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The Refinance Home Mortgage Guide

Our home mortgage refinance guide lets you know how to go about refinancing your home loan. And it is really easy too. For those who want to refinance to take advantage of lowering their monthly mortgage payments, the good news is that rates have come down radically since you got your original loan. This means that you will be able to reduce your payments to a large extent. But there are plenty of other reasons for everyone to refinance their mortgages. For example, you may turn in your old loan because this will cut down the period you'll be making payments, or perhaps you want to take advantage of the equity built up in your home for the past few years. Another reason may be to jump from an adjustable-rate mortgage (ARM) to a fixed-rate loan which guarantees set payment amounts no matter what happens to mortgage rates in the future.

It is important to list down all the assets that you may have before you apply for a refinance home mortgage.  This means taking account of any retirement accounts, bonds, stocks, trust funds, mutual funds as well as whatever you have in savings and checking accounts. This is an important step because if you don’t do so, it’ll be hard to get an authorization on a loan without large reserves on your side.

Article Posted by Expert Author: 4 on 12/13/2013
Article Posted In:   Refinance Home Mortgage  

Refinance with Bad Credit: A How-To Guide

It is completely possible to refinance with bad credit, but chances are that you will not able to qualify for the low interest rates. But still it is not entirely impossible to get a good deal out of home mortgage refinancing. There are some things that can be done to ensure that your refinance is as beneficial as possible. First of all, start cleaning up your credit before even thinking about shopping for refinance rates. Commit yourself to paying all the bills on time, making more than the minimum payments on credit cards and any other debt.

In order to recover your credit score, it is important to ensure that there aren’t any errors on your credit report. Also, limit your spending on existing credit lines and don’t get any new ones, so no new credit cards or loans for at least 6 months before you refinance your mortgage. Additionally, work on reducing your debt-to-income ratio to make yourself more appealing to lenders. So make sure that all your debt payments and mortgage expenses are no more than 43% of your gross income. Just make sure that you have a stable income history as well as some liquid assets to demonstrate your ability to make additional payments if the need arises, and you will be able to easily swing morgage refinancing with bad credit.

Article Posted by Expert Author: 4 on 11/22/2013
Article Posted In:   Refinance Home Mortgage  

Use A Home Mortgage Refinance Guide To Help You Decide On Refinancing

Many homeowners find it very tempting to refinance their mortgages during times of historically low rates. But acting too quickly can mean that more money is spent on refinancing than expected. Being patient and tracking rates as they rise and fall can help ensure that you get the best rates possible. And taking advantage of online resources such as a home mortgage refinance guide can also help you to make an informed decision when the time comes to refinance.

Before refinancing, a few things will need to be considered. First, your credit rating will determine the rate you are able to get from your insurance company. How much time is left on your current home loan will also be a factor. If you are almost to the end of your current mortgage, then adding time to the end of your loan may not be the best move to make.

Article Posted by Expert Author: 4 on 09/27/2013
Article Posted In:   Refinance Home Mortgage  

How To Refinance to a Fixed Rate Mortgage

You may have realized you are better served refinancing to a fixed rate mortgage and eliminating your current variable (adjustable) rate mortgage. But there is a process involved that you might want to follow.

Many homeowners may have gotten their ARM loan when rates were low and banks were eager to help homeowners. But today has seen many interest rates becoming too much for homeowners to handle, along with their monthly payments. Refinancing to a fixed rate mortgage is something many homeowners consider when they need to be able to keep meeting their monthly mortgage payment obligations.

Before You Go For The Fixed Rate

First, it's best to determine if your mortgage has a window of opportunity where you can change from adjustable to fixed without refinancing. This is the convertible option and some adjustable rate mortgages do offer it although these loans may come with higher costs at closing time.  If you do not have this option then you will need to follow another course of action - look for a reputable lender in your area.

Doing your homework is something many experts recommend before any homeowner refinances to a fixed rate. This will involve researching current rates for fixed mortgages and getting a good idea of the range of affordable rates. This can be done by getting in touch with local lenders. A mortgage calculator can also be used to compare your current payments to what you may pay with a fixed rate. You may also want to read local home mortgage reports to determine what is the average fixed interest rate for loans in your area. Clearly, you want to be completely sure that the fixed interest rates available are less than what your adjustable rate is or will be.

Although using a mortgage calculator may not be the most accurate method to crunching these numbers, it will be enough to help you determine whether switching to a fixed rate will save you money or not.

What To Ask Lenders

If your mortgage is of the adjustable rate variety, you may be able to refinance to a fixed rate. Ask your current lender whether it would be possible to discuss this possibility. You could ask another lender, but it may be more difficult for you to refinance, as they won't be nearly as familiar with you as your current lender will be.

If you do speak with other lenders, be sure to keep notes on what kinds of deals they have offered or what they told you they would be willing to offer. This will help you to keep each company separate and make a more informed decision at the end of the day. One thing to be sure to ask is whether or not each lender is willing to roll in your closing costs with your refinance. This will mean that you don't have to worry about putting any of your own cash forward.

Another thing to ask is how much you would be charged in interest points. Include this information in what you gather from lenders as well. When you buy points, you can reduce your interest rate. While you will have to put your own money forward to purchase points, this could benefit you in the form of a lower interest obligation, as well as lower monthly payments.

Challenges When Refinancing To A Fixed Rate

Timing is a significant challenge for homeowners trying to refinance to a fixed rate loan. This is because it's important both to lock in at the lowest rate possible, as well as not acting to soon and losing a deal on a variable-rate mortgage. It may help to have analyst or banker advice on your side while you try to do this properly.

If your mortgage payments are already hard for you to handle, refinancing may be your solution, provided that your home has not decreased so much in value as to make this option impossible.

Clearly, you want to be completely sure that the fixed interest rates available are less than what your adjustable rate is or will be. Apply for quotes from the reputable lenders and then review them in order to make the most appropriate selection. Once you have done this, you can begin the process of refinancing your mortgage

Article Posted by Expert Author: 4 on 09/09/2013
Article Posted In:   Understanding the Refinance Process  Refinance Home Mortgage  

Benefits Going from 30 Year to 15 Year Mortgage

Many homeowners wonder whether it would be beneficial to refinance their existing loan from 30 years to 15 years.  The answer depends on your personal situation. But there are many benefits that can be gained by switching to a 15 year mortgage. First, let's compare one to the other.

The 30 Year Mortgage

In a 30-year mortgage, your payments are spread out over that time period. As well, you are more likely to have lower monthly payments with this option. As well, this option allows for families to find the right home for their needs without costing them too much per month in mortgage payments. Those homeowners having concerns about their cash flow may benefit more from the 30 year loan.

The 15 Year Mortgage

The 15-year mortgage may actually result in less being paid over the life of the loan. As well, this length of loan allows for equity to be built, which can mean increased received value for the payments you make, and over a shorter amount of time. The reason for this is that your payments will pay more towards the principle as opposed to the interest. Unfortunately, the monthly payments can be much higher with the 15 year option.

The most obvious would be the fact that you are able to pay your mortgage off much quicker with the 15 year option. Once the mortgage is paid off, you own your home free and clear. You will also save on the interest paid on the mortgage. Commonly, the interest rates on a 15 year mortgage are lower than the rate on a 30 year mortgage. This allows you to save even more money as you pay off your loan.

An Alternative: Pay Off Your 30 Year Mortgage In 15 Years

Many homeowners are now taking advantage of the benefits that come with having a 30 year mortgage, but paying it off in half the time. Not only does the 30 year mortgage come with lower monthly payments, but there is a lot of flexibility with how much money can go toward the loan every month.  Unless a prepayment penalty exists, homeowners can put as much toward their 30 year mortgage per month as they please.

In order to figure out how to pay a 30 year mortgage off in half the time, you will need to figure out how much it would cost you each month if you had a 15 year mortgage. Then, simply plan to pay that amount each month. However, it's important to make sure that any extra money be goes toward reducing the principal of your loan.

A big advantage to this alternative is that, when times are lean, you can simply make the lower, 30-year payment without the worry of falling behind. But one big potential disadvantage is that you could wind up having to pay the higher 30-year interest rate.

Refinancing From A 30 To A 15 Year Mortgage

If you have some equity left in your home and are already handling your monthly mortgage payments well, then it may make sense to refinance to a 15-year loan. But if you find you are basically living from month to month or don't feel as though you will be secure in your employment over the long term, then refinancing may not make sense.

A refinance home mortgage is in many cases a very good choice for homeowners to make.  But making a decision can be difficult. Knowing all of the pros and cons associated with your 15 or 30 year mortgage can mean that making an informed decision is easier than ever before.

Article Posted by Expert Author: 4 on 09/09/2013
Article Posted In:   Refinancing Options in Your City  Refinance Home Mortgage  

Affordable Mortgage Refinance Program for Home Owners

Sometimes the reasons for not getting accepted for a mortgage refinance are out of the control of a home owner. But that doesn’t mean that they don’t have any options available for them at all. HARP is Home Affordable Refinance Program and it is a god-send for those unable to qualify for a mortgage refinance program. The program aims to give dependable, conscientious homeowners the opportunity to go for a more affordable monthly loan payment. HARP does come attached with a couple of additional expenses such as closing costs and other fees just like any other loan and refinance program, but it is important to remember that these costs and the available interest rates may differ from place to place.

For those looking to opt into these programs, it is imperative that you do a little bit of homework to ensure the success of your application. Contact your current lender and ask them about HARP or other refinance home mortgage programs and how they apply to you. Ask around at different banks and lenders to make sure that you get the most affordable mortgage refinancing possible. The process may seem long and intimidating at first but it is pretty straightforward. Don’t hesitate to ask your lenders or the bank for helpful knowledge and resources.

Article Posted by Expert Author: 4 on 09/04/2013
Article Posted In:   Refinance Home Mortgage  

When to Seek Mortgage Refinancing

choices regarding a home mortgage refinanceDeciding whether to refinance or not is a tough decision. It is important to remember that mortgage refinancing is not carried out to pay off the debt. Instead, the objective here is to restructure the debt in order to make it easier. The borrower often gets a lower interest rate and better loan terms than their current mortgage as a result of refinancing. The home owners can also get the ability to extend the life of their loans to up to 30 years thus significantly reducing their monthly payments. Another big advantage of refinancing is that of debt consolidation.  For example, home owners with a first mortgage as well as a home equity mortgage can combine these into one fixed rate loan and pay out over the loan term without the stress of managing two separate mortgages.

Home owners should consider the number of months it will require for the lower payments to regain the closing costs of the new mortgage before deciding to refinance. But a home mortgage refinance may be potentially troublesome for borrowers who are already underwater and late on their mortgage payments. Their bad credit standings will not let lenders give them refinancing facility at good terms. But it is important to ask your current lender to find out the opportunities available in this condition as well.

Article Posted by Expert Author: 4 on 08/16/2013
Article Posted In:   Refinance Home Mortgage  

Should You Attempt a Refinance of Your Home Mortgage with Bad Credit?

If you are one of the many American homeowners struggling to meet their monthly mortgage payments, rest assured that it is completely possible to refinance your home mortgage even with bad credit. The refinancing process is relatively simple; you get a new loan with easier terms that pay up your current mortgage loans. In fact, it is great idea to get mortgage refinancing even with a poor credit rating. It can help you get right back on track with your finances and may just save you from going bankrupt.

When you are deciding to pursue a refinance home mortgage with bad credit, also factor in the additional costs required for paper work and assessments, etc. Interest rates charged on mortgage refinance denote borrower risk as well as credit score.  Your bad credit may cause the refinancing interest rates to be higher than the usual and may also bring on some premiums on your mortgage. So it is important to figure out if the additional expenses are worth it, or if you will be able to keep on with the current mortgage payments. If your bad credit has been accumulated as a result of high credit card debt or some other factors that are not related to mortgage payments, then your refinance may be at slightly better terms and provide you with relatively lower interest rates. Otherwise, bad credit as a result of missed mortgage payments will mean that your mortgage refinance proceedings will be particularly painful and may result in high interest rates.

Article Posted by Expert Author: 4 on 07/09/2013
Article Posted In:   Refinance Home Mortgage  

How To Refinance Home Mortgage- A Quick Primer!

Your house may very well be your most valuable asset. Therefore, it is extremely important to get all the help when it is time to refinance your home mortgage. But keep in mind that where there are many prospective benefits to refinancing a home mortgage, it also comes with a new line-up of costs. You can choose a different lender or broker or stay with your current one depending on the specific mortgage terms offered by them. Just make sure that you have considered all the options and shopped around for the best deal. Ask, compare and also negotiate to potentially save thousands of dollars.

Choosing your current lender to refinance home mortgage has some inherent advantages. They may eliminate or at least reduce some of the expenses associated with mortgage refinancing.  If your current mortgage is only a few years old, they can also decide to not charge application or origination fees. This is because your paper work is already up to date and they won’t require any new documentation. Ask your lenders for facilities that let you combine multiple loans into a new one to ease up the payments and loan terms. The loan process isn’t difficult at all. With a little bit of understanding and negotiating you may just get a much better deal that you though you would.

Article Posted by Expert Author: 4 on 05/06/2013
Article Posted In:   Refinance Home Mortgage  

A Mortgage Refinance Consultant Can Be a Huge Help

No one would ever suggest that home mortgage refinancing is easy. There are quite a number of steps to the process and if you have never been involved with having to take part in a Chicago refinance home mortgage plan previously you probably will have a few gray areas to navigate. Perhaps it would be best if you did not try to navigate anything on your own. A far better option would be to discuss your situation with a professional mortgage consultant. A mortgage consultant with the right insight into the refinancing process can help you take the right steps required to refinance your mortgage in the most effective manner possible. Signing on to the a mortgage refinance agreement with less than desirable terms can prove to be a disaster. When you lack experience with refinancing you just might make a disaster situation unavoidable. Working with a reputable consultant may be the best way to avoid such problems and acquire the best refinancing terms.


However, there are some consumers who have been through the process a couple of times and may have a good grasp on what to expect.  Leaning on online resources like The Refi Guide is a good way to steer the process yourself while double-checking what specific terminology mean, or what procedures may be required.


Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Refinancing Options in Your City  Refinance Home Mortgage  

When Should You Refinance a Home Mortgage?

Refinancing a home mortgage can be a wise decision when it is timed properly and not done to excess. Homeowners should look into refinancing when they are capable of getting the best deal. They also should avoid trying to refinance repeatedly because of the time, effort and costs involved. As for the timing, it may be best to contact a Houston refinance home mortgage specialist when you believe the present time may be perfect for getting the lowest interest rate available. It also should be noted you should look to refinance if you will be remaining in the home for many more years. There are exceptions to this rule but they are rare. Why refinance a home mortgage if you will be moving out of your residence? If you are not sure about whether or not the time or circumstances is right for home mortgage refinancing then you should discuss things in depth with the refinance specialist. This way, you can tell if you are making the appropriate action at the right time.


One thing is certain - at the time of this writing, we are experiencing unprecedented historically low interest rates.  For many people, now or in the next few years is definitely the right time to seek out a refinance home mortgage (as the Fed recently announced it won't be raising rates any time soon).  Doing your homework now can help you prepare for perhaps one of the best financial moves you will ever make.


Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Understanding the Refinance Process  Refinance Home Mortgage  

Blogs and Forums for Refinance Home Mortgage Info

Quite a number of blogs and message boards offer a lot of advice on the subject of home mortgage and Los Angeles refinance home mortgage topics. This is definitely a good thing because a person seeking a mortgage or to refinance a current mortgage should never be short on sources of good advice. Of course, the key word here is “good” because unhelpful advice does not exactly provide any real benefit to the person seeking info. Is there any way that a person skimming through a message board or blog can be sure he or she is receiving quality information? The answer to this question is pretty easy to arrive at. If the blog or message board features contributions from reputable sources, and is the recipient of a great deal of daily traffic and feedback from the community, the site is probably one you should bookmark and repeatedly visit. Good quality sites would reflect visitor interest. Poor quality ones would not.


There will be growing interest in engaging in a refinance home mortgage as we see the economy recover from the devastating housing and mortgage crisis that began five years ago.  Many say that a "reset" was inevitable because housing values were inflated, and banks were operating on greed rather than sound business practices.  An economic crisis is a difficult but necessary reality check sometimes that hopefully will serve us for many years to come.


Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Refinancing Options in Your City  Refinance Home Mortgage  

Should You Wait for Interest Rates to Go Down Prior to Refinancing Your Mortgage?

No one wishes to spend more than they have to on a mortgage interest rate. This is why they will look towards less costly refinancing options. However, local and national interest rates can fluctuate. Most people would certainly prefer to wait until interest rates are down until they refinance. This may or may not be a wise strategy depending upon your current situation. That is to say, if you are paying a very high interest rate or are locked into very costly monthly payments, you could end up suffering from financial distress due to the burden it places on you. So, in such a situation, waiting for interest rates to go down might not be the wisest plan. Thankfully, quality Phoenix refinance home mortgage services can offer excellent interest rates with better terms regardless of what current interest rates may be on a national level. If you can procure a better interest rate through one of these brokers, you may wish to take advantage of their offers.


Getting helpful advice when you need it is worth it's weight in gold, and many people turn to the internet because of it's convenience as well as the many resources available.  Make sure you use a trusted resource that is on your side, goes out of it's way to educate you, and help you make wide choices.  At The Refi Guide we have sought to provide just such a resource.

Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Refinancing Options in Your City  Refinance Home Mortgage  

Should You Remodel a Home through Mortgage Refinance?

Remodeling a home can be an extremely costly process and few have the liquidity or even the available credit to do so. Would refinancing a mortgage to perform remodeling be a wise idea? It can be as long as you go about the process the right way. Using a cash out Denver refinance home mortgage strategy, you can acquire the funding to cover the remodeling process. Once this to be aware of is that a quality remodeling job could significantly increase the equity of the home. So, whatever cash is borrowed on the refinancing might end up being exceeded by the eventual increase in the value of the property. Beware of the type of refinance agreement you would be signing onto though. It would not be helpful to acquire a new mortgage with less favorable terms and conditions. Doing so could undermine whatever equity benefits you otherwise would have gained from the process.


The best way to approach reviewing all of your options is through understanding how each scenario may impact you financially over the long haul.  Most financial experts will tell you that debt consolidation is not the best way to utilize your equity.  But a remodel, which often costly, has the benefit of increasing the value of your home in many cases.


Article Posted by Expert Author: 1 on 04/08/2013
Article Posted In:   Useful Articles  Refinance Home Mortgage  

Is This The Golden Age of Refinancing Home Mortgages?

Is this the golden age for refinancing home mortgages? According to MSNBC /Bloomberg Business Week, it seems that the past two years have seen the greatest booms in home mortgage refinancing in recent history. Shockingly, this has led to many refinancers becoming backlogged as they are unable to handle the huge surge in applications flooding into their offices. The stats really are eye-opening. Fairway Independent Mortgage reports a 20% increase in refinancing was experienced in 2011. Lenders do have to be mindful is this surge does not automatically mean approvals will be guaranteed. The underwriting has become a lot stricter and so have the disclosure requirements. Those wishing to refinance their home mortgage do need to take all this into consideration and realize they might not be able to get immediate processing of their application. However, the goal is always to be finding the best home mortgage refinance rate as opposed to the quickest one. As such, delays may be worth it if the delays lead to getting procuring better terms.


As the economy recovers, a balance will most likely be struck between stricter rules that protect the economy, the lending institutions and consumers, and venturing out into more lending that will generate growth.  So stay tuned for the refinance home mortgage industry to become much more robust in the near future.

Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Industry News  Refinance Home Mortgage  

Is It Time to Get Rid of PMI?

PMI stands for Private Mortgage Insurance and it is not always very popular with mortgage holders. This includes first time borrowers and home mortgage refinance borrowers. The concept of the mortgage has some merits though.  It is designed to offer financial protection in case it is not possible to make mortgage payments. At some point, those with PMI may feel it would be best to get rid of it. This does raise questions regarding when it would be advisable to actually cease PMI. First, you must realize there are certain requirements that must be in place prior to eliminating PMI. Basically, you must reach 22% equity in the home based upon the original property value. This will yield and automatic cancellation of the policy. However, you can cancel the policy at your bequest when you have reached 20% equity based on the value of the original property. Be mindful of one thing: if you feel you may run into financial difficulties, you may wish to avoid canceling the insurance prior to the automated threshold.


Many borrowers find that when they refinance home mortgage with certain scenarios they may end up having to pay PMI every month.  That is one expense you'll want to take into consideration before you make any specific plans to move forward.

Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Useful Articles  Refinance Home Mortgage  

The Top Bad Reasons to Refinance a Mortgage

There are quite a number of good reasons for refinancing a home but there are also reasons that are downright awful. One truly poor reason would be to refinance a mortgage in order to acquire cash for investing purposes. A risky venture such as this could lead to the loss of your home if the investment turns out to be a failure. Switching from an adjustable rate to a fixed rate may be a bad idea if you do so not based on any real facts but rather biased reports about problems with adjustable rates. Mortgaging for debt consolidation can be a seriously poor financial decision if it is not combined with a reliable plan to get out of debt. (Those that seek to refinance home mortgage with bad credit will probably be weighing these options.) Refinancing to cut down on the amount of your monthly mortgage payment might seem like a good idea on the surface but it has the costly result of extending your number of payments enormously. Keep all these factors in mind when you are thinking about a refinance home mortgage.

Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Understanding the Refinance Process  Refinance Home Mortgage  

Refinance Home Mortgage Guide Site Launch

We are pleased to announce the launch of our new site, Refinance Home Mortgage Guide.  One thing that makes the internet very valuable is the ability to target useful information by simply and efficiently conducting a search on questions you may have about a particular issue.  These days, refinancing your home mortgage is a very hot topic for a variety of reasons.  For starters, this tough economy has produced unprecedented low interest rates that make a refinance very attractive.  People are able to reduce their monthly mortgage, or to reduce the amount of time left on the loan.  If you are fortunate to have a great deal of equity in your home, you may want to take cash out to remodel, pay for college, or consolidate higher interest rate debt.  Whatever your motivations for turning to the internet for help, we are confident that our guide can help answer your questions, educate you on jargon you may not be familiar with, and provide a useful checklist as you go through the motions of this important process.  We also can connect you with mortgage companies eager to do business with you, and ready to quote you on a refinance of your existing mortgage.

Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Understanding the Refinance Process  Refinance Home Mortgage  

The Various Fees Common with Mortgage Refinance

Refinancing a mortgage is commonly sought for the purpose of saving money. While you can definitely save money doing so, there are costs involved with the process. You might be a little annoyed at first once you actually discover the various fees for refinancing a mortgage but these fees are unavoidable.  Closing can come with several costs including a loan origin fee (aka a pre-planning fee for the loan), an application fee, and legal costs. Mortgage insurance costs might also be weaved into the closing. You may also be required to cover home inspection and title search costs on the Philadelphia home mortgage refinance process as well. Points on the loan may be owed as well. Points refer to a nominal fee as low as 1% charged by the lender to cover the yield. To the chagrin of many, an early payment penalty may be charged on the loan which is certainly not something most people would prefer to pay but the initial contract requires. You need not worry about out of pocket expenses as all these fees may be included in the new mortgage.


If you are looking for online resources to help you make sense of the refinance process, check out The Refi Guide that addresses terminology and gives useful advice on how to proceed.



Article Posted by Expert Author: 4 on 04/08/2013
Article Posted In:   Understanding the Refinance Process  Refinance Home Mortgage  

Home Mortgage Refinance: Associated Costs

Before you decide on a Los Angeles refinance home mortgage, it is important to find out if you can actually afford to do so. Mortgage refinancing is financially beneficial in the long run but it does come with a whole slew of costs that you need to be familiar with. When refinancing, it is completely usual to pay anywhere between 3 to 6 percent of outstanding principal as the refinancing fees. And then there are additional prepayment penalties and other costs associated with any other mortgages that you may have. If you are looking for a “no-cost” refinancing facility, remember that lenders define this term in completely different ways. So ask for a complete explanation of the specific term offered by your chosen lender.

Home mortgage refinancing charges differ by state and may also vary from lender to lender. When shopping around for the perfect refinancing deal, consider that you may have to pay charges in lieu of application, loan origination, appraisal, property inspection and survey. If you are working with your current lender, the initiation charges may be reduced or even eliminated completely. There might also be a title search and insurance fee that will pay for the cost of searching the property’s records to guarantee that you are the rightful owner.

Article Posted by Expert Author: 4 on 04/05/2013
Article Posted In:   Refinance Home Mortgage  Refinancing Options in Your City  

Refinancing Your Home Mortgage: When to Do It!

Choosing a mortgage may be the most important financial decision you will make. But refinancing your home mortgage comes in at a close second as well. A couple of years ago, it was generally thought that a refinance was only worth it if the current rate is two percentage points lower than what you are currently paying. But current conventional wisdom has proven that theory wrong. The old precept isn’t valid any longer thanks to alternatives such as the “no- cost” refinancing options. “No- cost” means that at the time of closing nothing would be paid out of your own pocket. This is made possible when either the lender’s fees is rolled into your new loan balance or the rate is a bit higher than what you could get if you paid the lender's charges up-front.

The real question is if you do refinance your mortgage, how long it will take to recoup your costs. To find the answer, some compare monthly savings next to up-front costs. So for example, if you can save $100 a month on your mortgage payment by refinancing, but you end up paying $2,500 for the refinancing itself, then you have to stay with the new loan for 25 months to justify the difference. So if you are planning to move in that time, refinancing wouldn’t be worth it.

Article Posted by Expert Author: 4 on 03/29/2013
Article Posted In:   Refinance Home Mortgage  Understanding the Refinance Process  

Quick Guide to Refinancing Terminology

Understand refinance terminology clearlyIt is important to familiarize yourself with refinancing terminology before going out looking for the right lender. The process is the same as the one you went through when getting your current mortgage. But you will hear some new words that might be confusing. Commonly used refinance home mortgage terms include words like foreclosure, short sale and reverse mortgage, etc. But there are also other mostly mysterious terms that might cause confusion and misunderstanding.

For example, there is the FHA or Federal Housing Administration. This is an agency under the U.S. HUD and its job is to insure all the residential mortgage loans made by private lenders. These are people who decide on the standard for construction and underwriting. Then there is the Fair Credit Reporting Act. This law was created to protect borrowers by regulating the disclosure of consumer credit reports by reporting agencies and setting up procedures for correcting inaccuracies on a person’s credit record. A bridge loan, also known as a swing loan, is a type of second trust that allows the proceeds to be used for closing on a new house before the present home is sold. The borrower’s current home is the collateral in this case.

Article Posted by Expert Author: 4 on 03/15/2013
Article Posted In:   Refinance Home Mortgage  Understanding the Refinance Process  

Mortgage Refinancing With Bad Credit is a Possibility

It is completely possible to get mortgage refinancing with bad credit given that you are alright with paying a little more in interest and expenses than those with perfect credit. Bad credit isn’t the end of the line when it comes to refinancing choices. While there is no doubt that bad credit may make it a lot more difficult for you to get a favorable refinance deal, the fact remains that you still have opportunities available.

The worst news here would be that your bad credit score will definitely make it a lot more expensive to get a mortgage refinance. The bad credit may be due to a variety of factors. For example, lots of credit card debt doesn’t really affect your chances of getting a refinance. But if the bad credit is due to missing mortgage payments by 30 days or more than there aren’t many lenders who will be willing to refinance for you. In such cases, a loan modification seems to be the only choice. The secret to refinancing with a bad credit score is simple, shop around till you find a good deal. There are lenders out there that specialize in loans for people with bad credit. Contact at least 6 different lenders, ask them for the options they have for you. You can also choose to work with mortgage brokers who can find the lowest rates for refinancing in your case.

Article Posted by Expert Author: 4 on 03/08/2013
Article Posted In:   Refinance Home Mortgage  Understanding the Refinance Process  

Mortgage Refinance Plans May Just Be Your Last Hope!

Everyone dreams of owning a home all of their own. But the current economic conditions aren’t really conducive to this dream. But thanks to the current mortgage refinance program introduced by the government, chances are that you may not lose your dream house just yet. This is why refinance activity has increased ten-fold in the last few months. Mortgage refinance share is at its highest level since 2009 and applications for purchase of property are also increasing steadily.

The stats clearly depict the excitement of consumers over the mortgage refinance rules. In fact, according to some estimates, out of America’s total mortgage application, 84 percent have already applied for a refinancing. And nearly 97 percent of these refinancing are those of fixed-rate mortgages. This is a good thing for the housing market as well as the economy, as the mortgage rates are being driven down steadily. The government’s refinancing program is rumored to also start considering the borrowers who are already underwater i.e. they owe a lot more than the actual worth of their homes. There is also a proposal to transfer the possibly riskier privately held loans to government sponsored mortgage entities i.e. Freddie Mae and Freddie Mac. This just may be the once in a lifetime opportunity for everyone to turn their home ownership dreams into reality.

Article Posted by Expert Author: 1 on 03/04/2013
Article Posted In:   Refinance Home Mortgage  Refinancing Options in Your City  



Article Posted by Expert Author: 1 on 01/16/2013
Article Posted In:   Refinance Home Mortgage