Archive for February, 2009
Home Equity Loans & Second Mortgage Rates
Posted by: | CommentsIn this current credit crisis, it become imperative to have high credit scores, at least if you want to qualify for a home equity loan. In addition, most home equity lenders will require that you still have a minimum of 25% home equity left in your home after adding the new second mortgage to calculate the combined loan to value (CLTV). It doesn’t stop there, because the lender will need to verify your income documentation so they feel comfortable that your income and liabilities are not too high of a risk for loan default or foreclosure.
Take advantage of record low home equity rates and consider an equity line of credit that lets you access cash as you need to. If you do not have emnough equity in your home, consider a FHA loan, because they still allow cash out refinancing to 95% LTV.
FHA Loans with Cash Out Refinancing
Posted by: | CommentsNationwide Mortgage Loans offers affordable FHA mortgage loans with opportunities for homeowners to qualify for cash out refinance that enable borrowers to pay for home improvements or to consolidate high rate credit card debt.
Watch Mortgage Loan Video with Bryan Dornan Examining FHA Cash Out Opportunities in 2009
We suggest borrowers take advantage of these once in a lifetime FHA mortgage rates that have reached record levels. Now borrowers can get access to money with 95% FHA refinance loans. Ask your loan officer to lock you into a thirty-year fixed mortgage loan that features interest rates below 5%.
Don’t be surprised if your FHA home loan takes longer in process than previous refinancing did. FHA refinance loans continue to dominate the home refinancing spectrum, because FHA insures these mortgage loans and helps minimize the loss mortgage companies could have if the borrowers foreclosed. Most lending companies are reporting that FHA underwriters are more critical than usual when evaluating your credit and expect the appraisal review process to take a few extra days.
If you were recently turned down from another lendet or mortgage broker qualify, consider Hope for Homeowners or a mortgage loan modification that extends loan relief and rate reductions to borrowers with bad credit and/or no equity.
FHA Mortgage Loans to Stem Credit Crunch with Hope for Homeowners Plan
Posted by: | CommentsHUD can finally implement plans to expand foreclosure prevention programs, like Hope for Homeowners. These new FHA home loans were designed to make loan payment more affordable for struggling homeowners. FHA mortgage lending continues to rework their refinance programs so that more homeowners can benefit from refinancing bad credit mortgages with negative amortization and adjustable rate mortgage loans.
Watch Mortgage Interview with HUD Secretary Steven Preston
With the FHA H4H program, homeowners would have to share any equity gained if a hold is sold or refinance before 5 years. Hope for Homeowners loans are written down to 90% of the today’s market value. In many cases, homeowners are under water with their mortgage exceeding the value of their home because property values have declined so much in the last two years. Distressed homeowners are frustrated because they want to complete a mortgage refinance transaction while interest rates are at record low levels. FHA mortgage rates remain very low at 5% for thirty year fixed rate home loans. For homeowners that don’t qualify for the H4H loan, Nationwide recommends a mortgage loan modification that would be negotiated with the loss mitigation department from your lender.
Is this the Best Time for Mortgage Refinancing
Posted by: | CommentsIs today the best time to refinance your mortgage? How is your credit score? What is the current estimated value of your home? Can you document your income with pay-stubs, W2, etc? What is the existing interest rate on your 1st mortgage? Do you currently have a FHA home loan? Are you seeking a cash out refinance or simply a rate and term transaction? Do you have a second mortgage or home equity loans as well? Have you been turned down recently by other lenders? How long do you anticipate staying in your present home?
These are a few key refinancing questions you should expect from your lender when applying for a new refinance loan. Remember, if you don’t qualify for a traditional refinance, ask your loan officer about the possibility of a mortgage loan modification?
Is it a Good Time to Refinance?
With the Federal Reserve continuing to drop interest rates, many homeowners are beginning to wonder whether it is wise to refinance their mortgage again. However, what is the best scenario in which to do this? Can a mortgage loan still be an avenue for wealth-building? Matthew Sapaula comments on Fox News and offers some mortgage refinancing tips and insight on how your mortgage management is a key to building lasting wealth.
