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.
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MORTGAGE-REFINANCING NEWS updated
Sun. January / 20 / 2019
Business Briefs Times Record
Arvest's 2018 mortgages pass $2BArvest Bank announced this week its mortgage division originated more than $2 billion in loans in 2018, the third time it has ...
When Is a Cash-Out Refinance Loan a Good Idea? U.S News & World Report Money
In a cash-out refinance mortgage, you take a loan against your home in excess of what you owe, leaving you with cash available to spend. Adding to the debt ...
Best Mortgage Lenders Bankrate.com
The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ...
Refinance rates drop off for Monday Bankrate.com
Multiple key refinance rates tapered off today. The average rates for 30-year fixed and 15-year fixed refinances both slid down. The average rate on 10-year ...
What It Takes to Refinance a Jumbo Loan NerdWallet
Refinancing a jumbo loan, a mortgage over $484350, in most cases, and up to $726525 and even higher in some high-cost areas, can result in big savings and ...
Rocket Mortgage Review Bankrate.com
Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app.
Refinance rates drop off for Thursday Bankrate.com
Multiple benchmark refinance rates trended down today. The national averages for 30-year fixed and 15-year fixed refinances both slid down. The average rate ...
Cash-Out Refinance Calculator NerdWallet
A cash-out refinance can be a great financing option depending on your use of the cash and your financial profile. This calculator will help you determine how ...
Refinance rates dip for Friday Bankrate.com
Multiple closely watched refinance rates were down today. See what that means for you if you're in the market for a mortgage.