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Recasting or Shortening Your Mortgage – Pros and Cons

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Mortgage & Refinance:  What would you do if you had a little windfall come your way? Would you spend it all, or would you look for ways to improve your finances, such as paying off some of your debt? Right now, many people are struggling with this question as they decide how to use their tax return and/or their $8,000 first-time homebuyer tax credit. Some fraction of these people will (like us) be looking to pay down their mortgage loan with their tax refund. Instead of simply paying extra principal toward their mortgage, however, there’s another option to consider… They could recast, or re-amortize, their mo...

on June 8, 2010 0

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Top Reasons Banks Reject Short Sale Offers

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Mortgage & Refinance:  Unless the bank has agreed upfront to accept a short sale, which is rare, no one knows for certain -- not the buyer's agent, not the listing agent nor the seller -- if a short sale offer will be accepted or rejected by the bank. Simply because a listing is advertised as a short sale does not mean it is a short sale. It means the listing agent and seller hope it will sell as a short sale and the bank will take the offer. Short Sale List Prices The list price of a short sale home generally has very little bearing on the actual price a bank may accept. The list p...

on May 18, 2010 1

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Mortgage Rates Steady As Tax Credit Fades

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Mortgage & Refinance:  For the first time in two years, the housing market will have to do without aggressive federal incentives. But so far, mortgage rates have remained low. For the third straight week, mortgage rates went nowhere fast. The benchmark 30-year fixed-rate mortgage edged down 1 basis point this week, to 5.21%, according to the Bankrate.com's national survey of large lenders. (A basis point is one-hundredth of 1 percentage point.) The mortgages in this week's survey had an average total of 0.45 discount and origination points. One year ago, the mortgage index was 5.2%; four weeks ago, it was 5.23...

on May 14, 2010 0

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Bad Credit? Refinance Consolidation Can Help You!

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Mortgage & Refinance:  Refinance to consolidate debts? Bad credit problems leave a lot of people feeling pretty hopeless. Your email inbox has been overloaded by unscrupulous operators hoping to sign you up for a refinance consolidation bad credit package that would end up costing you a fortune; and the sad thing is, that some people feel so desperate by the state of their finances, that they'll accept the help from anyone who offers it. These people are already in a precarious financial situation, and it's really unfortunate to watch them make another bad credit refinance consolidation decision, that's going to end...

on April 2, 2010 1

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You Can Refinance With A Bankruptcy History

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Mortgage & Refinance:  A refinance with a bankruptcy past can seem like an unlikely proposition, but you would be surprised at how many options you have for a home equity loan with bankruptcy filings or a debt consolidation loan with bankruptcy in your recent past. You've made some financial mistakes, and creditors may feel wary of offering you unsecured loans, but you are still eligible for a cash out refinance loan, home equity loan or debt consolidation loan, even with a Chapter 7 or Chapter 13 bankruptcy history. Homeowners are usually able to refinance their mortgage loans immediately or 6 months after filin...

on April 2, 2010 0

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Bank of Internet USA Mortgage Rates and Refinance Rates

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Mortgage & Refinance:  Bank of Internet USA of San Diego, California, is offering conforming, jumbo mortgages and “High-Balance Conforming” mortgages. The High-Balance Conforming mortgages, also known as “jumbo conforming” mortgages are for areas where housing is more expensive. The mortgages being offered are for home buyers and for those refinancing an existing mortgage. The rates are some of the best mortgage rates and refinance rates available these days. The rates also beat the current national average rates. Looking for mortgage rates and refinance rates? Search our mortgage rate tables for the b...

on April 1, 2010 0

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Reverse Mortgage vs. Forward Mortgage

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Mortgage & Refinance:  In the past several years, reverse mortgage loan has become one the most useful product in terms of providing financial security to the senior US citizens. What is a reverse mortgage? As it name tells, it is merely the "reverse" of regular mortgage loans. Simply put, in a regular mortgage you make monthly payments to the lender but in a reverse mortgage the lender pays you without you having to pay it back for as long as you live in your home. The loan is reimbursed when you die, sell your home, or permanently move out of your home. "Why shouldn't a senior just pull out on a regular mortgage ...

on January 26, 2010 0

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How do Construction Loans Work

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Mortgage & Refinance:  Construction loan, as the name suggests is provided for the construction of a residential or a commercial property. An individual or a company can avail a construction loan in case they lack the necessary resources to fund the construction. Construction loans can be broadly classified into the following categories: Residential and Commercial. Residential Construction Loans Residential construction loans, unlike mortgages are short term loans. During the construction period, the builder (borrower) is expected to pay only the interest on the loan. The interest is variable and ...

on December 17, 2009 0

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Mortgage Loan Underwriting

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Mortgage & Refinance:  he entire financial condition of the applicant is reviewed during the mortgage loan underwriting process. The applicant provides the lender with the documents that support his credibility and the mortgage loan underwriter, on behalf of the lender, analyzes the prospect of the applicant in being a suitable risk. The process may take any time duration ranging between a few hours to a few weeks. Though the processes like electronic underwriting and credit scoring are available to ease the underwriting process, the final decision lies in the hands of the mortgage loan underwriter. All so...

on December 17, 2009 0

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Mortgage Loans After Bankruptcy

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Mortgage & Refinance:  Filing bankruptcy is a consequence of the debtor being unable to discharge debt obligations. The eligible consumer/debtor has the option of filing a Chapter 7 or a Chapter 13 bankruptcy. The former is preferred since it absolves the petitioner of discharging debt obligations that cannot be repaid. The latter, on the other hand, results in the consumer having to discharge his/her dues within a period of 5 years. Mortgage Loans After Bankruptcy The desire to buy a home after a few years of bankruptcy discharge is but natural. However, one must remember that credit scores may t...

on December 17, 2009 0

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When and Why Should I Refinance a Mortgage?

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Mortgage & Refinance:  Mortgage refinancing can save a homeowner a lot of money over the course of the loan. However, this is only a good thing to do if it is done properly, and at the right time. Here is some basic advice as to when to get a refinance, and how to ensure you do not get ripped off. Deciding When to Refinance a Mortgage When deciding if a refinancing is the right thing for you, take the following things into consideration: 1)How long do you plan on living in the home? If you are not planning on living there for much longer, a refinance may be too costly to see any benefit from. Alwa...

on November 25, 2009 0

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Home, the mother of all tax shelters

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Mortgage & Refinance:  You've heard me talk about how owning a home is the world's greatest tax shelter. You can deduct mortgage interest and property taxes. And almost always, you can keep the gains when you sell your home. In the past few years, Congress and the Internal Revenue Service have made your home into a potentially even greater tax shelter than it has ever been, especially if you use your home for your business. How long these breaks will stay in place is a question mark. Many experts say they believe the tax breaks that Congress gave homeowners were big reasons home prices shot up so much in many mark...

on November 17, 2009 0

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Closing day processes

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Mortgage & Refinance:  Once your loan has been approved, the clock starts ticking to closing day. Much remains to be done during those few weeks, and most of it occurs behind the scenes. You can help speed the process by: 1. Providing complete documentation with your application. 2. Responding promptly to your lender's request for more information. 3. Calling your lender and real estate agent to check on your loan application status. 4. Helping contact employers and others who may need to provide documentation. 5. Keeping records of your conversations with your lender. Here's what's happening while you wait: ...

on November 16, 2009 0

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The Risks and Rewards of Reverse Mortgages

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Mortgage & Refinance:  Such loans can be a nice tool for seniors who grasp their features and drawbacks. As the worst financial crisis since the Great Depression guts real estate values, hammers 401(k)'s, and drives job losses higher, a disconcerting number of older Americans are facing a threat they never expected to encounter during their golden years: home foreclosure. In a first-of-its-kind study released last fall, AARP reported that Americans ages 50 and older accounted for more than a quarter of all home foreclosures and mortgage delinquencies in the second half of 2007. "The impact of a for...

on November 6, 2009 0

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5 Mortgage Costs to Watch Out For

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Mortgage & Refinance:  This article comes from Smartmoney.com Faced with plunging property values and rising defaults, lenders are charging borrowers higher mortgage rates and adding fees. Not all of these added costs are set in stone, however. If you're looking for a loan, vigilant shopping and a little haggling can go a long way toward landing a better deal. Here are five fees to watch out for and how to avoid paying them: Application fees Just because an ad says "no application fee" doesn't mean there's no fee at the time you ...

on October 26, 2009 0

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Let Lenders Compete for Your Business

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Mortgage & Refinance:  Your financial future depends on selecting a mortgage for your home. For many years you assume this obligation, so a small difference in any part of the negotiation can greatly change your monthly payments. Don’t be afraid to negotiate, because it’s your business and mortgage lenders want it. Do your homework and shop around for the best deal. If you want to have the best position in this business – learn more about it. Fight for your money, because even a quarter point better interest rate obtained will help you to save hundreds or even thousand dollars in the long terms. Ob...

on August 11, 2009 0

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Reverse Mortgage

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Mortgage & Refinance:  A lot of people aged 62 and older are living on limited fixed income, at the same time their mortgages are paid off. Reverse Mortgages are very useful for people who want to live in their home and get some extra money to live on. You can get money once, every month or as a line of credit and you can use the money as you wish. Important points about reverse mortgages: Reverse ...

on August 9, 2009 0

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Are You Ready For a Home Loan?

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Mortgage & Refinance:  The first home is the most important purchasing for many people. You will want to consider some questions before becoming an ownership. Such points usually don’t come to mind until the process of purchasing your house has begun. The first and the main thing you should think about- can you afford buying a home. You can meet some expenses not assumed earlier. Homeowners must pay taxes on their properties annually, besides don’t forget about homeowners insurance. In some places where home will be located you will pay city and country taxes annually. In most cases cost of homeowne...

on August 8, 2009 0

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Refinancing

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Mortgage & Refinance:  If your monthly home mortgage payments rise every year and it’s harder to pay them for you, refinancing your mortgage may probably help you to decide this problem. Many people understood that refinancing their home loan was simply not an option after recent turmoil in the market and high interested rates. To pay off the existing loan you simply take out a new one. So refinancing makes sense if you get a lower interest rate that will help you to save money. Recently for most borrowers in...

on August 4, 2009 0

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What Affects Your Mortgage Approval

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Mortgage & Refinance:  When you are applying for a mortgage, the lender you have selected will take many factors into consideration for approving you for a mortgage. The factors lender look into not only influence what type of loans you can qualify for but also what your monthly payments will be, and how many years it will take you to pay the loan off in full. It’s very important to know what factors affect your mortgage determination so you can improve them. Here are some examples: Credit Score- You need to...

on July 28, 2009 0

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