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Can you refinance a car after less than a year of making payments and if so do you have to use the same lender?
Wiki User
∙ 8y ago
Yes, it will depend on your credit, and I can guaranty that you will need a down payment. It's just like buying the car the first time. You do not have to use the same lender. The more money you have down the easier it will be.
Wiki User
∙ 8y ago
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How can one get a low rate on the mortgage refinance?
There are several ways a person can get a low rate on the mortgage refinance. A person can get a lower rate on their mortgage if they make the payments longer, making the monthly payments be less.
How do you refinance a property that is worth less than the mortgage?
You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.
Can you refinance your home with bad credit?
Yes, it is possible to refinance with bad credit, however you may be dealing with some very high interest rates from hard-equity lenders. There will have to be enough equity in the home and the loan to value ratio that the lender will allow will generally be less than if you were dealing with a more traditional lender.
Refinance Your Mortgage For Less?
A mortgage is a contract between a homeowner and a lender. The lender finances the purchase of the home, and in return, the borrower must repay them over a period of time. In banking parlance, the lender amortizes the loan, usually over fifteen or thirty years. Part of the amortization process is determining what the interest rate on the loan will be. The interest rate applied to the amortized loan balance tells the borrower what their monthly payment will be. If the borrower gets into financial difficulty and cannot make the payments under their current interest rate, they can refinance their loan. Refinancing simply means that their loan is replaced by a loan with a lower interest rate. This can extend the life of the loan. Generally speaking, the homeowner pays off the interest first and the principal second. If they refinance their loan, this will reset all the interest payments they have already made, and they will have to start over from scratch. Even with this downside, they may still save money with the lower interest rate.
What are the rights of a co-borrower on a home loan?
A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights. While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.
What if you can't afford the balloon payment?
Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the bank does it for you) to cover the balloon payment. Most people will be able to refinance, the question is just how high their rate will be. You do not have to use the same lender that your first ballon mortgage was with. Many lenders have programs for people with less than perfect credit. The only problem is your rate will be high, so you want to refinance as soon as you have a decent credit score to get a lower rate. If your balloon payment is coming due and you can not qualify for a loan because you owe more than the home is worth then talk to your lender about a shortsale or deed-in-lieu. If neither of these are available and a workout just isn't possible, it may make more financial sense for you to just walk away from the property.
Can my car be repoyed when you are on ssd?
Yes. If you do not make your payments on time, the lender will repossess the vehicle. They could care less that you are on Social Security Disability. Talk to the lender and do not allow your vehicle to be repossessed if at all possible. Explain your situation and see if they can work something out.
Can you legally make partial payments for your auto loan?
It is up to the lender. You signed a legal agreement to pay the loan back monthly at a set rate. Anything less, and you leave yourself open to having the car repossessed. Set down with the lender and work this out.
How long can you stay on the property after foreclosure proceedings have started in Minnesota?
I believe it would depend on your lender's work load as to when they will request that you move out. To stabilize your situation, it would be good for you to put aside the amount of the mortgage payment into savings and to start looking for less expensive housing. You could also check with the lender to see what you could do to stop the foreclosure, paying back all of the back payments, and possibly refinance if you were caught in a bind.
How many payments can you be past due before a lender can legally repossess your vehicle?
Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
Are the payments due after repossession the actual car notes or can you negotiate a payment in the state of Maryland?
You can make an offer in any state. Its up to the lender to accept or reject it. Has the lender tried to work with you on payments already and it didnt work out?At this state of the game, the lender wants more than promises. They want MONEY NOW. The more the better. They can get 25% of your disposable income by garnishment so why would they settle for less in an offer? Its time to get serious about paying this debt. Good Luck
