You probably have heard that interest rates are falling and are currently in the 5% range. This is great news for homeowners feeling the pinch of this rather unkind economy.
Perhaps you have a fixed rate at or above 6%. Or maybe you are on an ARM that has been fixed for the last several years and is ready to convert to the higher rate.
Either way this can be a good time to refinance. I say “can” Continue reading “Home Mortgage Refinance Booming – But Do the Math Carefully”
Nowadays it seems that lenders are offering home buyers more choices when it comes to borrowing money. From equity lines of credit to home equity loans to fixed rate home equity loans to mortgage refinancing to adjustable rate mortgages, what does it all really mean? With so many catch phrases and too few definitions lending companies are often only serving to complicate matters instead of clearing Continue reading “Home Equity Loans Or Equity Line of Credit?”
A lot of people are currently finding that their existing mortgage offers are reaching the end of their period of benefits and are now having to shop around the markets for a new mortgage. This is being made difficult because many mortgages are not suitable for everyone. So if you are desperately trying to compare remortgage rates of everything available, what are some of the main Continue reading “Understanding the Mortgage Market”
Getting a bank loan modification could be the solution you need to stay in your home, especially if you fall in that middle ground where you can’t qualify for a refinance and don’t meet the standards for the federal programs under the new Making Homes Affordable Plan. A bank loan modification may not afford the same payment reductions and tax breaks that one under the federal program would but it could very well Continue reading “Getting a Bank Loan Modification Will Keep You in Your Home!”
Before you start submitting your mortgage application, there are some things you need to do to prepare for the process.
1. Decide on a mortgage amount. The amount you want or need to mortgage versus how much of a mortgage you can afford may be two different numbers. You need to have a realistic idea of the mortgage amount you can afford. One of easiest ways to figure out how much a mortgage Continue reading “5 Things to Do Before You Apply For a Mortgage”
Are you a homeowner that is guilty of overestimating your home’s value? If so, you are like so many others. Many homeowners overvalue their home over what a buyer would actually pay for it. The Journal of Housing Economics recently published a statistical study showing that homeowners “overestimate the value of their properties by about 8 percent.” By conducting an overvaluation, Continue reading “What Is The Value Of Your Home?”
You are able to secure a mortgage with less than 20% down with the help of Private Mortgage Insurance (PMI). With higher home prices, an increasing number of consumers are taking advantage of PMI.
On average, it would take a couple five years to save 20% down on a modestly priced home. With PMI, a couple can purchase a home year earlier.
PMI basically protects your lender Continue reading “The Basics of PMI”
The “Making Home Affordable Plan” from President Obama allows homeowners facing foreclosure, or financial hardships, a opportunity to get a fixed rate 4% home loan. This plan will help over 9 millions homeowners with over $75 billion in Government funding. Here is how you can get a piece of the bailout for yourself, and get a money saving home loan modification or refinance:
Here Continue reading “2009 Mortgage Stimulus Refinancing and Modification Plan”
One of the most important reasons why people choose to go for mortgage refinance is that they want to lower their monthly expenses. That is why people often look out for the ways to get a lower mortgage interest rate. However, please note that getting a lower rate in no way ensures a reduction in monthly payments. Therefore, have a clear idea of how refinancing can help Continue reading “Mortgage Refinance – Proven Ways to Get a Lower Mortgage Rate”
This is a much more subjective question than I’m sure you were hoping it was going to be, but I can lay the ground work out for what your credit needs to be for a mortgage, and what the parameters will be in some of the varying circumstances.
First of all, if your rating is over 720, you have an excellent score, and are really good to go! Lenders will be pleased to work Continue reading “What Credit Score Do I Need For a Mortgage?”