’s credit. We live in California if that matters. Your answers will be most apppreciated.

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I own a house with sibling, he wants to buy his own house and be removed from mortgage and title.

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I have a mortgage with one bank and could not pay so the bank started foreclosure proceedings. The foreclosure is not completed yet so does the new bank have to start all over and file all over again?

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As part of divorce settlement, house must be refinanced into my name only. I have already done a quit claim and deed in my name only, but i am having trouble qualifying for a refi with good rates my current rate is 5% can I take the other name off the mortgage without a refi???
I am asking because I need to declare ch 7 bankruptcy and I know that I may not be able to refi by march, I have children and don’t want to sell the house. I have all rights to the property and there will be no distribution of proceeds.

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Are there a lot more foreclosures hitting the market soon? i hear some people are living in there home for 12- 18 months without paying any mortgage, how long will this go on. I understand they are doing this to prevent houses from sliding further, but eventually they will need to have these homes foreclose.

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