There are two ways to look at a mortgage refinance. Refinance does not pay off your debt. Mortgage refinance just restructures your debt at a lower rate of interest and a different term than your current one. The common reason why most homeowners want to refinance is to reduce the interest expenses. But there are some homeowners who prefer an extended term as it reduces the monthly payment towards the mortgage. Another goal for refinancing mortgages is debt consolidation. Some people have a first mortgage and also a second one such as a home equity mortgage. Consolidating the two mortgages will level payments. If your interest rate is adjustable, switch to a fixed rate; it is better to manage a fixed monthly payment.
Source: bschool-investext.com
Video: Refinancing your home mortgage? Learn how to refinance your home with these credit tips
Refinancing a mortgage, simply
?But money?s tight!? You?re saying. ?I don?t have any extra cash to use to pay my mortgage off early!? I hear you, friend. Today we?re going to talk about a simple way that you can cut several years off your loan (or free up some extra money in your budget), by refinancing your mortgage. It?s not too hard, and we?ll cover the basics.
Source: posterous.com
Buy a Low Priced Home or Refinance in Nevada
If you are having trouble making payments on your home these days, you are not alone. A recent report from RealtyTrac, Inc. says foreclosure filings are up 48% from a year ago. States which have been hardest hit by foreclosures in 2008 include Nevada, California, Arizona, Michigan, Florida, and Colorado. Adding to these concerns, a new study released by Harvard University says the U.S. housing market is the worst in 50 years. The study notes the mortgage market meltdown, steep rise in foreclosures, the decline of new home construction, falling home prices, and mounting job losses have all converged to make recovery from the current real estate climate more difficult in the days ahead. You should know that there are some options out there for a refinance in Nevada.
Source: thebestmortgageloan.com
Mortgage Refinancing When You?re Underwater
Due to the economic slump, most homeowners find their home worth less than their mortgage balance. In a recent US News and World Report, it said that almost 11M homeowners are currently having this problem. Often, we find news reports about how home values are dropping due to the foreclosure crisis. However, failing to qualify for mortgage refinancing is also another problem which affects a lot of American homeowners although they have good credit scores and pay their monthly amortizations on time. Even with the lower interest rates, these homeowners simply can?t take advantage of it because of their underwater status. As a matter of fact, homeowners who have mortgage balances at least 80% of the present value of their home will probably experience hardships in applying for mortgage refinancing with another lending institution.
Source: cardcredit.net
California Refinancing Expert Explains New Home Affordable Refinance Program
Help has finally arrived for California home owners whose property values have dropped over the past couple of years. In order to lower costs of mortgage installments today and get a good fixed rate plan underway for repayment, many people are turning to the HARP Program. However, as new information appears on different web sites and lenders are applying their own internal rules, people are finding the documentation to be lengthy and somewhat confusing. Many lenders are hesitant to exercise the full benefits of the new Home Affordable Refinance Program (HARP or HARP 2.0), also known as the Making Home Affordable Program. Some have limited the value at 125% LTV. Others will not accept credit challenges which result in approval levels called Expanded Approval Levels I, II and III. Some lenders will not refinance investment or non-owner occupied properties. Others will not refinance manufactured or other property types. Have you been turned down for a HARP refinance by your current lender due to LTV (loan to value), occupancy, minor credit challenges, property type or because they cannot get an appraisal waiver? Don?t give up! There are lenders that may accept yor loan. Andrew Andreasen, a Victorville, CA 92392, California based mortgage consultant, has released a new web site at: http://andrewloans.net designed to remove the confusion about this latest government program and show how you may still be able to refinance even if your current lender has said no! This new HARP 2.0 resource site shares details about the basics of this mortgage lending solution and answers questions like: ? What are HARP loans all about, in a nutshell ? in layman?s terms? ? What are the benefits of HARP loans? ? What kind of mortgage loans can HARP funds be used for? ? Do I qualify for the HARP program? ? What documents do I need to bring to the lender when I apply? ? And much more? The new resource site showcases pages of information to help California borrowers realize that HARP loans are an ideal way for families with homes that have dropped in value to rebuild their investment, creating equity faster under a new structure. HARP Specialist Andreasen, says ?readily available and with low interest rates, these HARP loans are an exciting way for people to enjoy double savings with lower monthly mortgage installment loan payments and increased equity over the long term restructuring.? Andrew Andreasen is available for interviews and will welcome all your mortgage related questions. Call (760) 559-2423, email andrewloans@msn.com or visit http://andrewloans.net to see if you qualify for this new program even if you have been turned down by others.
Source: sbwire.com
Economist?s View: Mass Mortgage Refinancing
The One Housing Solution Left: Mass Mortgage Refinancing, by Joseph E. Stiglitz and Mark Zandi, Commentary, NY Times: ?With 13.5 million homeowners underwater ? the odds are high that many millions ? will lose their homes. Housing remains the biggest impediment to economic recovery, yet Washington seems paralyzed. ? Late last month, the top regulator overseeing Fannie Mae and Freddie Mac blocked a plan backed by the Obama administration to let the companies forgive some of the mortgage debt owed by stressed homeowners. ? With principal writedown no longer an option, the government needs to find a new way to facilitate mass mortgage refinancings. With rates at record lows, refinancing would allow homeowners to significantly reduce their monthly payments? A mass refinancing program would work like a potent tax cut. ? Well over half of all American homeowners with mortgages are ? excellent candidates to refinance. ? But many ? can?t refinance because the collapse in house prices has wiped out their home equity. Senator Jeff Merkley, an Oregon Democrat, has proposed a remedy. Under his plan,? underwater homeowners who are current on their payments and meet other requirements would have the option to refinance to either lower their monthly payments or pay down their loans and rebuild equity. ? If the program was very successful, we envisage that two million outstanding loans could be placed in ? trust at its peak. If the average mortgage balance was $150,000, then at the peak there would be $300 billion outstanding. ? Since the Great Recession began almost five years ago, housing has been at the heart of our economic woes. If we do nothing, the problem will eventually resolve itself, but only with significant pain and a long wait. Mr. Merkley?s plan would speed the healing.
Source: typepad.com
Reap Benefits Of Low Mortgage Fees And Insurance Premiums By Qualifying For FHA Streamline Refinance
PRLog (Press Release) ? Sep 04, 2012 ? Following instructions from the federal government, FHA streamline refinance lenders have started cutting costs for refinancing home mortgage loans provided by them. The move is expected to benefit almost 3 million homeowners across the United States as it will open doors to cheaper loans. In March this year, the Obama administration announced changes to the qualification guidelines for home refinance loans being offered by the Federal Housing Administration or the FHA. As per the announcements, FHA has been instructed to reduce refinancing fees for those mortgages which are FHA insured and owed by borrowers who were till date unable to refinance at lower interest rates. As a result, borrowers, who will qualify for FHA?s streamlined refinance plan, could now find it much easier to obtain new FHA backed loans at reduced rates of interests. ? ? Nevertheless, borrowers who are considering getting benefited with the FHA streamline refinance program must make sure that their existing FHA home loans are approved before June 1, 2009. Eligible homeowners will save money on upfront mortgage insurance premiums as well as annual fees for FHA streamlined refinancing in accordance with the changed rules and regulations. Remember, the Department of Treasury has already lowered MIPs to 0.01% and cut annual refinancing fees in half to about 0.55%. Earlier borrowers used to find these propositions burdensome because of rise in prices for mortgage insurance premiums. But the reduced fees will mean huge monthly savings for borrowers who are trying to save their homes and get their finances back on track. Overall it can be a totally win-win situation for applicants who qualify. Meet FHA Streamline Refinance Requirements To Take Advantage Of Cuts In Mortgage Fees And Insurance Premiums: http://www.obama-
Source: prlog.org
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Tags: Mortgage, mortgage market meltdown, realtytrac inc, Refinance, refinancing your home mortgage
Source: http://homeequitydebtconsolidationco.com/home-mortgage-refinance-in-idaho-9/
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