refinance's FotoPage

By: refinance lara

[Recommend this Fotopage] | [Share this Fotopage]
[Archive]
Wednesday, 10-Feb-2010 05:17 Email | Share | | Bookmark
Your Mortgage Refinance Rate Is Determined by Your Data

According to a recent article in the Los Angeles Times, mortgage interest rates are at their lowest levels in five weeks, and not surprisingly more people are seeking home mortgage refinance loans. However, the increases had been driven by the mortgage refinance market and not necessarily by new purchases.

This is both a positive and a negative for some homeowners. On the positive side, this means they are able to get a refinance home loan at a lower rate and take advantage of equity in their homes. But on the negative side, this assumes that the borrowers who are purchasing new homes still have good credit, can make at least a 20% down payment on residences with value of no more than $417,000.

Having indicated the above, it should be noted that there are loan programs available to the consumer whether doing a refinancing mortgage or purchasing a new residence. An example of a lower down payment program is the FHA financing.

FHA loans are guaranteed by the government and offer more flexible guidelines than traditional mortgages.

Two important keys to this type of program:

• Loan amount available up to the maximum JUMBO FHA limit in your area
• FHA financing is for everyone and not limited to first time home buyers

When considering to mortgage refinance or purchase, a new property, the consumer must be prepared to present a complete financial package to their lender. Your mortgage refinance rate can depend on how thorough your financial information is


Monday, 8-Feb-2010 08:24 Email | Share | | Bookmark
Even Bad Credit Mortgage Refinancing Requires Shopping

Yes, the mortgage market has tightened, but mortgage refinancing rates are still at historic lows and those providing Home Mortgage Refinance loans are anxious to find qualified borrowers and even provide bad credit mortgage refinance loans. Here are four things you need to know if you want to refinance right now.
1. Know yourself. Gather for yourself all the information that a lender will gather about you: your credit score and credit report; your debt-to-income ratio (the percentage of your income you spend on housing and loan/debt payments); and verification of your assets and income.

2. Know your mortgage. If you are getting mortgage refinancing for your adjustable-rate mortgage, know when your rate is scheduled to reset and how much your payment will go up. If you are looking to take cash out, estimate how much equity you have – the difference between the market value of your home and how much you currently owe. Find out if your current mortgage carries a fee for paying off your loan early.

3. Know your options. Think carefully about what kind of home mortgage refinance loans are the best fit for you: a traditional 30-year fixed-rate or something like a hybrid ARM (an adjustable-rate mortgage with an initial fixed-rate term)? Crunch the numbers. Shop around for the best rate and terms on your new loan or your bad credit mortgage refinancing.

4. Know your limits. Financially speaking, that is. Make all your payments – not just your mortgage, but any other loans, utilities and credit card bills – on time, every time. Put off any big purchases, like a car or major appliances, until after your new refinancing mortgage closes. Check, and then re-check, the affordability of your new mortgage. If you are taking cash out of the equity in your home, make sure you can afford a larger payment. If you are refinancing into an adjustable-rate mortgage, make sure you have a plan for how to manage a changing payment.


Tuesday, 2-Feb-2010 08:48 Email | Share | | Bookmark
Information About Mortgage Refinance Rate

The best time to refinance - when the interest rates go down. Why is it so? Lower rates imply more savings. With an apt home mortgage refinance, the homeowner can avail lower monthly payments. It can be achieved in two ways – by qualifying for lower interest rates or by extending the repayment period. Plus, if property rates have increased, one can utilize this equity to pay off some of the principal amount.

All about refinancing with a click!

There are some crucial checkpoints before going for refinancing. Firstly, perform a thorough investigation about the interest rates applicable, processing charges involved, and the final amount of the mortgage refinance loan. Take a comprehensive look at all the accompanied charges - underwriting fee, funding fee, processing costs, credit report fee, administration fee, and so on, amounting to a minimum of $2,000. Plus, an additional lender fees, also known as plus points, taking the loan amount up by $5,000 to $20,000. So, the final cost of the loan may turn out to be more than the present mortgage. So, choosing the right lender is important, who will give the borrower accurate and truthful information.

Refinanceitt specialize in refinancing mortgage all across the U.S. Homeowners working with us need not pay any lender fees. Lenders associated with us offer home mortgage refinancing at zero losing costs. All the borrower has to pay is an appraisal at the beginning of the procedure. Refinanceitt always acts in support of the homeowner. We act as an intermediary between mortgage financers and homeowners. We have the best lenders of the country at your disposal. Refinance home loan despite bad credit without paying any unnecessary lender fees. Whatever be the requirements – new property, more affordable payments, or cash out, we have refinance solutions for all.

Refinanceitt is registered at the Better Business Bureau. You can verify our profile with them. We value our clients, and will do everything possible to get them the best mortgage refinance rate. Our customer care representatives are at your service all through the day to aid you with your refinancing doubts. The market is searing right now. Cash in on the occasion.

Be quick! Give us a call today!


Wednesday, 27-Jan-2010 11:07 Email | Share | | Bookmark
Capitalizing The Benefits Of FHA Streamline Loans

If one has a current FHA loan and the monthly payments are not affordable, one should try availing the FHA streamline refinancing. The procedure to fill the application form for the FHA streamline loans is very simple and easy to understand.
Some of the requirements to qualify for the FHA streamline loans are as follows.
• The existing FHA loan should be void of law breaking (wrong doing) notices and late payments for a minimum duration of 12 months.
• The aim of the refinance should be reduction in the interest payment and decrease in the monthly payment.
• This type of mortgage refinance needs employment verification but no income proof
• The duration of the first mortgage should be minimum 6 months.
Cash Out:
The FHA streamline mortgage refinancing is meant to reduce the monthly payment and the rate of interest. There is no possibility of getting extra money lump sum to get rid of other debts or meet some other contingency expenditure. The words like cash out and cash back is used as a marketing gimmick. In fact, when the applicant approaches the bank, it is known that one can meet other expenses by lowering the monthly payment on the current loan.
Closing Of The First FHA Loan: One needs to pay for the closing of the current FHA loan. The loan officer will explain these costs along with terms and conditions of the second loan. The applicant has two options, either the ‘‘no appraisal” streamline loan or no closing cost refinancing.
‘‘No Appraisal” Streamline Loan: When the applicant of the loan is willing to pay the closing costs of the first loan out-of pocket or up front it is called ‘‘no appraisal” streamline loan. This does not have any effect on the new loan.
No Closing Cost Refinancing: When the loan applicant does not want to pay for the closing costs of the first loan, the closing cost is included in the mortgage refinance loan and the rate of interest is hiked. One can opt for No Cost Refinance when enough equity has been built up to suffice for the additional loan.



Wednesday, 6-Jan-2010 10:21 Email | Share | | Bookmark
Home Loan Modification Scheme

Have you borrowed a loan from the FHA? Do you want to spend lesser on the monthly mortgage payments? Obama loan modification program has been unveiled. According to the plan, loans approved by the FHA are eligible for payment reductions. If one has difficulty in making the mortgage payments, and if the loan is covered by FHA, then one can avail a loan modification under the Obama's loan modification plan.

How does the new program work? Will it actually reduce FHA loan payments?

According to this new program, the FHA will permit people with an FHA loan to keep away up to 30 percent of the principal amount, until the time the property is sold, or refinance is arranged. Interest will not be applied on that amount. FHA may be unable to offer the interest rates as low as two percent that are available with Obama home loan modification plan. However, the benefits offered are equivalent. If one can set aside, one-third of the principal balance on the FHA loan amount as an interest-free sum, the monthly mortgage installments will be considerably reduced.

For example, if one had borrowed $90,000 from FHA, the new program will make $30,000 of the principle interest-free. And now the monthly payments will be to repay the remaining principal amount of $60,000. Thus, the monthly payments will be much smaller. Obama loan modificationsmay increase the reimbursement period to as long as 30 years to facilitate lower monthly payments. Even though the interest rates applied on the FHA loan remains the same, the monthly installments are lowered. The goal of Obama loan modification is to help people save their homes. In principle with Obama’s loan modification scheme, the FHA loan modification program lowers one’s monthly mortgage payments, and prevents foreclosure. This is the best scheme for homeowners who want to safeguard their houses against foreclosure.

When can you refinance instead of modify?

If one has not defaulted by more than thirty days in the last one year, then one has the option of refinancing by the FHA streamline refinance program. This program has been designed to help borrowers refinance as fast as possible. It involves much less paperwork, and lesser processing time as compared to a loan modification program. Do not spend all your time thinking. Act fast, and take maximum benefits from these loan modification and refinancing options. Make Your Home Loan Affordable >> Start Here


[Archive]

© Pidgin Technologies Ltd. 2016

ns4008464.ip-198-27-69.net