| Why Refinance or get a Home Equity Loan There are several reasons to refinance, including:
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House Refinance Center
Refinancing and Home Loans
| How To Prepare Your Refinancing Application The process of applying for a refinancing loan should begin 12 months before you make the application. In other words, try and get your financial house in order. Many times, because we are stressed and short on time we go with the first lender that would talk to us. read more... |
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| Mortgage Rates National Average |
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| Rates Holding Low...30 year fixed 4.32% National Average |
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| Glossary Glossary2 Compare Refinance2 Refinance3 Refinance4 Refinance5 Foreclosure2 Foreclosure3 Short Sale |
| Federal Reserve Stops Buying MBS The Federal Reserve has ended its commitment to buy mortgage backed securities. Over $1.25 trillion has been invested. This strategy was one of the arrows in the quiver of the Obama's Administration. It was hoped that it would hit a bull's eye and rescue homeowners from the current housing crisis. read more... |
| Bi-weekly Mortgage Payment Your Best Choice After you have refinanced, you should have a plan to rebuild the equity in your home as quickly as possible. A popular strategy to consider is making bi-weekly payments on your mortgage, and combining that with a small lump sum payment each month. Be sure to mention this plan to your lender so that the terms and conditions will be written into the mortgage contract. You might get some resistance, but stick to your guns. It is in your best interest. It's your money, so go for it. The Mortgage Prepayment Chart shows the results of the prepayment strategy. Notice the amount of the interest paid. |
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Mortgage Prepayment Chart $175,000 mortgage at 5.69%
| Aftermath of Foreclosure - Taxes This is a very complex topic and we strongly suggest that you seek the professional advice of an accountant or lawyer. Losing a house to foreclosure is probably one of the most emotional events in your life. And we can understand how you might miss some important details that could end up costing you lots of money long after the house is gone. read more... |
| Who benefits from a short sale? Not the homeowner The homeowner might prefer a short sale to foreclosure, but is this the best choice? The lender likes the short sale. Foreclosure is very costly and can drag on for months and sometimes even years. According to the National Association of Realtors as of the 4th quarter of 2009 foreclosures sold at a 15% discount while short sales sold at a 12% discount. read more... |
| Lock in your rate The rate that you are quoted when you are shopping for a mortgage might be entirely different when you go to settlement. A rate-lock, or lock-in, is a commitment by the lender to guarantee and hold a specific rate for a specific time period. You may lock in the rate when you make the loan application, during processing of the application or after your loan is approved. read more... |
| How to get the options you need written into your mortgage The options that we put in the mortgage contract determine if we have a good deal or a great deal. Everything is negotiable. So prepare a list of what you would like in your mortgage. Some of the features we suggest are: read more... |
| Helping you avoid foreclosure Many of us are one or two pay checks away from being delinquent in our mortgage payments. When coupled with expenses for a chronic illness, or for a major house repair, this could spell the beginning of foreclosure. In 2009, almost a quarter of a million delinquent borrowers received help from Freddie Mac, and thus were spared foreclosure. read more... |
| How to speed up your loan approval Refinancing your house is generally an easy and simple process. It would normally take up to three weeks. However, if there is a rush, your lender can push the deal through in about five days. read more... |
| You Lose Your Job They Pay Your Mortgage It would be great if someone pays your mortgage if you lose your job. No more sleepless nights worrying about foreclosure; no more thinking of ways to tell the bank. Well there is an insurance policy that will cover you. read more... |
| Mortgage Rates Still Low...Get 'Em While They Last Mortgage rates are still relatively low so now is the time to refinance your house. This opportunity might be gone tomorrow. If you have given consideration to getting a Home Equity Line of Credit or refinancing your home, the time is right. Waiting for rates to drop further might not save you much money in the long run. However, remember that you should only refinance or take a HELOC if it makes financial sense. A good rate from your lender is not enough incentive. read more... |
| Ouch! Private Transfer Fee At closing be sure to ask if you are paying a Private Transfer Fee. This could add a few thousand dollars to your closing costs. Developers need to recoup some of their costs, and this fee is one way to accomplish this. It is sometimes called a Reconveyance Fee Rights. read more... |
| Refinancing with an ARM When you are ready to refinance your house, an adjustable rate mortgage could be the right loan for you. There have been plenty negative comments said in the last several months about ARMs. Some justifiably so. read more... |
| 9 Steps To Get Your Mortgage Approved Getting a mortgage approval is easy. It takes preparation and paying attention to the small details. Your information is entered into a computer, and if the details do not "fit the mold" or make sense, it raises a red flag. The red flags are then reviewed by a human being, and that is when you get the decline. read more... |
| The Truth About Mortgage Modification Home Affordable Modification Program (HAMP) was created to help homeowners, who are facing financial difficulties with the payment of their mortgages, get a loan modification. The result of the modification should prevent foreclosure. Only your mortgage servicer will be able to tell you if you are eligible for a loan modification. However, you should carefully consider these facts. read more... |
| The Best Regions In the West and N. Central you get a 30 year fixed at 4.26%; with 0.8% points/fees Also out N. Central you can get a 15 year fixed at 3.75%; 0.5% points/fees |
| This Tax Gives You Money The Mortgage Credit Certificate (MCC) is a tax that keeps on giving, year after year, after year. You get the picture. So why are homeowners not taking their lawful share? The $8,000 tax credit is gone. It served its purpose, and we had some activity in the housing market resulting in thousands of new homeowners. But the MCC is even better. It gives you money every year. read more... |
| Mortgage Rates Hit New 2010 Low Use our Home Affordability Calculator to see how much you can spend. Use our Mortgage Calculator to estimate your monthly payment. Use our Credit Card Pay Off Calculator to see how quickly you can pay off your credit cards. |
| Check Our BLOGSPOT The Rich Need To Pay More Taxes New Financial Reform And Your Everyday Life I Need A Mortgage What Does My Lender Want |
| How To Save On Closing Costs When you are buying a house and after you apply for the mortgage, the lender gives you a Good Faith Estimate (GFE). The GFE itemizes the various fees you are expected to pay in the process of closing the deal. This is your opportunity to negotiate, and bargain for the best deal you can get. read more... |
| What You Should Know About Reverse Mortgages With people living longer, many actually outliving their money, some are turning to reverse mortgages to boost their incomes. HUD's Federa Housing Administration (FHA) created one of the first reverse mortgages. The Home Equity Conversion Mortgage (HECM) is the FHA's reverse mortgage program. read more... |
| How To Get A Mortgage If You Are Self-Employed I wish someone can explain this to me. How come the owner of a business has a hard time getting a mortgage, but any one of his 25 employees can easily get a mortgage? read more... |
| Strategic Defaults will continue to kill the housing recovery There is a fundamental difference between regular default and strategic default. Regular default is what we are accustomed to. We can't afford to keep the house. The mortgage payments, the upkeep, the property taxes, the insurance; the whole mountain of debt becomes unmanageable. So we default on the loan. Zillow estimated that 1 in 5 houses with a mortgage has negative equity. read more... |
| Questions & Answers About Mortgages... Reverse mortgages...HECM...TILA...second mortgages...foreclosure... |
| Consumer Financial Protection Bureau...This Dog Has Teeth This is the strong watchdog that will protect the American consumer from deceptive and abusive financial practices. read more... |
| Financial Reform...What YOU Need To Know The Financial Reform Bill is law. It provides application of the federal laws protecting consumers across a wide range of industries. From big banks to storefront pawnbrokers, most companies are regulated. There are a few exceptions. There was a lot of give and take, and the Obama Administration delivered a Bill that was long overdue. read more... |
| FHA Short Refinance A new mortgage program was unveiled yesterday by HUD. The FHA Short Refinance will help homeowners who are underwater on their mortgages. The program starts on September 7, 2010 and will allow qualified homeowners to refinance into an FHA mortgage. read more... |
| Refinancing Home Volume 81% Of All Mortgage Applications August 18, 2010 Last week mortgage applications showed an big increase. This was fueled by a surge in refinancing activity. However, purchase application remain the lowest in over a decade. read more... |
| Too Many Trial Loan Modification Being Canceled Under HAMP Trial loan modifications under the Home Affordable Modification Program continued to be canceled at alarming rates. For data up to July 2010, active trials were 255,934. However the cumulative cancellations were 616,839. read more... |
| Hardship Letters That Lenders Will Read A hardship letter is an appeal to your lender to give you a second chance with your mortgage. You would like to get a better rate, an extended term, or lower payments, then you need a powerful hardship letter. read more... |