Mortgage & Refinancing Information:
As interest rates have risen in the last six weeks from record lows, homeowners are once again face with finding viable options to reduce the amount of interest paid on their home loans. The rush to refinance provided borrowers with good to excellent
credit the opportunity to take advantage of low interest rates, that helped to reduce their monthly mortgage payments, which was the only benefit provided by the lowered rates.
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your
lender is now protected against any default on the loan.
Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process
and reducing the paperwork. Here are some things you can keep in mind when selecting a mortgage provider.
If you are considering a new home loan anytime soon, and you do not want to get an adjustable rate mortgage (remember, ARMs are very strong loans), you should consider a 2/1 buy-down. This is a great mortgage program for people who require a smaller payment
now, knowing that they will have more money in the following years.
I have a lot of friends and family who are currently buying houses. Many of them have had a problem with timing.
I continue to see the same For Sale signs in my neighborhood. The houses just aren't selling.
Homeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don't get me wrong, most lenders and agencies are reputable and legit.
When you need a mortgage -- either because you are buying, refinancing, taking out equity or getting into investment real estate, you need a good mortgage professional. Now, you may be tempted to go to your local savings and loan, as they may promise lower fees or zero costs.
Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment can come in the form of a gift, and closing costs can be financed into the loan, making this a true no money out of pocket purchase transaction.
Do you need cash? Here's a mortgage for you. If you are not in a good position to take an equity line of credit on your home, because you have not built enough equity or a poor credit situation is making bankers steer clear of you, altogether, there is another option -- the cash-out refinance.
We live in a society where people are losing their homes at an alarmingly high rate. There are several reasons for this, but one could certainly be avoided -- buying a house that creates a loan that is too large for you to handle.
What the average homeowner or home buyer fails to realize is that bankers, loan officers, mortgage brokers, or whatever your lenders call themselves, are salesmen. Certainly, if you purchased your home from a realtor and used her lender, you most
likely got a feeling of trust in that person, because the realtor referred him.
Some people in the real estate industry have a terrible reputation. Why, because they deserve it.
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.
Buying your first home will likely be the biggest and most important purchase you will ever make. It can be a very stressful and may even leave you sleepless for nights on end wondering whether you are making the right decision - especially where
choosing the right home loan is concerned.
More Articles from Mortgage & Refinancing Information:
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MORTGAGE-REFINANCING NEWS updated
Wed. July / 17 / 2019
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