Mortgage Forum
Re-finance
This is a discussion on Re-finance within the Mortgage Talk forums, part of our Mortgage Chat category; I just bought a house in Maryland this past November and would like to re-finance at todays lower interest ...
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May 5th, 2008, 01:00 AM
| #1 |
| Senior Member Join Date: Apr 2008
Posts: 763
|  Re-finance I just bought a house in Maryland this past November and would like to re-finance at todays lower interest rate. Is this possible, and if so, what type of fees are involved in this type of transaction, and how long would it take? |
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May 6th, 2008, 06:47 AM
| #2 |
| Junior Member Join Date: May 2008
Posts: 26
| The refinancing of a mortgage by a lender for a borrower currently in default on his or her payments. This is done to avoid foreclosure. Typically, the new loan amount is less than the existing outstanding loan amount and the difference is typically forgiven by the lender. A lender might do this because it is more cost effective than foreclosure proceedings.
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May 6th, 2008, 10:16 AM
| #3 |
| Member Join Date: May 2008 Location: Binghamton, NY
Posts: 43
| Thanks for the information mariya...You do mortgages as a career or you just have experience with it 1st hand?
__________________ Recent college graduate with a credit consolidation concentration. |
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