Mortgage & Refinancing Information:
Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans
took out $431 billion in home equity loans in 2004, and that amount may increase in 2005.
You've been looking at houses for months, and finally you've found it--the house that's just right. So now, all you have to do
is to purchase your new home, move in, and get settled, right? Not quite.
If you have a mortgage on your property, whether it's for your personal residence or a real estate investment, chances are you
have an escrow account. But if you are working on building wealth through real estate, you may want to take a hard look at your
escrow account (or accounts, if you own more than one piece of real estate) and decide if you really need it.
You bought a house and you were promoted to the position of a homeowner. It was perhaps the most important decision of your life.
Why You Need a Bridge Loan. You have to move fast in today's housing market if you want to get into the home of your dreams.
In cities such as Seattle or San Francisco it's not uncommon for a buyer to receive half a dozen offers within the first day or two after putting the house on the market.
Fixed Rate Mortgages: These loans have a fixed rate of interest over the entire term for which the loan has been disbursed. The term for these mortgages is typically between 10 to 30 years.
In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no.
A home equity loan is simply borrowing on the difference of the
value of your home and the outstanding mortgage on the house.
Lets say, you have bought a home worth $50,000 some time back,
after making a down payment of $5,000.
There are two broad types of home equity loans: Term loans: Home
equity loans of a fixed nature are also called second mortgages.
For example, if you have bought a home for $10,000, and made a
down payment of $1,000, and taken a mortgage for the rest and
have managed to repay another $2,000, then you can apply for a
home equity loan of $3,000.
Refinancing your debt via a home equity loan shifts your debts
loan to your home. The flip side to such a move is that your home
is on the line.
Home equity loans give individuals a tool to extend their
existing credit line by securing debt on the equity value of
their existing homes. This access to easy and cheap money can
lure the borrower into securing a debt for reasons which
otherwise could have been funded through wise money management.
Most borrowers fail to realize that when trading their much
beloved home for cash, lenders can foreclose on their property in
the case of default. Moreover, because of fly-by-night operators
who are ready to strip unsuspecting borrowers of their most
prized asset, it is doubly necessary that borrowers be familiar
with some frauds that could be perpetrated on them.
Refinancing vs. line of credit are two popular options you have
when deciding the best way to take equity out of your home.
Sometimes it makes sense to establish a line of credit.
A house is just that, a house, until someone lives in it. That's
when it becomes a Home.
What does it mean to refinance? Why would anyone want to consider
it? There are numerous situations when someone would refinance.
When we use the word refinance, we are basically referring to a
loan: for example a car or house loan.
More Articles from the Mortgage & Refinancing
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MORTGAGE-REFINANCING NEWS updated
Wed. November / 14 / 2018
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CUNA News (press release)
'Flat' mortgage market aheadCUNA News (press release)This year is turning out like most people predicted in the mortgage arena. Rising interest rates have significantly hampered the mortgage refinance market. The growth of the purchase market can only be as great as the inventory of available homes.
How Credible worksCredible News (blog)It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score. 2. Compare rates from multiple lenders. View the interest rate and cost breakdown of each loan to choose the ...and more »
Mortgaging - Refinancing
related ebooks tips do it yourself how to articles:
How To Get The Best Home
Are you wondering how to get the best Home Equity loan? Do
not be afraid to shop around. If you decide that the
timing's right for a home equity loan, ask your friends or
family for recommendations of lenders.
Five Things Never To
Tell Your Mortgage Lender When Facing
1. Never discuss your household finances over the phone
with the collection department.
Reasons To Get A Home
Using a home equity loan really depends on what your needs,
wants and desires are that prompt you to take the home
equity loan in the first place. The most common reason
people obtain the loan is for debt consolidation however
other uses include home improvements, educational expenses,
unexpected family emergencies, medical expenses and in some
cases for big ticket purchases.
Mortgage Sales Hit
The housing market has been buoyant over the past few
years, but mortgage providers and first-time buyers are
both now facing a tough time. Following announcements from
the Bank of England that there has been an overall decline
in the total number of UK home-buyers, and a declaration
from the Financial Ombudsman Service (FOS) that the number
of disputes concerning improperly sold mortgage endowments has now
hit record levels, it seems that mortgage lenders are
facing a bleak time.
Need a Mortgage,
Refinance or Equity Loan? Learn What it Takes, Before
Do you know what it takes to qualify for mortgage and
refinance loans? There are several factors involved with
qualifying for a purchase, refinance or equity line of
credit, and having an in-depth understanding of these could
make the difference in you being accepted or turned down by
a bank loan officer. Here are some things loan underwriters
use in seeing if you qualify for a loan: your credit
rating; your income; the amount you wish to borrow vs.
Home Loans: To
Substantiate Financial Possibilities On Your
Availability of Home loans is in full bloom. They are
uncomplicated, tenable, easily available, very flexible and
tailor-made for homeowners.
Money Smart Homeowners
Use this Mortgage Strategy Every Time
There are currently more than 50 million home mortgages in
the United States today. So why aren't more homeowners
taking advantage of the highest yielding lowest risk,
tax-free financial strategy available today?Let me ask you.
Fixed Rate Mortgage
Loans - Understand the Pros and Cons of the Fixed Rate
There are many benefits and drawbacks to consider when
deciding if a fixed rate mortgage is right for you. It is
important to look at all options when it comes to something
as important as getting a mortgage for your new home.
Using a Home Mortgage
There are a variety of tools online that you can use to
determine how much you can afford to pay for a home, how
much the monthly payment will be based on the sale price of
a home, and calculators to tell you whether it is better to
rent or buy based on your personal situation. Using a home
mortgage calculator online doesn't cost any money, and can
be an extremely useful tool in your preparation and
research for buying a home.
Bad Credit Refinance
Loans - Finding a Good Lender
Finding a good lender to help you with refinancing your
home loan can be tricky if you have bad credit. There are
plenty of predatory lenders out there who would like to
take advantage of you with excessively high interest rates
Comparing The True Cost
Of Obtaining A Home Loan
Home buyers are often confused about where to begin in
their search for a home loan. The process is usually
narrowed down to finding which institutions provide the
lowest settlement costs, but the different types of lending
institutions and the variety of lending programs available
can make the search a slow, difficult experience.
Bad Credit? First Time
Buyer? You Can Still Get Approved For A Home Mortgage
Do you have bad credit that you worry will stop you from
being able to apply for a home mortgage loan? Have you
given up on the dream of being a home owner? Well don't.
Take comfort in the fact that there are special home
mortgage loans that you can apply for, that will make sure
your dreams of becoming a home owner are fulfilled! Home
Loans Are Flexible - The first thing you need to
keep-in-mind is that home loan mortgages are very flexible
- they can be adjusted to meet the needs of any borrower.
Self Employed Mortgage
Loans - A Survival Guide
When you're self employed you have numerous advantages. As
you are a free agent, you will write off every deduction
you can on your tax return.
How to Get the Best
This is a guide on how to get the best mortgage deal. Do
not rush into the first offer that is made to you even if
you are in a hurry for a mortgage.
First Time Buyers Fail
To Shop Around
Almost two thirds of first time buyers accept the first
mortgage they are offered and fail to shop around, often
missing out on better deals. Many first time buyers feel
pressurized by their estate agents into quickly organizing
a mortgage for fear of losing out on a property or are
attracted to a low interest rate without looking at the
mortgage deal as a whole.
Bankers Don't Want You to
Know That You Pay for Your No Cost Home Loan
With mortgage rates continuing on a downward trend, the
competition in the business is fierce. A day never passes
that I don't hear some crazy advertisement about a new loan
program that XYZ mortgage company has and no one else
Home Equity Lines of
Credit - the Basics
A Home equity line of credit is a loan which is similar to
a credit card. These often have a very low interest rate
(In most cases even lower than home equity loans).
Buying a Home when Rates
Many people fret the rising tide of interest rates. You'll
hear things like, "Did I miss the boat? Is it too expensive
now to buy a home? How can I afford the house of my dreams?
Maybe I should wait! Maybe I should just rent for a while!
Maybe the rates will go down in a few weeks.
Getting a Home
Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show
how many homeowners are jumping on the home improvement
bandwagon. Maybe you're thinking of redoing part of your
house as well.
Mortgage Tips For The
It is a curious fact of human nature that people will
haggle over the price of an umbrella, but buy a house on
impulse. We understand small amounts of money; we know what
they can buy.
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