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Home Loan Refinancing - What Lenders Don't Want You To
Know
Refinancing lenders seems to hold all the cards. They have the
money and their own system for determining which type of credit
you can qualify for. What lenders don't want you to know is that
you can improve your credit rating in a matter of days.
Good Credit Factors
Good credit does not mean perfect credit. People assume a 30
day late payment means poor credit. Not true. You can still have
good credit score if you have two 30 day late payments on a
credit card or one 30 day late payment on a car loan within the
last three years. After three years, the payment history will
drop off your credit report.
While you don't want too much debt when applying to refinance,
having a credit card can help your credit score. Have at least
one credit card and make regular payments on it. If you are
worried about the interest charges, pay off the balance every
month. Those regular payments establish your credit payment
history, a large factor in determining rates.
Ways To Boost Your Credit Rating
Besides paying your bills on time, there are some quick ways
to raise your credit score. First off, close any open credit card
accounts that you don't use. The less available credit you use,
the better rates you can receive with mortgage lenders.
Second, include a note in your credit history explaining the
situation for any late bills, foreclosures, or bankruptcy.
Lenders will offer lower interest rates if the reasons were due
to extenuating circumstances.
Lastly, check your credit report for errors. Creditors and
credit reporting agencies make mistakes. Their mistakes can cost
you thousands in interest charges, so get a copy of your credit
report and read through it carefully. If you find a mistake,
contact the creditor to have them fix it.
Refinancing Alternatives
Refinancing isn't the only way to tap into low interest rates.
If you simply want to access your home's equity, then a home
equity loan might be a better choice for you. Home equity loans
offer flexibility to withdraw funds and pay them back. You can
also write off the interest on your taxes, just like with
mortgage interest.
To view our recommended sources for refinance mortgage loans
online, visit this page: Recommended
Refinance Mortgage Lenders Online.
Carrie Reeder is the owner ABC Loan Guide, an
informational website about various types of loans.
MORE RESOURCES updated Tue. June / 06 / 2023
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Home Equity Loans - A
Big Benefit Or A Big Mistake?
When the bills are piling up and there doesn't seem to be
any way out, a home equity loan can seem like the answer to
your prayers. Home equity loans can also be a great way to
jumpstart a business or investment portfolio.
Tips On New York
Mortgage Refinance Loan
Many homeowners want to know if it worth taking a New York
mortgage refinance. How do you know if New York mortgage
refinancing makes sense in your case? Read on to understand
when you should refinance and how to go about doing it.
Refinance Home Loan and
Refinance Home Loans
Refinance home loan lenders are eager to lend money to any
individual regardless of credit as long as the homeowner
has a fair amount of equity in the home and the home itself
is in a condition that can be resold. Refinance home loans
are different than a second mortgage or line of credit in
that the proceeds from the loan disbursement first pay off
the original mortgage loan.
Where To Find The Best
Rates For Your Mortgage?
As with all of my articles this will be based on a scenario
in my home town. (Which may be similar to yours).
Home Equity Line of
Credit or Second Mortgage Loan Online - Things To Do With
Your Homes Equity
If you are wanting to get a home equity loan, rates are
still low enough that you may want to make use of that
equity in your home. Do you need some ideas on what you
could do to multiply your equity or make some extra money
off of the capital that could be available to you? Here are
some suggestions of ways to put the equity to good use when
you go to take out a home equity or cash out refinance
loan.
A New Choice for Home
Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the
first things to consider is where you'll get the money.
Your basic choices will be mortgage brokers and banks.
Home Buyers Face
Decisions that Affect Their Long-Term Financial
Picture
Taking the step for prospective home buyers into home
ownership is one of the most important financial decisions
a person will make in their lifetime.
Private Mortgage
Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or
PMI? Most lenders will require you to carry PMI if you
cannot put 20% or more of your loan amount forward as a
down payment. PMI protects the LENDER in case you default
on your payments.
A Guide to Getting a Bad
Credit Remortgage
There are several reasons why you might be in the market
for a bad credit remortgage. You might be wanting to try to
lock in a lower interest rate, or perhaps you simply need
to use the bad credit remortgage as a way to consolidate
some of your debts.
Home or Investment
Property Equity: Be Sure the Bank Gives You All that You
Deserve
Home equity is your own personal money machine. If you want
financial freedom, a home equity loan is probably the best
way to achieve it.
Consolidate Debt With A
Home Equity Loan
If you are a home owner who is having to borrow from Peter
to pay Paul due to a mounting debt load, a debt
consolidation home equity loan may be the answer. A debt
consolidation loan will allow you to consolidate your high
interest credit card and consumer loans into one low rate,
affordable monthly payment.
Buy to Let
Mortgages
Finding the right buy to let mortgage is crucial to your
success as a property investor. Unlike other forms of
property investment, a lot of the capital you invest into a
buy to let investment property is likely to be borrowed.
Home Mortgage Loans For
People With Bad Credit - 3 Ways To Improve Your Chances For
Getting Approved
Finding home mortgage loans are a reality for people with
bad credit. By tapping into online home loan resources, you
can find financing to buy a home.
Look For a Great
Mortgage Online
People who are looking for a mortgage today have many more
options than those who were searching for a mortgage a few
years ago, thanks to the Internet. Consider how technology
has changed the way we do many things, including shopping
for products and services - including loans and mortgages.
Bad Credit? First Time
Buyer? You Can Still Get Approved For A Home Mortgage
Loan
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.
When Not To Agree To A
Home Equity Loan
Before you borrow money on your home's equity, think twice
so you don't end up paying more than you expected. According
to the Federal Trade Commission, homeowners-particularly
elderly, minority and those with low incomes or poor credit
should be careful when borrowing money based on their home
equity.
Refinancing vs Line of
Credit
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.
Private Mortgage
Insurance (PMI)
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.
Mortgage-Refinance
Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick
-- The Sales Pitch
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.
4 Things to Watch Out
for When Choosing a Mortgage Company
We all know that there are a lot of mortgage companies out
there. But how do you know which company to choose? Some
companies have flashy advertisements about low interest
rates, but are they really the best company to choose? A
mortgage is a very large investment, so the company that
you choose has to be the best company out there for you.
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