Mortgage Refinance?

[jamal1984]

anyone in here are a mortgage broker? i have a few questions about refinance and don't know where to go.

[severous01]

a refinance is very similar to initial financing. i just bought a house and almost needed a cosigner and asked what i'd have to do to take off the cosigner. they said refinance in a year or so...but it'll cost me about 9 grand in 'closing costs' and fees. you have to get it appraised, inspected, surveyed, and everything else involved in buying...then you have to pay a fee or brokerage fee to find a loan officer and company to take over the loan. so i'ts just like buying another house.

now, if your bank is offering they may waive penalties and fees, but i doubt it.

[jamal1984]

the problem is, my sister bought a house about 5 years ago, a few months later she took out another loan under the house, and then now she can't afford to pay for the loans, my dad want to take over the loans and refinance it under his name, i called around, and almost got no real answers.

[severous01]

tell him to just buy it. she can sell it to him for what she owes but than again, you're still left with closing and all the other fees.