Why did my husband say no to a refinance?

I tried to refinance 9 years ago, but he and his wife said no, “because they weren’t going to do anything nice for me or that would make my life easier”. Therefore, the refinance paperwork could not move forward. I hit a rough patch two years ago and my payments were late 10 times that year, but I have made the past 12 months of payments on time.

What happens when you refinance your home loan?

If you were five years into your loan and refinance, instead of having 25 more years, you are still left with 30 years. While that might not seem like a big deal, think about the amortization schedule where little principal is paid in the early years of the loan. This is generally not advantageous. Consider the current loan terms and conditions.

Is it possible to refinance a 30 year loan?

Restructuring Debt Terms. Refinancing puts you in a new loan. While it is possible to refinance a 30-year loan into a 15-year loan, shortening the term, most refinances go from a 30-year term to a new 30-year term. If you were five years into your loan and refinance, instead of having 25 more years, you are still left with 30 years.

Is it good to refinance your home multiple times?

Refinancing multiple times can help you meet your payments if foreclosure is a concern, and can be helpful if you want to remove PMI or take advantage of falling interest rates. You can see how much you’ll save with a refinance calculator, or you can review your options online by applying for your refinance now.

Is it too old to refinance my mortgage?

Am I Too Old to Refinance My Mortgage? As home interest rates continue to stay low, it’s tempting to think about whether a refinance makes sense. One of our readers asked whether low rates should be a consideration for older homeowners who have mortgages they don’t expect to fully repay in their lifetimes.

Why do people want to refinance their mortgage?

But the most common reason for refinancing is the same as your reason — to get a lower mortgage rate on the new loan, thereby reducing the monthly payments. In other words, most people do it to shrink their mortgage payments. You might be able to accomplish those goals by refinancing.

Can you refinance if you are planning to move in two years?

If you refinance now, but you are planning to move in a couple of years, the transaction probably won’t work out to your advantage. The most likely scenario is that you will pay a few thousand dollars in closing costs, but only save a few hundred dollars (if that) in monthly payments by the time you have to move.

Is there such a thing as a no cost refinance?

(There is such a thing as a no-cost refinance, in which the borrower gets a slightly above-market rate in exchange for no closing costs, meaning the closing costs are rolled into the cost of the mortgage.)

Do you have to cash out your spouse on a refinance?

You may have to “cash out” your spouse, meaning giving them 50% of the equity in cash, for them to agree to be removed from title. In those cases, try a cash-out refinance. If there’s little equity in the home, you won’t qualify for a cash out.

Can a ex husband and ex wife refinance a house?

If you have sufficient equity, credit and income, and your ex-husband or ex-wife agrees to give you the house, you should be able to refinance. However, many lenders will want you to prove that you can make mortgage payments by yourself. That’s where the labor comes in.

Is it possible to force someone to refinance?

Brette’s Answer: It is difficult to force someone to refinance because it’s up to the bank whether he qualifies for a loan. What indemnification means is that if he fails to pay and the bank comes after you, you can in turn sue him for the costs you face. It’s not a perfect situation.

Can a newly married couple get a mortgage refinance?

As long as you meet the lender’s approval qualifications, you can apply for a refinance if you’re newly married. When you refinance your mortgage loan, you actually obtain a completely new loan. The new funds pay off the existing mortgage loan, thus satisfying the terms and conditions.

Can you refinance your mortgage without starting over at 30 years?

But it’s possible to refinance without restarting your loan term at 30 years. With a little bit of savvy, you can take advantage of today’s record-low mortgage rates and shorten the number of years remaining on your loan. Here’s what to do. In this article (Skip to…) As a homeowner, your mortgage is your choice.

Is it legal to re-finance a home after marriage?

The general rules are that property acquired before marriage is non-marital property, but that any increase in value of the asset during marriage is marital. The fact that you re-financed the home after getting married is not, in and of itself, an issue.

How long does it take to refinance a mortgage?

Once you refinance, it’s like you’re starting over. Say you’ve been paying off your old mortgage for 10 years, and you have 20 years to go. If you refinance into a new 30-year mortgage, you’re now starting at 30 years again. Refinancing, just like applying for a mortgage, can take significant time and effort.

Do you have to refinance your home in a divorce?

Heather’s Question: In my divorce it does not state that I have to refinance my home. It states I have to pay within 60 days of due date, I am responsible for taxes, insurance, etc. My ex wants his name off of the mortgage and the mortgage company says I have to refinance to do so. Can he force me to do this since it was not in the divorce?

Is it possible to refinance Your House in Your Name?

The house we live in was purchased 14 years ago. We have a large amount of debt that could be eliminated by refinancing our house. I would like refinance the mortgage in my name and get him to sign a quitclaim deed so I could keep ownership of the house.

What to do if your ex wife refinances your home?

Clever writing in the agreement can protect you and give your ex-wife some choices: Many lenders will allow for loan modifications without a full refinancing, so the decree could stipulate that she work with the mortgage holder to remove your name (reassigning the loan)

Can a spouse get a loan modification without refinancing?

Many lenders will allow for loan modifications without a full refinancing, so the decree could stipulate that she work with the mortgage holder to remove your name (reassigning the loan) The decree can direct your spouse to use the slightly aggressive tactic of asking the lender to remove your name or she will refinance elsewhere

Can a house be refinanced in a divorce?

Brette’s Answer: If the house is paid for you, you would not need to refinance. Ownership of the home can be determined in the divorce. If you want the house, he gets other assets. It is possible to agree to split proceeds of the home later, but generally this would mean continuing with joint ownership.

What happens if I change my mind about refinancing my mortgage?

Mortgage Refinance: Closing Process Explained. The federal law ( 15 USC 1635) says if you refinance the loan on your primary residence from a different lender, you have 3 days to rescind. That means if you change your mind after you signed the documents, you can still get out of it within 3 days.

Which is the best way to refinance a home?

1. Start with your current mortgage company: There are several potential advantages of starting with your existing mortgage company when looking to refinance a home. First, the fees may be less.

How can I refinance my mortgage with my son?

Solved: Trying to refinance the existing mortgage by adding my son as a co-borrower, but not on the deed. He will pay for the entire mortgage and tax.

What can I do with my refinancing money?

Some may refinance by taking out a new mortgage for more than they owe. They can use the difference to pay for college for their kids, or pay off outstanding debts. Then there are those who refinance for a more attractive interest rate.

Can a co-borrower refinance an existing mortgage?

Trying to refinance the existing mortgage by adding my son as a co-borrower, but not on the deed. He will pay for the entire mortgage and tax. Can he get tax benefits? When it comes to mortgage interest and property taxes, only those with a “legal obligation” to pay those things, can claim those things *provided* they actually pay it.

Can a person with bad credit refinance a mortgage?

Thus, a mortgage lender will charge a person with poor or bad credit a higher interest rate to refinance because the lender is taking more of a risk by lending that person money.

Can a judge force me to refinance a mortgage?

Brette’s Answer: No. If it is not in the decree, it is not something you are required to do. He could go back and ask for a modification of the order however. Can he force me to refinance the mortgage it it’s not in our decree?

When to refinance a house after a divorce?

Another strategy is to wait until the divorce is complete before filing for the refinance so you can provide the judgment to the lender immediately. Timing of Refinance. It is important that you set a timeline on the refinance of the house.

How long does it take to refinance a house?

This timeline might be as little as three or six months, or it could be several years. It is not unusual at all to agree to a timeline that allows a child to get through a certain school before requiring the refinance. If the refinance cannot be accomplished, then typically the judgment says that the home must be sold.

When did my wife get half the house in divorce?

We lived together unmarried for approx. 9 years before buying our first home 4 years ago. But because her credit was bad we decided to leave her name off the title for the time being. We married a month or so after buying the home. Now we’re getting divorced and she wants half of everything including my retirement.

How did my ex spouse refinance my house?

When our assets were split in our divorce 7 years ago, the house was awarded to my ex. I signed a quit claim and received a buyout. She was ordered to refinance the home immediately and remove my name from the mortgage.