Loan Modification one of the most discussed topics in the Mortgage and Real Estate industries today. Today people who fail to pay monthly mortgage payments have choices in market.
Loan Modification is free and you don’t have to spend anything extra on it. You don’t have to pay to loan officer, Specialist, an attorney, Loan Modification officer, or any other person. All you have to do is call the lender and ask the lender to speak to the Loan Modification Department or to the Early Loss Mitigation Department.
Explain to the representative the reasons for you failure on repayment of loan and ask for a lower rate of interest with a fixed rate term. If you have taken an Option Arm then you can even ask for you can even ask for principal reduction.
A lot of my friends who I have worked with feel shameful about the situation they are in and so they spend hundreds and thousands of dollars to allow someone else to be in touch with their lenders. This is not Right. Just make the phone call and spend about an hour talking to your lender on the phone. They will not reduce your credit but will definitely reduce the burden of credit. They will review all the monthly obligations that you have with them, they will then ask for you for your income information, and they will then ask you fax hardship letter and income verification statement to them. This is all the work you have to do and this is simple and easy. After the telephone conversation follow up the progress of your application every week.
Many people have foreclosed the loan when all they had to do was contact the lender. These lenders don’t want any more defaults on payment. They want you to repay the loan so they are more than happy that you keep your home. Do everything in your power not to close the loan, even if it includes selling some assets, DO IT. Try to hold onto other assets as long as possible.
Loan Modification one of the most discussed topics in the Mortgage and Real Estate industries today. Today people who fail to pay monthly mortgage payments have choices in market.
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Special Offer: Refinance Your Business-Occupied or Commercial Real Estate Loan With Tropical Financial Credit Union
Miramar, FL (PRWEB) October 7, 2008 -- Tropical Financial Credit Union, one of the leaders in commercial real estate and business loans, announced a new rate program for a limited time. Mortgage rates are starting at 5.99% on a 10-year term that is amortized over 20 years, this means lower payments for borrowers on their business occupied real estate loans. With this refinancing program, there are no prepayment penalties and only a 1% point origination and fast approval.
Tropical Financial Credit Union has branches in Palm Beach, Broward and Dade Counties. Members have been able to get great loans when refinancing their mortgages on commercial and residential real estate in Florida.
TFCU offers more than just business loans for real estate and great rates on refinancing for all types of mortgages. Members have full access to traditional banking products such as mortgage loans, free checking accounts, CDs and other investments.
About Tropical Financial Credit Union:
TFCU has been offering quality products such as refinance commercial loans, business real estate, business loans for real estate, commercial real estate, refinance mortgages on business, low rates on commercial real estate, business loans, accredited credit union, tropicalfcu.org [business loans for real estate to Miami-Dade, Palm Beach and Broward County's residents for over 73 years. This fully accredited Florida credit union is open to anyone who lives or works in Palm Beach, Miami-Dade and Broward counties in South Florida. They continually expand to offer the most competitive rates on new and used car loans, residential and refinance commercial loans, business real estate, business loans for real estate, commercial real estate, refinance mortgages on business, low rates on commercial real estate, business loans, accredited credit union,commercial real estate loans and other deposit and loan products. For more information, please visit www.TropicalFCU.org.
Many people get a mortgage loan, but they just make the payment every month without ever thinking that there are ways to save money. Discussing a mortgage refinance with your lender can help you save a little money each month on your mortgage payment, which adds up to a lot of money over time. So, how do you know if you should consider mortgage refinance?
1. Wave those fees
One consideration you need to make when thinking about mortgage refinance is that a small rate cut can bring you a fast pay off. Many mortgage companies today are waiving refinance fees for things like application, appraisal, and legal fees. The savings can add up to between $1,500 to $3,000. However, be careful of how much you will save in the outset and balance it by how much more you will pay overall. Sometimes companies will not give you the lowest mortgage refinance rate when they waive your fees.
2. Points Options
You may also want to consider paying points if you are planning to stay in your home for more than three years. A �point� equals one percent of the amount of the loan. If you pay points and closing costs, you will most likely get the lowest rate available.
3. Adding Points
Another option with mortgage refinance is to add the points and closing costs to your refinanced mortgage. You may only want to consider this option if you have had your mortgage for over three years, because then you have already lowered your mortgage by quite a few thousand dollars. This way you may add on the extra fees with points and closing costs, but your overall mortgage will still be smaller than before. With a new rate and a smaller total loan amount, your mortgage refinance will reap you a smaller payment each month.
Money Saving Tip #3: Pay Additional Points
A good way to save money on your monthly payments, even when you refinance your mortgage, is to pay extra points. If you pay extra points you can possibly get a lower rate on refinancing your Arizona home. This may work well especially if you have borderline credit. The lower interest rate will also save you money in the long term.
4. Good Rule of Thumb
As a rule of thumb, you should only consider mortgage refinance if your new mortgage will be at least 2 percentage points below your current rate. The exception to this general rule is when you are able to get a mortgage refinance that waives fees. With these low cost, or in come cases no cost, refinance program, it may be worth it to refinance with just a little smaller lowering of interest rates.
In the end, your total cost for mortgage refinance will be dependent on your interest rate, points, and other costs. Therefore, it is important that you shop around to find out which mortgage refinance program will work best for you. Do your research into each company to make sure that they are financially sound and provide good customer service, too. Then take advantage of the mortgage refinance programs to save you money each month on your mortgage payment.
Save serious money on you Refinance loan. Use the free quote box to the right and let us do the heavy lifting for you. No obligation, just savings!
The Federal Reserve's decision to cut a key interest rate this week was designed to help jolt the sagging economy. It remains to be seen just how well — or how quickly — it will work.
But the rate cut did prompt an immediate burst of activity in the mortgage market. Across the country, mortgage brokers reported a deluge of calls from people wondering whether it was a good time to refinance.
Russell Rothstein, the director of mortgage lending for Beacon Mortgage in Rockville, Md., was one of the people fielding those calls. He tells Michele Norris that a Fed cut to short-term interest rates doesn't always affect long-term interest rates, but the bond market reacted positively to the surprising three-quarter-point drop at first and mortgage rates did go down.
"We saw rates on Tuesday drop from around 5 7/8 percent to around 5 3/8 percent, but then once the market settled down, we actually saw mortgage rates settle back up into the 5 3/4 to 5 7/8 range in the past day," he says.
Even though the rates have rebounded, Rothstein says it could still be a good time to refinance.
"What people have to look at is there is no one specific good time; they've got to look at their individual situation," he says. "Maybe they thought they were going to be in their home for three to five years and now with the values of houses having come down some, they're going to end up staying in their house longer and they want the security of a fixed-rate mortgage."
But he cautions that for those who plan to sell their homes in the next year or two, refinancing may not make financial sense.
"If your payments are going to go down, but the amount that you're going to save is not going to recoup the cost of the refinance, that's where you have to do a break-even analysis," he says. "On the other side, if you have an [adjustable-rate mortgage] that's coming up for renewal right now, even if you're only going to be there for two years — [it] depends how high your rate could go to — then you look at difference in payments."
For subprime borrowers who are carrying mortgages that are worth more than the value of their homes, Rothstein recommends going back to the existing lender.
"They don't want to foreclose; they don't want your property. … They want their payments, and maybe you can restructure your loan," he says. "With rates having dropped down, it is possible that they may do a loan modification for you and change the terms of it, so that you could afford to stay in your home. You know, everyone thinks that the big, bad lenders want to come and take their homes. The lenders don't want the homes. The lenders want you to be able to make your payments."
Some homeowners who are not subprime borrowers but are struggling to meet their payments could benefit from going back to their lender or shopping around, Rothstein says.
"There are people out there who took adjustable-rate mortgages where the rate is adjusting to higher than what a fixed-rate mortgage is today. So that's an opportunity to either go back to their current lender or to check what's out there in the marketplace. It's very competitive today between lenders," Rothstein says. "And it's important to check who has the best rates, but not only the best rate, because the best rate doesn't always mean the best mortgage. You have to make sure the terms and the closing costs — the entire package — makes sense for you."
Rothstein says it's possible that mortgage rates will soon dip again.
"I think the industry is still expecting a half-percent cut [from the Fed], so I think the mortgage rates will settle down and there's a good chance that they can come back down further," he says. "And I think when people look at these rates, at some point they've just got to make a decision. You're never going to find the bottom of the market. At some point, you just have to decide 'this is where it makes sense for me,' and you have to at that point, you know, move forward."
All of us want to save money. I don't think I can name one person that I know of that is happy to spend more money than they have to, either on their personal bills or their mortgage. There has been so much talk in the market today because home sales have slowed so much about refinancing your home mortgage. This can either be a good thing or a bad thing depending on your own personal circumstances. Here are some tips to help you to know if you should refinance your home mortgage and how to know that you are getting the best rate.
1. Points or no Points - When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.
2. Sneaky Interest Games - Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.
3. Hidden Fees will Hurt You - If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.
4. Have Faith - You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.
5. Start the Clock - Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.
While it typically takes about 45 days from the time of application to get to closing, delays of two months or more can occur. Look for a lock-in that lasts for 60 days or more. There should be some lenders in your area willing to offer a 60 day "lock-in" for free.
Be careful, however. The loan officer may say the lock-in is free even when a fee or a higher rate is charged for the lock-in protection.
KNOW YOUR RESCISSION RIGHTS
If your deal turns sour at closing, consider starting over. You have three business days from the date of closing to mull it over. If you decide to reject the deal, you must notify the lender in writing within the three-day period. The lender then has 20 days to return your fees.
DON'T ASSUME YOU WON'T QUALIFY BECAUSE YOU HAVE LITTLE EQUITY IN YOUR HOME -- BUT CHECK YOUR COSTS CAREFULLY
Many lenders require that you have at least 10 percent equity in your home (i.e., a loan-to-value (LTV) ratio of 90 percent or less). But we found at least one lender in every market that was willing to underwrite loans in which the borrower had only 5 percent equity in the home. Beware, however, that low equity loans can involve relatively high mortgage insurance costs.
You may only qualify if your current loan is owned by Fannie Mae or Freddie Mac. You can find out if your loan is owned by these organizations by calling the company to whom you send your monthly payments. That company may not own the loan, but it can find out whether the secondary market agencies do by searching a computerized database.
MAKE "APPLES TO APPLES" INTEREST RATE COMPARISONS
Make sure you compare interest rates using a constant number of points. An 8 percent rate tied to 2 points is a lot more expensive than an 8 percent rate tied to 0 points.
When faced with the need to compare different rate/point combinations among lenders, consumers should first convert each quoted rate to one based on a constant number of points and then find the lender with the lowest rate. In making this conversion, consumers should use a traditional rule of thumb that equates each point to a 1/4 of 1 percent change in the interest rate. This would make an 8 percent loan with 0 points equivalent to a 7.75 percent loan with 1 point.
DON'T JUDGE A LENDER BY ITS APPLICATION COSTS
Lenders who lure you with no costs at application can lay the fees on heavily at closing. Keep your eyes focused primarily on the interest rate and points.
If you require information related to refinancing than you have visited the accurate website because Bestrefinanceinfo.com gives information about financial services and other loan services such as best loan plans, best refinance loans, best loan company, online payday loans, refinance student loans, refinance companies and many more. It also provides information about refinance tips & advice which are very much helpful.
Availing a loan is very easy if a person is having a regular source of income and job. However, there are various loan plans available, specially meant to provide financial assistance, to help you meet all your basic needs or pay off the bills. The loan amount depends upon your past credit behavior and repayment ability. The main motive behind loan refinance is to lower the interest rate you are currently paying by refinancing it to a loan program with lower interest rate. You can be benefited with loan refinance as it also helps to reduce the periodic payment compulsions in many different ways, reduce the risk of default from your side. The best way to choose your loan company is to search in our site. Whenever you need any kind of loan like Auto loans, Home loans, Mortgage loans, Construction loans, Education loans etc. loan company will be better choice for you. Online payday loan is a short term basis loan that requires the borrower to provide the lender with specific bank account and employment information for qualification of the financing. Refinancing a student loan offers current low interest rates including a fixed rate with consolidation. Most lenders and federal regulations require that a certain amount be owed in order to qualify for a refinancing student loan. Refinancing companies extend a new loan to at a lower rate or better terms than the current mortgage. Various advantages of these refinance companies are that their interest rates are low, services are excellent, and consolidation is very popular. Bestrefinanceinfo.com also provides refinance tips such as from where an individual should take loan where he will get the loan at lower interest rate, etc… A debt consolidation mortgage refinance is an excellent way to lower monthly payments while eradicating some or all of credit obligations, without having to file bankruptcy or suffer derogatory credit scores. Refinancing is available through various lenders on the Internet. New auto loans help people get the vehicles they need if they do not have the money themselves. Paying on new auto loans is as important as paying on any other debts. Buying a vehicle is a great investment, but it is also a large financial responsibility. Refinancing a car is also a great financial move for many who are paying more than they need to in interest. Refinancing a car loan involves paying off the current debt with another finance package that has a lower APR. All consumers need to do is figure out which company will do best and take in the most current statement from the existing debt. All this and many more information only on Bestrefinanceinfo.com
So, go and start searching for what ever information required. If you require any additional information’s which is not mentioned above than please visit our BEST REFINANCE directory.
Well this really depends on the reasons for considering a refinance and many additional aspects must be taken into account such as deferred establishment fees, discharge fees, early termination penalties, set up costs and fees for any new loans. Differences in interest rates alone may not find you a more competitive mortgage when costs such as account keeping fees, annual fees and switching costs may very well end up costing as much as has been saved through reducing the interest rate. Ability Finance can carefully assess your current loan and prepare comparison reports comparing your existing home loan to the most competitive home loans we currently have available that may meet your needs. We can even demonstrate if it may be better to loan restructure with you present lender.
A Home Loan Refinance example
One recent client had a basic variable interest rate home loan from a popular bank with $160,000 remaining to pay .
Simply through maintaining current repayment amounts and the weekly repayment frequency, Ability Finance were able to reduce the term of this loan by a minimum of 3 years with a projected saving of almost $50,000.00 over the life of the loan. This was achieved simply by refinancing with a loan product selected by Mr Client after comparing loan products from 40 banks and other specialist home loan lenders as they were demonstrated in the easy to understand home loan comparison that Ability Finance use to assist clients shortlist and compare home loans.
Another Home Loan Refinance example
Self employed business person requires extra working capital for the business. Existing investment property with adequate equity is refinanced with a lender who allows cash out for business purposes when refinancing.
The additional working capital for the business is obtained at regular residential home loan rates.
SBA Loans are helpful to many small business owners as well as those looking to open a new business. However, a loan that is attractive to someone with little credit and a business with little to no track history is seldom attractive to an established business or business owner with great credit and income. This is why many small business owners count the minutes until they are able to refinance these not-so-great SBA busniess loans.
So, what types of loans are available today to business owners who own and occupy commercial real estate? There are a number of specialized loan programs available from smaller lenders in California, that can offer loan terms that most commercial property owners are not accustomed to seeing...you just have to know where to look.
30 Year Amortization
I have told countless people that 30 year amortization, commercial real estate loans, are available to commercial property owners. Only to have the vast majority of them tell me they have never heard of 30 year amortization on commercial loans. The fact is, there are a couple of smaller lenders that are willing to put 30 year amortization loans, with up to 75% Loan-to-Value ratios, and no pre-pay penalties on commercial real estate. Unfortunately, for business owners, most loan brokers and lenders are not aware of who these institutions are. We do. Fill our this quick information form to have us contact you or call us at 415-839-8824 for more information.
Interest Only Loans
In addition to short to intermediate term fixed-rate loans with long term amortization (keeping your monthly payments down), we can also offer interest only commercial real estate loans from our own private money fund. This is another place where we can offer much more than just about every lender out there today. While the interest rates may be a bit higher on paper, monthly payments are much, much lower making much more cash available to operate your business. Again, you can fill out our quick information form to have us contact you or call us at 415-839-8824 for more information.
Because investors are increasingly considering business opportunities and commercial property, it is important to their success that they receive a comprehensive introduction to the distinctions between residential real estate financing and commercial real estate - business opportunity investing. This business loan discussion will inform new business real estate investors about critical business financing factors.
SBA Loan Refinance and Business Finance Issues
Refinance requirements for business opportunity financing and a commercial real estate loan will usually be more difficult than the commercial loan for initial purchase. This is particularly evident with SBA loan refinancing. It is important to explore these likely refinancing problems before proceeding with any commercial real estate financing or business loan.
Commercial Real Estate Finance and Business Loan Difficulties
Compared to residential real estate property loans, a business loan has more potential obstacles. This impacts the complexity and time required to finalize most commercial real estate financing and commercial financing situations. Problematic commercial loan factors that recur frequently should be a matter of particular concern.
Enhanced Value of Business Loan Experience
There are unfortunately many inexperienced or ineffective business loan advisors and lenders. This is due in large part to the poor current state of residential real estate lending, and a lack of meaningful experience can result in irreparable harm to the loan process. A significant number of residential mortgage brokers are attempting to replace residential loan activity with commercial mortgage business, but in doing so they are acting as commercial loan advisors with little or no actual business financing expertise.
Time to Finalize a Business Opportunity Loan or Commercial Mortgage
Regional and local banks will frequently have an extensive business loan process that can consume nine months or more. Non-traditional business finance requirements can be completed more efficiently than with a traditional commercial lender but the process will still be several longer than a typical residential real estate loan. The use of SBA loan and specialized commercial mortgage programs can increase the complexity and time frame for completion of business financing.
Commercial Real Estate Mortgage and Business Finance Fees
Because the business loan process is more complex and lengthy than residential real estate financing, a different fee structure should be expected. Initial commercial mortgage retainer fees are more commonplace than with a residential mortgage financing process. The business finance loan structure is characterized by several third-party costs such as appraisal and environmental requirements that contribute to substantial costs beyond the direct commercial lender fees.
Commercial Real Estate Loan for Special Purpose Property Situations
Special purpose commercial real estate finance situations involving funeral homes, golf courses, churches, gas stations and similar specialized properties result in complexities not seen with residential mortgage financing. Such specialized commercial properties are increasingly excluded from the business loan portfolios of many commercial lenders. Because of limited lending options combined with unique commercial mortgage issues, golf course financing, church financing and funeral home financing are among the most difficult scenarios for business financing.
More Key Real Estate Mortgage Factors
The business finance and commercial real estate loan process throughout the U.S. has many factors differentiating it from residential mortgage finance. A number of additional relevant aspects are included in separate business loan reports. A few of the subjects included in other reports are business opportunity loans, SBA loan finance, personal guarantors and lender suitability criteria.
Commercial mortgage loans differ from residential mortgages primarily because they're used to finance commercial property. The property may technically be a residence, but if it's used as a commercial venture-for example, a large apartment building rented out for its income potential-a commercial real estate loan is generally required. The volume of commercial loans grew 16 percent in 2005 to $1.3 trillion, as lenders provided business loans for various ventures, developments, investments, and construction projects.
Tips for successful business loans
When lenders qualify customers for a commercial mortgage, the credit history of the business and its directors is taken into consideration, and the risk of the commercial venture itself is carefully evaluated. The better you can present a successful business plan, the more likely you will be convincing lenders to approve your loan on favorable terms. For instance, if an office building has good tenants and a positive, profitable track record, lenders will be more inclined to lend money to help an investor buy it than they would for a building with vacancies or negative cash flow.
Commercial loans carry either fixed or adjustable interest rates, and many charge penalties for prepayment. Most commercial loans are structured with a balloon payment that comes due after five, 10, or 15 years, although some have fixed 30-year schedules. And commercial real estate loans are sometimes created as bridge loans, to help borrowers finance projects until they get off the ground. For instance, a developer might use a two- or three- year bridge loan to borrow money to build a shopping center, and then refinance to a longer loan once the shops are occupied and tenants are providing a steady cash flow of rents to the developer.
Commercial second mortgages
Just as homeowners often use a home equity loan to raise cash for household purchases, improvements, or expenses, commercial borrowers also use second mortgages, equity loans, or refinancing strategies to raise capital for such things as equipment, inventory, or business expansion.
Because commercial mortgages are tailored to meet the needs of the business community, they're the best option for those who need financing for commercial real estate ventures.
The basis of business debt refinancing is the conversion of original debt, including outstanding or overdue amounts, into a new debt instrument. By paying off the current debt obligations with the new debt instrument, businesses can consolidate their debt and obtain better interest rates.Business debt refinancing programs offered by various lenders provide business owners with funding to cover existing debts and start a new debt instrument with new terms. The change in debt instrument can convert short-term loans into longer-term debt, which helps a company improve its cash flow and provides more available working capital. In addition, paying off creditors enhances the reputation of the business, reduces the possibility of litigation, and helps re-establish solid relationships between the business and its key suppliers.
When refinancing a secured loan, lenders will typically refinance up to 80 percent of the value of the collateral. Loan repayment periods will vary depending on the collateral, the size of the loan, and the degree of risk as perceived by the lender. In some cases, the Small Business Administration (SBA) will provide loan guarantees through one of its lending programs.
Before making any debt refinancing plans, make comparisons not only between the interest rates but also between the terms of the various offers. Read all refinancing agreements very carefully. All costs -- including annual interest rate, total finance charge, and any other fees -- should be spelled out in the agreement. Keep in mind that to be worthwhile, debt refinancing must save the business money in the long run. With that in mind, it is important to make sure the interest rate on the new debt instrument will not suddenly jump to a higher rate within a short time. And keep in mind that fees such as service fees, debt reduction fees, and listing fees -- along with the finance charges -- can eat up a portion of the money being saved. Be sure to do the necessary calculations beforehand.
Refinancing can be almost as confusing as your first mortgage application. The decision to refinance your home is dependent on many things, including: how long you plan to be in the house, how much lower the interest rate will be on your new loan, the closing costs for the new loan, your equity position in the home, and whether you plan to do a cash-out refinancing.
With a plain-vanilla refinancing you're trying to take advantage of lower interest rates to lower your monthly payments. If you have enough equity in your home you may even have a side benefit of being able to stop paying Private Mortgage Insurance (PMI). To take advantage of a lower rate you'll have to close on a new loan and pay the closing costs associated with that loan. That's true even if you opt for a no-cash or low-cash closing. With a no-cash or low-cash closing, the costs still are there, they just are paid for either with a higher interest rate or are included in the principal balance of the loan. If you don't plan on being in the house very long, then the lower payments associated with the refinancing won't cover these closing costs.
With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference. Here's an example: Let's say you still owe $80,000 on a $150,000 house, and you want a lower interest rate. You also want $20,000 cash, maybe to spend on your kid's first semester at Princeton or to Refinance debt consolidation. You can refinance the mortgage for $100,000. That way, you get a better rate on the $80,000 that you owe on the house, and you get a check for $20,000 to spend as you wish.
Cash-out refinancing differs from a home equity loan in a couple of ways. First, a home equity loan is a separate loan on top of your first mortgage; a cash-out refinance is a replacement of your first mortgage. Second, the interest rate on a cash-out refinancing is usually, but not always, lowers than the interest rate on a home equity loan.
A Few Tips You That You Can Obtain From Mortgage Refinance Information
The trouble with having adverse credit rating is that it will affect your chances of getting credit since you will fall in the category of those who are considered high risk borrowers, which means that more often than not, you would be at the wrong end of decisions regarding your application for loans. Thus, for you, locating a lender can prove to be quite a tedious task, and thus you should welcome mortgage refinance information that will show you the way out.
Mortgage refinance information is somewhat like a silver lining in a cloud of debt refusals, and it can show you how to even get refinance mortgage loans in spite of a bad credit history. If you have been the object of late repayments, bankruptcy or defaulted on payments to your mortgage, your actions will be reflected in a bad credit history that will bring down your credit score, which (credit score) is the basis on which lenders approver or will reject your loans.
It is only through mortgage refinance information that you can learn to choose remortgage whereby you can get a new mortgage to replace your current mortgage loan. In fact, you should consider adverse credit remortgage in moments when the interest rates in loan markets have dropped considerably.
Another helpful tip that you can learn about from mortgage refinance information is that most lenders take advantage from the lack of knowledge that borrowers have and use that to increase their profits. There are a number of loopholes in Real Estate Settlement Procedures Act that allow lenders to charge more from their customers and it even allows predatory lenders leeway, which you need to be aware of. Thus, if you follow mortgage refinance information, you would pay attention and not trust a bank with your mortgage.
Secondly, according to mortgage refinance information, you should also never sign on blank or incomplete documents because it allows the lender to add anything that they wish to add, and is particularly dangerous when dealing with deceitful lenders brokers.
Also, mortgage refinance information should teach you to be on the lookout for fees that are excessive and the same goes for interest rates. There are many predatory mortgage lenders that will get you qualified for sub-prime and even bad credit mortgage despite your having good credit. You should thus make it a point to check the fees asked off you and ensure that they are in line with the norm.
If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 and 60 days… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Friday’s bond market opened up sharply following weaker than expected inflation readings, but has since given back some of those gains. The stock markets are showing sizable losses with the Dow down 150 points and the Nasdaq down 35 points.
The bond market is currently up 20/32, which should improve this morning’s mortgage rates by approximately .250 - .375 of a discount point. However, if bonds give back more of their earlier gains, we may see upward revisions to mortgage rates later today.
The Labor Department gave us the big news for the day with the release of February’s Consumer Price Index (CPI). It showed no change in the overall index and the same in the core data reading. Both of these readings were well below analysts’ forecasts of 0.3% and 0.2% increases respectively.
This means that inflationary pressures at the consumer level of the economy were not as strong as thought. That is very good news for bonds and mortgage rates because inflation er odes the value of a bond’s future fixed interest payments and leads to selling in mortgage related securities.
The University of Michigan’s Index of Consumer Sentiment was also posted this morning. It showed a reading of 70.5, which was a little stronger than expected. Fortunately though, the CPI far outweighs this index in importance and had a much bigger influence eon trading this morning.
Next week is fairly busy with economic releases, beginning with Monday’s Industrial Production report. We also will get to see inflation readings at the producer level of the economy in the Producer Price Index (PPI) Tuesday. But the big news will be the FOMC meeting Tuesday.
Look for more details on next week’s data and event sin Sunday’s weekly preview.
Get the facts about home refinancing from the experts at ENG Lending. Whether you want to lower your monthly payment, get cash out of your home, consolidate debt or obtain a fixed rate mortgage, we have the practical home refinancing information you need to achieve your financial goals.
Refinance loans: Loans are not one size fits all. Choose the best home refinancing loan with our clear descriptions of 14 different types.
Home Refinancing Tips & Advice: Find practical information about debt consolidation and learn how an FHA loan or VA loan may be able to benefit you.Home Refinancing Tools & Calculators: Enter basic information and find out what your potential new monthly payment could be.
Should you refinance your home mortgage? That's a question many homeowners are asking, given the lower mortgage rates that are currently available. But, how do you decide if refinancing makes sense in your particular case? The answer depends on many factors, including your tax bracket, the length of time you plan to stay in your home, and the additional costs and charges you must pay for the refinancing.
Is the Interest Rate Low Enough to Save Money?
The most common reason to 'refi' is to lower your interest rate. Conventional wisdom is to lower two points, but even one point can make it worthwhile.
How Many Points will my Refinance Cost?
This can vary depending on what interest rate you want to refinance at. If it lower than market rate, you may have to pay discount points.
How Would Refinancing Affect the Taxes You Owe?
Escrow, or Impounds, can be tricky business when you refinance. You will need to reestablish your account with the new company and your existing company will refund your current balance within 30 days.
Should You Also Consider a Different Type of Mortgage?
When refinancing, be sure to look at different programs. Often, it is a good time to get a shorter term loan with a lower rate that will knock years off the mortgage with little or no increase in payment.
What's involved in refinancing?
In Refinance auto loans, you are paying most of the same costs as your original mortgage. Basically you are paying off your original mortgage loan and obtaining a new one with a better rate. Make sure to find out all the costs involved when getting a new loan.
Will you save money when you refinance? To determine this you will need to find out what your new payment will be. To find out the length of time it will take to reclaim the costs of refinancing, divide your closing costs by the difference between your new and old monthly payments.
How many points will the lender charge to refinance? Lenders will offer a wide range of interest rates at different amount of points. A general rule is that each point adds about 1/8 to 1/25 of 1% to the interest rate. The more points a lender charges, the lower the interest rate on the mortgage loan and vice versa.
Will this affect the taxes you pay? Your tax payment may increase due to the less interest you deduct on your income tax return because of the lower interest rate on your mortgage loan. This in turn will decrease the total savings you might get from a lower-interest mortgage.
Do you have to refinance with the same lender? No you do not have to refinance your mortgage with the same lender. However, some lenders will offer certain incentives such as lower interest rates and reduced closing closts to keep your business. Shopping around is key before making a final decision. While deciding on which lender to go with, you might also want to consider other types of mortgages. Situation changes all the time so it doesn't hurt to see if other mortgage loans will suit you better.
Rates of interest nowadays are still a good deal lower than years ago. We still hear “now’s the time to refinance” from acquaintances and kinfolk. Even so for the borrower with risky credit, is refinancing really the wise choice?
Refinancing can frequently save you cash over the long haul, but if your credit has gotten less collectible since the time you got the loan, refinancing may not comprise the most beneficial idea. If your credit has improved since you got your first loan, then refinancing may be in your best interest.
The key is to perform the mathematics on one’s own. Although nearly all lenders are really accommodating and have a vast knowledge base in the fiscal world, they are still here to make a sale. Put differently, asking a lender “is it a beneficial idea for me to refinance?” Will not typically get you a true response.
Consider the deviation between the rates you qualify for and the closure costs for the new loan, and be sure you’re actually emerging in front by refinancing.
If you are in the condition where you require refinance cash– Whether it is for a cash-out, or because of imminent foreclosure – There are alternatives that are accessible to poor credit borrowers.
One little-known alternative is the Federal Housing Administration (FHA)-backed refinance. Whilst many borrowers acknowledge that you are able to acquire an FHA loan to purchase a house, not many are aware that the FHA also backs refinances.
Look for a lender that works with Federal Housing Administration loans and talk about your alternatives. With an FHA loan, you are able to frequently get O.K.ed even with Refinance tips, cut back your deposit, and even acquire a better rate.
With a Federal Housing Administration backed refinance, rather than gauging your practical application based upon your FICO score, the FHA evaluates you based upon your credit history. Put differently, they make their call based upon your debt patterns across the last 12 calendar months or more. This likewise gives you the opportunity to excuse any blemishes on your credit report.
- VA Cash Out Refinance Loans
- Interest Rate Reduction Refinance Loan
- Streamline Refinance Loan
Whether you need money to eliminate or consolidate your high interest debts, pay for college tuition, make home improvements or for any other purpose, Texcorp will work to get you the money you need with a strong refinance program geared for you.
WHEN YOU NEED MONEY
VA Cash-Out Refinance Loans are available for homes that are your principal residence. The VA guidelines allow you to refinance up to 90% of the appraised value of the home (not available in Texas) plus allowing for many of the closing costs to be rolled into the loan amount as long as the property meets the designated loan to value ratio. While there is no minimum amount of time that you must have your existing loan or own your home, your home must have sufficient equity to qualify for this loan.
WHEN YOU WANT A LOWER RATE: A STREAMLINED EXPERIENCE
The Department of VA has created a loan program called the Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance. This loan provides a way for current VA homeowners to reduce or lower their interest rates with no out of pocket expenses and very little documentation. This is only available to veterans who are refinancing their original VA mortgage in which they have used their VA eligibility.
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When you refinance your existing mortgage, you pay off your first mortgage and start paying on a new mortgage. With a new mortgage, you again pay most of the same expenses you paid to get your first mortgage. Not to say mortgage refinancing is bad because in most cases you are taking on a lower interest rate, which in turn will eat up all the costs of a refinance home loan.
No matter the reason, if you need to borrow money or clean up money problems, find what you are looking for right now. Enjoy our featured services, use our calculators, and browse our helpful information. Everything on this site is free and we encourage you to use it. The time to take control of your life is now, and you are the only one who can do it.
Looking for an Interest only mortgage? Read this article first.
Not Sure if You Qualify for VA Refinancing? Almost every veteran is eligible for Veterans Affairs benefits, such as VA home loans. Here at VA Mortgage Center.com, we believe Veterans should make the most of their benefits. Whether you are refinancing your home loan to payoff debt, do home improvements, or to lower your interest and monthly payments, a VA Refinance over a conventional one is beneficial. Why? It saves you money. Find out if you qualify online.
Let us help you take the next step toward getting your VA refinance. We get you in touch with a VA refinance specialist online. Here we can learn more about your request so we know how to best help your individual situation.
If you have questions, or if you want to determine which VA Loan or VA Refinance is the best for you, you may request advice from a Best refinance mortgage today!
Bookmark this page to stay up to date with the latest mortgage refinance information. This section is updated daily.
You can also go to Yahoo for the latest mortgage refinance information.HUD calls for greater mortgage disclosure
Philadelphia Inquirer - ... comparisons among lenders when they shop to buy a house or refinance a mortgage. It ... borrowers from getting the most competitive interest rate and loan ... federal disclosure form be given to consumers refinancing a mortgage or borrowing to buy a home. ...
Publ.Date : Sat, 15 Mar 2008 06:58:00 GMT
Bush seeks to clarify mortgage information
Bradenton Herald - ... Act would mandate a federal disclosure form to be given to consumers who refinance a mortgage or borrow to buy a home. The form is simpler than private-industry disclosure forms, which can vary widely state by state. It includes a summary of loan ...
Publ.Date : Sat, 15 Mar 2008 02:12:00 GMT
U.S. Home Defaults, Foreclosures Rise 60% in February (Update3)
Bloomberg - ... in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance ... A surge in defaults among subprime borrowers spurred the collapse of the U.S. home loan market and has led more than 100 mortgage companies to stop ...
Publ.Date : Thu, 13 Mar 2008 18:21:00 GMT
Key lawmakers seek wider FHA role in mortgages
Reuters - ... FHA) a bigger role in tackling the nation's worsening home mortgage and ... the proposal, which he warned could change, would help refinance up to two million home ... to help high-risk or low-income borrowers win better loan terms by insuring mortgage ...
Publ.Date : Thu, 13 Mar 2008 20:44:00 GMT
US home loan demand drops as rates near 5-month high
Economic Times - US mortgage applications dipped last week, reflecting lower demand for home loan refinancing as interest rates surged to their highest since October ... Consumers seeking to refinance their existing home loans tend to be highly sensitive to shifts in ...
Publ.Date : Thu, 13 Mar 2008 07:51:00 GMT
U.S. regulators unveil plan to revamp mortgage rules
MSN MoneyCentral - ... of underwriting standards for lower-quality home loans ... brokers, stiffer federal and state oversight of all mortgage originators, and new rules to force more disclosure of loan ... make it harder for people with marginal credit to refinance ...
Publ.Date : Thu, 13 Mar 2008 20:44:00 GMT
Mortgage-backed securities sink Carlyle Capital
USA Today - ... margin call â€” to secure the loan. If the borrower does not meet the margin call, the lender may sell the security. The value of mortgage-backed securities has plummeted as U.S. home prices fall ... the fund's negotiations with its lenders to refinance ...
Publ.Date : Thu, 13 Mar 2008 15:57:00 GMT
Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc. If this original loan had a fixed interest rate mortgage which has now declined considerably, then you would like to avail of a new loan at a more favorable interest rate.
When is Refinancing an Option
Typically home refinancing is done when you have a mortgage on your home and apply for a second loan to pay off the first one. While taking the decision to go for the home refinancing option, it is important to first determine whether the amount you save on interests balances the amount of fees payable during refinancing.
Benefits of Best refinance home
Imagine a scenario where you can have access to extra cash, while simultaneously lowering your monthly mortgage payment. This dream can become a reality through mortgage refinancing.
A house is the largest asset you may ever own. Likewise, your mortgage payment may be the largest expense you'll have in your monthly budget. Wouldn't it be great to use this asset to reduce your monthly payment and put extra cash in your pocket? When you refinance your mortgage, you can take advantage of the equity in your home and enable this to take place.
Lower Refinance Rate, Lower Payments
When you purchased your dream home, the financial environment dictated interest rates. While certain factors, like your credit rating and the amount of the down payment that you were able to afford, influenced your interest rate, the single most important factor was the prevailing rates at that moment. However, interest rates fluctuate. When the Federal Reserve enters a rate-cutting period, the prevailing rates may become significantly lower than when you originally purchased your home.
By refinancing your mortgage when interest rates are lower, you can exchange a higher interest rate for a lower one, which, in turn, will lower your monthly payment.
Shorten the Length of Your Mortgage when Refinancing
Another advantage of home refinancing is that you can shorten the term of your mortgage. Let's say, for example, that you originally had a 30-year mortgage and have been paying it for eight years. Thanks to mortgage refinancing, you can switch to a shorter term of either 10, 15 or 20 years. This can save you thousands of dollars of interest. Also, if the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.
Exchange an Adjustable Rate for a Fixed Refinance Rate
When interest rates are low, adjustable rate mortgages (ARMs) are the housing market's darlings. However, as interest rates increase, that adjustable rate may not look as sweet. It's also possible that you opted for an ARM because your financial future was less secure, or you weren't sure how long you'd stay in your home. If, however, you've become financially stable and know that you'll be staying in your home for several years, it may be beneficial to swap that fluctuating adjustable rate for a fixed one. You'll have more security knowing that your monthly payment will remain steady, regardless of the current market environment.
Access to Extra Cash - Cash-out refinancing
One way to put more money in your pocket is to tap into the equity you've built in your home and do a "cash-out" refinancing. In this scenario, you can refinance for an amount higher than your current principal balance and take the extra funds as cash. This can provide money for remodeling your home, paying off high-interest rate bills, or sending your kids to college.
Bye, Bye PMI
If you were unable to make a down payment of 20 percent when you purchased your home, you may have been required to purchase Private Mortgage Insurance (PMI). If your house has appreciated since then, and you've steadily paid down your mortgage, your equity may now be more than 20 percent. If you refinance, you will no longer need PMI.
In many ways, your house is like a cash cow. If you have discipline and knowledge of the benefits of refinancing, you can tap into its milk for years to come.
To find the best refinance loan offers complete our short form. You will find lenders and brokers that offer home refinance loans in California, Florida and all other states.
Cash Out Refinance Refinance home
Many homeowners struggling with unpaid debt and a constant stream of bills want to know if there is anything they can do to get a lower monthly payment on their mortgage. The good news is that there are some helpful ways to get a lower monthly payment without worrying about being scammed by unethical mortgage refinancing lenders.
The cash out refinance is a mortgage concept home owners are employing more and more in recent years. The cash out refinance loan is most easily understood by describing it as a combination of a home equity loan and a refinance loan.
If you would like to get started on a home improvement project but do not have the equity on hand to hire a contractor, a home improvement loan may be able to give you the money you need at an affordable rate. Home improvement loans are usually easy to secure from a lender because you are only improving the investment that the loan is backed against.
A second mortgage can be a great way to borrow money when you are in need. Unlike a regular mortgage, a second mortgage does not have priority on your home if you default on the loan. Your first mortgage would be repaid by your home's value before any funds go towards paying off the second mortgage.
Cash Out Refinance
Best loan plans
A Best loan plans is a great way to borrow money if you know how to pick a reliable lender that can provide fair Best loan plans rates. People take out a Best loan plans to borrow money for all sorts of things: debt consolidation, home improvement projects, medical bills, and more.
Mortgage Refinance Programs
If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage.
Refinance debt consolidation
If you are stressed by the sheer number of bills you receive each month, a debt consolidation loan may be a very useful tool. A debt consolidation loan gives you money to pay off your existing debt, resulting in just one monthly payment and a lot less stress.
Refinance home equity loan
Many borrowers use a refinance to shorten the term of the mortgage.