Mortgage & Refinance

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Benefits of Using a Mortgage Originator

Mortgage & Refinance: It has become the trend of the time to go for mortgage originators, also known as bond originators, due to the innumerable benefits they provide. The hassles of moving about from one bank to another are minimized. Also, you don't need to go through all the tedious paper work if you seek the services of a mortgage originator. Mortgage originators takes away all your tensions and worries and does all the necessary tasks on your behalf. A mortgage originator is basically your personal consultant who will advise you at every stage and help you get the best loan at the most lucrative interest ra...

Bank Expert on August 15, 2010 0

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Ten Reasons To Buy A Bank-Owned Property

Mortgage & Refinance: If you've never bought a bank-owned property, you might think it's difficult or that you have to have some sort of special knowledge. You may have also heard how inexpensive it can be to buy a property from a bank, especially one that needs some work. You can easily save tens of thousands on a house or condominium or duplex when buying from a lender. So what's the real deal? Why should you buy a foreclosure? Here are ten reasons that can make a bank-owned property a better bet than buying from a homeowner: 1 Price. A foreclosure is almost always less expensive than a property being so...

Bank Expert on August 15, 2010 0

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No Closing Cost Refinance

Mortgage & Refinance: Lucy was confused, she had a large number of bills that she needed to repay and she wanted to borrow a refinance loan. The only problem was the she did not have enough money, to pay off the closing cost of the loan. She walked into the lender's office, and saw an advertisement, and heaved a sigh of relief… What Lucy saw was basically an advertisement for no closing cost refinance loan. The no closing cost refinance loan is a very rare loan that has rather strict and stringent qualifying terms. We come across many advertisements that promise a no closing cost refi or closing cost-free refi...

Bank Expert on July 18, 2010 1

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Rental Property - Refinance, Don't Sell

Mortgage & Refinance: You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not. The Problem With Selling Selling means you'll have to pay a large capital gains tax. This can be avoided if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Also, a good rental gets more income as rents go up. Do you want to lose this inflation-indexed retirement plan? What's the alternative? Refinancing Rental Property Have y...

Bank Expert on July 18, 2010 0

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Recasting or Shortening Your Mortgage – Pros and Cons

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...

BanksGuru on June 8, 2010 0

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Top Reasons Banks Reject Short Sale Offers

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...

BanksGuru on May 18, 2010 1

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Mortgage Rates Steady As Tax Credit Fades

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...

BanksGuru on May 14, 2010 0

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Bad Credit? Refinance Consolidation Can Help You!

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...

Bank Expert on April 2, 2010 1

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You Can Refinance With A Bankruptcy History

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...

Bank Expert on April 2, 2010 2

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Bank of Internet USA Mortgage Rates and Refinance Rates

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...

Bank Expert 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 ...

Bank Expert on January 26, 2010 0

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How do Construction Loans Work

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 ...

Bank Expert on December 17, 2009 0

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Mortgage Loan Underwriting

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...

Bank Expert on December 17, 2009 0

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Mortgage Loans After Bankruptcy

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...

Bank Expert on December 17, 2009 0

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When and Why Should I Refinance a Mortgage?

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...

Bank Expert on November 25, 2009 0

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Home, the mother of all tax shelters

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...

Bank Expert on November 17, 2009 0

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Closing day processes

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: ...

Bank Expert on November 16, 2009 0

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The Risks and Rewards of Reverse Mortgages

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...

Bank Expert on November 6, 2009 0

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5 Mortgage Costs to Watch Out For

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 ...

BanksGuru on October 26, 2009 0

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Let Lenders Compete for Your Business

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...

Bank Expert on August 11, 2009 0

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