Refinance Home Loan - House Refinancing Do's and Don'ts Tips

Once you've made the decision to refinance home loan on your property, there are still some things that you should be aware of before signing on the dotted line. These simple steps can help save hundreds or even thousands on the final house refinancing loan that you obtain. Most of these tips are common sense ideas that apply to many financial transactions, but extra caution is appropriate when you are dealing with what too many borrowers may be one of the largest financial deals of the lifetime. The refinance in some instances is larger than the original mortgage loan on the home.

Do: Read the fine print

When you want to refinance home loan, just as with any loan, you should make certain that you read and understand the impact of the fine print in the loan documents. If you didn't realize that you have agreed that the lender can adjust the mortgage upward after two years to match the price index, you could lose your home. If you are agreeing to a balloon payment and refinance yet again in 3 years, make certain that you know about it up front, not after the papers are signed or worse yet, when the balloon payment is due.

Do: Shop for the best rates

When you are looking to house refinancing loan, don't assume that every lender will have the same rates and costs associated with those rates. It is important to look at the entire package. One lender may have lower rates, but require a balloon payment in six months or two years. Another lender may charge points or added closing costs to obtain the loan. You may not qualify for some programs when you apply at a lender. It is important though, that you don't apply at numerous lenders at the same time, as this can work against you with bad marks on your credit score.

Don't: Borrow more than you can afford

Especially in times of uncertain economy, getting a loan with variable or adjustable rates because you want a larger house or a better location is not a smart move. The same thing is true when you refinance home loan. Don't borrow extra money, just because you can, thinking you will put it back for an emergency. Borrow only what you need with a goal of paying off debt rather than incurring new debt especially if you have nothing to show for the loan later.

Don't: ignore the fees and closing costs

To refinance home loan can be a daunting process. It is important that you understand your obligations and benefits at each step of the process. Many borrowers are surprised when they find out how much obtaining the housing refinancing loan is costing them and that is before considering the cost of interest on the loan. Fees such as title insurance, document preparation, points, loan origination fees and other costs will inflate the cost of the loan significantly. Don't spend the proceeds of cash out on your home loan until you have determined without a doubt what the proceeds will be.

Mortgage Refinance Loan Advice

If you're like many homeowners, you dream of better days when your property is paid in full and you don't have to make those dreaded mortgage payments anymore. But, getting back to reality, many are turning to mortgage refinance services in order to cut their monthly loan payments or to extend their loan periods. Keep these hints in mind before choosing a refinance plan:

When to Refinance: When you already have a mortgage and wish to apply for a second, be sure the amount you save on interest rates balances fees paid during refinancing. Lending Tree is a great resource when debating the 'apply/not to apply' question, as they offer certified lending and allow you to compare multiple offers online.
Loan Options: Determine whether a fixed rate mortgage or adjustable rate mortgage is in your best interest. Fixed rate mortgage monthly payments tend to remain steady despite market conditions. E-LOAN allows you to compare both loan options and to outweigh the pros vs. cons before you make your decision.
Cash-out refinances: These allow you to refinance with a loan amount larger than your current mortgage...while you keep the cash difference. The catch? Your home equity must qualify before you can go through with it.
No Closing Cost Refinances: If you wish to save on up-front fees, this is probably your best choice. Depending on whether or not the prevailing market rate is lower than your existing rate by at least 1.5%, you are sure to reap the benefits.

Websites such as E-LOAN provide mortgage refinance loans, as well as useful information on home equity, home and auto purchasing, and personal loans. Utilizing features such as 'The Loan Advisor' allow you to enter information such as credit ratings, how much you intend on borrowing, estimated property values, and current mortgage balances. They, in turn, will recommend which loan route to take. Remember, saving money is key in your refinance loan search.

Commercial Mortgage Loans and Fraud

When borrowers or people in general hear "commercial mortgage and fraud" in the same sentence the word commercial mortgage broker seems to pop right in mind. The reality however is that many borrowers play a larger role in fraudulent loans than the professional in the business. Whether it's just trying to not disclose a certain piece of information or in the extreme creating false documentation, it is always the wrong thing to do and will almost always come back to the borrower.

Why inexperienced borrowers that do maybe 2 or 3 commercial mortgages in their lifetime think they are going to be able to trick a professional underwriter, whose job it is to thoroughly police the file is beyond me.

We recently had a loan where the borrower tried to cover up their 30 day, rolling late payments with a story about a previous bank employee(that was no longer with the bank) that permitted them to defer their payment and created a fake letter on the banks letterhead supporting their story. The letter did in fact fool all involved in the beginning of the process, which resulted in a pre approved loan and a good faith deposit that was sent into the bank by the borrower.

However, after the underwriter called the existing bank for a pay off statement and to confirm the story, the truth was revealed. The end result of course was a waste of 2 months and the $5,000 deposit will not be refunded to the borrower. The bank could take action or report the borrower though I doubt they will bother.

Commercial loans can be difficult and closing some are harder than others, but no matter how difficult the borrowers situation is, it is never a good idea to "misrepresent" the truth about their commercial loan. It will come back, and the borrower at a minimum will lose money and possibly serve jail time for commercial mortgage fraud.

2nd Home Mortgage Loans

If you are looking for a resource that may be able to provide you with additional funds, and you don't want to take out a line of credit, a 2nd mortgage may be right for you. With a 2nd mortgage, you borrow against the equity in your home. There are many lenders ready to compete for your business, and with the internet today you can find the best interest rates in the country in a matter of minutes.

Unlike traditional lines of credit, a 2nd mortgage loan is dispersed in a lump sum payment. When lenders offer you a line of credit, they're banking on the fact that you are going to keep spending and spending until you reach the credit limit. A lump sum can help to ensure that you use the funds responsibly, protecting the equity in your home and reducing the risk of damaging your credit.

Shop Wisely for 2nd Home Mortgage Loans

You have probably seen advertisements for lines of credit with extremely low introductory interest rates. Lenders offer these low interest rates, and then raise them a few months later. A 2nd mortgage on your home can come with a fixed interest rate. In this case the interest rate remains the same no matter whether you sign up for a five or 25-year loan.

Many people turn to fixed interest 2nd mortgage loans to consolidate debt. Since the interest rate is fixed, you always know exactly how much your monthly payment will be. Some people take out second home mortgages to make home improvements, while others use them to pay for vacations or higher education. No matter why you're looking for a second mortgage, you can find the best rates from up to four different lenders by visiting one of the many quality online mortgage referral sites available today.

Why Refinance a Home Mortgage?

Many homeowners are looking for a way to reduce their monthly loan payments and get a better interest rate. Other people are looking to refinance a home to use some of their equity and get cash back. Whatever your reason, mortgage refinancing can provide many benefits to homeowners. Here are some options that may be available to you when refinancing a mortgage.

Better Home Loan Interest Rates

No matter the situation you are currently in, odds are that mortgage interest rates right now are much lower than they were when you purchased your home. This leaves enough room for nearly any homeowner to reduce their rates and see a savings in a decent amount of time. By far the most popular reason people refinance a mortgage is to get themselves into a better interest rate that will save them thousands of dollars over the course of the home loan.

Change Home Loan Types

Many homeowners got into an adjusted rate mortgage when mortgages were easy to qualify for. Also a few years ago, mortgage lenders and banks pushed ARM loans extremely hard onto many people who could not truly afford them. Now, that is coming back to haunt everyone and homeowners are losing their homes at a record pace. A very popular option for many people when refinancing a mortgage is switching loan types. Commonly, people look to change from an ARM loan to a stable fixed rate mortgage. However, sometimes, people actually do the reverse and get into an ARM loan form their fixed rate loan.

Get Money from Your Homes Equity

A lot of people have been in their home for a long time and find themselves wanting, or needing, a large amount of money. Many homeowners get a mortgage refinance to borrow money against their homes equity. This is usually much cheaper and easier to obtain than a personal loan, and the money can be used for anything the homeowner wants. This option is best for people who plan on living in their home for a while or who are facing immediate money needs.

Nearly anyone can benefit from refinancing a mortgage, but it is not always easy to find or figure out. Always know what you want to achieve from a mortgage refinancing and take the appropriate action needed to get it. There are a lot of good reasons people refinance, while these are the three most popular, other people may have other reasons. Know what you want, and how to get it, and refinancing a home mortgage will be a great experience for you.

Three Reasons Why You Must Go For Bad Credit Home Loan Refinancing

With the global financial efforts, economy is gradually recovering from the thwarting phase of recession. Although it's good news for all, but for those who have been claimed to be defaulter in paying their old debts off, it really means a lot. Now, the question emerges, why it is so? Well, with more and more financial institutions coming up with the bad credit home mortgage loan refinancing, such people can also save their home from foreclosure. In case you are also one of them, then it is highly advised for you to opt for home loan refinancing opportunities if you wish to.

Improve Credit Ratings

Although it sounds pretty good to add some credit points into your credit sheet, but most of you must be thinking is it really possible? Of course, it is! Even many people have improved their credit rating to a considerable level with the help of these refinancing options. Once you consolidate your previous home loan with these options, you can also start improving your credit points. The only thing that you are supposed to do is just pay all the installments of your current loan timely. This will dramatically affect your credit sheet's performance.

Solve Financial Problem

Having a bad credit history undoubtedly closes the rest of the ways for you to acquire financial support. But, again, home loan refinancing opportunities can help you out. As soon as these loan options repay your old debts, you can easily apply for other loans. Here, it is also noteworthy that approaching home loan refinancing doesn't mean that your credit history will be error free. You have to suffer this problem for a few years, but the good counterpart is that now, more and more lenders will start looking for you.

Well, these were the factors which make it crucial for you to apply for bad credit home loan refinancing.

Home Refinance With Good Credit

When you have good credit there is nothing that will hold you back from getting the best deal on your home loan. Home refinance is something that you may want to look into if the current market interest rates are lower than the rate that you secured when you purchased your home. Interest rates have changed a lot over the past few years and if you bought your home during a time when the rate was higher than it is now, you could save a lot of money by refinancing now.

Make Your Good Credit Work for You

If you have good credit you may be wondering if you can do any better on your interest rate than you did a few years back. The answer is that, it will not hurt to look! You can inquire about interest rates and home refinance without actually committing to anything, so why not take a look at what is out there and consider how much you can save and if refinancing is something that you should pursue. You may be surprised to see how much you could save.

Many homeowners bought their home when a seven percent interest rate was considered to be very good. That is still very good by some standards, but if you have outstanding credit you may be able to find a lender that is willing to give you a home refinance loan for four or five percent instead. Doesn't sound like much, but it can be a huge savings over 20 years or so that is left on your mortgage. Wouldn't you much rather pay four percent interest on the value of your home rather than seven percent? That could mean a huge savings to you, even if you have a $150,000 home!

A lot of people with outstanding credit took advantage of one type of loan when they purchased their home that fit their needs at the time but have found that the loan no longer fits their needs. For instance, many buyers have found that they accepted an adjustable-rate mortgage when they purchased their home but since moving in they decided that they do not want to move again for at least another 10 years. This may not seem like a big deal, but the fact of the matter is that a fixed-rate mortgage can help you save so that you aren't paying more interest than you have to when your interest adjusts. Home refinance can help you get the stable interest rate that you want when you are staying long term and through this stable interest rate you will pay much less over the course of the loan. Because you have good credit you'll find that you can still get an outstanding interest rate, the only difference is that it will not change.

There are a lot of reasons, even when you have good credit, that home refinance is a good idea. Even when you have good credit there is a chance that you can get a better interest rate or simply a better loan program than you got the first time around. You don't have to commit to refinancing, simply look at what is out there and consider how much you can save. When you see how much you can save and you compare it to the costs of refinancing, you may find that it is time to change things up to keep a substantial amount of money in your pocket.

Principal Reduction vs Loan Modification: Which is best to Save Your Home

www.ownavigators.com Learn the difference between a principal reduction & a loan modification. If you are facing foreclosure or are being forced to short sale your home and move out then you should explore your options.



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Loan After Bankruptcy - Mortgage Loans

Filing for bankruptcy can be a very stressful process. Not only does it mean that you are up to your neck deep in debt, but also that you have no means of repaying it, at least any time soon. After the bankruptcy is discharged, you will be debt free, but it will have left a huge stain on your credit report that will stay there for at least 10 years. It does not sound good, now does it?

The main concern people have after going through bankruptcy is whether they will be able to get finance in the near future or not. This is not an easy question at all, as some other things have to be taken into consideration, such as monthly income, possession of assets to pledge as security, etc. As a general rule, it will be hard to obtain finance after bankruptcy, but it is completely feasible. There are no reasons to believe you will not be eligible for a loan.

When It Comes To Mortgage Loans...

You are thinking of buying a property, a home of your own. It does sound wonderful, you cannot wait to be able to see your kids running around the spacious back yard after a succulent barbecue. But there is only one issue... your bankruptcy file has just been discharged. As unlikely as this will appear, you will still be able to obtain the finance you need provided that you meet some requirements.

Mortgage Loan After Bankruptcy Requirements For Approval

This is no exact science, some lender might or might not follow the same rules. I will mention here the most common qualification requirements for anyone who is thinking of applying for a mortgage loan after going through bankruptcy.

1) A couple of years of good credit history.

This is not a must, but some lenders might feel more reassured and more willing to finance your dream if they see that after filing, you began making timely payments on all your bills. This will certainly prove that you have left behind the rough patch that led to you filing for bankruptcy and are ready for a new and fresh start.

2) A steady job and salary.

This is definitely the most important of requirements and the only one which is also a must. The other ones might be negotiable, but not this one. It shows the lender that you have high repayment capabilities, which is essential as this is a high-risk lending procedure.

3) Down Payment.

Most lenders, if not all, require a down payment, at least a small one. Not many lenders are willing to provide 100% finance on a property, but if you are lucky you might be able to find one who will. It is a matter of thorough research and tons of patience, but if your dream house is your ultimate goal, I am sure you are going to do everything in your power to get a good deal on the mortgage loan.

It is not impossible to get a mortgage loan after going through bankruptcy, you just need to let some healing time go by, one year in the least. I hope you all the best, and may you find the right lender and the perfect home loan.

Do You Have a Mortgage?

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Home Mortgage Refinancing - Why Should I Refinance?

There are many reasons that are put forward as being a viable cause for obtaining home mortgage refinancing, but these may or may not be valid reasons if you look at the total cost of the loan. In most instances, the home mortgage is the single largest financial transaction made by an individual during their lifetime. It is appropriate to do some soul searching about your reasons for obtaining a refinance on your mortgage. If your financial situation provides compelling reasons for changing your mortgage structure and/or amount, then get the best possible deal to fit your situation. Here are some typical factors that might caused you to need a mortgage refinance.

Pay Bills

Home mortgage refinancing is sometimes obtained in order that the homeowner can pay some significant or pressing bills without going the route of personal loans, credit card cash advances or other financial avenues. If you are in a situation where there are large medical bills, for example that must be met, a cash out refinancing will often provide ready cash to cover the bills at a relatively low interest rate. Because the loan is your home, interest rates will have positive tax implications. This is not true of most other types of loans.

Finance education

Another common reason for obtaining cash out at home mortgage refinancing time is to provide funds to pay for the college education of a family member or yourself. A loan tied to the equity of your home tends to have a somewhat lower cost than other loans, although federal education loans have very reasonable loan rates nowadays. The difficulty may be qualifying for the education loan. If you, like many people recognize the importance of higher education, the cost of the loan may be well worth a refinance on your home mortgage.

Repair or remodeling

Obtaining home mortgage refinancing for the purpose of repair, renovation or remodeling of your home is an excellent way to make use of the extra funds you can receive at closing. Often completing large renovation or remodeling projects will significantly increase the market value of the home which can add to the future equity. Sensible, somewhat conservative remodeling projects can be completed with an eye to making the home more marketable in the future. If you plan to remodel based solely on your own needs and likes, you may not necessarily gain equity value for the home.

Reduce cost of the loan

Another great reason for obtaining home mortgage refinancing is to reduce the cost of the original loan. If the original mortgage was taken out at a time when interest rates were high, a refinance may allow for lower interest rates. This is partially offset at times when there are points or closing costs that enter into the calculations. The overall cost of the loan can be reduced also if the size of the monthly payments is increased and the increase is applied to reduction of the principal. Yet another way to reduce the cost of the loan is to shorten the term of the loan. Instead of paying another 20 years on the original mortgage, consider refinancing with a ten year term.

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If You Think You'd Like To Refinance Your Home Mortgage

If you've heard your friends or relatives talking about how they have refinanced their home mortgages and are enjoying their new, lower interest rates, you may have wondered how you can join them. But understanding the refinancing process can be somewhat confusing.

Deciding to refinance your home mortgage means that you will borrow the money to pay o ff the balance o n your existing mortgage, and by borrowing at an interest rate lower than that on your current mortgage, you will lower your monthly payments. Refinancing your mortgage at lower interest will not only save you money each month; it will save you thousands of dollars over the course of your loan.

The Refinancing Process

The refinancing process, while fairly straightforward, does include several steps.

* After investigating various lenders to see which ones seem to have the best refinancing packages, you should choose the one which looks the most promising and complete a loan application.

* The loan officer will look at you application and make suggestions as to which loans would work best in you case. After careful examination, you should select one and apply for that particular loan, supplying the necessary documentation.

* You will then receive all the loan disclosures, terms, and legal forms, which you should study, complete, and return to the lender.

* The lender will take over at this point, sending an appraiser to place a value on your home. The lender will send all of the information to the loan underwriters, who will either approve your loan or ask for any further documentation they need. Your lender will supply them with your contact information.

* If your refinancing loan is approved, your lender will use it to pay off your existing mortgage and then process your file. Your loan papers will be sent to the title company or an attorney for closing, and you will have seventy-two hours during the closing process to change your mind without being penalized.

* At the end of the seventy-two hours, your loan will have closed, and your mortgage will be refinanced. You'll really appreciate what that means when you make your next, and smaller, monthly house payment!

Finding A Lender

If making the decision to refinance your home mortgage now seems less intimidating and more manageable, you should start looking for a reputable mortgage lender. You might even consider the company which currently holds your mortgage, because they will be highly motivated to help you refinance your home mortgage, even at a lower interest rate.

If you want to search for a new lender, you can begin online. There are hundreds on Internet websites offering to help you refinance your home mortgage, and by reviewing their loan packages you will be able to get an idea of what is currently available.

Many of these services have side-by-side mortgage comparison charts, which really help streamline your search. They also let you start the loan application process online.

If you would be more comfortable working with a brick and mortar lender in your area, you can use the information you find online to bargain for the best refinancing terms. The home refinancing market is an extremely competitive one, and you definitely do not need to grab the first offer which is presented!

Short Refinance Bootcamp Part 1

How can a Short Refinance help you avoid foreclosure and reduce the amount you owe against your home? This is the first episode in a nine-part series which will give you a definition of a short refinance and how you can qualify to get one on your home.



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How To Lock Your Mortgage Rate Before Lender Hikes It

Video explains how to lock a fixed rate mortgage on a home loan currently in the application process before you are caught by surprise when a sudden home loan rate increase takes place. The video tutorial also introduces a new daily real-time mortgage rate alert service for home buyers and those refinancing their current mortgage. Video also previews a free daily video mortgage rates update segment on the ratealertnow Channel on youtube and via www.ratealertnow.com



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Home Refinancing Q & A

Are you trying to figure out if home refinancing is right for you? Here are some of the most common questions people have when it comes to refinancing a home mortgage.

Q. I have one of those adjustable rate mortgages. Should I refinance to a fixed rate mortgage now?

A. The answer is yes in nearly all cases unless you plan on moving in the next 1-3 years. If you currently have an ARM and you know it's going to go up (which in today's market it most likely is) then you should definitely be looking for a fixed rate mortgage.

Q. How do I know if I should refinance my loan?

A. This is different for everyone, but generally, you should ask yourself:

-How long do I plan to live in my home?

-How much lower of a rate can I get?

-Will the lower payments make up the costs involved in doing a refinance?

By knowing the answers, you can then better determine whether you should refinance your home loan or not.

Q. Is paying points for a lower APR a smart strategy?

A. In most cases the answer is no in refinancing. While it is true you can deduct the points paid on your income taxes, it is only throughout the life of the loan. So it can easily be years down the road before the monetary gains of a lower APR offset the cost of the points.

Q. How long will it take for a home refinance loan to close?

A. Depending upon whether your home will need a new appraisal, you will be looking at 3-4 weeks in most cases. If appraisers are backed up with work, then it could be longer. Unfortunately, you can be at their mercy when there is a glut of refinancing going on.

Q. What about those "no closing costs" loans?

A. As with most everything in life, there is no free lunch so to speak. Keep in mind that the no closing costs loans may actually come with a higher interest rate or even have extra fees put into the total amount of the loan. You really need to watch the fine print and do your due diligence here.

Loan Officers and Mortgage Brokers

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Mortgage Loans in COLORADO SPRINGS, COLORADO

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Mortgage Loan Checklist - Refinancing Tips

The loan process can be tiresome. However, if you are prepared the process can be streamlined. Please locate the documentation below and have it ready to fax when your loan officer requests it. You will need to make copies of the following for processing your loan.

1. Declaration page of Home Owners' Insurance Policy

2. Drivers License and Social Security card

3. All pages of the Promissory Note on your current 1st mortgage

4. Mortgage Coupon or copy of your Monthly Mortgage Statement (for both 1st and 2nd mortgages)

Income Documentation

For hourly or salaried employment, please copy the following documentation:
Original W-2 for the last 2 years
Copy of original paycheck stub showing year-to-date income (1 month worth of pay-stubs)

For borrowers who are self-employed please provide the following information: copy of last 2 years, 1040's federal tax returns, year-to-date profit and loss statement, copies of the last 3 months of personal bank statements, and W-2 or 1099 for the past 2 years. (if applicable)

For Retirement Income please copy the following information: copy of social security award letter, and copies of the last 2 years of 1099's.

For Rental Income please copy the following documentation:
Copies of lease or rental agreement for all properties (1 year), and complete tax returns for previous year (including Schedule E)

Other Income please copy the following documentation:
For child support, alimony or separate maintenance, provide the following information: 1-year history of receipt & 3 months bank statements, copy of the fully executed divorce decree, if applicable, and evidence of 3-months to 1 full year of receipt of payments.

Asset Documents please provide the following documentation:
We will need 3 most recent account statements for all checking, savings or other asset accounts.

Purchase Loans please provide the following information:
The underwriter will request a copy of the fully executed purchase contract. In addition, they will want a rental history for the last 24 months. (if you are a first time home-buyer)

*Additional loan documentation may be required.

Loan Modification Program - Mortgage Refinance Rates at 2% Can Save Your Home

The plan offered by The US administration called "Making Home Affordable" enables homeowners to have a chance to save their houses from being foreclosed. This is through the help of the home loan modification program. The program is able to lower the interest rates to 2% and even extend the mortgage period of the borrower.

Recently, there has been up to $75 billion allocated to fund the stimulus plan which targets help to homeowners. Most of this money is given to the banks and mortgage lenders who will help the homeowners through the stimulus plans guidelines. The money will then give hope to people struggling, so that they can avoid having their home foreclosed.

Once banks and mortgage lenders will follow the guidelines, struggling homeowners can benefit in numerous ways such as:

• It enables the homeowners to have a refinance on their current loan even though they owe more than the actual market value of their house.

• If the home loan is supported by either Freddie Mac or Fannie Mae, the homeowner is automatically eligible to get the mortgage modification so that they can have a much affordable monthly payment.

• If the value of the home has remained the same or has dropped since you purchased it, it is easier to qualify and get approval for the mortgage refinancing.

• People that have suffered a drop in income or are encountering other financial difficulty now have an easier way to get a loan modification.

• The modified monthly payment does not surpass 31% of your gross monthly income with the mortgage modification to prevent you falling into debt again.

Since there are millions of homeowners that are facing home foreclosure, it is wise to apply for the plan now. The worst step you can take is to hope that something will come up without taking any action at all.

The last thing you want is to be sitting at home fearing every knock on the door and every telephone call when you can take action and save your home.

If this is the plan that you need, you should make use of it now so that you can be able to save money or even rescue your home from getting foreclosed.

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Upside Down Mortgage Loan - Tips to Refinance an Upside Down Home Loan

Many homeowners are struggling as they are not able to pay their loan on time and are facing foreclosure. This is because the value of their property has declined more than 50% than what they actually bought it for. Now they owe much more money to the lenders than the actual value of the property to the lenders.

Tips to Refinance Upside Down Home Loan Refinance

If you are upside down on your mortgage and it is creating difficulty for you, then you can refinance your loan. Borrower need not to worry much about it as they still have a hope and chances to save their homes by getting their upside down mortgage loan refinanced by the related lenders.

1. You can refinance your loan by lowering interest rates which will help you to stay in your home. Some homeowners are tempted in a myth that the rates are going to be decreased further because of the bad economic scenario but it is advised that you do not take risk and wait for the situation to get worse.

2. You can be offered for a fixed rate mortgage loan by the lender to refinance your upside down home loan easily.

3. You must keep in mind objectives that will help you to figure out what type of loan you want and whether it will fulfill your financial goals.

4. You can even stay with your existing home mortgage rates. They may be reduced some fees to help you refinance in better way.

5. A professional help can be taken by an agent. You can appoint him to take care of your situation professionally and understand your circumstances to work upon it further.

6. Do not pick calls of anyone unless you approach to the loss mitigation department. You are needed to call them to know how to refinance an upside down home loan mortgage.

Real Estate & Mortgage 2 - Foreclosure Meltdown Fraud & Scams Dec08 - Bottom of the RE Market?

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Economic Strategies and Home Loan Refinance

With the fluctuations that are currently a part of the economy is the need for several who own real estate to re-look the options available. One of the current options available for those that need a financial alteration is with home loans refinance. This can provide you with a different option for payments while helping you to stay economically free, despite the current conditions.

The main component that is linked to home loans refinance is based on changing the amount you pay on a monthly basis. If you need to refinance your home, then you will need to work with your financial institution to get the best responses. Typically, a variety of programs will be made available dependent on your situation and the financing assistance you need. An initial evaluation will be done when you contact your institution, which will show your financial status and income levels so you can receive the correct changes.

After you begin to work with your lender, you will be given a different option for your payments. A home loans refinance can be divided in a variety of ways. The first will be on a changed interest rate, either to a fixed rate or adjustable rate. The second alternative will be to pay the amount of time that you will need to pay your loan back in so you can change the monthly payments owed. A combination of different factors can all be included in your loan, all which can help you with the budget you currently have and the financial situation you are in.

Understanding the different options that are available with the home loans refinance can help you to move back to a better budget and can provide you with the best alternatives for your real estate needs. Working with the financial institution to get the best results and finding what is needed to provide you with the best budget can then work with your real estate needs.

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Home Mortgage Loans For Prior Bankruptcy - Is it Possible?

If you've fallen on bad times in the past, and been forced to file for bankruptcy, then you will have a mark on your credit rating that may make it difficult for you to find a home loan. Your credit problems in the past may make lenders skeptical of your intentions this time around, making them question your ability, and willingness to pay back any loan. There are some lenders who specialize in providing home loans for people who have had credit problems in the past, and these lenders will be more willing to overlook past mistakes.

Bankruptcy Doesn't Stop You Buying a Home

Lenders are becoming more understanding when it comes to bankruptcy, and are often willing to consider that there are several reasons that someone would need to file for bankruptcy - unexpected job losses, and large medical bills, for example, are problems that people cannot foresee, and could lead to debts piling up unexpectedly. Many lenders are willing to consider people who have been bankrupt in the past but have had their bankruptcy discharged, and have conducted their finances well since then.

There is a current trend in which more and more home loan lenders are becoming more competitive for your business. This is good news since the final result will be that you may not be subjected to ridiculously high interest rates as was the case in the past. Many lenders are realizing that bankruptcy home loans is good business, so consumers who may have experienced financial trouble in the past are no longer forced to give in to the high demands of many financial institutions. There may be a requirement that you wait for a period of time after your bankruptcy has been filed. This gives the lenders an opportunity to asses your money management habits after bankruptcy.

Plead Your Case In Writing

When you apply for a home loan, the lender will perform a check on your credit history as a part of the application process. If you have previously filed for bankruptcy, this will appear on your credit rating, and could go against your application. You can increase your chances of getting accepted by sending a letter with your application, explaining your circumstances. This lets you plead your case to the lender, and will show them that you are taking the application seriously. Don't despair if you can't find a lender straight away - bankruptcy home loans are being approved every day, and you will find a lender that will be able to help you. Before you apply to a lender, ask them what their policy is - or search for information online - a few targeted applications will look better on your credit record than having lots of 'footprints' indicating that you have been applying for loans from lots of different lenders.

Government Mortgage Versus Conventional Home Loans - Mortgage Refinancing Differences

This article summarizes the differences between conventional and government loans for first-time buyers, homeowners looking for mortgage refinancing, and those looking to cash out on equity for loan consolidation, debt consolidation or home improvement through home equity loans (second mortgages).

Conventional Mortgages

• Not guaranteed or insured by the Federal Government.

• Features 0% to 20% down payment options.

• Usually fixed mortgage rates for 15 to 30 years or adjustable rate mortgages (ARMs).

• Maximum conforming limit is $417,000. Otherwise, it’s a jumbo or non-conforming conventional loan.

Government Mortgages

• Insured against default by the Federal Government, making qualification less stringent:

- FHA loans are insured by the Federal Housing Administration.

- VA loans are guaranteed by the Department of Veteran Affairs.

• FHA loans require 3% down payments and are 15 and 30 year fixed rate loans or 1 year ARMs.

• VA loans are only available to eligible veterans or surviving spouses of deceased veterans.

• No down payment required—up to 100% financing allowed.

• Maximum loan amounts for government loans are set geographically.

• Mortgage refinancing into government loans is only available to existing holders of government mortgages.

Stated Income Mortgage Loans

"Stated-income mortgages are for people who make the money they say they make, but that amount doesn't show up on the bottom line of their income taxes," says Hugh McLaughlin, president and CEO of KMC Mortgage Services Inc., a lender and broker in Naples, Florida. They are non-conventional loans with higher rates than conventional mortgages--borrower interest rates depend on several factors: income stability, debt-to-income ratio, credit score, down payment and property appraisal value. Stated income mortgages can be 15 or 30 year fixed rate loans or adjustable rate mortgages.

Mortgage Refinance Makes Your Home Loan More Affordable

Your mortgage payment is likely your most expensive payment each month. If you could lower this payment it might make all of your finances a bit easier to deal with. Lowering this payment even just a little bit each month could make a huge difference for you. Many people are realizing this and they are considering mortgage refinance to make a change so that they can enjoy lower monthly payments and perhaps more financial stability.

Lowering Your Payment Through Mortgage Refinance

The first thing that you should understand is that mortgage refinance won't work miracles on your bills or your debts, but lowering your payment each month can help you establish a more stable financial situation if that is what you are working toward. Many people who are desperate put too much hope in refinancing and they get frustrated when things suddenly aren't better afterward. If you refinance and you are able to lower your monthly payment that is a good time to look at all of your bills and see where you can make changes.

There are many ways that mortgage refinance can help you save. The best way to lower your payment is by lowering your interest rate. So, if you purchased your home 10 years ago and you got the going rate at the time, which was eight percent, chances are you could refinance today and lower that interest rate by at least two percent - perhaps more depending on your credit. Lowering your interest rate by two percent will make a huge difference each month and will substantially lower the overall payment that you are making over the course of the loan. In addition, when you refinance you will be refinancing less, after 10 years, than you were when you initially bought the home. So, when you lower the amount that you are financing and you decrease the interest rate, your savings can be substantial.

Another way that you can save, though you may not see it in your monthly payments, is by switching from an adjustable-rate mortgage to a fixed rate. Many people get nervous when their rate is about to adjust and they look into mortgage refinance then to keep from having to pay really high interest rates. While you may not be able to get your fixed rate as low as your introductory rate for your APR loan, in the end you will save money because you are not having to deal with the very high interest rates that you may see when your interest rate adjusts. If nothing else, the stability that you will get from this type of loan will allow you to sleep better at night!

As you can see, you really can save a lot of money when you look into mortgage refinance. While you can save, it's important that you shop around a bit and make sure that you get the best deal for you. There are a lot of loan programs out there for you to consider and when you are trying to save you should comparison shop so that you are sure that you are saving as much as possible. Look into all the details of the loans so you know what to expect and you aren't taken by surprise.

Real Estate & Mortgage Marketing 3 - Home Loan Modification Dec08 Defaults Top 58% w/o Attorney

Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To realestatemarketingthisweek.com Part 3 (Excerpt) Re-Default rates on Forbearance Agreements done with banks reaches 58% In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information. You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her mortgage payment in half and she was pretty happy about that. She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60000 in back interest on top of the principal balance that she had before she went to go talk to her bank. What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20000 upside down, by the time Im done with you guys I will be $80000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer. Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out. The re-default rate on loan modifications done on your own is significantly higher than loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too. Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source...



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