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Who is the best mortgage refinance company?

Aug 23, 2006 by get-r-done | Posted in Renting & Real Estate

We are looking to combine our first and second mortgage on our home. current first approx. $80,000 current second approx $60,000 house value @ $165,000 would also like to have a little cusion in the bank. With less than perfect credit who is our best choice of lender

here's the thing...

You're looking for a 90% Loan versus a value at 165k, right there you are going to be in a higher interest rate range. Remember interest rate = RISK... The higher the risk to the lender, the higher the interest rate is going to be. 2nd you state that you have "Less than perfect credit", that is another hit to the interest rate.

In cases like this, I most often find it beneficial to actually HELP people understand thier best path. Now, you've been paying on the two mortgages for several months I'm sure, being as you have a 2nd mortgage that is comparable in size to the first, so what's the rush???

You should find a professional who has been in the business for several years and can help direct you in the most financially beneficial direction. Personally, I would work with you on your credit for a month or two and get your scores up. Have you had any lates to the mortgage? If so, when? What other late payments have been made and when? What is your primary source of income? how long have you been on your job? Do you plan to move within the next few years? how old are you? do you have a retirement plan set up? when do you want to retire? I already know you don't have significant savings and that is a concern to you, how can we work together to tackle that issue? What type of lifestyle do you lead/what's important to you? do you have children? what are thier ages? Finally, what is the market like in your area? Are values increasing/decreasing/holding steady???

All these questions are a major concern to you at this point. The only reason I go through all this is so you can see that there is more to it than the simple "What's the best bank for a refinance for a person in my position?". The question should be, "Who knows what they are talking about and isn't just some kid sitting behind a telephone looking to make a quick commission?" Trust me, I used to be that kid until I found out that I wasn't going to be in this job for long if I didn't start liking what I was doing.

Find a reputable mortgage broker, one who wants to assist you financially, not just help himself financially. Stay away from large mortgage companies at this point.

How do you know the broker is reputable? Well, he'll ask you all those questions I just aked. If you want to talk further email me, I won't even ask for your business :)

David

Will a mortgage company refinance a loan currently in forebearance?

Nov 21, 2007 by mochachreme | Posted in Renting & Real Estate

I've got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan).

Thanks for your help!!!

Stressed in GA...

They will if your credit still qualifies. If you are in a repayment plan its most likely you have hurt your credit. It may not be high enough anymore.

I am looking for the best mortgage company for a refinance. Two criteria, low interest rate and low fees.?

Jun 24, 2008 by * | Posted in Renting & Real Estate

Does anyone have any suggestion? Where to look, what to stay away from or tricks of the trade. Made a poor decision on our present mortgage and don't want to do a repeat. Am locked in on present note for 45 more days and then we want OUT. Looking for 15, 20, or possibly 30 year fixed. Am not interested in doing business with Coutrywide. Thanks for your help.

There is no best mortgage company to refinance your home with.

You should find a local mortgage broker by looking in the telephone book. They will offer you the best rates possible based on your credit report and your credit score.

You may be interested in the best rate or a no fee mortgage. You have to decide which is best for you based on your financial situation presently.

You can not address the past and what happen. You have to educate yourself and ask as many questions about your loan as you can think of.

You must ask the mortgage broker to explain each and every mortgage program you are qualified for. This includes the monthly payments, interest rate, any possible prepayment penalties and most important what this loan will cost you.

No one want to trick or cheat you, you have to then take this knowledge and make an intelligent decision that benefit you financially.

I take it you have an adjustable rate mortgage that was not properly explained to you.

Your fees and points should be explained to you on a Good Faith Estimate (GFE). Once you have allowed a mortgage broker to take a mortgage application and run a credit report they should be able to issue you a GFE. Don't get to excited about the first one, it might be a little off and the mortgage broker has a 3 day requirement to do this, so he might be just fulfilling the requirement.

Once you have your GFE now is the time to discuss what mortgage programs you are qualified for as well as discuss the points and fees you will be required to pay.

Keep a pleasant disposition, be open about what you want, make sure the mortgage broker understand your situation. Working with the mortgage broker will be a rewarding experience if you are both on the same page and know what each of you are looking for.

If there is something you don't understand, ask and get a full explanation before you move on to another subject.

Sometimes low points and fees and low interest rates are not spoken in the same sentence. You have to come to an agreement about this.

Make sure you understand the tax benefits of paying points and fees up front as oppose to a no fee no points mortgage.

Just remember no one work for free, not even you, so be prepared to pay for your loan. You have to decide if you want to pay up front or during the mortgage monthly payments.

A no fee no points loan normally mean the broke will increase the interest rate to compensate for the mortgage expense. Make sure you understand this.

Now about the mortgage business itself. The person you are getting your mortgage from will sell your mortgage the next day without fail, this is the nature of the business.

They sell this mortgage to the one that is looking for what is available for sale that day. One of the largest purchases of mortgage loans is Countrywide, so to say you do not want to do business with Countrywide might not be a choice you make.

Even if your mortgage is sold to Countrywide you might not know it as they might have someone called a service company that might service the mortgage for them, so you might not even know that countrywide has purchased your mortgage.

When signing the loan docs make sure these docs say the something you decided on a far as the interest rate, number of years the mortgage is for as well as other things you discussed about the mortgage you decided was best for you financially with the mortgage broker.

If the loan docs are not the same please don't sign them. You are the one that will pay the monthly mortgage so make sure they say exactly what you discussed when you decided on the program

It is too late to blame someone else after the loan docs are signed, so this is your time to make sure that you agree with the loan docs.

I hope this has been of some use to you, good luck.

"FIGHT ON"

What is a mortgage refinance company that handles hard-to-finance situations?

Jul 29, 2006 by voiceoftheanimals2006 | Posted in Renting & Real Estate

Need a refinance of 20 northern Idaho acres that is:
1) in foreclosure, 2) is an animal sanctuary, 3) has older mobiles used for "kennels" and staff, 4) the animal sanctuary is a 501c3,
5) has gone through probate and is now in the name of the Pres/CEO, 6) no verifiable income except the CEO's SSI (donations vary).

We really need someone who is humanitarian-oriented, perhaps a philanthropist, who will believe in what we do: we specialize in helping handicapped animals; we are a right-to-life, right-to-love, right-to-respect 9 year old organization needing some help.

Does anyone know where we can turn for help?

Ed, VP/Sanctuary Director,
Cheryl, Pres/CEO

Cheryl,
Email me would like to help. Commercial is something I do and since its on the west coast I can get some good lenders for your situation.

Can anyone recommend a mortgage company to refinance a mortgage that was in default but is current now?

Jul 18, 2007 by MDJLT | Posted in Renting & Real Estate

I was in default on my mortgage and was just able to catch up and now it is current- would like to refinance and get a better rate to lower payments- it is interest only now.......any suggestions?

first, let me say---do not apply with these on-line offers (where people write in and say "call me---i can help you")...they can't...and if they can...they will only get you deeper....

Best advice is to go to your local banks...they are reputable, close, easy to work with and will not scam you with all kinds of loans.

Also keep in mind that today's market is really bad...foreclosures everywhere everyday! So be savvy any DO NOT fall for those ARMs or any other fancy loans....stick with a traditional 30 year, fixed, no prepayment penalty loan.
you will be completely safe with a traditional loan.

Good luck and ...stay away from the sharks.. :)

ps---glad to hear you got caught up!

How can i find a mortgage company to refinance me with bad credit?

Oct 27, 2007 by jada e | Posted in Personal Finance

If i'm currently in a chapter 13 bankrepucy how can i get requalify?

Hi,

Depends on where you are, if you are in US, there's a lot of problem right now going on on Real Estate/Home loan.

You might have a hard time due to your bad credit history. Lenders are being strick nowadays because of the downfall of real estate market.

If I am in your shoe, I will have to work 3 jobs, foreclose my house maybe and look for an affordable apartment.

What is the best mortgage company for people with "fair" credit to refinance?

Oct 25, 2006 by C S | Posted in Personal Finance

Go to lending tree.com. They will look for the mortgage companies on your behalf and come back with the best rates that you qualify for.

How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?

Apr 16, 2008 by bgsimsrvp | Posted in Personal Finance

The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.

Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.

Does anyone know of a good mortgage company who will refinance a home with credit scores in the 560 range?

Jun 19, 2007 by gonzomars | Posted in Renting & Real Estate

We own a home worth @ $200,000 and only owe $80,000. We need to refinance to pay off some tax debt. Can anyone reccomend a good reliable company?

Thanks!

You never know until you talk with a mortgage professional who can get your full financial situation, but due to your credit score, your options may be limited. Part of the reason is that regulations for less than perfect credit loans have seriously tightened in just the past few months. A mortgage that you would have qualified for in April may not be available today.

So, If you can wait, then I suggest trying to improve your credit score. Here are a few ways you can do that:

1. Pay your bills on time. Even if you've had delinquencies in the past, over time, they will count less if your recent history shows timely payments.

2. Keep your credit card balances low. The higher your outstanding debt, the lower your score will go. Pay down high credit card balances, starting with the highest interest rate first.

3. Check your report for inaccuracies. You may have errors on your report that can easily be cleared up. You can request a free copy of your credit report every 12 months.

4. Pay off debt rather than move it around. Consolidating your debt onto fewer cards will not improve your score because you'll still owe the same amount. It is better to work towards paying it off.

5. Have credit cards, but manage them responsibly. Having credit cards that are paid on time is better than having no credit cards. It shows that you can soundly manage your debt.

6. Don't open multiple accounts too quickly, especially if you have a short credit history. This may look risky because you're taking on a lot of possible debt. It also shortens the average age of your credit history.

7. Don't close an account to remove it from your credit record. Accounts show up on your credit report for seven years whether they're open or closed. Closing accounts can actually hurt your credit score if you're not paying down debt at the same time.

8. Don't shop for a loan from different lenders over a long period of time. Try to keep it to within 30 days or less. Credit bureaus disregard inquiries for your credit report made within 30 days of each other and consider requests made within a 14 day period as a single request.

9. Don't open new credit card accounts you don't actually need. This might backfire and lower your score.

10. Contact your creditors or consult a legitimate credit counselor if you're having financial difficulties.

Good luck and feel free to contact me through my profile if you need more information.

How do you find the best mortgage company to refinance your home when you are self employed and have to use...

Feb 12, 2008 by Cute | Posted in Personal Finance

and have to use your personal checking account as your proof of income? I need to refi to get it out of my ex husbands name and also because my two year fixed is about to become unfixed : ( I would love to be able to get a lower interest rate but am afraid with being divorced and self employed that it will be high? How do I find the cheapest company that will accept all my issues?
I do work! I am a housekeeper and have kept up my mortgage payment, car payment ect for a year now without my ex even paying court ordered child support. I work and pay my bills without being on welfare. I am not looking at repo! I just need to refi. Arrrg! Sorry to get bent over one comment but that just burned.

The question is not "which is the best mortgage company" but "as I am self employed, what is my ability to repay my mortgage and not have my home repossessed." Look at the situation in America, where people refinanced their homes to get money to invest in the stock market. The economy collapsed, they lost all their money and had to have their homes repossessed. Try to not get into too much debt, your the sole earner and self employed. If you don't work, who's going to service your payments? I would hate to hear your on the streets.