Homeowners Seeking Lower Mortgage Payments Without Foreclosure Assistance ... Red, White, and Blue Press
Homeowners and potential homebuyers have seen various aspects of the housing market that may look either attractive or may have dissuaded them from pursuing options like buying a home or refinancing their current mortgage, as there are conditions that are presently in the housing market that have left some consumers in a position where they feel a great deal of uncertainty is present and may remain in the housing market for some time. Problems like devaluation and current issues related to our national credit rating being downgraded have some homeowners wondering whether home prices will continue to drop and interest rates to begin to increase, but of course there are those who feel that recent events that have occurred in our nation may have a much smaller impact than some have predicted.
Yet, homeowners who are looking for a more affordable mortgage payment do still have some traditional options, but due to the fact that there are fewer buyers in the market, there may be opportunities for homeowners to negotiate a more affordable mortgage if they are facing financial stress and are in need of options like a home loan modification. Understandably, homeowners do still have affordable rates which may be used to refinance for more affordability, there are those who question whether this is right at the time or if they can qualify.
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In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal - is it any wonder why the economy and the worlds banking system is where it is at today?
May be this site can help you
http://www.thetechnology.net
Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?
A couple of years ago, my spouse and I doubled the size of our home which we had owned "free and clear." To do so, we took out a 20 year home equity loan for $250,000 at a rate of 5.85%. Since we already owned the home and this was technically not a mortgage, there was no downpayment on this loan. With rates coming down, do we have any hope of refinancing our home equity loan? Or, is refinancing basically restricted to mortgages? Thanks.
because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.
when does mortgage refinance make sense?
Hello all,
i 'd like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don't need to lower my monthly payment, so I don't have any clear purpose in mind. It is just that I have heard a lot of different views on refinance. I hope to get some insights and analysis from you out there. Thank you.
Hello,
There are several reasons to refinance. However, it really depends on your unique situation.
Besides lowering their mortgage rate and monthly payment, the biggest reason people decide to refinance usually would be to consolidate debt, or take cash out their home or investment property (in other words borrow money against their home).
Another reason, especially lately, is to refiance out of an ARM (adjustable rate mortgage) to keep mortgage payment from rising.
Any of these would be a great reason to refinance. Hope this answers your questions. I've included a link to our refinance page for more information and scenarios for refinancing.
Its best to have a professional look over the idea and see if it makes sense. always get a fixed rate mortgage for stability.
contact someone and see if it makes sense you may find you save alot of money (depending on what rate you have currently) try directlendigplanet they should be able to tell you if it makes sense and show you on paper within a few minutes
www.directlendingplanet.com
President Bush have implemented an FHA refinance program called "FHASecure". To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines.
I found interesting information about your answer & the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot.com/2007/06/mortgage-opportunitty-financing-and.html
Good luck!
Ok so now that you know I am answering this question semi blind lol I will give you some "basics"
If you have a deferred interest loan or a loan that is currently adjusting or has less then 2 years to adjust and you plan on staying in your home long term get the hell out of that loan and get a FIXED rate! Get a 15 year fixed if you can afford it because the rate is lower and you save tens of thousands of dollars in intereste over the life of the loan and you will own your home out right that much sooner.
To the person who says don't consolodate debt that may or may not be true. IF you are having trouble paying your bills and a consolidation can save you a LOT of money a month ($300 or more) then it "may" be a good idea to do so! ONLY if you NEED that payment relief in a bad way! Otherwise the prior poster is correct. Also, as long as doing so is not eating up too much of your equity! I used to do debt consolidation and I would save people $500 a month or more! This made the difference between paying everything on time and not! So to say that debt consolidation is a no no under ANY circumstances is wrong. Although in general this is not a good idea but it CAN be exceptionaly useful in some situations. Also, when you consolidate your credit card debt now becomes tax deductable which gives you further savings.
I hope this helps!? lol!
Compare rates and DO NOT be rushed into signing anything no matter how well you get along with the lender. Their job is to get along with the client to get a commission on the refinanced loan. So be careful litirally!
Avoid signing a variable rated loan of any kind and ONLY look for fixed rates and be diligent in comparing rates to get the one you can afford to pay. Read up on lender laws that are always changing to keep up on your knowledge to throw back at a lender should they get to that con stage.
You want your money back through a future sell, then it is most wise to use your money for any upgrades needed to keep current with the market demands and laws:
Such as updated earhtquake straps for the water heater, if you live in California, emergency gas shut off valve, f you live in CA, water regulator, updated certified termite treatment/report, etc so you don't get had in escrow if you were to sell your home at a future date. I would check with the city or even an escrow company first on what list of items that most people get stuck with in escrow who are the sellers and get the pricing on each item. Take that into consideration dearly to CYOA. That way you will know how much you need to refinance for to keep your home current. Unless you are current, then I would refinance to possibly update a room such as a kitchen, bathroom or even possibly a new addition. Think about the reward, but put your self in the buyers shoes and walk through your house and think of what turns you off, get estimates from qualified contractors so that refinance can help fix that.
Avoid using your equity on the refy to pay for vacations and extravagant endeavers as this will just damper your future profit on any future sell of that house. Or even make for a worse monthly payment.
You could refinance into a 15 year loan, especially if the rates drop.
We recently refinanced into an interest only to free up more available cash each month as a safety net. We can afford the payments be we leveraged our home into 2 additional rental properties and if one sits vacant we can pay just the interest if needed. With our interest only, we can pay additional amounts toward principal each month.
It is not a particularly good idea to include other debt in the refi especially now with falling Real esate prices-so be careful. Good luck
Mortgage refinance when is the best time ?
Refinancing mortgage is not an easy decision, when is the best time to refinance ?
Interest rates fluctuate together with economy. Depending on what they were at the time of closing the loan, you may have chosen an adjustable rate loan or a fixed rate loan. That means that you get the benefit of keeping low interest rates or modifying the rates to a lower value if you have an adjustable rate loan. If, on the other hand, they were to rise to abnormal values, there is a maximum or “cap” to limit the incidence of rates on the loan. Read more http://refimortgage-online.blogspot.com/
If you're looking to refinance just to refinance you'd be smart to invest most of it elsewhere. But go ahead take some money and go have fun. You've earned it.
I work for a title company and know that one of the biggest factors in refinancing is finding a good loan officer. I have seen many good and many bad ones. If you would like to be referred to a few that I would send my own family to, shoot me an email and I would be glad to share.
Stephanie
here are some suggestions
http://www.ehow.com/how_2002256_time-refinance-mortgage.h
Only refinance if you have an ARM and want to go to a fixed rate; or if you can qualify for a lower rate of 1-2 % points less than your current rate, and if you are going to remain in the house for at least the next 2-5 years. Figure out how much you will actually save per month by refinancing before you sign on the dotted line.
Don't fall for any advertised schemes that offer artificially low rates. Check the list of fees associated with the refinance loan.
Don't take equity out of your house to pay car or credit car debt. Most real estate markets are soft and may remain like this for several more years. If circumstances change and you need to sell quickly, you have the additional debt to repay. Only refinance for the remainder of the original loan. That is the smart way to go.
Refinancing mortgage?
I am running into some hard times and want to refinance my mortgage is this the best way to save some money or should I wait I have only had my house for a year and need to save money somewhere any suggestions
If you've only had the house a year, you haven't gained any real equity to be able to pull out with refinancing. You also have to have at least 20% equity left in house after refinancing. House may even be worth less than your mortgage if you started with low or no down payment, the way the housing market has been the past year
If you've only been in the house a year you won't have built up much equity so that will be against you saving money.
I'd suggest you go to your lender and discuss it with them. Show that you're working in good faith. You may be able to arrange reduced payments or something that will benefit both you and the bank.
Perhaps you can get a roomie for a while to help pay the mortgage.
is it possible to refinance a heloc without refinancing your first mortgage?
I have a good rate with my first mortage at 4.25 fixed for 15 years. I also have a heloc that is adjustible and is at about 8.5 percent right. I would like to refinance the heloc without loosing the rates on the 1st. Is there such a thing?
yep....it's called a 2nd mortgage
Actually, trying to refinance your first and keep a Heloc is much more complicated. The Heloc lender would have to agree to subordinate their lien.
Are you thinking of refinancing from a Heloc to a fixed rate 2nd? Remember the Fed just cut short term rates, so Prime is already down .5% and more cuts are possible.
You can also try a major bank or credit union. Your rate should have gone down about .50 % with the recent rate cut, but there is no guarantee that rates won't go back up again.
Good Luck
Open Book Advisors
Would it be better to pay large lump sum to current mortgage before refinancing?
Currently looking at refinancing home, but can't decide if it would be better to add additional monies to current mortgage to lower amount to be refinanced, or refinance and put that sum onto new mortgage.
If you currently have an interest rate that is more than one full percentage point higher than the current rates, you MIGHT want to consider refinancing. Instead of puting a lump sum of money towards the current mortgage, use it as a down-payment on the new refinance.
Check out a local credit union if you have one. They are not-for-profit. That means, they DO make profits so that they can function as a business and offer more products, but that is not the focus of the institution. If I were to refinance with my credit union there would be an origination fee that is 1% of the loan amount. This fee covers the labor that it takes for the mortgage department to create your loan. The rest of the fees are paid out to contract providers such as appraisers and title companies.
Also, most credit unions will not charge any fees to pay off your mortgage early. If you have an extra $50/month that you could apply towards principal, you could pay your mortgage off so much sooner. With a $165,000 house, paying $225 extra towards principle every month take a 30 year mortgage and pays it off in 15 years!
Ask around for Good Faith Estimates. This is non-commital and the institutions have to provide the fees that they charge and what they are for. Compare them and see if the closing costs are worth it for you.
If you owe less than $50,000 I would encourage you to look into the rates for a Home Equity LOAN. They are usually 15 year fixed loans (different than a line of credit which has a variable rate) and have lower interest rates than a mortgage loan. You also wouldn't have all of the closing costs associated with a regular refinance.
what's the current minumum fico score for doing a stated home mortgage refinance deal?
i want to refinance my home,but my broker tells me that the minumum fico score is constantly changing,so,i want to exactly know what is the minumum score to do a stated refinance mortgage deal right now?
at my brokerage we can currently do 70% LTV with a minimum of a 680 score. i don't know what that guy was talking about income for, the whole purpose of a stated loan is for people who don't have enough income. if your score is over 700 however we can go higher on the LTV
When refinancing mortgage will it reveal credit details to spouse?
My spouse and I are going to be refinancing our mortgage and added me on. I did check my credit and found that I have a good fico score. However, my spouse doesn't know about a couple credit cards that I have. Will these details be revealed when we go through the refinancing process to him, or is it more important that I just have a good credit fico score enough that any other details won't be revealed?
Is it better to pay down my current mortgage and refinance or refinance and use the money for downpayment?
I have inherited some money and I want to use it to pay down the debt on my house and to make the payments lower. Would it be better to pay the mortgage down $100K and then refinance the $75K balance or Should I refinance the $175K and put a downpayment of $100K? Maybe it would be the same difference, but I just wanted to make sure I am using this money in the best way. Thanks!
Depends. Here are some things to consider:
1) If you refinance, you will drastically lower your payment, but it will still be 30 years until you own your home. If you need to reduce your bills now, that may be a good option.
2) If you pay down, you don't have to pay closing costs on a new loan, which could be significant. However, you will still have the same monthly payment you have today.
3) Another option would be to invest the money in long-term CDs or bonds. Depending on your mortgage rate, the CD or Bond could pay you better than downing your debt. Just use the monthly interest payments to help offset your housing payment.
For most people, investing the money is wiser than downing a tax-deductible mortgage that you are paying 6% on.
There is a link to a google spreadsheet below that will help calculate your options. Sheet 1 assumes you refinance, Sheet 2 pays your current mortgage, and Sheet 3 invests in a CD.
You can change the investment assumptions on the right, and the sheet will automatically recalculate. Just below the assumptions is a synopsis of your situation in five years.
Sorry, but the amortization chart only goes to 97 payments because google spreadsheets only gives you 100 rows. I could have done better in Excel.
-->Adam
refinancing mortgage refinance - News
Obama to detail mortgage relief plan on Wednesday
Boston GlobeObama to detail mortgage relief plan on Wednesday The government also is considering a proposal that would allow healthy borrowers who owe more than their homes are worth to refinance at lower rates. Obama's foreclosure fix on the way New Mortgage Plan to Focus on Lowering Payments Obama to Unveil Plan to Help Troubled Homeowners -
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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 |
US Treasury says bank lending still resilient
Washington Post Specifically, Treasury said that in the first quarter of the program, which began in October of last year, banks continued to make new loans and refinance Treasury Releases Depressing Monthly Lending Numbers Consumers face stricter standards for loans -- if they're even First report on banks' lending shows slight drop in late '08 -
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As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up The couple went through a trusted mortgage consultant they have used before and called the refinancing process painless. "She handled pretty much everything |
What to do if your mortgage is rejected - ABC15.com (KNXV-TV)
CNBCWhat to do if your mortgage is rejected Instead of yielding to shame or anger over the rejection, today's consumers who are intent on buying or refinancing should adopt a pragmatic stance, Bank on home-loan relief
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