Lending a Hand, Peter Boutell: Refinance upside down mortgage while rates are down Santa Cruz Sentinel
Just when we thought mortgage rates could not go down anymore, they have hit record low levels again this week, and every homeowner should take another look at their current situation.
Homeowners refinance for many different reasons. Some want to lower their payments. Some want to shorten the life of their mortgage. Some want to get out of an adjustable rate mortgage. Some want to pay off a HELOC Home Equity Line of Credit and some want to see how much cash they can create without raising the payments.
While it is true that many of the new guidelines issued by the mortgage industry in the past few years have restricted homeowners' access to mortgage money, there are still some very good programs to help homeowners.
One of those allows homeowners who owe more money than their homes are worth to refinance into a lower rate. Freddie Mac and Fannie Mae have issued a guideline that allows a homeowner to replace their current loan even if they owe up to 125 percent of the appraised value of their home it estimated that more than 25 percent of homeowners in the U.S. owe more than their home is worth.
Should Homeowners in Texas Refinance Their Mortgage?
Choosing to refinance a mortgage can be a very difficult task. While the prospect of a lower rate, lower monthly payment, or disconnect your home is used for other purposes may seem attractive, a number of factors a homeowner must take into account when deciding that the time is right.
The following five factors to consider when making this decision.
First The most obvious factor is low interest rates to refinance interest. Fortunately, mortgage rates are generally lower in Texas than in other parts of the country due to the perceived lower risk in the housing market. If mortgage rates have decreased since the last loan from a fixed or if prices are relatively low and there is an adjustable rate mortgage, refinancing may make sense. In the case of converting the adjustable rate loan to a fixed rate loan, the interest savings would not be that important if your primary goal is to remove the risk of rising interest rates in the future budget. A low setting, it may be the opportunity to reduce your monthly payment, while about the same time the mortgage. You may also be time refinancing the mortgage payment to keep consistent, but allows you to pay off the loan sooner. Any of these options, while saving for your interest during the term of the mortgage amount to several thousand dollars easily.
Second Increased Equity in your home unlike many areas of the country, many residents of Texas, especially South Texas communities such as Spring, Tomball, forests, and Houston experienced increases in the value of its own since it bought due to the strong local economy continues to thrive in the energy crisis in 2007-08. In addition, home affordability in Texas is still high compared to other Americans, that is, there will likely be a ready source of customers, such as markets, like Las Vegas or Southern California. Unfortunately, unlike the brokerage account, it is not easy to achieve it's own, except when you sell your home. Another would be to...
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New Mortgage Plan to Focus on Lowering Payments - Washington Post
ABC NewsNew Mortgage Plan to Focus on Lowering Payments For instance, Congress established Hope for Homeowners late last year to help troubled homeowners refinance into new loans. But since that program was Obama To Push Housing Ideas Today In Arizona Obama to unveil housing market plan
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A plan for home owners - Detroit Free Press A plan for home owners I call it REIMR — government-sponsored Reduced-Equity Insurance for Mortgage Refinance. The $787-billion compromise stimulus bill signed by the president |
Obama signs $787 billion stimulus bill - Minneapolis Star Tribune
Washington PostObama signs $787 billion stimulus bill If Treasury uses the $350 Billion to refinance troubled mortgages at the low interest rates available today, YOU get the money for the part of the troubled Video: Obama signs stimulus bill Obama signs huge stimulus, readies foreclosure aid
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America's New Housing Problem: Unemployment - Forbes America's New Housing Problem: Unemployment While home prices were on the upswing, an unemployed borrower could sell the property or refinance, raising cash, but now, with property depreciating, |
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Holding on in the face of foreclosure - The Virginian-Pilot Holding on in the face of foreclosure As work began to wane in 2004, the couple refinanced with an adjustable-rate mortgage to help make ends meet and pay off debt from his business. |