More mortgage borrowers continue to refinance their mortgages at a higher frequency than ever before; even with the rise in mortgage rates this year. The adjustable rate mortgages are nearing the first interest-rate adjustment, which is an encouragement to most to either refinance to a lower ARM or to a fixed rate mortgage. Other borrowers who may have considered home equity loans for home improvements or other needs are turning to cash out refinance options now when the prime rate is above 8 percent.
Besides changing from adjustable rate mortgages to fixed rate mortgages borrowers are cashing out their equity. The Freddie Mac loans are ranging from at least 90% or better of the refinance loans, for amounts at least 5% above the original mortgage. A recent report from this mortgager shows that homes refinanced during the third quarter of 2006 had experienced a median price appreciation of 33% since the original loan was made; and the median age of the loan was 3.4 years.
The borrowers are tapping into the equity to pay off high-interest credit cards, funding home improvement projects, or financing college. The interest paid is tax deductible.
If you are planning to move fairly soon it would not be wise to use a cash out refinance, because it involves closing costs, legal fees, and other expenses which may add up to thousands of dollars, which you will not be able to reclaim if you move within the next few years.
Refinancing bad Credit
For borrowers with less than perfect credit, a refinance loan is the smartest way to get needed cash. Bad credit means a credit score which would be below 620. This figure is based on borrowing habits, payment history and other financial factors. Lenders use it when deciding whether to make a loan and what interest rate to charge. The lower the score, the higher the risk but since the refinance loan is secured by real property, the risk is minimized and the interest rate should be better.
If we have problems with credit and are having trouble getting a much needed loan we may want to try and pay off some of the debt first and then try again. We could try different lenders the market is very competitive now and you may end up paying 1.5% more than those with good credit, but if you need the money and it is within your budget you may want to try. As always do plenty of research, ask the lenders questions, search for the best deal and use your weapons, credit repair secrets revealed and bankruptcy mortgage deals, use the internet as well. The ultimate goal is to get the best deal for you.
Happy Surfing,
Thursday, November 29, 2007
Wednesday, November 28, 2007
REFINANCE YOUR HOME EQUITY LINE OF CREDIT
You already have the home equity line of credit for improvements. You have completed your project, and now you have credit and you’re not using it. Why not refinance your home equity line of credit? These lines of credit can have undesirable characteristics that can cost you even more money than you think. Refinancing your home equity line of credit can save you money in the long run. Here are a few reasons why:
Most lines of credit can have an adjustable rate
The adjustable rate of a line of credit means that the amount you pay monthly depends on the economic conditions. If the interest rates rise you may find yourself making higher and higher payments each month. If you want to ensure you get a constant payment each month then refinance to a fixed rate home equity line of credit. This locks in the rate and defends it against further increases.
Although there are no limits on how much of the money you can spend and when, you might be tempted to take more money out while the money is just sitting there. Money you will have to pay back with interest. Refinancing will help you to stay away from this problem, you will have to pay back what you used but you won’t be spending more unnecessarily.
Some lenders may require participation, some charge monthly or yearly fees during the life of the loan. You might have to pay transaction fees; with the refinance you could rid yourself of these fees.
Some home equity lines of credit require a large payment at the end of the loan term, not all require it but some do. You make all of your monthly payments then at the end of the loan the payments were not enough and now you are stuck paying more than you budgeted. To avoid these hassles and others you could refinance your line of credit. Ultimately, you want to get into a better position financially. Become an informed borrower by utilizing tools that are at your disposal. Use the internet, and other tools of the market, mortgage loan tips,
mortgage secrets exposed, and home buyer defense guide. All of these tips are to guide you to help you make an informed decision, because the final decision is up to you.
Happy Surfing,
Most lines of credit can have an adjustable rate
The adjustable rate of a line of credit means that the amount you pay monthly depends on the economic conditions. If the interest rates rise you may find yourself making higher and higher payments each month. If you want to ensure you get a constant payment each month then refinance to a fixed rate home equity line of credit. This locks in the rate and defends it against further increases.
Although there are no limits on how much of the money you can spend and when, you might be tempted to take more money out while the money is just sitting there. Money you will have to pay back with interest. Refinancing will help you to stay away from this problem, you will have to pay back what you used but you won’t be spending more unnecessarily.
Some lenders may require participation, some charge monthly or yearly fees during the life of the loan. You might have to pay transaction fees; with the refinance you could rid yourself of these fees.
Some home equity lines of credit require a large payment at the end of the loan term, not all require it but some do. You make all of your monthly payments then at the end of the loan the payments were not enough and now you are stuck paying more than you budgeted. To avoid these hassles and others you could refinance your line of credit. Ultimately, you want to get into a better position financially. Become an informed borrower by utilizing tools that are at your disposal. Use the internet, and other tools of the market, mortgage loan tips,
mortgage secrets exposed, and home buyer defense guide. All of these tips are to guide you to help you make an informed decision, because the final decision is up to you.
Happy Surfing,
Monday, November 19, 2007
THE BEST FOR YOU
If we borrow against the value of our homes, we have obtained a home equity line of credit. Lenders offer fixed or variable interest rates with this type of loan. Lenders offer loan products that vary in cost and terms. Inquire with the lender or mortgage holder about the upfront costs involved in the loan. Find out if there are annual costs, Balloon payments or any other costs associated with the loan. Your goal is to get the lowest and best rate possible. Borrowers with less than excellent credit may be able to apply for a home equity line of credit if they have equity in the home.
You must use your home as your collateral for the loan, this is the reason you want to make sure you can afford the monthly payments and can withhold the terms of the contract. The amount that a borrower is allowed to borrow against depends on the equity in your home, the value of your home, and your credit score. Those of us with bad credit will pay a higher interest rate.
You can also keep in mind; the money you borrow can be used for reasons other than home improvements. Home equity lines of credit are an excellent way to have access to large amounts of cash for unexpected or emergency situations.
I would advise a borrower to talk to the current mortgage holder if you are looking for a Home equity line of credit. Find out about your options, but that’s just a starting point. There are other ways to obtain information on the subject. Surf the internet, check other lenders, check mortgage companies and check with friends that have gotten a home equity line of credit loan. All these are great resources and will help you with the decision in regards to your refinancing needs. Always make sure you are getting the best deal possible. After all the researching information, use informational materials, such as mortgage secrets exposed and
mortgage loan tips , these references can be helpful in your final decision. Ultimately, make the best decision you can financially.
As Always,
Happy Surfing,
You must use your home as your collateral for the loan, this is the reason you want to make sure you can afford the monthly payments and can withhold the terms of the contract. The amount that a borrower is allowed to borrow against depends on the equity in your home, the value of your home, and your credit score. Those of us with bad credit will pay a higher interest rate.
You can also keep in mind; the money you borrow can be used for reasons other than home improvements. Home equity lines of credit are an excellent way to have access to large amounts of cash for unexpected or emergency situations.
I would advise a borrower to talk to the current mortgage holder if you are looking for a Home equity line of credit. Find out about your options, but that’s just a starting point. There are other ways to obtain information on the subject. Surf the internet, check other lenders, check mortgage companies and check with friends that have gotten a home equity line of credit loan. All these are great resources and will help you with the decision in regards to your refinancing needs. Always make sure you are getting the best deal possible. After all the researching information, use informational materials, such as mortgage secrets exposed and
mortgage loan tips , these references can be helpful in your final decision. Ultimately, make the best decision you can financially.
As Always,
Happy Surfing,
Sunday, November 18, 2007
MORTGAGE LOAN TIPS
College certainly can put a strain on most of our pockets. We as parents
Refinancing a mortgage with no money out of pocket is a great start, sometimes you can skip one to three mortgage payments, to learn more read
mortgage loan tips. You can obtain better terms in case you want to pay off your mortgage, or pay it off faster. When we are refinancing, we want the economic advantage and we want to avoid economic ruin.
· We should apply for a pre-approval to different lenders to make sure the rate we get is the lowest possible. Also when the rates began to drop, you are already approved and that puts you in the position to get the lowest rate. You don’t want your credit history completed until you chose the lender that’s right for you. Each credit check causes your credit score to decrease, if you have too many inquiries this may cause you to lose out on the lowest interest rate. Online mortgage companies do not initially access your credit history. It’s always good to make sure with the website, just in case. If they do not have your Social Security number they cannot pull your credit.
· Check with your current mortgage holder to make sure there is no prepayment penalty or early payoff penalty before you refinance, some range from 6 months to 3 years, along with a penalty for early payoff. The penalty can be 6 months worth of the mortgage loan interest or it can vary. This is when you would weigh you interest savings on the new loan in order to determine whether it would be worth refinancing.
· When we are choosing a mortgage lender we need to pay close attention to the mortgage interest rate and the closing costs. If either of these costs is too high it could render the benefit of refinancing less valuable.
· Once you decide on a lender get your interest rates and closing costs in writing as soon as possible. Get this in advance of the costs that will be involved with the loan. Check to see if the loan has a prepayment penalty. Let’s make sure we don’t get any surprises later after we have closed the deal, stay informed with your home buyer defense guide.
Happy Surfing,
Refinancing a mortgage with no money out of pocket is a great start, sometimes you can skip one to three mortgage payments, to learn more read
mortgage loan tips. You can obtain better terms in case you want to pay off your mortgage, or pay it off faster. When we are refinancing, we want the economic advantage and we want to avoid economic ruin.
· We should apply for a pre-approval to different lenders to make sure the rate we get is the lowest possible. Also when the rates began to drop, you are already approved and that puts you in the position to get the lowest rate. You don’t want your credit history completed until you chose the lender that’s right for you. Each credit check causes your credit score to decrease, if you have too many inquiries this may cause you to lose out on the lowest interest rate. Online mortgage companies do not initially access your credit history. It’s always good to make sure with the website, just in case. If they do not have your Social Security number they cannot pull your credit.
· Check with your current mortgage holder to make sure there is no prepayment penalty or early payoff penalty before you refinance, some range from 6 months to 3 years, along with a penalty for early payoff. The penalty can be 6 months worth of the mortgage loan interest or it can vary. This is when you would weigh you interest savings on the new loan in order to determine whether it would be worth refinancing.
· When we are choosing a mortgage lender we need to pay close attention to the mortgage interest rate and the closing costs. If either of these costs is too high it could render the benefit of refinancing less valuable.
· Once you decide on a lender get your interest rates and closing costs in writing as soon as possible. Get this in advance of the costs that will be involved with the loan. Check to see if the loan has a prepayment penalty. Let’s make sure we don’t get any surprises later after we have closed the deal, stay informed with your home buyer defense guide.
Happy Surfing,
Friday, November 16, 2007
INTEREST ONLY-REFINANCING
In case you didn’t know, you can refinance an interest only loan. Because of online lenders, it is now easy to trade in your balloon payment and extended loan periods for better rates and payments. Make sure you get the best rates while you are searching for your loan deal and get in the know with mortgage secrets revealed.
While you are willing to refinance the interest only loan the one perk is that it allows you to reevaluate both your short and long term financial goals. If you are looking for minimum monthly payments you may want to get an adjustable rate loan for 30 years. Your initial payments will be low. To get a lower interest rate change your loan period to 15 years. If you want to keep your payments steady without making adjustments for rate hikes, opt for the fixed rate loan. If you want to pay closing costs you can reduce your rates even further.
Choose the lender that is willing to work for you. The object is to keep more money in your bank account while still being able to get the refinancing you are seeking. Research the recommended lenders and other mortgage companies until you find out the right fit for you. The market is competitive and the lenders are willing to make deals.
Request the same loan terms from different lenders, when asking for a quote. It takes very little time to find a good lender and minutes to start the application process. It could be a couple of weeks and you could get rid of your current high loan payments and get one that fits your budget and began to recognize your savings.
The idea is to save money, lower your monthly payments and get the best deal for you. Now is the best time to start managing your money. What can better be done than increasing your savings and decreasing your expenses?
Always complete your research and arm yourself to ensure you get the lowest rates with the home buyer defense guide and the best loan package.
Happy Surfing,
While you are willing to refinance the interest only loan the one perk is that it allows you to reevaluate both your short and long term financial goals. If you are looking for minimum monthly payments you may want to get an adjustable rate loan for 30 years. Your initial payments will be low. To get a lower interest rate change your loan period to 15 years. If you want to keep your payments steady without making adjustments for rate hikes, opt for the fixed rate loan. If you want to pay closing costs you can reduce your rates even further.
Choose the lender that is willing to work for you. The object is to keep more money in your bank account while still being able to get the refinancing you are seeking. Research the recommended lenders and other mortgage companies until you find out the right fit for you. The market is competitive and the lenders are willing to make deals.
Request the same loan terms from different lenders, when asking for a quote. It takes very little time to find a good lender and minutes to start the application process. It could be a couple of weeks and you could get rid of your current high loan payments and get one that fits your budget and began to recognize your savings.
The idea is to save money, lower your monthly payments and get the best deal for you. Now is the best time to start managing your money. What can better be done than increasing your savings and decreasing your expenses?
Always complete your research and arm yourself to ensure you get the lowest rates with the home buyer defense guide and the best loan package.
Happy Surfing,
Thursday, November 15, 2007
HAVE INTEREST RATES DROPPED?
Since the interest rates have dropped, now maybe the time for us homeowners to refinance. The object of a refinance loan is to pay off an existing loan for the purpose of lowering your current monthly payments, or reducing the amount of interest you want to pay. Refinanced loans become more popular when interest rates drop significantly, though there may be good reasons for you to consider a refinance mortgage loan even if the general interest rates have remained the same or increased. How does refinancing your current mortgage lower monthly payments and when should you consider a refinance mortgage loan?
What if you bought your house 10 years ago with a mortgage loan from a local Mortgage Broker? Because of your lack of credit history and perhaps a Bankruptcy, but your didn’t know about bankruptcy mortgage deals, along with your decision to put down a small down payment, you ended up with an interest rate that was significantly higher than average. A few years later, the standard interest rates have dropped by nearly a full percentage point which puts them nearly 3 percentage points below the interest rate on your current mortgage. You have been with your current employer for 9 years, lived in the same house and have paid bills on time, mortgage loan tips, would let you know that your situation is ideal for refinancing your mortgage because of the following:
· Your original mortgage carries a higher interest rate than the market because of the previous credit history, With bankruptcy mortgage deals, you would have known how to get a better deal, but you have made it through that period.
· Because you have paid your bills on time your credit rating allows you the ability to get the lowest interest rate available on new loans.
· Although most experts recommend you consider refinancing when the interest rate drops at least a full percentage point, a drop of 3 percentage points is very significant, and will place you in a better position to negotiate the loan.
· You may also consider refinancing to shorten the term of your mortgage. Even if you took out a 20 year loan for the same percentage rate as your current 30 year loan, the payments will be higher, but if your financial circumstances are better than when you originally took out the loan you will gain in overall savings.
As always make sure this is the ideal time for you to refinance. Your current financial situation will dictate which route is best for you. The ultimate goal is your personal financial ability and stability.
Consider all the above reasons, and make an informed decision on whether to refinance. The decision is up to you.
Happy Surfing,
What if you bought your house 10 years ago with a mortgage loan from a local Mortgage Broker? Because of your lack of credit history and perhaps a Bankruptcy, but your didn’t know about bankruptcy mortgage deals, along with your decision to put down a small down payment, you ended up with an interest rate that was significantly higher than average. A few years later, the standard interest rates have dropped by nearly a full percentage point which puts them nearly 3 percentage points below the interest rate on your current mortgage. You have been with your current employer for 9 years, lived in the same house and have paid bills on time, mortgage loan tips, would let you know that your situation is ideal for refinancing your mortgage because of the following:
· Your original mortgage carries a higher interest rate than the market because of the previous credit history, With bankruptcy mortgage deals, you would have known how to get a better deal, but you have made it through that period.
· Because you have paid your bills on time your credit rating allows you the ability to get the lowest interest rate available on new loans.
· Although most experts recommend you consider refinancing when the interest rate drops at least a full percentage point, a drop of 3 percentage points is very significant, and will place you in a better position to negotiate the loan.
· You may also consider refinancing to shorten the term of your mortgage. Even if you took out a 20 year loan for the same percentage rate as your current 30 year loan, the payments will be higher, but if your financial circumstances are better than when you originally took out the loan you will gain in overall savings.
As always make sure this is the ideal time for you to refinance. Your current financial situation will dictate which route is best for you. The ultimate goal is your personal financial ability and stability.
Consider all the above reasons, and make an informed decision on whether to refinance. The decision is up to you.
Happy Surfing,
Wednesday, November 14, 2007
WATCH THE SCAMS!!!!!
When you make the decision to refinance your mortgage it may be the biggest decision you make. That’s why you should make it with your eyes open wide and take advantage of Mortgage loan tips, Mortgage secrets exposed, and Home buyer defense guide. Below is a list of things to watch out for:
· Watch out for good faith estimates. As we all know estimates can change.
· Ask the broker about the YSP (yield spread premium) if he seems unwilling to tell you. He is most likely not disclosing the amount of money the lender is giving in exchange for charging you a higher interest rate or utilizing a longer more severe prepayment penalty. If you have not requested a quote from a lender and they offer you refinancing, they may very well be predatory in nature.
· “RESPA (Real Estate Settlement Procedures Act, a federal consumer protection statute enacted in 1974) prohibits any settlement service provider from giving or receiving anything of value for the referral of business in connection with a mortgage or charging fees or markups when no additional services have been provided. Mention “RESPA” to your lender, ask for a list of fees (they cannot charge you $25 for a credit report that costs them less),” If you do not feel comfortable you can check with other lenders while you are trying to clear the current deal. If you do not show certainty and initiative in your research; it might send the wrong message to the lender. You want to keep him working to get the best deal for us.
· Do your research before you sit at the table with the lender, get online quotes, the market is very competitive. Make sure you keep the same terms with all the lenders to find out who is actually working in your favor. If you feel that you have made a mistake even after you have signed the loan papers, you have three days to cancel any loan agreement. You should only lose your appraisal money. Don’t be afraid to ask questions, question the online mortgage companies, question mortgage brokers and other loan affiliates, after all you are making a huge decision and it’s one you will have to live with.
Happy Surfing,
· Watch out for good faith estimates. As we all know estimates can change.
· Ask the broker about the YSP (yield spread premium) if he seems unwilling to tell you. He is most likely not disclosing the amount of money the lender is giving in exchange for charging you a higher interest rate or utilizing a longer more severe prepayment penalty. If you have not requested a quote from a lender and they offer you refinancing, they may very well be predatory in nature.
· “RESPA (Real Estate Settlement Procedures Act, a federal consumer protection statute enacted in 1974) prohibits any settlement service provider from giving or receiving anything of value for the referral of business in connection with a mortgage or charging fees or markups when no additional services have been provided. Mention “RESPA” to your lender, ask for a list of fees (they cannot charge you $25 for a credit report that costs them less),” If you do not feel comfortable you can check with other lenders while you are trying to clear the current deal. If you do not show certainty and initiative in your research; it might send the wrong message to the lender. You want to keep him working to get the best deal for us.
· Do your research before you sit at the table with the lender, get online quotes, the market is very competitive. Make sure you keep the same terms with all the lenders to find out who is actually working in your favor. If you feel that you have made a mistake even after you have signed the loan papers, you have three days to cancel any loan agreement. You should only lose your appraisal money. Don’t be afraid to ask questions, question the online mortgage companies, question mortgage brokers and other loan affiliates, after all you are making a huge decision and it’s one you will have to live with.
Happy Surfing,
Wednesday, November 7, 2007
FREE REFINANCING
Do you understand what is meant by a zero cost refinance mortgage? It is a loan where the loan company providing the loan will pay all of the closing costs on the borrower’s behalf. This type of loan is excellent for borrowers who want to refinance without paying loads of money upfront.
These types of loans can vary depending on the person offering the loan. Just about every home loan has physical fees that must be paid, who pays the fees are determined under the loan agreement, find these and more answers to your questions in mortgage secrets exposed.
Some mortgage lenders will not pay the closing costs, and they expect the borrower to pay these costs. That’s okay because arrangements can be made incorporate these costs into the loan. Although you will have to pay these costs eventually, you will not have to pay them upfront.
If you include the refinancing fees in the mortgage means you have to pay a little, or nothing up front, you will be paying interest for this, therefore it is not free.
The benefits of using a zero closing cost refinance home mortgage loan are these types of loans are preferred by people who don’t have a viable cash flow. These help people maintain their current financial position.
Normal closing costs are around 3-5% of the loan amount, and this can be very expensive. You can save quite a bit of money looking for no cost refinance home loans. If the mortgage broker or lender is willing to pay the arrangement fees, the borrower still has to pay other fees that may be incurred. These are escrow fees and fees to pay for the appraisal of your home. Anyone looking to take out a refinance loan should work out these costs in advance, then you can set aside enough money to cover the expense, the only time it will be a problem is when it is an unexpected expense.
Here are some of the disadvantages to a zero cost refinance mortgage. These loans cost a lot more in the long run than conventional home refinance loans. This is because the lenders have to make up the money they are allowing you somewhere else. We must remember nothing in life is free. The reason individuals opt for these types of loans is to improve their cash flow. Those who use these types of loans can expect higher monthly mortgage payments because of the higher interest rates that are charged on these types of loans.
Always do the researches shop around for the best loan situation for your particular needs. The borrower should always be informed. That’s the most insurance that can be offered any borrower.
Happy Surfing,
These types of loans can vary depending on the person offering the loan. Just about every home loan has physical fees that must be paid, who pays the fees are determined under the loan agreement, find these and more answers to your questions in mortgage secrets exposed.
Some mortgage lenders will not pay the closing costs, and they expect the borrower to pay these costs. That’s okay because arrangements can be made incorporate these costs into the loan. Although you will have to pay these costs eventually, you will not have to pay them upfront.
If you include the refinancing fees in the mortgage means you have to pay a little, or nothing up front, you will be paying interest for this, therefore it is not free.
The benefits of using a zero closing cost refinance home mortgage loan are these types of loans are preferred by people who don’t have a viable cash flow. These help people maintain their current financial position.
Normal closing costs are around 3-5% of the loan amount, and this can be very expensive. You can save quite a bit of money looking for no cost refinance home loans. If the mortgage broker or lender is willing to pay the arrangement fees, the borrower still has to pay other fees that may be incurred. These are escrow fees and fees to pay for the appraisal of your home. Anyone looking to take out a refinance loan should work out these costs in advance, then you can set aside enough money to cover the expense, the only time it will be a problem is when it is an unexpected expense.
Here are some of the disadvantages to a zero cost refinance mortgage. These loans cost a lot more in the long run than conventional home refinance loans. This is because the lenders have to make up the money they are allowing you somewhere else. We must remember nothing in life is free. The reason individuals opt for these types of loans is to improve their cash flow. Those who use these types of loans can expect higher monthly mortgage payments because of the higher interest rates that are charged on these types of loans.
Always do the researches shop around for the best loan situation for your particular needs. The borrower should always be informed. That’s the most insurance that can be offered any borrower.
Happy Surfing,
Monday, October 29, 2007
LET'S PAY FOR COLLEGE - Figure it out
College certainly can put a strain on most of our pockets. We as parents don’t want to make it difficult on ourselves or our children. Provided you have lived in your home for a while, by refinancing your mortgage you could get access to your equity. This would give you a low cost loan that could pay your student’s way through his or her college years; and it may even allow you to reduce your monthly payments.
Equity
The equity in you home, builds up each year that you live there, and it may be able to provide you with all the money you need for college expenses. If you have quite a few years there, you may be able to pay more than one college bill. In order to calculate your equity quickly all you need to know is the difference between the fair market value of your home now and the balance you owe on your mortgage. Multiply that number by .80; this is 80% of your equity. If the lender allows you more than this you will need to pay for (PMI) private mortgage insurance.
Interest Rate
If you watch the market interest rates to choose the best time to apply for the mortgage refinance. You could reduce your monthly payment, thereby reducing the total amount owed and gain valuable knowledge by reading Mortgage loan tips.
You can apply for a fixed or adjusted rate mortgage but now would be a good time to get into something that will provide equal payments throughout the term of the loan. Therefore, a fixed rate mortgage would be more economical.
How much
The main focus here is college expenses, but you may also want to complete other projects that will use more cash than you currently have on hand. Even if you want to take a long vacation or to get rid of credit card debt, or other personal expenses, now is the time to get the money.
Reduce your maturity date
If you have a 30 year loan, after you have read Mortgage secrets exposed; you may want to reduce it to a 15 or 20 year loan. This will result in tens of thousands of dollars saved and allow you to get out of debt quicker, as long as you remain in the house at least 5 to 10 years longer.
Research
Try and find the best lender, some charge excessive fees, and the terms may not be advantageous. Therefore it is good to get quotes from the internet. Ask questions, talk to your current lender, mortgage brokers and friends that have refinanced. Stay informed and read the Home buyer defense guide.
Happy Surfing,
Equity
The equity in you home, builds up each year that you live there, and it may be able to provide you with all the money you need for college expenses. If you have quite a few years there, you may be able to pay more than one college bill. In order to calculate your equity quickly all you need to know is the difference between the fair market value of your home now and the balance you owe on your mortgage. Multiply that number by .80; this is 80% of your equity. If the lender allows you more than this you will need to pay for (PMI) private mortgage insurance.
Interest Rate
If you watch the market interest rates to choose the best time to apply for the mortgage refinance. You could reduce your monthly payment, thereby reducing the total amount owed and gain valuable knowledge by reading Mortgage loan tips.
You can apply for a fixed or adjusted rate mortgage but now would be a good time to get into something that will provide equal payments throughout the term of the loan. Therefore, a fixed rate mortgage would be more economical.
How much
The main focus here is college expenses, but you may also want to complete other projects that will use more cash than you currently have on hand. Even if you want to take a long vacation or to get rid of credit card debt, or other personal expenses, now is the time to get the money.
Reduce your maturity date
If you have a 30 year loan, after you have read Mortgage secrets exposed; you may want to reduce it to a 15 or 20 year loan. This will result in tens of thousands of dollars saved and allow you to get out of debt quicker, as long as you remain in the house at least 5 to 10 years longer.
Research
Try and find the best lender, some charge excessive fees, and the terms may not be advantageous. Therefore it is good to get quotes from the internet. Ask questions, talk to your current lender, mortgage brokers and friends that have refinanced. Stay informed and read the Home buyer defense guide.
Happy Surfing,
Monday, October 22, 2007
WHAT ABOUT ME? MY CREDIT IS NOT SO GOOD
You want to refinance your mortgage with adverse credit. You have sub prime lenders who specialize in offering loans to people who have a high-risk credit history. These lenders charge higher credit rates and fees for the risks they are assuming. We are finding that not all sub prime lenders offer competitive rates. Some stack fees into the loan and charge excessively high interest rates, so it is still best to compare financing offers.
Compare
Interest rates can vary a couple of percentage points between lending companies. Over the lifetime of your loan that can cost you thousands of dollars in payments. Make sure when you compare that you give each lender the same information, it can make a difference in the interest rate that you will be charged. Also, if you had adverse credit when you purchased your home but you have been making monthly payments on time, this should affect the interest rate.
Search the net
Lender websites offer a convenient and competitive way to gather quotes. These lenders know they are in competition with one another and are out to offer you the best deals. Applications can also be completed right over the web.
Watch the fees
Make sure the fees are included in the initial price of the loan. Because of the adverse credit, you will pay some fees but they should not be excessive. Expect to pay higher points than most loans, but the comparison shopping should net you reasonable fees.
Know the terms
Once you have made a decision on the offer, make sure to read the terms, some lenders charge high fees for late or missed payments. The fees should not be enormous. The lending company should be able to answer any questions you may have and in this case you may want to ask quite a few questions.
Down Payment
Expect to pay a down payment usually between 5 % and 20%, if your credit score is less than 600. If your down payment is greater than the minimum, you will save more over the life of the loan. The more you can put down the lower your monthly payment will be.
No matter what our situation is, the reason we are refinancing is to get into a better financial position. Ultimately, if this is the case then I would say go ahead and refinance. If that is not the case, then it might be better to wait until you are in a better financial position, use
mortgage secrets exposed and bankruptcy mortgage deals as guides, this should help you negotiate a better interest rate, which in turn will generate lower monthly payments
Be informed.
Happy Surfing,
Compare
Interest rates can vary a couple of percentage points between lending companies. Over the lifetime of your loan that can cost you thousands of dollars in payments. Make sure when you compare that you give each lender the same information, it can make a difference in the interest rate that you will be charged. Also, if you had adverse credit when you purchased your home but you have been making monthly payments on time, this should affect the interest rate.
Search the net
Lender websites offer a convenient and competitive way to gather quotes. These lenders know they are in competition with one another and are out to offer you the best deals. Applications can also be completed right over the web.
Watch the fees
Make sure the fees are included in the initial price of the loan. Because of the adverse credit, you will pay some fees but they should not be excessive. Expect to pay higher points than most loans, but the comparison shopping should net you reasonable fees.
Know the terms
Once you have made a decision on the offer, make sure to read the terms, some lenders charge high fees for late or missed payments. The fees should not be enormous. The lending company should be able to answer any questions you may have and in this case you may want to ask quite a few questions.
Down Payment
Expect to pay a down payment usually between 5 % and 20%, if your credit score is less than 600. If your down payment is greater than the minimum, you will save more over the life of the loan. The more you can put down the lower your monthly payment will be.
No matter what our situation is, the reason we are refinancing is to get into a better financial position. Ultimately, if this is the case then I would say go ahead and refinance. If that is not the case, then it might be better to wait until you are in a better financial position, use
mortgage secrets exposed and bankruptcy mortgage deals as guides, this should help you negotiate a better interest rate, which in turn will generate lower monthly payments
Be informed.
Happy Surfing,
Saturday, October 20, 2007
REFINANCING BENEFITS
When we buy a home we know this is the best investment of a lifetime. It gives us pride that we are homeowners, and we know that we have a place to stay when the day is done. We have the ability to have a place to call our own even if we cannot pay the house in full. Mortgages allow people like us to own a home we promise to pay in a defined period and amount.
What happens when the original fixed interest rate has considerably declined? Since the primary object of those who acquire a home mortgage is to own a home, the interest rate can be set aside now would be the ideal time to gain useful knowledge from Mortgage Secrets Exposed. Then you can be the conscious borrower who watches their pennies and when the original fixed interest rate drops, you can go for a mortgage refinance.
There are benefits to refinancing:
Shorten the length of the Loan
Mortgage refinancing allows us homeowners to change the length of the mortgage. If the homeowner originally has a 30 year mortgage, he can opt for a 10, 20, 15 year loan. This will help increase the equity in the home while the payments will be higher; we are paying more toward the principal rather the interest.
Switching from Fixed Rate to (ARM)
We understand that interest rates influence the fees homeowners pay monthly. There are two kinds of interest rates used in mortgages; fixed rate and adjustable rates. When the rates are lower the borrower likes the adjustable rates, when the interest rates are high, fixed rates are more appealing. So as the market moves if the homeowner switches to a favorable interest rate, this will give us the advantage of lower monthly fees.
Lower Monthly Payments
Refinancing is the best way to lower monthly payments, since refinancing will take on the current interest rate. We all know that we are paying big interest rates especially in the first half of the term of the loan. We may want to replace the higher monthly payments from the original loan with one that will lower our monthly mortgage payments, Mortgage Loan Tips is a great resource to help you make the final decision.
Extra Cash
With refinancing we can use the extra cash from the equity in or homes to complete our dreams such as remodeling our homes, college, vacations, cars, boats, retirement, saving for emergencies. However you would like to use your funds. It is time we start thinking of our homes as an investment, not just a place to live. Always research first.
Happy Surfing,
What happens when the original fixed interest rate has considerably declined? Since the primary object of those who acquire a home mortgage is to own a home, the interest rate can be set aside now would be the ideal time to gain useful knowledge from Mortgage Secrets Exposed. Then you can be the conscious borrower who watches their pennies and when the original fixed interest rate drops, you can go for a mortgage refinance.
There are benefits to refinancing:
Shorten the length of the Loan
Mortgage refinancing allows us homeowners to change the length of the mortgage. If the homeowner originally has a 30 year mortgage, he can opt for a 10, 20, 15 year loan. This will help increase the equity in the home while the payments will be higher; we are paying more toward the principal rather the interest.
Switching from Fixed Rate to (ARM)
We understand that interest rates influence the fees homeowners pay monthly. There are two kinds of interest rates used in mortgages; fixed rate and adjustable rates. When the rates are lower the borrower likes the adjustable rates, when the interest rates are high, fixed rates are more appealing. So as the market moves if the homeowner switches to a favorable interest rate, this will give us the advantage of lower monthly fees.
Lower Monthly Payments
Refinancing is the best way to lower monthly payments, since refinancing will take on the current interest rate. We all know that we are paying big interest rates especially in the first half of the term of the loan. We may want to replace the higher monthly payments from the original loan with one that will lower our monthly mortgage payments, Mortgage Loan Tips is a great resource to help you make the final decision.
Extra Cash
With refinancing we can use the extra cash from the equity in or homes to complete our dreams such as remodeling our homes, college, vacations, cars, boats, retirement, saving for emergencies. However you would like to use your funds. It is time we start thinking of our homes as an investment, not just a place to live. Always research first.
Happy Surfing,
Wednesday, October 10, 2007
INTEREST ONLY LOAN
Homeowners with interest only loans are prime candidates for refinancing. You can trade in your balloon payment and extended loan periods for better rates and payments. Always make sure you’re getting the best long term financing for your budget.
Choosing the right lender can make a difference of thousands of dollars in your pocket. Online financial companies provide instant loan quotes to help you make better decisions.
Always request a loan quote, make sure you request the same loan terms from each to ensure you are getting the best deal. Begin with the lenders you are familiar with, those your friends recommend, the recommendations you receive online. That way you are sure to get the smartest deal going.
When refinancing an interest-only loan it allows you to reevaluate both your short and long term financial goals. If you want to keep your monthly payments to a minimum, choose an adjustable rate mortgage for 30 years. The adjustable rates, along with the length of the loan period qualify you for low initial payments.
If you want to save on the interest payments, cut your loan period back to 15 years. This will also make you eligible for lower rates. For those seeking protection from unplanned rate hikes, choose a fixed rate mortgage. To reduce the payments even further, pay additional closing fees.
If you want to save money and get rid of the high payments now is the time to refinance your mortgage. Remember even if you have an interest only loan it is just as easy to refinance that mortgage as a fixed rate or an (ARM)
The choice is up to you. When you consider the thousands of dollars you can save by finding a lower rate it is well worth spending the time it takes to do it.
Research always on the internet, check with the bankers, and mortgage brokers, make sure you stay informed.
Happy Surfing,
Choosing the right lender can make a difference of thousands of dollars in your pocket. Online financial companies provide instant loan quotes to help you make better decisions.
Always request a loan quote, make sure you request the same loan terms from each to ensure you are getting the best deal. Begin with the lenders you are familiar with, those your friends recommend, the recommendations you receive online. That way you are sure to get the smartest deal going.
When refinancing an interest-only loan it allows you to reevaluate both your short and long term financial goals. If you want to keep your monthly payments to a minimum, choose an adjustable rate mortgage for 30 years. The adjustable rates, along with the length of the loan period qualify you for low initial payments.
If you want to save on the interest payments, cut your loan period back to 15 years. This will also make you eligible for lower rates. For those seeking protection from unplanned rate hikes, choose a fixed rate mortgage. To reduce the payments even further, pay additional closing fees.
If you want to save money and get rid of the high payments now is the time to refinance your mortgage. Remember even if you have an interest only loan it is just as easy to refinance that mortgage as a fixed rate or an (ARM)
The choice is up to you. When you consider the thousands of dollars you can save by finding a lower rate it is well worth spending the time it takes to do it.
Research always on the internet, check with the bankers, and mortgage brokers, make sure you stay informed.
Happy Surfing,
Monday, September 17, 2007
SO, YOU'RE REFINANCING?
REFINANCING IS YOUR DECISION
When you have invested in your home for a long time, refinancing your home can become a very stressful decision. There are times when it becomes necessary to refinance your home and it is then that you want to make sure you are getting the best deal possible. There are many resources that the homeowner has at his disposal to help him make this life altering decision.
Some will apply for refinancing of the mortgage on line. The internet provides some anonymity. You can question the lenders and mortgage brokers without letting them know your identity. Researching on line allows you to be able to contact as many individuals as possible without the worry of them discovering who you are.
Today, almost everyone has refinanced or thought about it at one point or another. There are plenty of ads that urge you to refinance with no hassles. The rates have plummeted to record lows over the past few years, and refinancing has helped many borrowers lower their monthly payments. There are many factors involved in refinancing your home which could make it difficult if not confusing to complete this process. You must be armed with knowledge about refinancing in today’s information market in order to avoid being caught up in the web of deception. Even a small rate cut can pay off quickly.
You should also be aware that you can avoid a cash layout and still get a low rate by adding fees and closing costs to your new mortgage. That does not necessarily mean that you will carry a lot of debt. If you have had your mortgage for three or more years, you’ve probably reduced your balance by several thousand dollars. You, maybe able to lock in a lower interest rate, tack on the closing costs to your new loan and still end up with a mortgage amount less the original one. Therefore, you can end up with a lower monthly payment.
There is another factor we must consider and that is whether you are planning on staying in the home, or moving out within the next few years. If you choose the latter, the monthly savings may never add up to the costs involved in refinancing. Also, watch out when financing with finance companies, some finance companies charge interest rates up to 50%. Therefore, you should look carefully at the contract before you sign on the dotted line.
Remember, you should always do research, begin with the internet and continue with the mortgage brokers and other lenders; the choice as always is up to you.
Happy Surfing,
When you have invested in your home for a long time, refinancing your home can become a very stressful decision. There are times when it becomes necessary to refinance your home and it is then that you want to make sure you are getting the best deal possible. There are many resources that the homeowner has at his disposal to help him make this life altering decision.
Some will apply for refinancing of the mortgage on line. The internet provides some anonymity. You can question the lenders and mortgage brokers without letting them know your identity. Researching on line allows you to be able to contact as many individuals as possible without the worry of them discovering who you are.
Today, almost everyone has refinanced or thought about it at one point or another. There are plenty of ads that urge you to refinance with no hassles. The rates have plummeted to record lows over the past few years, and refinancing has helped many borrowers lower their monthly payments. There are many factors involved in refinancing your home which could make it difficult if not confusing to complete this process. You must be armed with knowledge about refinancing in today’s information market in order to avoid being caught up in the web of deception. Even a small rate cut can pay off quickly.
You should also be aware that you can avoid a cash layout and still get a low rate by adding fees and closing costs to your new mortgage. That does not necessarily mean that you will carry a lot of debt. If you have had your mortgage for three or more years, you’ve probably reduced your balance by several thousand dollars. You, maybe able to lock in a lower interest rate, tack on the closing costs to your new loan and still end up with a mortgage amount less the original one. Therefore, you can end up with a lower monthly payment.
There is another factor we must consider and that is whether you are planning on staying in the home, or moving out within the next few years. If you choose the latter, the monthly savings may never add up to the costs involved in refinancing. Also, watch out when financing with finance companies, some finance companies charge interest rates up to 50%. Therefore, you should look carefully at the contract before you sign on the dotted line.
Remember, you should always do research, begin with the internet and continue with the mortgage brokers and other lenders; the choice as always is up to you.
Happy Surfing,
Friday, September 14, 2007
ADJUST YOUR MORTGAGE RATE
ARM (Adjustable rate mortgage)
An adjustable rate mortgage is adjusted based on the current interest rate available. These can be beneficial when the interest rates fall. These loans are usually 5, 10, and 15 year loans.
If you are considering refinancing your home loan, you might want to consider an adjustable rate. If interest rates fall, your interest rate will be lower which constitutes a lower monthly note. In many cases, there is a cap on how far the rate can climb in one year. A wise choice for short-term loans holders.
Research your sources before making a decision and select what’s best for you. Mortgage lenders want your business and are willing to offer deals to get it. Consider financial institutions that are willing to offer good rates with minimal fees. Use of the internet is a great tool to begin your research. Many lenders offer rate calculations and assist you in finding the best rates and terms for your Adjustable rate mortgage.
Adjustable rate mortgages are the way to go for individuals in the market to refinance an existing home. Ultimately, it is up to the homeowner to determine if this is the best solution for his refinancing needs.
Adjustable rate mortgages are predicted to be revised in 2007. The payments for these loans are expected to increase. Households that can afford these increased monthly payments could opt for a fresh ARM. Provided the Federal Reserve lowers the short-term interest rates in the future, adjustable rate mortgages may become the mortgage holder’s dream choice.
At present, most mortgage holders are opting out of the ARMs. Now is the ideal time to consider a fixed rate mortgage, considering the current status of the economy. When it is all said and done, the best investor is an informed investor. It is up to you to perform the research necessary, to determine which lenders and mortgage holders have your best interest in mind. Then you can decide which way is the best route to take.
Enjoy your web surfing,
An adjustable rate mortgage is adjusted based on the current interest rate available. These can be beneficial when the interest rates fall. These loans are usually 5, 10, and 15 year loans.
If you are considering refinancing your home loan, you might want to consider an adjustable rate. If interest rates fall, your interest rate will be lower which constitutes a lower monthly note. In many cases, there is a cap on how far the rate can climb in one year. A wise choice for short-term loans holders.
Research your sources before making a decision and select what’s best for you. Mortgage lenders want your business and are willing to offer deals to get it. Consider financial institutions that are willing to offer good rates with minimal fees. Use of the internet is a great tool to begin your research. Many lenders offer rate calculations and assist you in finding the best rates and terms for your Adjustable rate mortgage.
Adjustable rate mortgages are the way to go for individuals in the market to refinance an existing home. Ultimately, it is up to the homeowner to determine if this is the best solution for his refinancing needs.
Adjustable rate mortgages are predicted to be revised in 2007. The payments for these loans are expected to increase. Households that can afford these increased monthly payments could opt for a fresh ARM. Provided the Federal Reserve lowers the short-term interest rates in the future, adjustable rate mortgages may become the mortgage holder’s dream choice.
At present, most mortgage holders are opting out of the ARMs. Now is the ideal time to consider a fixed rate mortgage, considering the current status of the economy. When it is all said and done, the best investor is an informed investor. It is up to you to perform the research necessary, to determine which lenders and mortgage holders have your best interest in mind. Then you can decide which way is the best route to take.
Enjoy your web surfing,
Tuesday, September 11, 2007
REFINANCING? WHY?
Reasons for Fixed Rate Mortgages
No one knows your situation and needs better than you do. But if you want to refinance your current home, you need to know the options that are available to you. There is the Adjustable Rate Mortgage (ARM) or the Fixed Rate Mortgage. The one you choose depends on your personal situation and the expectations you have for refinancing your mortgage.
A fixed rate mortgage is just that. This loan has a set, unchanging interest rate for the life of the loan. If the loan is for a period of 30 years then the interest rates will not fluctuate over that period of time unless you refinance again. Other fixed rate mortgages may run for only a set period of years 5 or 10 years. After that they become adjustable rate mortgages.
Those borrowers seeking stability in their loan will most likely benefit from a fixed interest rate mortgage. If you have a good credit rating you will be offered reasonable interest rates and terms. A fixed rate mortgage differs from an (ARM) in that the interest rate changes depending on the current financial trends. The monthly payments of these types of loans are subject to change. The payment rises or falls depending on the prevailing rate.
A fixed rate mortgage loan is among the safest type of loan you can get. From the inception of the loan until the end you know what your monthly payments will be; unless you decide to refinance again. The down side is the fixed rate mortgage will always carry a higher interest rate than a similar adjustable rate loan. If your credit history is not the best, this will cause the lender to charge a higher interest rate. Therefore, some borrowers choose the adjustable rate mortgage rather than the fixed rate mortgage.
If the economy is favorable and interest rates drop, borrowers with a fixed rate loan can find themselves paying a higher interest rate. That is the inherent risk of the fixed rate loan. The wise investor is the informed investor. Always research to find the best value for your money. Surf the internet, you can find answers to all your questions with just a click of the button. Talk to lenders, financial institutions and mortgage brokers. But make sure you have the knowledge to ask the intelligent questions. After all, the final decision is up to you.
Happy Surfing
No one knows your situation and needs better than you do. But if you want to refinance your current home, you need to know the options that are available to you. There is the Adjustable Rate Mortgage (ARM) or the Fixed Rate Mortgage. The one you choose depends on your personal situation and the expectations you have for refinancing your mortgage.
A fixed rate mortgage is just that. This loan has a set, unchanging interest rate for the life of the loan. If the loan is for a period of 30 years then the interest rates will not fluctuate over that period of time unless you refinance again. Other fixed rate mortgages may run for only a set period of years 5 or 10 years. After that they become adjustable rate mortgages.
Those borrowers seeking stability in their loan will most likely benefit from a fixed interest rate mortgage. If you have a good credit rating you will be offered reasonable interest rates and terms. A fixed rate mortgage differs from an (ARM) in that the interest rate changes depending on the current financial trends. The monthly payments of these types of loans are subject to change. The payment rises or falls depending on the prevailing rate.
A fixed rate mortgage loan is among the safest type of loan you can get. From the inception of the loan until the end you know what your monthly payments will be; unless you decide to refinance again. The down side is the fixed rate mortgage will always carry a higher interest rate than a similar adjustable rate loan. If your credit history is not the best, this will cause the lender to charge a higher interest rate. Therefore, some borrowers choose the adjustable rate mortgage rather than the fixed rate mortgage.
If the economy is favorable and interest rates drop, borrowers with a fixed rate loan can find themselves paying a higher interest rate. That is the inherent risk of the fixed rate loan. The wise investor is the informed investor. Always research to find the best value for your money. Surf the internet, you can find answers to all your questions with just a click of the button. Talk to lenders, financial institutions and mortgage brokers. But make sure you have the knowledge to ask the intelligent questions. After all, the final decision is up to you.
Happy Surfing
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