gwizzle2002 asked:


I am financing a pool and was told by the lender that a refinance and a second mortgage are the same thing. Is that correct?

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jewel asked:


I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to “cash out” some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it’s accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It’s not “wages” — does that make a difference?

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mochachreme asked:


I’ve got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan).

Thanks for your help!!!

Stressed in GA…

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deedee asked:


Current rate of ARM interest is 5.125%. Would it better to go for 6.75% mortgage refinance at no closing costs, if I am planning to live in the same house for next 7 to 10 years?

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starwarzed asked:


When you refinance your home with another mortgage company then the one you have know, who lets them know you’ve gone with another mortgage company? Are there penelties? We are in a sliding rate and are trying to get into a fixed rate. thanks!

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deedee asked:


I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer’s rates (with the same terms and credit rating of course)? Thanks.

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Eric L asked:


I am a loan officer for a mortgage company refinancing one of my clients. He is stating his income as he is self-employed. One of the conditions required by the lender is a 4506-T tax form. I forwarded it to my client, but he is hesitant to submit this form in fears of being audited by the IRS? What is the likelyhood of this actually happening and what would need to happen for the IRS to take such drastic measures? Otherwise I’m not sure why this is a requirement from the lender…
Of course I haven’t been a loan officer for very long…if I had been in the industry for many years, I doubt I would be coming to Yahoo Answers to obtain smarmy replies from know-it-alls. But hey, you were all in the same boat at one point in your careers, right?

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