Archive for Uncategorized
Tips for Refinancing a Mortgage Loan
Posted by: | CommentsRefinancing a mortgage can be a tricky thing, but doing it right can be a very good investment. Here, we’ll take a look at the top tips for refinancing a mortgage. Perhaps one of the most important mortgage refinance tips is to specify your reasons for refinancing in the first place. Do you want to lower your interest rate, reduce your monthly payments, or lock a fixed payment? This should be the first thing you consider, as your goal defines the terms of your mortgage refinancing.
- Make sure to define the parameters of your refinance. Try and set a goal for your refinance, and shop around to see if anyone can help you meet this goal.
- Know your credit rating. One of the things that have the biggest effect on your refinance is your credit score, and in some cases it may be worth it to try and wait to improve your credit to qualify for better rates.
- Try to determine any changes in your property value. If your property has decreased in value, it will be difficult to refinance unless your mortgage is old enough to have been significantly paid off.
- Consider whether there are any prepayment penalties on your current mortgage. Depending on the existence of potential penalties, it may not be worth it to refinance just yet. Each lender has unique conditions and terms concerning prepayment penalties.
- Obtain quotes from mortgage refinance lenders. Each lender offers different rates, and comparing the conditions and requirements from different lenders can help save you time and money on your next refinance loan.
Ask lenders to fully disclose closing costs, points, and any other potential fees. Some lenders tend to leave informing clients of these fees until the last minute, when many clients have put enough work into a refinance that they simply accept them rather than start over. Get your lender to tell you about any fees before you do business.
Know how long a lender can commit to a rate quote. A lender cannot typically offer the same rate forever, but it is often possible to lock in a rate for an extended period of time. Take advantage of this fact early on.
Compare your total savings from the refinance to any prepayment penalties, closing costs, and other expenses. Determine whether refinancing is worth it. Following these simple tips for refinancing a mortgage can make the entire process much easier.
Home Refinance with Bad Credit
Posted by: | CommentsThe last ten years has seen a wide range of mortgage products for home refinancing with bad credit. A few years ago borrowers could qualify for a bad credit refinance with little or no equity. In most cases, today borrowers need a lot more equity and higher credit scores if they want to refinance their home loan. When the subprime mortgage market crashed a few years ago, most bad credit mortgage programs vanished in thin air.
Refinance Your Home Even If Your Credit Is Bad!
VA and FHA mortgage programs continue to offer home refinance opportunities to borrowers with less than perfect credit. However, if you want a home refinance with bad credit you will need to be able to document compensating factors to the underwriter. According to HUD guidelines for home refinancing, borrowers seeking a FHA loan will need more than 3.5% equity in their home if their credit scores are low. Most FHA approved lenders are requesting 10 to 15% equity for borrowers with credit scores below 600. VA lenders tend to be more forgiving to veteran borrowers seeking a home refinance with bad credit.
Recommended Nationwide Articles to Help Homeowners with Refinancing
Best Time to Refinance | When to Refinance a Home | How to Refinance with No Closing Costs
First Time Home Buyer Loans
Posted by: | Comments2010 has been a good year for Americans to get a first time home buyer loan for several reasons. First the silver lining of the housing crisis is that new home buyers were suddenly in a position to purchase a home at a discounted price. For the most part, 1st time home loans have been more affordable in 2010 than it had been in the previous five years. The other good news for first time home buyer loans has been that home mortgage rates were at all time lows.
Several government home financing programs enabled borrowers to finance a home with hardly any money down. The FHA first time home buyer loans were available to borrowers who could come up with a 3.5% down-payment. The VA home loan requires no money down, but borrowers need a militray backgroud for VA loan eligibility. The other bright spot for new homebuyers was the $7,500 tax credit for first time home buyers. Most industy insiders anticipate that low rat home financing will continue in 2010, but many are forecasting higher interest rates and tighter home loan guidelines in 2011, so if you are considering buying a home there could not be a better time!
Home Buyer Tax Credit
Posted by: | CommentsFirst time homebuyers and homeowners looking to purchase a new home can both benefit from the home buyer tax credit. FHA home loans continue to drive the home financing nationwide. The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before December 1st. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. First time home buyer loans remain a hot topic for the real estate market looking to revive.
First Time Home Buyer Tax Credit Deadline Extended
For homes bought in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date.
General Information Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:
• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
New Mortgage Loan Bill Explained
Posted by: | CommentsObama Administration launched a 75 billion dollar called “Make Your Home Affordable Plan.” Struggling homeowners may have two home loan options:
1. Mortgage refinancing option that promotes a fixed rate home loan
2. Restructuring their mortgage with a federally backed loan modification.
Borrowers need to be at 105% Loan to Value or Less to qualify for the refinance option. Borrowers need to be able to document income. Must be current on your mortgage and have your mortgage backed by Fannie Mae or Freddie Mac.
With the home affordability mortgage loan modification, the housing payment must exceed 31% of your monthly gross income. Mortgage rates are 2% with 30 or 40 year terms. Principal reductions may be available as well. Maggie Rodriguez spoke to Ray Martin about how to find out if you are eligible for help from President Obama’s mortgage plan.
Hello world!
Posted by: | CommentsWelcome to WordPress. This is your first post. Edit or delete it, then start blogging!
