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. May / 22 / 2019
Mortgage rates move higher for Tuesday Bankrate.com
Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ...
Refinance mortgage rate drops for Friday Bankrate.com
Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.
Refinance rates decline for Tuesday Bankrate.com
Several closely watched refinance rates trended down today. See what that means for you if you're in the market for a mortgage.
Mortgage rates decline for Tuesday Bankrate.com
Several benchmark mortgage rates slid lower today. If you're shopping for a home loan, see how your future mortgage payments could be affected.
Refinance rates advance for Tuesday Bankrate.com
Several closely watched refinance rates notched higher today. If you're shopping for a home loan, see how your payments might be affected.
Mortgage rates decline for Thursday Bankrate.com
Several closely watched mortgage rates decreased today. If you're in the market for a mortgage, see how your payments might be affected.
Mortgage rates fall for Monday Bankrate.com
Several closely watched mortgage rates trended down today. If you haven't locked yet, see how your finances could be affected.
Mortgage rates climb for Monday Bankrate.com
Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected.
Mortgage rates rise for Monday Bankrate.com
Multiple benchmark mortgage rates advanced today. If you're shopping for a mortgage, see what that means for you.
Mortgage rates fall for Wednesday Bankrate.com
Several closely watched mortgage rates sunk lower today. The average rates on 30-year fixed and 15-year fixed mortgages both were down. On the ...
Refinance rates retreat for Thursday Bankrate.com
Several key refinance rates ticked downward today. If you're in the market for a refinance, see how your finances could be affected.
Is a No Closing Cost Mortgage Right for You? U.S News & World Report Money
A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan.
How to Get a Mortgage for a Rental Property U.S News & World Report Money
Mortgages for a rental property are different from home loans for your primary residence. For example, the interest rates for a rental property may be higher.
How to Refinance a Small Business Loan U.S News & World Report Money
Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan.
Valid Reasons to Refinance Your Home Loan Student Assembly of the State University of New York
You should only plan to refinance your existing mortgage if you want to pay a lower interest rate, consolidate other loans, and eliminate insurance.
A Look at Mortgage-Backed Securities Trends DSNews.com
According to the Bloomberg Barclays U.S. MBS index, MBS Index duration, or the measure of a security's price sensitivity to a change in interest rates, now sits at ...
Refinance rates rise for Friday Bankrate.com
Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.
Should You Refinance Your Mortgage? Forbes
Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...