The unfortunate fact is that not everyone is eligible for VA streamlined mortgage refinance. If, however, you prove to qualify then you stand to enjoy various advantages.
5 Benefits of Getting VA Streamlined Mortgage Refinance
VA streamlined mortgage refinancing is different from other types of loans because of the unique benefits it offers, some of which are listed below.
No Appraisal Requirements
Property assessment has always been part and parcel of the loan application process but VA streamlined mortgage refinancing is a definite exception. As long as you prove to meet the requirements for the loan, an appraisal of your property is no longer necessary. Automated valuation or a drive-by assessment would more than do.
No Credit Check
VA doesn’t care about your current credit rating. This may be bad news for those who have worked hard to maintain a stellar credit score but it’s sure to be good news for those with poor credit scores.
The absence of a credit check, however, doesn’t mean you don’t have to meet any other credit-related requirements. To become eligible for VA streamlined refinancing, you need to have an existing loan than you’re currently paying for.
If you don’t have a loan then what you need is financing and not refinancing. Secondly, you must prove that you’ve been able to pay on time for the last twelve months or at the very least, you haven’t submitted your payment later than 30 days following your supposed deadline more than once.
No Income Documentation Requirement
VA doesn’t care about where you’re getting your income from either. Unlike with other creditors, you won’t need to email or fax proof of your income. It doesn’t matter if you’re receiving cash income. It doesn’t matter if you’re self-employed. It doesn’t matter if you’re completely reliant on the financial support provided by your loved ones.
No Job Verification
In connection to that, one thing you shouldn’t have to prove is the existence of your job. In fact, there’s no need to lie. If you’re currently unemployed then so be it. The VA won’t care. They use a filtering process for loan applicants different from other creditors.
No Immediate Payment Required
Depending on your financial situation, current circumstances, and eligibility, the VA might be generous enough to give you up to a 2-month grace period before you’re required to make your first monthly payment for your loan. This might not seem much at first glance, but just imagine how much easier budgeting can be if you won’t have to worry about settling your monthly dues for two months!
Get Refunds
This is not, however, applicable for any situation. In particular, the VA may be able to refund your money if you have an existing escrow account.
Easy Loan Closing Process
You won’t have to worry about closing costs and delays when it comes to VA streamlined refinancing. Firstly, you can leave it to your future mortgage provider – the VA in other words – to take over the closing process. Secondly, if there are any closing fees you have to pay, the VA shall take care of that and they’ll simply add the total to your refinance loan balance. You won’t have to pay for them immediately either; they’ll be part of your monthly payment instead.
One thing you should be aware of, however, is that VA streamlined mortgage refinance does not offer cash out options. If you want that, you’re better off with a VA cash-out refinance loan!
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Monday, February 27, 2012
Sunday, February 26, 2012
Texas Mortgage Refinance Loan
Here are five simple and easy steps to help you acquire the best Texas mortgage refinance loan for your needs.
Step 1 Determine how long you’ll hold on to the mortgaged property.
The length of your stay will have a substantial impact on your future financial situation. It will help you determine the best rates and terms for your Texas mortgage refinance loan. It will allow you to determine, for instance, if you’ll have adequate cash to settle the final balloon payment for your loan.
Step 2 Shop and compare.
One huge mistake made by many first-time borrowers is forgetting to consult their first creditor for mortgage refinance rates. It is, after all, possible that you’re acquiring your second mortgage from the same lender. He could give you lower rates than usual. Your first mortgage might simply have been a consequence of bad timing; inflation, bad market trends, and other economic crises might have been why your creditor have charged you with a high interest rate.
Of course, if your first lender hasn’t anything good to offer then that’s the time you should approach other mortgage providers.
Step 3 Work on pre-qualification.
Be aware that becoming pre-qualified is different from becoming pre-approved. Pre-qualification simply means ensuring that you meet every possible requirement of your future mortgage provider.
Start by determining the ideal type for your second mortgage. What kind of mortgage this time around would best match your financial situation? Would you do better with a fixed interest rate or do you prefer an ARM?
Consider your employment history. While creditors certainly don’t require you to have a Best Employee of the Year award, it would help if you can show to them that you’ve been with your current employer for at least two years. It proves income stability and which to them guarantees consistent and on-time payment. As for those who are self-employed, creditors would also prefer if you’ve at least 25% ownership of the business.
Naturally, your credit score will always be a part of the pre-qualification process. This is true for almost all kinds of mortgages with the exception of VA loans and subprime mortgages. FICO scores range from 400 and 900. Anything bellow 600 makes you a poor credit risk and therefore unqualified for the best mortgage refinance rates. Do what you can to improve your credit rating.
Improve your monthly budget. Although you won’t have any chances to show your budget plan, assessing and adjusting your finances will make you more confident when negotiating with a mortgage provider. You can give them all the assurance they need about meeting their monthly payments.
Step 4 Close your old loan.
It’s time to settle your existing financial obligations in order to make way for your new and vastly improved Texas mortgage refinance loan. Cooperating with your previous and future lender will expedite the process so make sure you’ve got all your documents ready.
The closing process always starts with data collection. For one, your future mortgage provider will check your credit rating and evaluate the property to be mortgaged. If a drive-by assessment or automated valuation cannot be performed, a professional may be called in to make an accurate appraisal of the property. Make sure your property’s ready for this to get the best market value!
Step 5 Apply.
Re-read the loan terms and conditions. Be sure you understand the fine print before signing on the dotted line!
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Step 1 Determine how long you’ll hold on to the mortgaged property.
The length of your stay will have a substantial impact on your future financial situation. It will help you determine the best rates and terms for your Texas mortgage refinance loan. It will allow you to determine, for instance, if you’ll have adequate cash to settle the final balloon payment for your loan.
Step 2 Shop and compare.
One huge mistake made by many first-time borrowers is forgetting to consult their first creditor for mortgage refinance rates. It is, after all, possible that you’re acquiring your second mortgage from the same lender. He could give you lower rates than usual. Your first mortgage might simply have been a consequence of bad timing; inflation, bad market trends, and other economic crises might have been why your creditor have charged you with a high interest rate.
Of course, if your first lender hasn’t anything good to offer then that’s the time you should approach other mortgage providers.
Step 3 Work on pre-qualification.
Be aware that becoming pre-qualified is different from becoming pre-approved. Pre-qualification simply means ensuring that you meet every possible requirement of your future mortgage provider.
Start by determining the ideal type for your second mortgage. What kind of mortgage this time around would best match your financial situation? Would you do better with a fixed interest rate or do you prefer an ARM?
Consider your employment history. While creditors certainly don’t require you to have a Best Employee of the Year award, it would help if you can show to them that you’ve been with your current employer for at least two years. It proves income stability and which to them guarantees consistent and on-time payment. As for those who are self-employed, creditors would also prefer if you’ve at least 25% ownership of the business.
Naturally, your credit score will always be a part of the pre-qualification process. This is true for almost all kinds of mortgages with the exception of VA loans and subprime mortgages. FICO scores range from 400 and 900. Anything bellow 600 makes you a poor credit risk and therefore unqualified for the best mortgage refinance rates. Do what you can to improve your credit rating.
Improve your monthly budget. Although you won’t have any chances to show your budget plan, assessing and adjusting your finances will make you more confident when negotiating with a mortgage provider. You can give them all the assurance they need about meeting their monthly payments.
Step 4 Close your old loan.
It’s time to settle your existing financial obligations in order to make way for your new and vastly improved Texas mortgage refinance loan. Cooperating with your previous and future lender will expedite the process so make sure you’ve got all your documents ready.
The closing process always starts with data collection. For one, your future mortgage provider will check your credit rating and evaluate the property to be mortgaged. If a drive-by assessment or automated valuation cannot be performed, a professional may be called in to make an accurate appraisal of the property. Make sure your property’s ready for this to get the best market value!
Step 5 Apply.
Re-read the loan terms and conditions. Be sure you understand the fine print before signing on the dotted line!
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Saturday, February 25, 2012
How to Refinance with a Second Mortgage
The decision to refinance a second mortgage should never be taken lightly. Yes, of course it’s one way of acquiring extra cash but it also means acquiring a new loan. You need to make sure that your second mortgage would not just come with surplus cash but better loan rates and terms as well.
Why You Should Refinance with a Second Mortgage
Not every situation would warrant refinancing and not every financial need can be solved with a second mortgage. You need to consider every factor and cost involved in the process before making your decision. Listed below are some excellent reasons that would merit refinancing with a second mortgage.
No More Private Mortgage Insurance
Private mortgage insurance could have been levied on your first or existing mortgage but if you refinance with a second mortgage, you can avoid paying for PMI. Unknown to many, private mortgage insurance is quite a costly expense. You may not notice it because it could already be included in your monthly payments, but PMI can cost you thousands of dollars every year. That’s money wasted and not well-spent!
Consolidate All Mortgages in One Loan
By refinancing with a second mortgage, you can consolidate your existing mortgage and maybe even other debts into one simple loan. Of course, this would only be beneficial if your second mortgage comes with better rates and terms. Shop wisely!
Better Rates and Terms
Had times been especially tough when you acquired your first mortgage? That could be the reason why your current interest rate is unusually high? But today’s market is different and there may be low interest rate mortgages you can now take advantage of. With low interest rates, you’ll be able to ensure lower monthly payments as well.
How about the terms of your current mortgage? Are you satisfied with it? If not, you can refinance using a second mortgage with terms that match your current financial needs. If your first mortgage’s due to expire this year but you haven’t yet enough money for the balloon payment, you can refinance with a second mortgage to settle the last payment and rest easy with a longer loan term.
Cash Out, Cash Back
Last but not the least, refinancing with a second mortgage will give you extra cash. The amount of surplus cash available will of course depend on how much you’ll borrow and the amount you have to pay to settle your existing mortgage.
But that’s not the end of it. If, for instance, you decide to sell your home, you can use part of the proceeds to settle your second mortgage. If you were lucky to get the best refinance mortgage rates then you’ll probably have extra cash once more after closing your loan.
How to Refinance with a Second Mortgage
If you’re convinced about the rightness of refinancing then here’s what you should do to refinance with a second mortgage.
Step 1 Improve or repair credit rating.
It’s the only way to make you eligible for the best mortgage refinance rates. You can do this alone or you can avail of the services of a credit repair company.
Step 2 Shop for rates.
Know which companies offer the lowest rates and what their requirements are in return. Know the costs involved and which of them could be waived in your favor.
Step 3 Apply.
Make sure you read the terms and conditions of your second mortgage before signing up for anything!
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Why You Should Refinance with a Second Mortgage
Not every situation would warrant refinancing and not every financial need can be solved with a second mortgage. You need to consider every factor and cost involved in the process before making your decision. Listed below are some excellent reasons that would merit refinancing with a second mortgage.
No More Private Mortgage Insurance
Private mortgage insurance could have been levied on your first or existing mortgage but if you refinance with a second mortgage, you can avoid paying for PMI. Unknown to many, private mortgage insurance is quite a costly expense. You may not notice it because it could already be included in your monthly payments, but PMI can cost you thousands of dollars every year. That’s money wasted and not well-spent!
Consolidate All Mortgages in One Loan
By refinancing with a second mortgage, you can consolidate your existing mortgage and maybe even other debts into one simple loan. Of course, this would only be beneficial if your second mortgage comes with better rates and terms. Shop wisely!
Better Rates and Terms
Had times been especially tough when you acquired your first mortgage? That could be the reason why your current interest rate is unusually high? But today’s market is different and there may be low interest rate mortgages you can now take advantage of. With low interest rates, you’ll be able to ensure lower monthly payments as well.
How about the terms of your current mortgage? Are you satisfied with it? If not, you can refinance using a second mortgage with terms that match your current financial needs. If your first mortgage’s due to expire this year but you haven’t yet enough money for the balloon payment, you can refinance with a second mortgage to settle the last payment and rest easy with a longer loan term.
Cash Out, Cash Back
Last but not the least, refinancing with a second mortgage will give you extra cash. The amount of surplus cash available will of course depend on how much you’ll borrow and the amount you have to pay to settle your existing mortgage.
But that’s not the end of it. If, for instance, you decide to sell your home, you can use part of the proceeds to settle your second mortgage. If you were lucky to get the best refinance mortgage rates then you’ll probably have extra cash once more after closing your loan.
How to Refinance with a Second Mortgage
If you’re convinced about the rightness of refinancing then here’s what you should do to refinance with a second mortgage.
Step 1 Improve or repair credit rating.
It’s the only way to make you eligible for the best mortgage refinance rates. You can do this alone or you can avail of the services of a credit repair company.
Step 2 Shop for rates.
Know which companies offer the lowest rates and what their requirements are in return. Know the costs involved and which of them could be waived in your favor.
Step 3 Apply.
Make sure you read the terms and conditions of your second mortgage before signing up for anything!
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Friday, February 24, 2012
Refinance Mortgage Rates
Refinance mortgage rates can make your debts easier or harder to manage. Knowing the various factors affecting them will help you determine the best refinance mortgage to apply for.
4 Factors Affecting Refinance Mortgage Rates
Credit Scores
Do you know what your current credit score is? If not, it’s high time that you do. Credit scores play a significant role these days. They can affect the outcome of not just your home mortgage application but even that of your bank loan and dream job as well.
Credit scores are reflected on your credit reports. You’re entitled to one credit report from each of the three major credit bureaus every year. Get your free copy and review the items listed in them. Is everything accurate and valid? Bankruptcy details, for instance, may be omitted from your credit report when seven years have already passed since its filing date.
Payment history has the greatest impact on your credit score. In short, how good a payer have you been since your first loan or credit account? If you always pay on time, that can only help your credit score and vice versa. To improve your payment record, however, you should consider speaking with your creditors and convince them to extend your deadline.
Naturally, the size of your debt will also have an impact on your credit score. Reducing the amount of your debt will make your refinance mortgage provider more amenable to offering you lower rates and better loan terms.
Other factors affecting your credit score are the type of debt you owe, the length of your credit, and the number of new credit applications you have.
Mortgage Payment History
If you have poor credit score, don’t despair just yet: you still have a few more opportunities left open. Let’s consider your mortgage payment history for one thing. Your overall credit score may be poor but if you have an excellent reputation with your mortgage creditors then certainly, your refinance mortgage provider would be willing to give you lower interest rates for your refinance loan.
Percentage Complete
Finally, how much or how little is left with your existing mortgage? If you are more than halfway done with your current mortgage and you have been fairly consistent in paying your monthly dues on time, your preferred refinancing company is sure to offer you the best rates available.
Naturally, the opposite applies if you’re seeking to replace a fairly new loan. This is understandable, however, so don’t be surprised when your refinance mortgage provider asks you lots of questions. After all, you’re basically asking them to shoulder the rest of your debt in lieu of another creditor. They certainly have the right to ask why you’re replacing a loan you’ve just recently taken out.
Source
Last but not the least, consider the type of company or creditor you’re asking. Long standing and well-established refinancing providers have the means of offering their clients with the lowest possible rates as well as the best service. They’re capable of taking greater risks and that’s why they can afford to negotiate your refinance mortgage rates until you reach a mutually satisfying agreement. Consequently, however, their application requirements are more stringent.
They may, among other things, require you to submit proof that you are earning a specified amount of money each month.
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4 Factors Affecting Refinance Mortgage Rates
Credit Scores
Do you know what your current credit score is? If not, it’s high time that you do. Credit scores play a significant role these days. They can affect the outcome of not just your home mortgage application but even that of your bank loan and dream job as well.
Credit scores are reflected on your credit reports. You’re entitled to one credit report from each of the three major credit bureaus every year. Get your free copy and review the items listed in them. Is everything accurate and valid? Bankruptcy details, for instance, may be omitted from your credit report when seven years have already passed since its filing date.
Payment history has the greatest impact on your credit score. In short, how good a payer have you been since your first loan or credit account? If you always pay on time, that can only help your credit score and vice versa. To improve your payment record, however, you should consider speaking with your creditors and convince them to extend your deadline.
Naturally, the size of your debt will also have an impact on your credit score. Reducing the amount of your debt will make your refinance mortgage provider more amenable to offering you lower rates and better loan terms.
Other factors affecting your credit score are the type of debt you owe, the length of your credit, and the number of new credit applications you have.
Mortgage Payment History
If you have poor credit score, don’t despair just yet: you still have a few more opportunities left open. Let’s consider your mortgage payment history for one thing. Your overall credit score may be poor but if you have an excellent reputation with your mortgage creditors then certainly, your refinance mortgage provider would be willing to give you lower interest rates for your refinance loan.
Percentage Complete
Finally, how much or how little is left with your existing mortgage? If you are more than halfway done with your current mortgage and you have been fairly consistent in paying your monthly dues on time, your preferred refinancing company is sure to offer you the best rates available.
Naturally, the opposite applies if you’re seeking to replace a fairly new loan. This is understandable, however, so don’t be surprised when your refinance mortgage provider asks you lots of questions. After all, you’re basically asking them to shoulder the rest of your debt in lieu of another creditor. They certainly have the right to ask why you’re replacing a loan you’ve just recently taken out.
Source
Last but not the least, consider the type of company or creditor you’re asking. Long standing and well-established refinancing providers have the means of offering their clients with the lowest possible rates as well as the best service. They’re capable of taking greater risks and that’s why they can afford to negotiate your refinance mortgage rates until you reach a mutually satisfying agreement. Consequently, however, their application requirements are more stringent.
They may, among other things, require you to submit proof that you are earning a specified amount of money each month.
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NH Mortgage Refinance
Life’s tough and for many, it gets tougher each day. Money is always a problem, but there’s hope for people of New Hampshire. If you’ve got any existing home mortgage, you can take out an NH mortgage refinance loan and come away with extra cash and easier loan options, too!
5 Benefits of Getting an NH Mortgage Refinance Loan
Lower Interest Rates
You don’t have to earn hundreds of thousands each month just to qualify for a low-interest refinance loan. Truly, there are many refinancing options available to you and if you play your cards right, you can exchange your current loan for one that’s easier to pay.
Start by comparing rates. Don’t hesitate in asking for quotes. If you notice that the rates they’re quoting are still relatively high, you might want to check your credit rating. See if there’s any way you can repair your credit before applying again. The next time you do, you’re sure to come home with an NH mortgage refinance loan that has lower interest rates and lower monthly payments as well.
Shorter Loan Term
Loan terms can be likewise exchanged for something better when you opt for refinancing. If you’ve found the ideal NH mortgage refinance loan for your needs, you can use part of the cash you’ll acquire to settle a portion of your existing mortgage. Without refinancing, you might not have the means of paying off even a tiny part of your current loan.
By reducing the size of your debt, you also reduce the length of time you’re in debt. As such, you could pay off your mortgage more quickly and you’ll finally become financially independent.
Consolidate Debts
Refinancing also allows you to consolidate your debts if you wish. Debt consolidation has gotten a bad reputation over the years, but the advantages they bring – when used at the right time by the right person – shouldn’t be denied.
Consider, for instance, if you’ve three existing loans with respective interest rates of 5%, 7%, and 3%. The average interest rate you’re paying for all three is 5%. Now, here comes a mortgage provider offering to refinance all your loans for just 4%. The better deal is clear to see, isn’t it?
Consolidating your debts with NH mortgage refinance may also allow you to acquire extra cash, depending on the size of your current debts. It’s also more convenient to pay: you need only to remember one deadline for all your loans.
Convert to a Different Type of Interest Rate
Some people have off and peak seasons when it comes to earning. In most cases, people who own businesses experience this. These people may then prefer variable or adjustable rate mortgage so that they can take advantage of low interest rates at the same time their businesses are on its off-season.
On the other hand, some people may desire the opposite. NH mortgage refinance can let them exchange their ARM for a fixed rate mortgage. This way, they’ll know exactly how much to set aside each month, making it easier for them to budget their money.
Get Extra Cash
In all honesty, who wouldn’t want to get their hands on extra cash? Unfortunately, spare cash isn’t something you’ll find lying around for free. But with NH mortgage refinance, extra cash is exactly what you’ll get and you can spend it on anything you want.
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5 Benefits of Getting an NH Mortgage Refinance Loan
Lower Interest Rates
You don’t have to earn hundreds of thousands each month just to qualify for a low-interest refinance loan. Truly, there are many refinancing options available to you and if you play your cards right, you can exchange your current loan for one that’s easier to pay.
Start by comparing rates. Don’t hesitate in asking for quotes. If you notice that the rates they’re quoting are still relatively high, you might want to check your credit rating. See if there’s any way you can repair your credit before applying again. The next time you do, you’re sure to come home with an NH mortgage refinance loan that has lower interest rates and lower monthly payments as well.
Shorter Loan Term
Loan terms can be likewise exchanged for something better when you opt for refinancing. If you’ve found the ideal NH mortgage refinance loan for your needs, you can use part of the cash you’ll acquire to settle a portion of your existing mortgage. Without refinancing, you might not have the means of paying off even a tiny part of your current loan.
By reducing the size of your debt, you also reduce the length of time you’re in debt. As such, you could pay off your mortgage more quickly and you’ll finally become financially independent.
Consolidate Debts
Refinancing also allows you to consolidate your debts if you wish. Debt consolidation has gotten a bad reputation over the years, but the advantages they bring – when used at the right time by the right person – shouldn’t be denied.
Consider, for instance, if you’ve three existing loans with respective interest rates of 5%, 7%, and 3%. The average interest rate you’re paying for all three is 5%. Now, here comes a mortgage provider offering to refinance all your loans for just 4%. The better deal is clear to see, isn’t it?
Consolidating your debts with NH mortgage refinance may also allow you to acquire extra cash, depending on the size of your current debts. It’s also more convenient to pay: you need only to remember one deadline for all your loans.
Convert to a Different Type of Interest Rate
Some people have off and peak seasons when it comes to earning. In most cases, people who own businesses experience this. These people may then prefer variable or adjustable rate mortgage so that they can take advantage of low interest rates at the same time their businesses are on its off-season.
On the other hand, some people may desire the opposite. NH mortgage refinance can let them exchange their ARM for a fixed rate mortgage. This way, they’ll know exactly how much to set aside each month, making it easier for them to budget their money.
Get Extra Cash
In all honesty, who wouldn’t want to get their hands on extra cash? Unfortunately, spare cash isn’t something you’ll find lying around for free. But with NH mortgage refinance, extra cash is exactly what you’ll get and you can spend it on anything you want.
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Thursday, February 23, 2012
Nevada Mortgage Refinance - types of mortgage loans
There are many reasons why you would need a Nevada mortgage refinance loan. In any case, however, refinancing would allow you to obtain more cash more quickly. And with the help of the tips below, you can also ensure that you’ll get the best Nevada mortgage refinance loan there is.
Stop Credit Card Use
Or if not that then do moderate your credit card use at least. Credit cards may be extremely convenient and it may allow you to spend money you don’t currently have, but all these come at a price: your credit reputation. If you’re unable to pay your credit card bills on time, it will lower your credit rating and ultimately make you ineligible for the lowest rates for Nevada mortgage refinance loans.
Better yet, consider closing some of your accounts if you have more than one credit card at present. When you do, make sure that you check your credit report. It must indicate that your account has been closed at your request. This will make your future mortgage provider aware that the decision to close your accounts was made upon your request and not due to bad credit.
Avoid Trouble with Private Mortgage Insurance
Do you know that private mortgage insurance can cost you hundreds of dollars every year? Consider it money wasted because it could’ve been avoided if you’ve chosen smart refinancing options for yourself.
Many homeowners choose to take out as much as 30% of their home’s equity when refinancing. If you use it to pay off outstanding bills, make improvements on your home, or invest it in business then great! Those are all excellent ways to put your newly acquired cash to use.
Be sure, however, not to go overboard. If you borrow over eighty percent of your home’s value then you could get into trouble with private mortgage insurance. Most people taking out Nevada a mortgage refinance loan are taken by surprise when they’re asked to pay for PMI. But now that you know about it, you can make adjustments to ensure that your financial needs won’t be hindered because of it.
Consider the Loan Term
A Nevada mortgage refinance loan can have as short as a one-year term or it can go for as long as fifteen years. Choose loan terms wisely; the right choice can help you save thousands of dollars.
Short-term refinance loans generally have lower interest rates compared to long-term refinance loans. A shorter payment period, however, will naturally require you to pay larger monthly installments. As such, you need to think about your preferences and capabilities: do you need more time to pay off your loan or do you think you can manage quite well with lower interest rates and a shorter payment period?
Ask, Ask, Ask!
Asking questions – especially the right ones – won’t cost you anything so ask about anything that confuses you. Asking questions will help you find the best Nevada mortgage refinance loan for your needs.
Hidden fees are practically a constant with most mortgages and asking questions will let you know what they are and how much they’ll cost you. Hidden fees may include but not limited to administrative fees, courier fees, and document preparation.
Last but not the least, ask about their customer service. If you’re borrowing money, wouldn’t you rather borrow from someone who’s friendly and reasonable?
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Stop Credit Card Use
Or if not that then do moderate your credit card use at least. Credit cards may be extremely convenient and it may allow you to spend money you don’t currently have, but all these come at a price: your credit reputation. If you’re unable to pay your credit card bills on time, it will lower your credit rating and ultimately make you ineligible for the lowest rates for Nevada mortgage refinance loans.
Better yet, consider closing some of your accounts if you have more than one credit card at present. When you do, make sure that you check your credit report. It must indicate that your account has been closed at your request. This will make your future mortgage provider aware that the decision to close your accounts was made upon your request and not due to bad credit.
Avoid Trouble with Private Mortgage Insurance
Do you know that private mortgage insurance can cost you hundreds of dollars every year? Consider it money wasted because it could’ve been avoided if you’ve chosen smart refinancing options for yourself.
Many homeowners choose to take out as much as 30% of their home’s equity when refinancing. If you use it to pay off outstanding bills, make improvements on your home, or invest it in business then great! Those are all excellent ways to put your newly acquired cash to use.
Be sure, however, not to go overboard. If you borrow over eighty percent of your home’s value then you could get into trouble with private mortgage insurance. Most people taking out Nevada a mortgage refinance loan are taken by surprise when they’re asked to pay for PMI. But now that you know about it, you can make adjustments to ensure that your financial needs won’t be hindered because of it.
Consider the Loan Term
A Nevada mortgage refinance loan can have as short as a one-year term or it can go for as long as fifteen years. Choose loan terms wisely; the right choice can help you save thousands of dollars.
Short-term refinance loans generally have lower interest rates compared to long-term refinance loans. A shorter payment period, however, will naturally require you to pay larger monthly installments. As such, you need to think about your preferences and capabilities: do you need more time to pay off your loan or do you think you can manage quite well with lower interest rates and a shorter payment period?
Ask, Ask, Ask!
Asking questions – especially the right ones – won’t cost you anything so ask about anything that confuses you. Asking questions will help you find the best Nevada mortgage refinance loan for your needs.
Hidden fees are practically a constant with most mortgages and asking questions will let you know what they are and how much they’ll cost you. Hidden fees may include but not limited to administrative fees, courier fees, and document preparation.
Last but not the least, ask about their customer service. If you’re borrowing money, wouldn’t you rather borrow from someone who’s friendly and reasonable?
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Tips for Getting Low Mortgage Rates on Refinancing
Probably the deciding factor that joins a lender and a borrower is the mortgage rate. After all, when there are choices available to any consumer, a potential home buyer will more likely be drawn to the best (read: lowest) interest rate offer. The lower it is, the more money they could save in the long run and the easier the payments will be. If finding low mortgage rates on refinancing is your goal, here are a few tips you can use:
Maintain your credit.
A solid credit rating (or at least a decent one) makes you a desirable borrower. A lender will look at you and see someone who is a responsible, reliable payer. This means that the lender will get their money back as agreed. As a reward for your trustworthiness, the creditor will offer you low mortgage rates in case you want to refinance. So if getting these low rates is your goal, make sure your credit standing is in tip-top shape.
Never make late payments.
If you want low mortgage rates on refinancing, try not to miss any payments on your current loan. Making late payments or missing any payment will raise red flags and alert your lender that you might not be reliable borrower after all. Mortgages are built on trust and if that's something you cannot offer, no lender in its right mind will give you the time of day.
If you've been a very good payer (at least for the last 12 months), you could expect to be on the receiving end of a low mortgage refinance rate.
Document your lock-in period.
Once you find a low mortgage refinance rate, get it confirmed through a written agreement. You need to show proof that you have, indeed, been offered that specific interest rate. This document will help you take advantage of low mortgage refinance rates – provided, of course, you obtain the loan within the closing period.
Do the math.
When you're looking to refinance, you'll probably encounter lenders offering zero closing costs and fees. While this may seem attractive, they may not always be good deals for you. More often than not, these offers involve a higher amount of mortgage rates. This will mean that you will pay more over the long term. If you're looking for low mortgage rates for refinancing, try to consider the total amount of your payment to determine which plans will save you money.
Consider shortening your loan period.
If your current mortgage is a 30-year loan, consider shortening it to 20 years or 15 years if you can afford it. This will undoubtedly increase your monthly payments but you'll save more in terms of the total interest payment over the course of the loan period. This is because with shorter-term loan schemes, lenders give you a low mortgage refinance rate. If you can spare the money for the monthly payment, go this route. You'll be free of debt in just a few years.
Be ready for refinancing costs.
A mortgage refinance is merely a brand new load you're taking out. If you're looking for a low mortgage refinance rate, you're likely to encounter costs associated with the loan. Don't let the low refinancing interest rate distract you from other critical components of your loan.
It's highly likely you'll be dealing with fees for cost of survey, appraisal, prepayment, loan origination, points, title search and title insurance and of course, application fees to cover for processing and credit report checks.
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Maintain your credit.
A solid credit rating (or at least a decent one) makes you a desirable borrower. A lender will look at you and see someone who is a responsible, reliable payer. This means that the lender will get their money back as agreed. As a reward for your trustworthiness, the creditor will offer you low mortgage rates in case you want to refinance. So if getting these low rates is your goal, make sure your credit standing is in tip-top shape.
Never make late payments.
If you want low mortgage rates on refinancing, try not to miss any payments on your current loan. Making late payments or missing any payment will raise red flags and alert your lender that you might not be reliable borrower after all. Mortgages are built on trust and if that's something you cannot offer, no lender in its right mind will give you the time of day.
If you've been a very good payer (at least for the last 12 months), you could expect to be on the receiving end of a low mortgage refinance rate.
Document your lock-in period.
Once you find a low mortgage refinance rate, get it confirmed through a written agreement. You need to show proof that you have, indeed, been offered that specific interest rate. This document will help you take advantage of low mortgage refinance rates – provided, of course, you obtain the loan within the closing period.
Do the math.
When you're looking to refinance, you'll probably encounter lenders offering zero closing costs and fees. While this may seem attractive, they may not always be good deals for you. More often than not, these offers involve a higher amount of mortgage rates. This will mean that you will pay more over the long term. If you're looking for low mortgage rates for refinancing, try to consider the total amount of your payment to determine which plans will save you money.
Consider shortening your loan period.
If your current mortgage is a 30-year loan, consider shortening it to 20 years or 15 years if you can afford it. This will undoubtedly increase your monthly payments but you'll save more in terms of the total interest payment over the course of the loan period. This is because with shorter-term loan schemes, lenders give you a low mortgage refinance rate. If you can spare the money for the monthly payment, go this route. You'll be free of debt in just a few years.
Be ready for refinancing costs.
A mortgage refinance is merely a brand new load you're taking out. If you're looking for a low mortgage refinance rate, you're likely to encounter costs associated with the loan. Don't let the low refinancing interest rate distract you from other critical components of your loan.
It's highly likely you'll be dealing with fees for cost of survey, appraisal, prepayment, loan origination, points, title search and title insurance and of course, application fees to cover for processing and credit report checks.
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Is This the Right Time to Get a Mortgage Refinance Loan in California? - pre approval home loan
Blame it on the economy. Home sales in California, as in almost everywhere else, have gone down slightly. However, that is not a sign that it's a bad time to buy. According to real estate experts and analysts, this still points to a market that is quite stable. Buying a house in California today could mean taking some risks but then again, when did taking out a mortgage refinance loan become 100% safe? Besides, California is still one of the best places to settle in.
Placing hopes on the Treasury Department
If the Treasury Department does back Freddie and Fannie's securities any time soon, mortgage rates (including those for refinancing) could decrease. Borrowers could probably look forward to one percentage point. Should you take a 30-year mortgage on fixed rates, for example, you could look forward to around 4.5%. If that happens any time soon, the market should expect some brisk activities.
Buying a property in California
There are certain things you have to expect when buying a home in California, some of which you might not have to contend with if you're buying a home elsewhere. Most houses in this state are quite expensive and if you have a particular zip code in mind, be prepared to spend – really spend.
The jumbo buck stops here
Most of the properties you'll find in California might require you to obtain a jumbo loan, although that is not to say that you can't find one that is categorized as a regular loan. If you're looking to settle any time soon in California and are placing your hopes on discounted loan rates, there are two figures you need to remember: $417,000 for conforming loans and $625,500 for jumbo loans. These are the limit restrictions beginning in 2009.
The present loan limit is still around $100,000 more than the jumbo loan limit restriction but it's only good until the end of 2007. If your mortgage amount doesn't exceed these limits, you could look forward to financial backing from Freddie or Fannie. Go overboard and you might find obtaining the financing you need at the low rates you want could be a challenge.
Getting mortgage refinance loans in California
There are a few important factors you need to consider when shopping for mortgage refinance loans in California. Keep these in mind to make sure that you land the best deals that are right for you and your resources. These factors include:
- The length of time you plan to live in your house (if you plan to move out within the next 5 or 10 years, getting a mortgage refinance loan in California is not a good idea)
- The difference in your current interest rate and the new mortgage refinance rate
- Your built-up equity
- Closing costs (there are fees and charges that you will have to pay for all over again)
- The mortgage insurance you're paying on the property (if you have it)
- If you're planning on getting cash-out refinancing
When getting a refinance loan for your mortgage in California, always consider the totality of the advantage of the new rate. If you can't get an interest rate at a lower figure, getting your home refinanced may require you to shell out more money in the long term. Check if the monthly payments are affordable and if the overall result points to a great deal.
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Placing hopes on the Treasury Department
If the Treasury Department does back Freddie and Fannie's securities any time soon, mortgage rates (including those for refinancing) could decrease. Borrowers could probably look forward to one percentage point. Should you take a 30-year mortgage on fixed rates, for example, you could look forward to around 4.5%. If that happens any time soon, the market should expect some brisk activities.
Buying a property in California
There are certain things you have to expect when buying a home in California, some of which you might not have to contend with if you're buying a home elsewhere. Most houses in this state are quite expensive and if you have a particular zip code in mind, be prepared to spend – really spend.
The jumbo buck stops here
Most of the properties you'll find in California might require you to obtain a jumbo loan, although that is not to say that you can't find one that is categorized as a regular loan. If you're looking to settle any time soon in California and are placing your hopes on discounted loan rates, there are two figures you need to remember: $417,000 for conforming loans and $625,500 for jumbo loans. These are the limit restrictions beginning in 2009.
The present loan limit is still around $100,000 more than the jumbo loan limit restriction but it's only good until the end of 2007. If your mortgage amount doesn't exceed these limits, you could look forward to financial backing from Freddie or Fannie. Go overboard and you might find obtaining the financing you need at the low rates you want could be a challenge.
Getting mortgage refinance loans in California
There are a few important factors you need to consider when shopping for mortgage refinance loans in California. Keep these in mind to make sure that you land the best deals that are right for you and your resources. These factors include:
- The length of time you plan to live in your house (if you plan to move out within the next 5 or 10 years, getting a mortgage refinance loan in California is not a good idea)
- The difference in your current interest rate and the new mortgage refinance rate
- Your built-up equity
- Closing costs (there are fees and charges that you will have to pay for all over again)
- The mortgage insurance you're paying on the property (if you have it)
- If you're planning on getting cash-out refinancing
When getting a refinance loan for your mortgage in California, always consider the totality of the advantage of the new rate. If you can't get an interest rate at a lower figure, getting your home refinanced may require you to shell out more money in the long term. Check if the monthly payments are affordable and if the overall result points to a great deal.
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How to Get the Best Mortgage Refinance Quotes
Mortgage refinance quotes are easy to obtain online, but finding the ideal mortgage setup can be quite difficult. Use the tips below to narrow your search, enabling you to refinance your existing loan more quickly and easily.
Know What You’re After
Mortgage providers will be hard pressed to offer the best mortgage refinance quotes if you yourself are unable to specify the exact kind of mortgage you want. Refinancing, after all, can come in various forms and each has its own pros and cons. Do you prefer a fixed or adjustable interest rate for your mortgage? How much do you really need to borrow? How much can you afford to pay each month? How many years do you think you need to pay off your second mortgage? What do you intend to do with your existing mortgage? Can you afford to make a balloon payment at the due date of your loan?
Look for Instant Comparisons
There are many shopping websites today that does all the hard work and allows you to go directly to the final stage of your decision-making process. These websites are generally unbiased; they are not mortgage providers themselves and their main motivation is to help you shop for the best mortgage refinance quotes.
When you go to such websites, you’ll be presented with side-to-side comparisons not only for their quotes but for loan features as well. If you’ve found one or two to your liking, remember to double-check by asking for verification from its respective mortgage provider.
Let Them Know You’re Comparing
A little competition never hurts and a smart mortgage broker never takes any customer for granted. If you want to get the best mortgage refinance quotes, don’t hesitate to let them know that you’re actively comparing rates. This will prompt them to outdo each other by offering you the most competitive rates and the best features available for your preferred refinancing option.
Don’t Be Afraid to Ask
Don’t hold back from asking anything that confuses or bothers you. Taking out a second mortgage, after all, is no small deal and if you end up with the wrong mortgage, you could be indebted for life.
Clarify all the points in your loan brochure or contract. Asking won’t cost you or the mortgage company a dime so get as much information as you need about your refinancing options.
You Are Not Obliged to Commit
Many experienced mortgage brokers can be extremely convincing. They are especially good at making you feel guilty just by talking to them and asking about what they’re offering.
Don’t fall for their tricks, though. Asking questions and making them give you the best mortgage refinance quotes they can offer does not oblige you in any way to apply for a second mortgage with them. You are merely exploring your options. That’s not a crime, is it?
Ensure Confidentiality
In the midst of consulting with a mortgage broker, you might be required to submit sensitive information about yourself. Before disclosing anything, make sure that your mortgage provider ensures complete privacy and confidentiality for whatever data you share with them. This is just a precautionary measure against identity theft and as such, your mortgage provider shouldn’t take it personally.
Use these tips when searching for the best mortgage refinance quotes and you’re sure to come home with the ideal second mortgage and with lots of extra cash to spare!
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Know What You’re After
Mortgage providers will be hard pressed to offer the best mortgage refinance quotes if you yourself are unable to specify the exact kind of mortgage you want. Refinancing, after all, can come in various forms and each has its own pros and cons. Do you prefer a fixed or adjustable interest rate for your mortgage? How much do you really need to borrow? How much can you afford to pay each month? How many years do you think you need to pay off your second mortgage? What do you intend to do with your existing mortgage? Can you afford to make a balloon payment at the due date of your loan?
Look for Instant Comparisons
There are many shopping websites today that does all the hard work and allows you to go directly to the final stage of your decision-making process. These websites are generally unbiased; they are not mortgage providers themselves and their main motivation is to help you shop for the best mortgage refinance quotes.
When you go to such websites, you’ll be presented with side-to-side comparisons not only for their quotes but for loan features as well. If you’ve found one or two to your liking, remember to double-check by asking for verification from its respective mortgage provider.
Let Them Know You’re Comparing
A little competition never hurts and a smart mortgage broker never takes any customer for granted. If you want to get the best mortgage refinance quotes, don’t hesitate to let them know that you’re actively comparing rates. This will prompt them to outdo each other by offering you the most competitive rates and the best features available for your preferred refinancing option.
Don’t Be Afraid to Ask
Don’t hold back from asking anything that confuses or bothers you. Taking out a second mortgage, after all, is no small deal and if you end up with the wrong mortgage, you could be indebted for life.
Clarify all the points in your loan brochure or contract. Asking won’t cost you or the mortgage company a dime so get as much information as you need about your refinancing options.
You Are Not Obliged to Commit
Many experienced mortgage brokers can be extremely convincing. They are especially good at making you feel guilty just by talking to them and asking about what they’re offering.
Don’t fall for their tricks, though. Asking questions and making them give you the best mortgage refinance quotes they can offer does not oblige you in any way to apply for a second mortgage with them. You are merely exploring your options. That’s not a crime, is it?
Ensure Confidentiality
In the midst of consulting with a mortgage broker, you might be required to submit sensitive information about yourself. Before disclosing anything, make sure that your mortgage provider ensures complete privacy and confidentiality for whatever data you share with them. This is just a precautionary measure against identity theft and as such, your mortgage provider shouldn’t take it personally.
Use these tips when searching for the best mortgage refinance quotes and you’re sure to come home with the ideal second mortgage and with lots of extra cash to spare!
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Wednesday, February 22, 2012
Getting Good Mortgage Refinance Rates on Bad Credit
Bad credit creates really bad memories, specifically in the minds of creditors and lenders. And they're not about to forget any time soon. Access to information regarding your credit standing is easy for the people you need money from.
And you know that if your credit report comes out a little less than ideal, you might not always get the loan you need. But the emphasis is on 'might not' because even with bad credit, it's still possible to obtain a mortgage refinance loan. The catch just simply rides on the refinance rate.
Don't look too low
If you're trying to obtain a mortgage refinance loan at low rates and you have bad credit, forget it. Bad credit makes you different from the rest of the consumers, particularly those who have decent to good credit standing. The best you can expect is a decent (meaning a moderately high) mortgage refinance rate.
The reason is that lenders are very wary about consumers with a problematic credit history. They're giving you money, after all and if you can't pay it back, that spells a loss to their business.
Consider the types of programs available from your lender
Not every mortgage broker can offer you loan programs that are advantageous to you, which means, they probably can't say for sure which types of loans you qualify for. When looking for budget-friendly mortgage refinance rates, try to find out which loans your lender has. A few you might want to look at:
- FHA financing, which don't have stringent guidelines. Plus, you'll like the fact that you won't get charged a significant downpayment.
- Conventional mortgages (Fannie Mae/Freddie Mac), which could offer you good refinance rates even with bad credit depending on the type of property you want, how much downpayment you can pay and of course, your credit rating.
- Subprime mortgages, another name for bad credit mortgages, typically the type of loan you'll get if your credit score dips to under 600. The rates you get will depend on the criteria set by your lender and on your credit standing.
Where to find mortgage refinance rates if you have bad credit
The best thing to do is to find out what your credit score is, bad as it may be. This will help give your creditors a more useful figure to use as a basis on which to calculate your refinance rates. You can then talk to your creditor to find out what types of rates you qualify for.
Just make sure to get quotes from multiple lenders to identify which one gives you the best deal. Remember that it's not necessarily just the rate but also the overall package being offered to you.
Another option for finding information regarding mortgage refinance rates you qualify for even with bad credit is to use online sites. Many creditors offer calculators and other resources on their websites that you can use. Simply enter the required information and the tools will calculate your refinance rate for you.
Don't let bad credit stop you from finding the best deals that will help save you money. Historically, consumers who have taken advantage of mortgage loan refinancing have enjoyed its benefits. Make sure that you obtain all the information you need so you will be able to make the right decisions regarding your finances. Remember that a mortgage loan is something you will be dealing with for a long time.
If you have bad credit, you should be focusing on getting the most advantageous deal possible.
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And you know that if your credit report comes out a little less than ideal, you might not always get the loan you need. But the emphasis is on 'might not' because even with bad credit, it's still possible to obtain a mortgage refinance loan. The catch just simply rides on the refinance rate.
Don't look too low
If you're trying to obtain a mortgage refinance loan at low rates and you have bad credit, forget it. Bad credit makes you different from the rest of the consumers, particularly those who have decent to good credit standing. The best you can expect is a decent (meaning a moderately high) mortgage refinance rate.
The reason is that lenders are very wary about consumers with a problematic credit history. They're giving you money, after all and if you can't pay it back, that spells a loss to their business.
Consider the types of programs available from your lender
Not every mortgage broker can offer you loan programs that are advantageous to you, which means, they probably can't say for sure which types of loans you qualify for. When looking for budget-friendly mortgage refinance rates, try to find out which loans your lender has. A few you might want to look at:
- FHA financing, which don't have stringent guidelines. Plus, you'll like the fact that you won't get charged a significant downpayment.
- Conventional mortgages (Fannie Mae/Freddie Mac), which could offer you good refinance rates even with bad credit depending on the type of property you want, how much downpayment you can pay and of course, your credit rating.
- Subprime mortgages, another name for bad credit mortgages, typically the type of loan you'll get if your credit score dips to under 600. The rates you get will depend on the criteria set by your lender and on your credit standing.
Where to find mortgage refinance rates if you have bad credit
The best thing to do is to find out what your credit score is, bad as it may be. This will help give your creditors a more useful figure to use as a basis on which to calculate your refinance rates. You can then talk to your creditor to find out what types of rates you qualify for.
Just make sure to get quotes from multiple lenders to identify which one gives you the best deal. Remember that it's not necessarily just the rate but also the overall package being offered to you.
Another option for finding information regarding mortgage refinance rates you qualify for even with bad credit is to use online sites. Many creditors offer calculators and other resources on their websites that you can use. Simply enter the required information and the tools will calculate your refinance rate for you.
Don't let bad credit stop you from finding the best deals that will help save you money. Historically, consumers who have taken advantage of mortgage loan refinancing have enjoyed its benefits. Make sure that you obtain all the information you need so you will be able to make the right decisions regarding your finances. Remember that a mortgage loan is something you will be dealing with for a long time.
If you have bad credit, you should be focusing on getting the most advantageous deal possible.
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Will Judgments on Your Student Loan Affect Your Mortgage Refinance?
People who want to start a new life and a new family will always look forward to buying a new home. This should be easy, particularly if your credit standing is good but what if you've missed a few payments and already have a judgment on your student loans? Student loans already make it challenging to obtain a mortgage but a judgment could make your application way more difficult and could actually affect the success of your loan.
How lenders look at you
Your student loans are not the only consideration your lenders will look at in case you need a loan from them. They will assess the whole picture – your credit history – which will include every single cent you borrowed that has been documented. This will include your credit card loans, car loans, mortgages and every other type of debt you might have.
Your lenders will also consider the cost of the property you're looking to purchase, the type of mortgage and your income. If you've had a judgment on your student loans, this could cause your lenders to sit up and be wary of you. They could either downright refuse you for a loan or hike your mortgage refinance rates.
Should the first scenario occur, you might have to find other means with which to pay off the judgment on your student loans or go and find other creditors that will take you in and give you a loan for a refinance. Should the second scenario hold true, you will get the money for a mortgage refinance loan but you will have to pay your debt off the amount of money you receive.
Will your home be seized?
Believe it or not, most creditors are not interested in seizing your home. If they place a lien on your property because of the judgment on your student loan, they might have to pay a good amount of money just to take your property.
If it gets sold, the lender may not always get a sufficient return on their investment. Homes that get seized through a judgment do not sell at market value, which means that your creditor will not get a lot out of it. This is why most creditors are not really interested in seizing your home just to enforce a judgment on a debt.
Furthermore, a lien does not automatically mandate you to sell your property – you are not forced to do so. However, should you voluntarily sell the property or in this case, refinance it, you will have to pay your debt to your creditor out of the payment you received as a result of the transaction.
Second of all, seizure of property isn't something that most creditors will do because it is, quite simply, bad PR. They want to enforce their right to collect but at the same time, they don't want to be seen in a bad light. If you're still unsure about the whole thing, your lawyer can shed light on certain things, particularly about laws in your state.
What you should do
First, it's important that you see a lawyer regarding your situation. They can help guide you on what you can do regarding your credit and give you information on the steps your creditor could take should they choose to enforce your judgment. This should help you protect your property and whatever income you may be receiving at this time.
Second, you might want to discuss the steps you have to take regarding your application for a mortgage refinance. Your goal here is to negotiate as best as you can fair terms – the kind that will help you keep your home and set you back on your feet again.
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How lenders look at you
Your student loans are not the only consideration your lenders will look at in case you need a loan from them. They will assess the whole picture – your credit history – which will include every single cent you borrowed that has been documented. This will include your credit card loans, car loans, mortgages and every other type of debt you might have.
Your lenders will also consider the cost of the property you're looking to purchase, the type of mortgage and your income. If you've had a judgment on your student loans, this could cause your lenders to sit up and be wary of you. They could either downright refuse you for a loan or hike your mortgage refinance rates.
Should the first scenario occur, you might have to find other means with which to pay off the judgment on your student loans or go and find other creditors that will take you in and give you a loan for a refinance. Should the second scenario hold true, you will get the money for a mortgage refinance loan but you will have to pay your debt off the amount of money you receive.
Will your home be seized?
Believe it or not, most creditors are not interested in seizing your home. If they place a lien on your property because of the judgment on your student loan, they might have to pay a good amount of money just to take your property.
If it gets sold, the lender may not always get a sufficient return on their investment. Homes that get seized through a judgment do not sell at market value, which means that your creditor will not get a lot out of it. This is why most creditors are not really interested in seizing your home just to enforce a judgment on a debt.
Furthermore, a lien does not automatically mandate you to sell your property – you are not forced to do so. However, should you voluntarily sell the property or in this case, refinance it, you will have to pay your debt to your creditor out of the payment you received as a result of the transaction.
Second of all, seizure of property isn't something that most creditors will do because it is, quite simply, bad PR. They want to enforce their right to collect but at the same time, they don't want to be seen in a bad light. If you're still unsure about the whole thing, your lawyer can shed light on certain things, particularly about laws in your state.
What you should do
First, it's important that you see a lawyer regarding your situation. They can help guide you on what you can do regarding your credit and give you information on the steps your creditor could take should they choose to enforce your judgment. This should help you protect your property and whatever income you may be receiving at this time.
Second, you might want to discuss the steps you have to take regarding your application for a mortgage refinance. Your goal here is to negotiate as best as you can fair terms – the kind that will help you keep your home and set you back on your feet again.
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How Soon Can a Mortgage Be Refinanced?
There are many advantages to having your mortgage refinanced. Of course, the most important and obvious reason is the lower rate you'll enjoy. When applied at the right time and opportunity, having a mortgage refinanced can save you thousands of dollars in the long run. However, since timing plays a crucial role in refinancing, it's important that you understand the factors that can affect how successfully you can take advantage of it. So how soon can a mortgage be refinanced and should you?
The right time
Getting a mortgage is not for sissies. This type of loan, whether you're taking it out to purchase a car or a house, is easily one of the biggest financial decisions you'll ever make in your life.
If you're taking out a home mortgage loan and are considering getting it refinanced later, you'll be glad to know that you could probably do it at any time you want. But once you have a mortgage and interest rates begin behaving in a manner that is favorable to you, you shouldn't automatically apply for refinancing.
First, the difference in the new interest rate and the current interest rate should be enough to actually give you some advantages. Second, most lenders will probably advise you to refinance only after your loan has matured for a minimum of 12 months or so.
However, it's good to consider this only if interest rates have remained more or less the same. If, at any time after you have taken out a mortgage loan the market trend begins tipping to your advantage, you should consider refinancing your loan. Remember that interest rates are rather volatile and if you wait too long for them to dip further, you could miss out on a very good opportunity to get a good deal.
Consider the 2 percent rule.
Just because interest rates have fallen a tiny bit does not automatically justify your decision to refinance. Consider refinancing only if the new interest rate is at least 2% lower compared to the rate you're currently paying. A 1% difference in interest is not sufficient reason to make the switch.
Remember that there are costs associated with a new loan. When you consider refinancing for your mortgage, remember that you will have to pay extra for closing fees. An interest rate as low as 1% will not cover the expense.
You have no late payments.
You could go ahead and refinance a mortgage provided you have paid your loan faithfully for the last 12 months. If you have never had a late payment during the last year, you could make the shift and have your mortgage refinanced.
You have already built up equity.
If you want to refinance a mortgage soon, try to examine if you have already built up equity. You should have a minimum of about 5% or 10% equity (depending on the lender) before you could consider refinancing as a feasible option.
So is refinancing an option for you?
Of course, you can always consider refinancing your mortgage at any time you feel most comfortable. The key is to consider the time factor, along with the type of opportunity being presented by the market. After all, refinancing is really getting a new loan. Just be prepared for the procedures and costs that you will have to go through all over again.
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The right time
Getting a mortgage is not for sissies. This type of loan, whether you're taking it out to purchase a car or a house, is easily one of the biggest financial decisions you'll ever make in your life.
If you're taking out a home mortgage loan and are considering getting it refinanced later, you'll be glad to know that you could probably do it at any time you want. But once you have a mortgage and interest rates begin behaving in a manner that is favorable to you, you shouldn't automatically apply for refinancing.
First, the difference in the new interest rate and the current interest rate should be enough to actually give you some advantages. Second, most lenders will probably advise you to refinance only after your loan has matured for a minimum of 12 months or so.
However, it's good to consider this only if interest rates have remained more or less the same. If, at any time after you have taken out a mortgage loan the market trend begins tipping to your advantage, you should consider refinancing your loan. Remember that interest rates are rather volatile and if you wait too long for them to dip further, you could miss out on a very good opportunity to get a good deal.
Consider the 2 percent rule.
Just because interest rates have fallen a tiny bit does not automatically justify your decision to refinance. Consider refinancing only if the new interest rate is at least 2% lower compared to the rate you're currently paying. A 1% difference in interest is not sufficient reason to make the switch.
Remember that there are costs associated with a new loan. When you consider refinancing for your mortgage, remember that you will have to pay extra for closing fees. An interest rate as low as 1% will not cover the expense.
You have no late payments.
You could go ahead and refinance a mortgage provided you have paid your loan faithfully for the last 12 months. If you have never had a late payment during the last year, you could make the shift and have your mortgage refinanced.
You have already built up equity.
If you want to refinance a mortgage soon, try to examine if you have already built up equity. You should have a minimum of about 5% or 10% equity (depending on the lender) before you could consider refinancing as a feasible option.
So is refinancing an option for you?
Of course, you can always consider refinancing your mortgage at any time you feel most comfortable. The key is to consider the time factor, along with the type of opportunity being presented by the market. After all, refinancing is really getting a new loan. Just be prepared for the procedures and costs that you will have to go through all over again.
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What You Should Know About Getting a Refinance Mortgage in Florida
Florida has enjoyed some brisk real property business in the past. And its attraction has pretty much remained the same – it is still a hot market both for new and experienced homeowners. If you're looking to refinance your mortgage in Florida, it pays to know some of the most basic things regarding the market here. You could save a significant amount of money just by taking the time to become an informed buyer.
Learn the property tax laws in Florida.
In Florida, residents pay their property taxes in arrears. What this means is that come tax time, the money you take out to settle your property taxes is meant to cover for the previous years' payment.
If it's your first time buy, you probably won't have to worry about the amount of money you'll have to shell out, considering that your seller will give you credit in order to cover for their pro-rated tax share.
If you refinance, however, this is another story. The lower refinance mortgage rate you get may not be enough to make you happy about the kind of money you have to produce. On top of that, you might even have to contend with lenders that require you 12 to 15 months' worth of tax payments in escrow.
However, you could get around this provided your lender has paid taxes due for the year. Once that's done, you can then be assured that your lender will not be asking you a hefty sum for escrows. That means you won't have to worry about producing cash come closing time.
Make sure your credit report is acceptable.
A lot of things ride on your credit report – foremost, of course, is your ability to get a refinance mortgage loan in Florida. If you have good credit standing, have never had a late payment on any of your loans, can boast of no defaults, you will be considered as a trustworthy borrower. As a result, you get better treatment – and better refinance mortgage rates.
Furthermore, you don't have to go around begging for loan companies to accept your loan application. If your credit standing is good, you can expect lenders to give you a better deal.
Use your home equity.
If you have a home in Florida now and are thinking about refinancing in the future, make sure to take care of your property. By keeping your home attractive to future buyers through care and maintenance, you will help raise its equity. Should you decide to refinance your mortgage years later, you will be able to expect good loan rates.
Get several quotes.
Don't be shy about shopping around. If you can get a better deal with one lender, why stick with another? Look for lenders offering good rates and then examine what those rates entail. Be careful about the fine print, particularly where fees and charges are concerned. Study the structure carefully. It's guaranteed that getting surprised by hidden fees will not be pleasant.
Make sure you get quotes from at least 3 different lenders in Florida before you make your decision. If lenders offer you advice or information, take these down. You'll find them useful later. A refinance mortgage is still a loan, albeit a new one. If you do comparison shopping for rates, you're more likely to land the best deal on your new loan.
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Learn the property tax laws in Florida.
In Florida, residents pay their property taxes in arrears. What this means is that come tax time, the money you take out to settle your property taxes is meant to cover for the previous years' payment.
If it's your first time buy, you probably won't have to worry about the amount of money you'll have to shell out, considering that your seller will give you credit in order to cover for their pro-rated tax share.
If you refinance, however, this is another story. The lower refinance mortgage rate you get may not be enough to make you happy about the kind of money you have to produce. On top of that, you might even have to contend with lenders that require you 12 to 15 months' worth of tax payments in escrow.
However, you could get around this provided your lender has paid taxes due for the year. Once that's done, you can then be assured that your lender will not be asking you a hefty sum for escrows. That means you won't have to worry about producing cash come closing time.
Make sure your credit report is acceptable.
A lot of things ride on your credit report – foremost, of course, is your ability to get a refinance mortgage loan in Florida. If you have good credit standing, have never had a late payment on any of your loans, can boast of no defaults, you will be considered as a trustworthy borrower. As a result, you get better treatment – and better refinance mortgage rates.
Furthermore, you don't have to go around begging for loan companies to accept your loan application. If your credit standing is good, you can expect lenders to give you a better deal.
Use your home equity.
If you have a home in Florida now and are thinking about refinancing in the future, make sure to take care of your property. By keeping your home attractive to future buyers through care and maintenance, you will help raise its equity. Should you decide to refinance your mortgage years later, you will be able to expect good loan rates.
Get several quotes.
Don't be shy about shopping around. If you can get a better deal with one lender, why stick with another? Look for lenders offering good rates and then examine what those rates entail. Be careful about the fine print, particularly where fees and charges are concerned. Study the structure carefully. It's guaranteed that getting surprised by hidden fees will not be pleasant.
Make sure you get quotes from at least 3 different lenders in Florida before you make your decision. If lenders offer you advice or information, take these down. You'll find them useful later. A refinance mortgage is still a loan, albeit a new one. If you do comparison shopping for rates, you're more likely to land the best deal on your new loan.
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Tuesday, February 21, 2012
Tips for Finding and Using Current Mortgage Refinance Rates
If there's one truth about mortgage refinance rates, it's that they keep changing. That's the one constant thing about them. If you're a homebuyer who wants to refinance and are looking for one steady figure as a basis for current rates, you're bound to be frustrated. Refinancing programs also change frequently, which could be confusing. While it could get a bit challenging, finding current mortgage refinance rates is still a necessary step for you as a homeowner if you want to take advantage of good rates.
The art of mortgage refinancing
Many savvy homeowners will tell you that refinancing their mortgage was one of the best steps they did to their finances. Refinancing simply allows you to take an available opportunity and use that to your advantage – provided, of course, that market trends are moving in your favor. If you refinance at the right moment, you could enjoy thousands of dollars of savings down the line.
However, therein lies the rub. When it comes to refinancing your mortgage, finding the best rate possible can be quite tricky – but not impossible. If you want to get updated on the current mortgage refinance rates, here are some steps you can take:
Get market feedback online.
By far the easiest and most convenient way to find the latest mortgage refinance rates is to go online. There are dozens of websites that offer updated market rates. Some of them are sites run by lenders while others are independent sites, allowing you to browse different refinancing rates from different lenders.
Sites such as Interest.com, BestRate.com, Refinance.Mortgage.net and Amerisave.com are just a few that you can tap. Rates are usually published here as part of their online calculator, a tool you can use to calculate how much loan you could qualify for and the type of monthly payments you can expect.
Look for published rates.
The business section of your newspaper (national or local) contains up-to-date information about current mortgage refinance rates. Try to check these figures for a period of time to see where fluctuations are headed. Major fluctuations on interest rates that go in your favor could be a good sign that it's time to seriously consider refinancing.
Regularly communicate with mortgage brokers.
Your friendly mortgage broker can be a very useful source of information about current mortgage refinance rates. That is why it's a good idea to build a relationship with them. Brokers keep a close tab on the current market trends and could offer you some valuable advice regarding your loan.
Take note, however, that current mortgage refinance rates are not absolute values. The rate you will receive will depend on certain factors, such as the home equity you've built up, your credit history and your behavior as a payer. If you've messed up your most recent credit history lately, you might not get the low rates being made available at present. Conversely, if you have maintained a good credit standing, you could look forward to enjoying low mortgage refinance rates currently being offered.
The good news, however, is that it is possible for you to negotiate the current mortgage refinance rates with your lender or mortgage brokers. Talk to several mortgage brokers at one time and let them give you their best offers. If you like, you could even let them compete for your business. By doing so, you could use the present rates to your advantage.
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The art of mortgage refinancing
Many savvy homeowners will tell you that refinancing their mortgage was one of the best steps they did to their finances. Refinancing simply allows you to take an available opportunity and use that to your advantage – provided, of course, that market trends are moving in your favor. If you refinance at the right moment, you could enjoy thousands of dollars of savings down the line.
However, therein lies the rub. When it comes to refinancing your mortgage, finding the best rate possible can be quite tricky – but not impossible. If you want to get updated on the current mortgage refinance rates, here are some steps you can take:
Get market feedback online.
By far the easiest and most convenient way to find the latest mortgage refinance rates is to go online. There are dozens of websites that offer updated market rates. Some of them are sites run by lenders while others are independent sites, allowing you to browse different refinancing rates from different lenders.
Sites such as Interest.com, BestRate.com, Refinance.Mortgage.net and Amerisave.com are just a few that you can tap. Rates are usually published here as part of their online calculator, a tool you can use to calculate how much loan you could qualify for and the type of monthly payments you can expect.
Look for published rates.
The business section of your newspaper (national or local) contains up-to-date information about current mortgage refinance rates. Try to check these figures for a period of time to see where fluctuations are headed. Major fluctuations on interest rates that go in your favor could be a good sign that it's time to seriously consider refinancing.
Regularly communicate with mortgage brokers.
Your friendly mortgage broker can be a very useful source of information about current mortgage refinance rates. That is why it's a good idea to build a relationship with them. Brokers keep a close tab on the current market trends and could offer you some valuable advice regarding your loan.
Take note, however, that current mortgage refinance rates are not absolute values. The rate you will receive will depend on certain factors, such as the home equity you've built up, your credit history and your behavior as a payer. If you've messed up your most recent credit history lately, you might not get the low rates being made available at present. Conversely, if you have maintained a good credit standing, you could look forward to enjoying low mortgage refinance rates currently being offered.
The good news, however, is that it is possible for you to negotiate the current mortgage refinance rates with your lender or mortgage brokers. Talk to several mortgage brokers at one time and let them give you their best offers. If you like, you could even let them compete for your business. By doing so, you could use the present rates to your advantage.
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Things to Remember When Comparing Mortgage Refinance Rates
Taking out a mortgage loan does have its risks. It's not something you can get, bring home and then forget about. To truly maximize the kind of deal you get over the long term, you'll have to be able to watch out for fluctuations in mortgage loan rates, which, fortunately or unfortunately, change incrementally every day. In some cases, you might even see several fluctuations in one day. To find the best rates possible for your loan, learn to compare mortgage refinance rates. Here's how:
Get a copy of your credit report.
Even without a credit report, you could always get mortgage rate quotes. However, to truly get the exact loan rate, your lender will require you to provide your credit report. If you want the exact figures, get a copy of your report first before you start shopping for mortgage refinance rates.
Be careful of what you see.
Most consumers are reeled in by clever advertising promoting low interest rates. However, not every consumer will probably land this rate because their qualifications vary. Furthermore, some companies' advertised rates may be locked in only for about 15 days. Unless you could close within that period, it may not be worthwhile to consider comparing these rates at all.
Furthermore, if you try to compare mortgage refinance rates without having your credit report run, always study the pre-approval estimate terms of the loan carefully. You do not want any surprises in the future, particularly if they are disadvantageous to your finances.
Ask for all fees involved.
Obtaining a mortgage loan refinanced means you will have to pay for certain fees. If you're dealing with a reliable lender, they will be willing to give you all the information you need. Others, unfortunately, will simply withhold that information.
Ask how often the lender re-calculates the outstanding interest.
The best way to treat a mortgage loan – or any loan for that matter – is to get out of it as fast as you can. This is why it's always a good decision to have a personal payment plan set up before you take out a loan. A bi-monthly payment scheme, for example, will help you pay off the loan earlier and avoid additional charges.
Check with your lender to determine how often they make loan recalculations. Yearly recalculations are disadvantageous to you, so when comparing mortgage refinance rates, look for companies that recalculate frequently – daily if you can find them or at the very least, monthly.
Why is this important? In the future, you could have the opportunity to get a good amount of cash from a bonus or a promotion and would like to use that to pay off your loan. If your lender does not recalculate often, you could be stuck on the old interest rates, regardless of how much money you put in. If your lender recalculates often, you could start paying for your loan at newer, lower interest rates.
Lock it in.
Take advantage of a good mortgage refinance rate by having it locked in by your lender. A lock period is the period of time in which the current or agreed-upon rate is honored by the lender. Meaning, the rate will stay that way within a specific amount of time. This can range from a minimum of 15 days to a maximum of 60 days.
The lock-in period you choose will of course depend on how long you want to keep the interest rate and on how much you can afford to pay. Shorter lock periods will have more affordable mortgage rates while longer periods will charge higher rates. When comparing mortgage refinance rates, try to compare the lock-in periods as well.
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Get a copy of your credit report.
Even without a credit report, you could always get mortgage rate quotes. However, to truly get the exact loan rate, your lender will require you to provide your credit report. If you want the exact figures, get a copy of your report first before you start shopping for mortgage refinance rates.
Be careful of what you see.
Most consumers are reeled in by clever advertising promoting low interest rates. However, not every consumer will probably land this rate because their qualifications vary. Furthermore, some companies' advertised rates may be locked in only for about 15 days. Unless you could close within that period, it may not be worthwhile to consider comparing these rates at all.
Furthermore, if you try to compare mortgage refinance rates without having your credit report run, always study the pre-approval estimate terms of the loan carefully. You do not want any surprises in the future, particularly if they are disadvantageous to your finances.
Ask for all fees involved.
Obtaining a mortgage loan refinanced means you will have to pay for certain fees. If you're dealing with a reliable lender, they will be willing to give you all the information you need. Others, unfortunately, will simply withhold that information.
Ask how often the lender re-calculates the outstanding interest.
The best way to treat a mortgage loan – or any loan for that matter – is to get out of it as fast as you can. This is why it's always a good decision to have a personal payment plan set up before you take out a loan. A bi-monthly payment scheme, for example, will help you pay off the loan earlier and avoid additional charges.
Check with your lender to determine how often they make loan recalculations. Yearly recalculations are disadvantageous to you, so when comparing mortgage refinance rates, look for companies that recalculate frequently – daily if you can find them or at the very least, monthly.
Why is this important? In the future, you could have the opportunity to get a good amount of cash from a bonus or a promotion and would like to use that to pay off your loan. If your lender does not recalculate often, you could be stuck on the old interest rates, regardless of how much money you put in. If your lender recalculates often, you could start paying for your loan at newer, lower interest rates.
Lock it in.
Take advantage of a good mortgage refinance rate by having it locked in by your lender. A lock period is the period of time in which the current or agreed-upon rate is honored by the lender. Meaning, the rate will stay that way within a specific amount of time. This can range from a minimum of 15 days to a maximum of 60 days.
The lock-in period you choose will of course depend on how long you want to keep the interest rate and on how much you can afford to pay. Shorter lock periods will have more affordable mortgage rates while longer periods will charge higher rates. When comparing mortgage refinance rates, try to compare the lock-in periods as well.
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Finding Mortgage Refinance Loans in Colorado
Colorado is a terrific place to settle in – spectacular views, close-to-Nature feel and some really great opportunities for finding properties at good prices. Finding a mortgage refinance loan in Colorado can put you in a better position by allowing you to reduce your payments monthly or, should you choose, to spread the payment over a longer term. If you're looking to refinance your mortgage loan in Colorado, here are some important things to consider:
Your financial goals
There are a variety of reasons why people choose to refinance. One of these is to save money in the long run. By refinancing a mortgage loan, for example, you could go for long-term savings by shortening the payment period of the loan. This should give you better rates, significantly decreasing the total amount of payment you make.
If, on the other hand, your goal is to lower your monthly payments, changing your short-term loan to a longer spread could significantly decrease your payments. Determine which one works for you so you can make the right decisions regarding your new loan.
Your home equity
If you have already built up equity in your home, you could be on the receiving end of some very good deals from mortgage lenders in Colorado. Refinancing your home means lenders will be looking at every critical aspect of your life. Sufficient home equity built up means you could take advantage of low mortgage refinance loan rates, something you shouldn't miss out on.
A reputable lender
Lenders hold a part of your future in their hands. In fact, they hold a rather sizable piece of it, considering that a mortgage is easily one of the biggest expenses you'll ever make. Don't be stuck with a lender who might not give you the deal you deserve.
To find a mortgage lender who runs a legitimate business, you might want to do a little background check first. Other than the Better Business Bureau website, consider checking out the website of the Department of Regulatory Agencies in Colorado at www.dora.state.co.us. You'll find plenty of useful information here about taking out a mortgage refinance loan in the state – especially important if you have never gone through refinancing before and are unfamiliar with the process.
Refinance if the new rate is lower.
If the current rates are pretty much the same as the old rate you took out your first mortgage loan with, there really is no reason for you to refinance. Refinancing with these conditions will only result to more expense on your part because you are essentially taking out a new loan. That means, you will have to go through the procedures all over again and pay the same fees.
Consider taking out a mortgage refinance loan if the going market rate results to a difference of about 2%. That should justify the new costs associated with a new loan that you will have to pay for.
The quotes
Not every lender you approach will give you the same interest rates. This is why it pays to shop around. Get quotes from multiple lenders and compare the costs, fees and charges involved to determine the bigger picture.
The market
If you're looking to refinance your property in Colorado, try to study the market first. Read everything you can and ask around to get a feel of the trends. Although there really is no guarantee that the information you find will give you 100% satisfaction later, you could still use it to make a more informed decision.
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Your financial goals
There are a variety of reasons why people choose to refinance. One of these is to save money in the long run. By refinancing a mortgage loan, for example, you could go for long-term savings by shortening the payment period of the loan. This should give you better rates, significantly decreasing the total amount of payment you make.
If, on the other hand, your goal is to lower your monthly payments, changing your short-term loan to a longer spread could significantly decrease your payments. Determine which one works for you so you can make the right decisions regarding your new loan.
Your home equity
If you have already built up equity in your home, you could be on the receiving end of some very good deals from mortgage lenders in Colorado. Refinancing your home means lenders will be looking at every critical aspect of your life. Sufficient home equity built up means you could take advantage of low mortgage refinance loan rates, something you shouldn't miss out on.
A reputable lender
Lenders hold a part of your future in their hands. In fact, they hold a rather sizable piece of it, considering that a mortgage is easily one of the biggest expenses you'll ever make. Don't be stuck with a lender who might not give you the deal you deserve.
To find a mortgage lender who runs a legitimate business, you might want to do a little background check first. Other than the Better Business Bureau website, consider checking out the website of the Department of Regulatory Agencies in Colorado at www.dora.state.co.us. You'll find plenty of useful information here about taking out a mortgage refinance loan in the state – especially important if you have never gone through refinancing before and are unfamiliar with the process.
Refinance if the new rate is lower.
If the current rates are pretty much the same as the old rate you took out your first mortgage loan with, there really is no reason for you to refinance. Refinancing with these conditions will only result to more expense on your part because you are essentially taking out a new loan. That means, you will have to go through the procedures all over again and pay the same fees.
Consider taking out a mortgage refinance loan if the going market rate results to a difference of about 2%. That should justify the new costs associated with a new loan that you will have to pay for.
The quotes
Not every lender you approach will give you the same interest rates. This is why it pays to shop around. Get quotes from multiple lenders and compare the costs, fees and charges involved to determine the bigger picture.
The market
If you're looking to refinance your property in Colorado, try to study the market first. Read everything you can and ask around to get a feel of the trends. Although there really is no guarantee that the information you find will give you 100% satisfaction later, you could still use it to make a more informed decision.
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Finding a Friendly Mortgage Rate for Refinancing in Arizona
If you're looking to take out a refinancing loan and are living in Arizona, you could take advantage of the good mortgage rates currently on the table. In December 2008, the average going rates for 30-year FHA refinancing mortgages dipped nearly 20 basis points, landing at a friendly mortgage rate of 5.73%.
Compare that with the average mortgage refinance rate of about 6.4% to 6.6% just recently. Since it's a good time to consider having your mortgage refinanced in Arizona, here are some tips on finding the best mortgage rates around:
Consider what matters to you.
Determine the factors that will make a mortgage refinance rate advantageous for you. After all, your goal is to find the one that: a) you can afford and b) give you significant savings over the long term. Once you get a quote, do a few calculations to determine if the mortgage refinance rate is a good deal for you.
Consider mortgage type and shorter payment periods.
If you have the resources, it would be advantageous for you to shorten the life of your loan. If you choose a 15-year payment program, for example, you will get lower mortgage rates than if you took out a loan for a 30-year period loan.
Use your equity.
If you take care of your home now, you will be able to reap the rewards later. Your home's equity will increase as its market value increases. You could help this along by making sure that the home is well cared for. Doing a few maintenance repairs here and there can mean the world of difference in the future.
Furthermore, you could raise your equity and enjoy low mortgage refinance rates later once you've paid up a good amount of your current mortgage balance. This decrease will get you a good deal on your rates.
Your current credit standing could also be very useful in helping you get good mortgage refinance rates in Arizona. If you haven't had any problems with your credit in the past, your lenders are more than inclined to offer you a good deal.
Always compare lenders.
In Arizona, as in everywhere else, make sure you talk to multiple lenders. The idea is to find the best rate possible for your type of loan and credit history. Look for locally advertised mortgages in Arizona from at 3 or 4 different lenders.
Remember that refinancing does cost money over the long term and if you don't get good rates, you could end up paying higher payments each month.
Find out about closing costs.
Getting refinanced means going through the loan process all over again. You will have to pay for fees, certain charges and closing costs. If you're taking out a mortgage refinance loan in Arizona, find out how much you'll be paying because this could significantly burden your finances – at least temporarily.
Got good credit standing? You could take advantage of low advertised rates.
The low, low figures you find advertised on a lender's website or classified ads are meant for borrowers who have above average credit standing. If you fall below this category or have less than the ideal credit score, you might not be offered these borrower-friendly mortgage refinance rates.
If you're borrowing for refinancing in Arizona, check your credit first. The more reliable you are as a payer, the more likely you will be rewarded with great mortgage refinance rates.
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Compare that with the average mortgage refinance rate of about 6.4% to 6.6% just recently. Since it's a good time to consider having your mortgage refinanced in Arizona, here are some tips on finding the best mortgage rates around:
Consider what matters to you.
Determine the factors that will make a mortgage refinance rate advantageous for you. After all, your goal is to find the one that: a) you can afford and b) give you significant savings over the long term. Once you get a quote, do a few calculations to determine if the mortgage refinance rate is a good deal for you.
Consider mortgage type and shorter payment periods.
If you have the resources, it would be advantageous for you to shorten the life of your loan. If you choose a 15-year payment program, for example, you will get lower mortgage rates than if you took out a loan for a 30-year period loan.
Use your equity.
If you take care of your home now, you will be able to reap the rewards later. Your home's equity will increase as its market value increases. You could help this along by making sure that the home is well cared for. Doing a few maintenance repairs here and there can mean the world of difference in the future.
Furthermore, you could raise your equity and enjoy low mortgage refinance rates later once you've paid up a good amount of your current mortgage balance. This decrease will get you a good deal on your rates.
Your current credit standing could also be very useful in helping you get good mortgage refinance rates in Arizona. If you haven't had any problems with your credit in the past, your lenders are more than inclined to offer you a good deal.
Always compare lenders.
In Arizona, as in everywhere else, make sure you talk to multiple lenders. The idea is to find the best rate possible for your type of loan and credit history. Look for locally advertised mortgages in Arizona from at 3 or 4 different lenders.
Remember that refinancing does cost money over the long term and if you don't get good rates, you could end up paying higher payments each month.
Find out about closing costs.
Getting refinanced means going through the loan process all over again. You will have to pay for fees, certain charges and closing costs. If you're taking out a mortgage refinance loan in Arizona, find out how much you'll be paying because this could significantly burden your finances – at least temporarily.
Got good credit standing? You could take advantage of low advertised rates.
The low, low figures you find advertised on a lender's website or classified ads are meant for borrowers who have above average credit standing. If you fall below this category or have less than the ideal credit score, you might not be offered these borrower-friendly mortgage refinance rates.
If you're borrowing for refinancing in Arizona, check your credit first. The more reliable you are as a payer, the more likely you will be rewarded with great mortgage refinance rates.
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Monday, February 20, 2012
Washington Mutual Refinance Mortgage
If you’re thinking about applying for a second mortgage, there’s probably no better lender than Washington Mutual. They offer various refinance mortgage options as well as excellent customer service and support to make your financial obligations less burdensome.
Types of Washington Mutual Refinance Mortgage
There are basically two types of refinance mortgage offered by Washington Mutual: fixed and adjustable rate mortgages. Other preferences you may have can easily be negotiated for either type.
Fixed Rate Mortgage
This type of refinance mortgage is best if you wish for a simple payment structure; you won’t have to compute for next month’s loan payment because the value will remain the same up to the final payment deadline for your loan. Fixed rate mortgages usually last from fifteen to thirty years, but Washington Mutual also offers a forty-year amortization period for those interested.
Adjustable Rate Mortgages
These are generally short-term in nature, lasting only from one to five years. Their interest rates fluctuate according to various factors but rest assured that Washington Mutual is always ready to consult with you for any adjustment or conversion you wish to make. Different types of adjustable rate mortgages are available and some may even allow you to make interest-only payments for a specified time period, consequently leaving you free to settle more pressing obligations you have.
If you’re interested in a long-term ARM, Washington has that, too. A 10/1 ARM, for instance, will only have the interest rate adjust after the first ten years of the loan.
5 Benefits of Getting a Washington Mutual Refinance Mortgage
Applying for a Washington Mutual refinance mortgage allows you to enjoy various benefits, in which many of them other lenders would be hard pressed to match, much less surpass.
Two Week Processing Guarantee
No matter what your financial needs are and regardless of the type of refinance mortgage you’re after, Washington Mutual can guarantee that your loan application shall be processed not later than two weeks.
Systematic Loan Process
Unlike other loan procedures, Washington Mutual offers a step-by-step procedure for loan application. You’ll be given clear and specific instructions as to what you have to do in order to qualify. Once your loan application has been approved, you’ll be able to acquire your funds immediately and without further trouble.
Manage Your Account Online
Unlike other lenders, Washington Mutual doesn’t make it hard for you to acquire any information you need regarding your loan. To manage and access your account online, proceed to the company’s official website and submit your email address, social security number, and loan number at their My Home Loan page.
Your online account will be activated shortly and you’ll be given your login details. Afterwards, you can then find out all the information you need from payoff to escrow accounts. You can even get a tax deduction certificate or use your account to take advantage of other add-on products available on the website.
Documentation at Your Fingertips
If you have a need to print any document related to your Washington Mutual refinance mortgage, the company has facilities ready to meet your printing needs any time of the day.
Immediate Fund Transfer
You don’t need to look for a Washington Mutual branch just to procure your funds. If you have an account in any major financial institution, your loan funds can be sent there immediately through electronic fund transfer.
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Types of Washington Mutual Refinance Mortgage
There are basically two types of refinance mortgage offered by Washington Mutual: fixed and adjustable rate mortgages. Other preferences you may have can easily be negotiated for either type.
Fixed Rate Mortgage
This type of refinance mortgage is best if you wish for a simple payment structure; you won’t have to compute for next month’s loan payment because the value will remain the same up to the final payment deadline for your loan. Fixed rate mortgages usually last from fifteen to thirty years, but Washington Mutual also offers a forty-year amortization period for those interested.
Adjustable Rate Mortgages
These are generally short-term in nature, lasting only from one to five years. Their interest rates fluctuate according to various factors but rest assured that Washington Mutual is always ready to consult with you for any adjustment or conversion you wish to make. Different types of adjustable rate mortgages are available and some may even allow you to make interest-only payments for a specified time period, consequently leaving you free to settle more pressing obligations you have.
If you’re interested in a long-term ARM, Washington has that, too. A 10/1 ARM, for instance, will only have the interest rate adjust after the first ten years of the loan.
5 Benefits of Getting a Washington Mutual Refinance Mortgage
Applying for a Washington Mutual refinance mortgage allows you to enjoy various benefits, in which many of them other lenders would be hard pressed to match, much less surpass.
Two Week Processing Guarantee
No matter what your financial needs are and regardless of the type of refinance mortgage you’re after, Washington Mutual can guarantee that your loan application shall be processed not later than two weeks.
Systematic Loan Process
Unlike other loan procedures, Washington Mutual offers a step-by-step procedure for loan application. You’ll be given clear and specific instructions as to what you have to do in order to qualify. Once your loan application has been approved, you’ll be able to acquire your funds immediately and without further trouble.
Manage Your Account Online
Unlike other lenders, Washington Mutual doesn’t make it hard for you to acquire any information you need regarding your loan. To manage and access your account online, proceed to the company’s official website and submit your email address, social security number, and loan number at their My Home Loan page.
Your online account will be activated shortly and you’ll be given your login details. Afterwards, you can then find out all the information you need from payoff to escrow accounts. You can even get a tax deduction certificate or use your account to take advantage of other add-on products available on the website.
Documentation at Your Fingertips
If you have a need to print any document related to your Washington Mutual refinance mortgage, the company has facilities ready to meet your printing needs any time of the day.
Immediate Fund Transfer
You don’t need to look for a Washington Mutual branch just to procure your funds. If you have an account in any major financial institution, your loan funds can be sent there immediately through electronic fund transfer.
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Get Rid of Your Subprime Mortgage with a Refinance Loan
Subprime mortgages may seem like a good idea at first glance, but a couple of months – or years, depending on your loan term – later and you may have realized just a bit too late that you’re not ready to meet their requirements. Thankfully, there’s one quick way of getting out of this predicament and that’s by refinancing with a second and better mortgage.
What Are Subprime Mortgages?
Subprime mortgages are offered to people with bad credit. They’re usually the last resort for borrowers since they come with high interest rates and loan application costs. Not only that, but you’ll also be subjected to balloon payments and prepayment penalties. Of course, subprime mortgages aren’t completely bad. Since they don’t take exception to low credit scores, they could be your only means available for your financial needs.
Pay Off Your Subprime Morttgage with a Refinance Loan
Here are five quick steps to help you pay off your subprime mortgage with a refinance loan.
Step 1 Know the right time to refinance with a second mortgage.
Timing is critical and especially when your existing mortgage comes with an adjustable interest rate. The best time to refinance with a second mortgage is right before your interest rate adjusts to a higher one, before your pre-payment penalty is called in, and certainly before your loan expires and you’ll be required to make a balloon payment.
If you don’t know the answers to these questions, you can always contact your creditor and ask. Don’t worry; they won’t take exception to it. They’ll probably think you’re just modifying your budget to cover your monthly dues.
Step 2 Assess your credit rating.
Have you done anything to improve your credit rating since the last time you’ve checked? If you haven’t yet, there are many things you can work on immediately to repair your credit. Firstly, you can close revolving credit accounts that only put you in greater financial debt. Paying on time can also help.
Be warned: if you take this step lightly, you might not be eligible for the best mortgage refinance rates. If you believe DIY credit repair tips aren’t enough, you can always ask help from a professional.
Remember as well that you’re entitled to one free credit report from each of the three major credit bureaus, namely Equifax, Experian, and TransUnion, every year. Take advantage of that!
Step 3 Establish a steady source of income.
Creditors always love people with steady sources of income; it’s music to their ears because it ensures that their borrowers will always have enough money to at least cover their interest payments.
If you want to qualify for a second mortgage and eliminate your existing loan, you need to submit proof that you have a stable and steady source of income. If you are only receiving cash income, make sure to provide documentation certifying the constancy of your cash receipts.
Step 4 Assess your home’s equity.
How much of it is left? How much of it remains untouched? If you’ve used at least ninety percent of your home’s equity, you might not be eligible at the moment for the best mortgage refinance rates. You need to work on reducing the size of your existing mortgage before applying for a second mortgage.
Step 5 Shop, Compare, and Apply
If all’s well and ready then the only thing left to do is shop for rates, make comparisons, and submit your application!
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What Are Subprime Mortgages?
Subprime mortgages are offered to people with bad credit. They’re usually the last resort for borrowers since they come with high interest rates and loan application costs. Not only that, but you’ll also be subjected to balloon payments and prepayment penalties. Of course, subprime mortgages aren’t completely bad. Since they don’t take exception to low credit scores, they could be your only means available for your financial needs.
Pay Off Your Subprime Morttgage with a Refinance Loan
Here are five quick steps to help you pay off your subprime mortgage with a refinance loan.
Step 1 Know the right time to refinance with a second mortgage.
Timing is critical and especially when your existing mortgage comes with an adjustable interest rate. The best time to refinance with a second mortgage is right before your interest rate adjusts to a higher one, before your pre-payment penalty is called in, and certainly before your loan expires and you’ll be required to make a balloon payment.
If you don’t know the answers to these questions, you can always contact your creditor and ask. Don’t worry; they won’t take exception to it. They’ll probably think you’re just modifying your budget to cover your monthly dues.
Step 2 Assess your credit rating.
Have you done anything to improve your credit rating since the last time you’ve checked? If you haven’t yet, there are many things you can work on immediately to repair your credit. Firstly, you can close revolving credit accounts that only put you in greater financial debt. Paying on time can also help.
Be warned: if you take this step lightly, you might not be eligible for the best mortgage refinance rates. If you believe DIY credit repair tips aren’t enough, you can always ask help from a professional.
Remember as well that you’re entitled to one free credit report from each of the three major credit bureaus, namely Equifax, Experian, and TransUnion, every year. Take advantage of that!
Step 3 Establish a steady source of income.
Creditors always love people with steady sources of income; it’s music to their ears because it ensures that their borrowers will always have enough money to at least cover their interest payments.
If you want to qualify for a second mortgage and eliminate your existing loan, you need to submit proof that you have a stable and steady source of income. If you are only receiving cash income, make sure to provide documentation certifying the constancy of your cash receipts.
Step 4 Assess your home’s equity.
How much of it is left? How much of it remains untouched? If you’ve used at least ninety percent of your home’s equity, you might not be eligible at the moment for the best mortgage refinance rates. You need to work on reducing the size of your existing mortgage before applying for a second mortgage.
Step 5 Shop, Compare, and Apply
If all’s well and ready then the only thing left to do is shop for rates, make comparisons, and submit your application!
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How to Know If You Need Mortgage Refinance in Toronto
With refinancing, you are taking out a second mortgage on an asset that’s already been mortgaged in the past and one which you are still in the process of paying off. Refinancing may give you the means to access readily available cash, but this is not reason enough to take out a second mortgage. For refinancing to work to your advantage, you need to be aware of how it works and which situations best require it.
Why a Mortgage Refinance Loan in Toronto May Not Work
Refinancing is not always the solution to your financial problems. The situations below are just a few examples of when refinancing might not be the best action you can take.
Low Current Market Value
If the current market value of your mortgaged asset is lower than the amount it has been assessed for your existing mortgage, a mortgage refinance loan will only serve as a bigger financial setback. Because of its reduced value, you might not be able to qualify for the best mortgage refinance rates. This is especially true if you’re also determined to refinance up to eighty percent of the current market value of your property.
Existing Long-Term Loan
If your existing mortgage has a loan term of thirty years and you’ve already paid off a third or more than half of it, refinancing with a new 30-year mortgage might not be the best deal for you. After all, you’ve already reached the latter stage of your existing loan. You’ll only need a comparatively shorter period of time to pay it off completely. A new mortgage refinance loan in Toronto, on the other hand, will require you to start all over again and possibly make do with higher interest rates.
Inadequate Home Equity
Mortgage refinance loans work better if you’ve only used a small part of your home’s equity. If, on the other hand, you’ve already used up ninety percent or more of your home’s equity then mortgage providers are unlikely to give you the best refinance quotes. In these instances, they’ll have to consider the worst case scenario: if you end up being unable to pay them off, they won’t be able to recoup their money immediately. The privileges for reimbursement will be first awarded to the creditors before them and after that, there’s probably little enough money remaining for them.
The Different Forms of Mortgage Refinance in Toronto
Now, if none of the situations above applies to you then you’re probably in a position to take advantage of mortgage refinancing. There are different ways to obtain refinancing. Take your time exploring your options so that you won’t end up making the wrong choice.
Cash Out Refinancing
For a cash out mortgage refinance loan, you’re actually borrowing a bigger loan and you’re naturally using up a greater portion of your home’s equity. Your second mortgage will give you enough money not just to pay off your existing loan but leave extra cash for you to spend or save.
Rate and Term Refinancing
This type of mortgage refinance loan lets you get rid of your existing loan and start off with a new one either with improved interest rates or with a shorter or longer loan term, depending on your needs.
Low Credit Refinancing
Lastly, low credit refinancing is available for people with low credit scores. Your second mortgage, however, will come with higher interest rates. If you push through with it and prove yourself to be a consistent payer, this could help repair your credit and make you eligible for better rates in the near future.
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Why a Mortgage Refinance Loan in Toronto May Not Work
Refinancing is not always the solution to your financial problems. The situations below are just a few examples of when refinancing might not be the best action you can take.
Low Current Market Value
If the current market value of your mortgaged asset is lower than the amount it has been assessed for your existing mortgage, a mortgage refinance loan will only serve as a bigger financial setback. Because of its reduced value, you might not be able to qualify for the best mortgage refinance rates. This is especially true if you’re also determined to refinance up to eighty percent of the current market value of your property.
Existing Long-Term Loan
If your existing mortgage has a loan term of thirty years and you’ve already paid off a third or more than half of it, refinancing with a new 30-year mortgage might not be the best deal for you. After all, you’ve already reached the latter stage of your existing loan. You’ll only need a comparatively shorter period of time to pay it off completely. A new mortgage refinance loan in Toronto, on the other hand, will require you to start all over again and possibly make do with higher interest rates.
Inadequate Home Equity
Mortgage refinance loans work better if you’ve only used a small part of your home’s equity. If, on the other hand, you’ve already used up ninety percent or more of your home’s equity then mortgage providers are unlikely to give you the best refinance quotes. In these instances, they’ll have to consider the worst case scenario: if you end up being unable to pay them off, they won’t be able to recoup their money immediately. The privileges for reimbursement will be first awarded to the creditors before them and after that, there’s probably little enough money remaining for them.
The Different Forms of Mortgage Refinance in Toronto
Now, if none of the situations above applies to you then you’re probably in a position to take advantage of mortgage refinancing. There are different ways to obtain refinancing. Take your time exploring your options so that you won’t end up making the wrong choice.
Cash Out Refinancing
For a cash out mortgage refinance loan, you’re actually borrowing a bigger loan and you’re naturally using up a greater portion of your home’s equity. Your second mortgage will give you enough money not just to pay off your existing loan but leave extra cash for you to spend or save.
Rate and Term Refinancing
This type of mortgage refinance loan lets you get rid of your existing loan and start off with a new one either with improved interest rates or with a shorter or longer loan term, depending on your needs.
Low Credit Refinancing
Lastly, low credit refinancing is available for people with low credit scores. Your second mortgage, however, will come with higher interest rates. If you push through with it and prove yourself to be a consistent payer, this could help repair your credit and make you eligible for better rates in the near future.
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Sunday, February 19, 2012
How to Choose the Ideal Mortgage Refinance Broker in Ontario, Canada
There are two major steps in getting the right mortgage refinance loan. Firstly, you need to come prepared and qualified: this means putting your finances in order, repairing your credit in any means possible if necessary, and being clearly aware of exactly what kind of second mortgage you need. The second part is not as complicated but it may be as time-consuming: you need to find the ideal mortgage refinance broker in Ontario, Canada.
Five Essential Characteristics of an Ideal Mortgage Refinance Broker
There’s no such thing as perfection, but there’s nothing wrong either with trying to find a mortgage broker closest to it.
Experience
Restrict your search to companies that have been around for a long period of time. If they’re older than you are, so much the better! The years they have been in business indicate considerable experience, especially if they’ve been able to establish and maintain a good reputation along the way.
These companies won’t treat your case as an experiment. They won’t make any mistakes that new mortgage companies may be liable to commit.
Ethics
Trust is something that’s earned and it’s important to approach mortgage brokers who have proven their selves to be trustworthy over the years. Unfortunately, success in business is not always synonymous to ethics. Many a mortgage broker has reached great heights in their chosen fields simply by playing dirty. Never trust them. If they’re able to practice deceit with others, how can you be sure that you won’t be treated similarly?
Honesty in business may be rare, but it does exist. You need to be extra patient when looking for a mortgage broker who’s reliable and trustworthy. These people may not be able to offer you the lowest mortgage refinance rates, but you can at least be sure they’ll always act in your best interests…no pun intended.
References
What a mortgage broker has to say for himself is naturally different from what others have to say about him. He can provide you all sorts of proof of his qualifications but in the end, there’s still a need for you to get a second or even multiple opinions.
Ask for references. Better yet, look for additional references that aren’t provided by the mortgage broker himself. It’s the only way to verify what you’ve learned from him and about him. This may seem like overkill, but remember: it’s your money at stake, money you’ve worked hard for. You can’t be too careful, can you?
Of course, remember to choose your references wisely as well: take their words with a grain of salt because there’s a chance some of them might be lying.
Customer Service
Refinancing your existing loan is, after all, just one of the ways to do business and as such, you need to remember that customers – which includes you! – are always right.
Don’t settle for second best! Look for a mortgage provider you’re comfortable to speak with. When the time comes that you know you’ll have slight problems paying on time, having good relations with your mortgage broker will make it easier for you to explain your dilemma and ask for an extension.
Best Rates
Finally, no matter how trustworthy, reliable, and friendly a mortgage broker is, none of these will amount to anything if he’s not offering you the rate you can afford for refinancing.
Choose wisely when it comes to your mortgage broker and refinancing will be a breeze!
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Five Essential Characteristics of an Ideal Mortgage Refinance Broker
There’s no such thing as perfection, but there’s nothing wrong either with trying to find a mortgage broker closest to it.
Experience
Restrict your search to companies that have been around for a long period of time. If they’re older than you are, so much the better! The years they have been in business indicate considerable experience, especially if they’ve been able to establish and maintain a good reputation along the way.
These companies won’t treat your case as an experiment. They won’t make any mistakes that new mortgage companies may be liable to commit.
Ethics
Trust is something that’s earned and it’s important to approach mortgage brokers who have proven their selves to be trustworthy over the years. Unfortunately, success in business is not always synonymous to ethics. Many a mortgage broker has reached great heights in their chosen fields simply by playing dirty. Never trust them. If they’re able to practice deceit with others, how can you be sure that you won’t be treated similarly?
Honesty in business may be rare, but it does exist. You need to be extra patient when looking for a mortgage broker who’s reliable and trustworthy. These people may not be able to offer you the lowest mortgage refinance rates, but you can at least be sure they’ll always act in your best interests…no pun intended.
References
What a mortgage broker has to say for himself is naturally different from what others have to say about him. He can provide you all sorts of proof of his qualifications but in the end, there’s still a need for you to get a second or even multiple opinions.
Ask for references. Better yet, look for additional references that aren’t provided by the mortgage broker himself. It’s the only way to verify what you’ve learned from him and about him. This may seem like overkill, but remember: it’s your money at stake, money you’ve worked hard for. You can’t be too careful, can you?
Of course, remember to choose your references wisely as well: take their words with a grain of salt because there’s a chance some of them might be lying.
Customer Service
Refinancing your existing loan is, after all, just one of the ways to do business and as such, you need to remember that customers – which includes you! – are always right.
Don’t settle for second best! Look for a mortgage provider you’re comfortable to speak with. When the time comes that you know you’ll have slight problems paying on time, having good relations with your mortgage broker will make it easier for you to explain your dilemma and ask for an extension.
Best Rates
Finally, no matter how trustworthy, reliable, and friendly a mortgage broker is, none of these will amount to anything if he’s not offering you the rate you can afford for refinancing.
Choose wisely when it comes to your mortgage broker and refinancing will be a breeze!
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A Quick Guide to Using Mortgage Refinance Calculators
Mortgage refinance calculators can seem complicated for first-time users but this guide will help you get the figures you need.
Step 1 Choose the right source.
The best mortgage refinance calculators are those provided by unbiased websites. If you see a link to any mortgage company in the website then there’s a good possibility that the free online mortgage refinance calculator you’re using is rigged to give results favorable to the company.
For more accurate results, you should also consider purchasing software that allows you to install your own mortgage refinance calculator in your computer.
Step 2 Choose the right type.
There’s a lot of mortgage calculators available in the Internet so do make sure you’re using the right one. Mortgage refinance calculators may also be known as second mortgage calculators. Some are also specially designed to work with fixed rate mortgages while others are designed to compute rates for variable rate mortgages.
Step 3 Get your data ready.
For quick results, make sure you’ve got all your data ready. Have a list of quotes from different mortgage providers. Be sure that you also know every pertinent figure regarding your existing mortgage as well as the various fees you might be charged with for taking out a second mortgage.
Step 4 Input figures.
Now that you’ve got everything you need on hand, it’s time to input your figures.
Savings from Refinancing
There are usually two major categories used in mortgage refinance calculators. The first category requires you to input the necessary figures to compute how much you can save from refinancing.
Current Monthly Payment
How much are you paying every month for your existing loan? Make sure you input the total figure and not just the interest or the amount of money you pay to deduct from the remaining loan balance.
Balance Left on Mortgage
If your creditor can’t provide the exact figure then don’t worry because this is fairly easy to compute. First, determine how many months you’ve been paying your loan dues. Now, deduct the amount of interest expense from your total monthly loan payment. Multiply the difference with the number of months you’ve been paying. Lastly, deduct the product from the amount of money you originally borrowed and the result will be the remaining loan balance.
Interest Rate
Mortgage refinance calculators will also require you to input the interest rates for your current and possibly second mortgage.
Loan Terms
Also for comparison, a mortgage refinance calculator will require you to indicate the number of years you’re allowed to pay off your second mortgage as well as the number of years left on your existing mortgage.
How Much It Costs
This is the second category of figures used in mortgage refinance calculators and most of the figures used here could be provided by your future creditor.
Application Fees and Cost
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Step 1 Choose the right source.
The best mortgage refinance calculators are those provided by unbiased websites. If you see a link to any mortgage company in the website then there’s a good possibility that the free online mortgage refinance calculator you’re using is rigged to give results favorable to the company.
For more accurate results, you should also consider purchasing software that allows you to install your own mortgage refinance calculator in your computer.
Step 2 Choose the right type.
There’s a lot of mortgage calculators available in the Internet so do make sure you’re using the right one. Mortgage refinance calculators may also be known as second mortgage calculators. Some are also specially designed to work with fixed rate mortgages while others are designed to compute rates for variable rate mortgages.
Step 3 Get your data ready.
For quick results, make sure you’ve got all your data ready. Have a list of quotes from different mortgage providers. Be sure that you also know every pertinent figure regarding your existing mortgage as well as the various fees you might be charged with for taking out a second mortgage.
Step 4 Input figures.
Now that you’ve got everything you need on hand, it’s time to input your figures.
Savings from Refinancing
There are usually two major categories used in mortgage refinance calculators. The first category requires you to input the necessary figures to compute how much you can save from refinancing.
Current Monthly Payment
How much are you paying every month for your existing loan? Make sure you input the total figure and not just the interest or the amount of money you pay to deduct from the remaining loan balance.
Balance Left on Mortgage
If your creditor can’t provide the exact figure then don’t worry because this is fairly easy to compute. First, determine how many months you’ve been paying your loan dues. Now, deduct the amount of interest expense from your total monthly loan payment. Multiply the difference with the number of months you’ve been paying. Lastly, deduct the product from the amount of money you originally borrowed and the result will be the remaining loan balance.
Interest Rate
Mortgage refinance calculators will also require you to input the interest rates for your current and possibly second mortgage.
Loan Terms
Also for comparison, a mortgage refinance calculator will require you to indicate the number of years you’re allowed to pay off your second mortgage as well as the number of years left on your existing mortgage.
How Much It Costs
This is the second category of figures used in mortgage refinance calculators and most of the figures used here could be provided by your future creditor.
Application Fees and Cost
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Saturday, February 18, 2012
Lowest Mortgage Refinance Rates
Here are a few tips and tricks to help you qualify for the lowest mortgage refinance rates.
Choose the Right Mortgage
Indeed, there’s no better way to obtain the lowest mortgage refinance rates than by choosing the right mortgage for your needs. The wrong mortgage could give you a lower rate, but it will not make you debt-free in the long run. Eventually, you’ll be forced to take out another mortgage to rectify your mistake.
The Different Types of Mortgages
To make accurate and smart decisions, make sure that you are comparing rates for the same type of mortgage. It’s important to know as well what the pros and cons of each type of mortgage as these can help you determine whether you’re in the position to pay your loan on time.
Fixed Rate Mortgage
If you never want to compute for next month’s interest rate and if you’d like to avoid being taken by surprise by changes in your monthly dues then a fixed rate mortgage is the best for you. Fixed rate mortgages allow you to pay the same amount each month. Their structures, however, are rigid and if you wish to change a particular condition regarding your fixed rate mortgage, you’ll need your creditor’s approval first.
Fixed rate mortgages are generally long-term, often allowing borrowers to pay off their loans in a span of thirty years. Some of them require you to make balloon payments in the end; in such cases, you can take advantage of low-interest monthly payments but be sure you have enough cash to pay off the remaining balance of your loan at the final payment date.
Adjustable Rate Mortgage
Also known as variable mortgage, an ARM has fluctuating interest rates. They are ideal if you wish to take advantage of the exceptionally low interest rates for a given period but you’re also equally confident of your ability to pay off your loan even when the time comes that your loan’s interest rate increases. There are different types of ARMs available today, including but not limited to buy down mortgage, graduated payment mortgage, two-step mortgage, and negatively amortizing loans.
Interest Only Loans
Interest only loans may have fixed or variable interest rates, but they’re unique in the sense that they allow borrowers to pay only the interest for a specified period of time. When the allotted time expires however, the borrower will be given three choices: he can pay off the entire loan in one lump sum, refinance the loan, or proceed with a monthly installment plan which includes interest and part of the loan principal.
Conventional Loans
These are different from other types of mortgages mainly because of their source. Conventional loans are offered by well-established companies and they therefore adhere strictly to the guidelines set by the Federal National Mortgage Association.
The requirements they set for borrower are similar to what you’d expect to comply with for bank loans: you need to offer evidence of your abilities for providing the down payment for the loan as well as proof of your assets, submit income requirements, and establish your borrower credit.
To choose the right refinance loan, remember to quote the lowest mortgage refinance rates you’ve acquired with the current interest rate you’re paying for your existing loan. Don’t be afraid to ask questions!
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Choose the Right Mortgage
Indeed, there’s no better way to obtain the lowest mortgage refinance rates than by choosing the right mortgage for your needs. The wrong mortgage could give you a lower rate, but it will not make you debt-free in the long run. Eventually, you’ll be forced to take out another mortgage to rectify your mistake.
The Different Types of Mortgages
To make accurate and smart decisions, make sure that you are comparing rates for the same type of mortgage. It’s important to know as well what the pros and cons of each type of mortgage as these can help you determine whether you’re in the position to pay your loan on time.
Fixed Rate Mortgage
If you never want to compute for next month’s interest rate and if you’d like to avoid being taken by surprise by changes in your monthly dues then a fixed rate mortgage is the best for you. Fixed rate mortgages allow you to pay the same amount each month. Their structures, however, are rigid and if you wish to change a particular condition regarding your fixed rate mortgage, you’ll need your creditor’s approval first.
Fixed rate mortgages are generally long-term, often allowing borrowers to pay off their loans in a span of thirty years. Some of them require you to make balloon payments in the end; in such cases, you can take advantage of low-interest monthly payments but be sure you have enough cash to pay off the remaining balance of your loan at the final payment date.
Adjustable Rate Mortgage
Also known as variable mortgage, an ARM has fluctuating interest rates. They are ideal if you wish to take advantage of the exceptionally low interest rates for a given period but you’re also equally confident of your ability to pay off your loan even when the time comes that your loan’s interest rate increases. There are different types of ARMs available today, including but not limited to buy down mortgage, graduated payment mortgage, two-step mortgage, and negatively amortizing loans.
Interest Only Loans
Interest only loans may have fixed or variable interest rates, but they’re unique in the sense that they allow borrowers to pay only the interest for a specified period of time. When the allotted time expires however, the borrower will be given three choices: he can pay off the entire loan in one lump sum, refinance the loan, or proceed with a monthly installment plan which includes interest and part of the loan principal.
Conventional Loans
These are different from other types of mortgages mainly because of their source. Conventional loans are offered by well-established companies and they therefore adhere strictly to the guidelines set by the Federal National Mortgage Association.
The requirements they set for borrower are similar to what you’d expect to comply with for bank loans: you need to offer evidence of your abilities for providing the down payment for the loan as well as proof of your assets, submit income requirements, and establish your borrower credit.
To choose the right refinance loan, remember to quote the lowest mortgage refinance rates you’ve acquired with the current interest rate you’re paying for your existing loan. Don’t be afraid to ask questions!
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Refinance Mortgage Balloon Coming Due
Refinancing has proven to be a lifesaver for various reasons and for many people. If you’ve a balloon mortgage coming due, refinancing may also be your salvation.
What Are Balloon Mortgages?
Balloon mortgages are essentially short-term loans. When you acquire a balloon mortgage, your monthly payment and interest rates are based on thirty-year loan amortization schedules. That sounds good, doesn’t it? But keep in mind that these are short-term loans; they usually cover five to seven years and on the final payment date, you’ll be required to make a balloon payment. This payment will cover the entire remaining balance of your loan.
If you can’t afford to do that then you’ll be forced to refinance your loan or lose your property.
The Right Time to Acquire a Balloon Mortgage
There are three ideal situations that would merit a balloon mortgage for your home.
Low Monthly Payments
Right now, low monthly payments are the only way you can think of in order to afford a home for you and your loved ones. If so, there’s probably no other type of mortgage that could give you lower rates than balloon mortgages. But of course, the final balloon payment is another story.
Selling Your Property
You’re happy with your current home but you also know that in five to seven years, you’ll be moving out for one reason or another and you hope to have sold your home by then. Having such plans will make a balloon mortgage is ideal. With a balloon mortgage, you don’t have to worry at present about high interest rates and high monthly payments. And when its due date comes up, you won’t have to worry either because you can then use the proceeds from selling the property to settle your loan.
Expecting Higher Income
Finally, a balloon mortgage is nothing to worry about if you expect to receive substantial income or earnings in the near future, one that’s hopefully more than adequate to settle your balloon payment.
Factors to Consider When You Refinance Your Balloon Mortgage
Now, planning is all well and good but there are times when nothing, no matter what you do, will go your way. You’ve done all you could but in the end, you realize that you can’t afford to pay off your final balloon payment. When that happens, you have only two options: refinancing or losing your property. If you choose the former, here are several important factors to consider.
Rates
Definitely, you should choose a refinance loan that offers you better rates compared to your existing loans. To qualify for such loans, however, you’ll need to prove to lenders that you’re a good credit risk.
Type
What kind of mortgage would you like to take out this time? Don’t repeat past mistakes. If a balloon mortgage didn’t work the first time around, it might not work the next time either. Take out the kind of loan you’re most comfortable with. You’ve got a lot of options to choose from so take your time weighing the pros and cons of each alternative.
Charges
Refinancing would occasionally come with hidden fees or charges so make sure you’re aware of exactly what you’ll have to pay when you refinance your balloon mortgage.
Source
Last but not the least, get a refinance loan only from trusted providers!
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What Are Balloon Mortgages?
Balloon mortgages are essentially short-term loans. When you acquire a balloon mortgage, your monthly payment and interest rates are based on thirty-year loan amortization schedules. That sounds good, doesn’t it? But keep in mind that these are short-term loans; they usually cover five to seven years and on the final payment date, you’ll be required to make a balloon payment. This payment will cover the entire remaining balance of your loan.
If you can’t afford to do that then you’ll be forced to refinance your loan or lose your property.
The Right Time to Acquire a Balloon Mortgage
There are three ideal situations that would merit a balloon mortgage for your home.
Low Monthly Payments
Right now, low monthly payments are the only way you can think of in order to afford a home for you and your loved ones. If so, there’s probably no other type of mortgage that could give you lower rates than balloon mortgages. But of course, the final balloon payment is another story.
Selling Your Property
You’re happy with your current home but you also know that in five to seven years, you’ll be moving out for one reason or another and you hope to have sold your home by then. Having such plans will make a balloon mortgage is ideal. With a balloon mortgage, you don’t have to worry at present about high interest rates and high monthly payments. And when its due date comes up, you won’t have to worry either because you can then use the proceeds from selling the property to settle your loan.
Expecting Higher Income
Finally, a balloon mortgage is nothing to worry about if you expect to receive substantial income or earnings in the near future, one that’s hopefully more than adequate to settle your balloon payment.
Factors to Consider When You Refinance Your Balloon Mortgage
Now, planning is all well and good but there are times when nothing, no matter what you do, will go your way. You’ve done all you could but in the end, you realize that you can’t afford to pay off your final balloon payment. When that happens, you have only two options: refinancing or losing your property. If you choose the former, here are several important factors to consider.
Rates
Definitely, you should choose a refinance loan that offers you better rates compared to your existing loans. To qualify for such loans, however, you’ll need to prove to lenders that you’re a good credit risk.
Type
What kind of mortgage would you like to take out this time? Don’t repeat past mistakes. If a balloon mortgage didn’t work the first time around, it might not work the next time either. Take out the kind of loan you’re most comfortable with. You’ve got a lot of options to choose from so take your time weighing the pros and cons of each alternative.
Charges
Refinancing would occasionally come with hidden fees or charges so make sure you’re aware of exactly what you’ll have to pay when you refinance your balloon mortgage.
Source
Last but not the least, get a refinance loan only from trusted providers!
Related Blog, maybe you like :
Where to have a kids birthday party
How to adopt a child from another country
Water to Gas or HHO
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