Tonya in TX - Duck asked:


I just saw a commercial saying if I join their credit union and transfer my car loan to them, I get a $500 Visa debit card. I’m not in it for the debit card. But if I transfer my car loan to them, am I refinancing? If I have a high interest rate now, if I change to them can I also get a better interest rate? What are the advantages and disadvantages to refinancing?

Caffeinated Content

dimplefaceddoll2002 asked:


Six months ago, I signed for a loan for my brother to get a car. He has only made two payments on the car so far, both so which have been late. He moved to another state and won’t return any of my phone calls or send any money. Is there any way out? He has terrible credit so there’s a small chance that we could refinance in his name. I do plan on getting the car back from him even if I have to call the police and say that he stole it, but what to do next? I definately can not afford to pay for it myself. If I go through a voluntary repossession, my credit (which I have worked really hard to maintain will suffer. I could sell, but probably won’t get the entire balance owed. Please help! I need some really good advice.

Caffeinated Content for WordPress

chcadavid2003 asked:


Monthly payments are $346, including a $130 PPI, should I also cancel PPI?

Caffeinated Content for WordPress

Dean M asked:


A friend and I have purchased a house about a year ago. We went in 50/50. We were informed that our interest rate has lowered and we are eligible to refinance the loan. My question is, I would like to move back home and allow my friends girlfriend to take my place on the mortgage so I can be free of the financial burden of the house and move, first, is this an actual option for me, and secondly, is there a buyout payment that I should be asking for? Thanks, hope I made sense.

Caffeinated Content

brownsugar1961 asked:


My husband’s middle credit score is 599 and mine is 587. We bought a house in Nov 2006. It’s an ARM 80/20 loan which means our payment will go up in Nov 2008. We both have a lot of charge offs and collections from previous divorces but, we have paid some off and we are working to pay off the othres. We both have been told that when refinancing they only look at the last two years. Is this true? We have heard so many different stories from lenders and we are really confused right now. Is it impossible to refinace with scores this low. What we don’t understand is we have paid the mortgage on time every month and also our car payment but it don’t seem to help any. What can we do?? Please advise us both.

Caffeinated Content for WordPress

Lindsey asked:


Example: I buy home for $500,000 on an interest-only bridge loan (owner financing) for a period of 3 years (have to get it financed by another lender at end of 3 years), and have $60,000 to put down on the refinance at the end of 3 years. This leaves $440,000 to get financed after 3 years. If the house is appraised at $540,000 at that time, does the bank look at it like they are really approving me for financing in the amount of $300,000 rather than $440,000 since I have $140,000 in equity?

Caffeinated Content

tcs26mar asked:


turned down for value, debt to income ratio, credit score

Caffeinated Content

estrada760 asked:


I’m trying to get a loan myself but my debt to income ratio is to high because of my mom’s mortgage. Is there a way to get out of it without refinancing? What legal action can i take?

Caffeinated Content for WordPress

polarcibao asked:


I have an interest loan for $158,000 and second for 39,500 to which i need to pay 5% on both if I pay before five years o refinance.

Caffeinated Content

qualls asked:


I have a set of 4 single family investment properties and am looking to refinance them on a commercial note? They really are not seasoned and I was wondering if anyone knew of a lender that would refi them and give me some cash out at about 80-85 loan to value? They are all rented and produce a good cash flow monthly and all were recently remodeled. They are all located in Columbus, Ohio.

Caffeinated Content for WordPress