Having the best 30 year fixed mortgage rate is something that all of want when we are looking to buy right upfront or wanting to refinance what we already are living in.
It's starting to become truly amazing that mortgage rates continue to decline at historic levels. There are those that think that the rates may go down as far as 3.5 %. With this kind of opportunity the thought really starts to creep into your mind if you should refinance you home loan.
The prudent thing to do is to take advantage of the situation if you are able to and have plenty of financial ability to do so. Obviously your home should still need to have some level of equity, but that doesn't mean you should do in order to get cash out of the deal.
Being able to lower you existing 30 year fixed rate mortgage if you can should be the primary concern.
Just make sure that you are doing it for the right reasons.
Thursday, March 19, 2009
Thursday, February 19, 2009
Loan Modification Can Save You, Your Home, and Your Credit Rating
These days loan modification is the new buzzword in the mortgage marketplace. Many real estate professionals seem to agree that this could be the answer to the current mortgage crisis that is causing homeowners to lose their houses to bank foreclosures. A loan modification will allow a homeowner to stay in their home as well as keep their credit rating from sinking! In short, it helps homeowners avoid foreclosure on homes that cannot get otherwise refinanced because of the loss of value of the home or the less than perfect credit of the homeowner.
It's the new an affordable way for you to stay in your home. Hopefully it can be done to save you from a foreclosure and is probably the best way to save your home, if your also upside down on your home and you have not been paying your mortgage payment. There are some companies out there that can help you with a loan modification if you need it . There are also government agencies who can help you as well. From some things I've read on the web the worst thing you can do is approach a bank for a modification yourself.
Unfortunately, many modifications have a small success rate if you attempt to get them yourself. If you think you qualify for a loan modification I strongly recommend that you get a company who has lawyers that understand RESPA and TILA guidelines and laws. Most loan modification specialists approaches banks with predatory lending laws in order to get what they want. Getting a change in your mortgage term is probably the best way to get better loan if you know how to do it, but if you don't it can hurt you more than anything.
Currently there are several companies including some law firms that have entered this market and can help consumers negotiate deals with their lenders in exchange for a fee. The loan mod negotiation is not one that can be taken lightly since success in this negotiation will save you your home. That is why it is best to choose a company that can demonstrate a good track record and one that employs competent and professional staff who can handle these tough lender negotiations.
It's the new an affordable way for you to stay in your home. Hopefully it can be done to save you from a foreclosure and is probably the best way to save your home, if your also upside down on your home and you have not been paying your mortgage payment. There are some companies out there that can help you with a loan modification if you need it . There are also government agencies who can help you as well. From some things I've read on the web the worst thing you can do is approach a bank for a modification yourself.
Unfortunately, many modifications have a small success rate if you attempt to get them yourself. If you think you qualify for a loan modification I strongly recommend that you get a company who has lawyers that understand RESPA and TILA guidelines and laws. Most loan modification specialists approaches banks with predatory lending laws in order to get what they want. Getting a change in your mortgage term is probably the best way to get better loan if you know how to do it, but if you don't it can hurt you more than anything.
Currently there are several companies including some law firms that have entered this market and can help consumers negotiate deals with their lenders in exchange for a fee. The loan mod negotiation is not one that can be taken lightly since success in this negotiation will save you your home. That is why it is best to choose a company that can demonstrate a good track record and one that employs competent and professional staff who can handle these tough lender negotiations.
Tuesday, December 23, 2008
Bad Credit Mortgage Refinance Loan - Forget These and You Could Pay the Price
You need to make sure that you don't get yourself into a worse situation if you are already searching for a bad credit mortgage refinance loan.
If you find that you are in need of getting that adjustable rate mortgage or ARM converted into a conventional loan you'll want to take care that you do your due diligence and seek out the best possible deal that you can find.
Make sure that your broker is willing to provide a list of customers that have used their services and are happy with the results they got. Positive testimonials are the most trusting thing you can find to make you feel good about what you're purchasing, in this case it a better mortgage loan product.
Shop around, even though it won't be easy finding a lender that is willing to hand over a new 30 year loan to you they are out there. Shop and don't be afraid to ask questions.
At the end of the day research, research, research.
You do have choice and you need to leave no stone unturned.
Tuesday, December 16, 2008
Best Refinance Mortgage Rates Info
Want To Know About Mortgage Refinance Rates
In the past,it was believed that a mortgage refinance rates wouldn't matter. But this theory is not workable anymore because of the many mortgage loan products that are no longer available in the market because of the credit crunch crisis. So, before choosing a mortgage loan, it is very important to decide which one is right for you.
Finding the right mortgage loan means balancing your mortgage options with your housing requirements and financial picture, now and in the future. Also the right mortgage is not just having the lowest interest rate but much more than that. And this “much more” will be determined by your personal situation. Your personal situation and your limits to pay for monthly mortgage payments can be evaluated by answering the following questions:
What is your current financial situation (including income, savings, cash reserves and debt-to-cash ratio)?
How you expect your finances to changeover in the coming years?
Have you plan to pay back the mortgage loan before retirement?
How long you intend to keep your home or property?
How comfortable you are with your changing mortgage payment amount?
The answers to these questions will give you the idea of your financial position. Now the next step is to decide two key options:
Mortgage Refinance Length,
Type of interest rate (fixed interest rate or adjustable interest rate).
The length of mortgage loan can be minimum 15 years; can be 20, or at maximum 30 years. While selecting a fixed or adjustable interest rate you should be more than aware of the facts that adjustable interest rate mortgage is more risky because the interest rate will change, while a fixed-rate loan offers more stability because of the locked-in rate.
You will be able to pay off a shorter-term loan more quickly, but your monthly payments will be substantially higher. Long-term fixed-rate loans are popular because they offer certainty, and many people find that they are easier to fit into their budget. Although, in long run they will cost you more, but you will have more available capital when you need it, and you will be less likely to default on the loan should an emergency arise.
In the light of above mentioned aspects, it is clear that the key to select the right mortgage loan for your needs should fit comfortably into your entire financial picture, that is having payments within your budget and comfortable level of risk connected to it.
In the past,it was believed that a mortgage refinance rates wouldn't matter. But this theory is not workable anymore because of the many mortgage loan products that are no longer available in the market because of the credit crunch crisis. So, before choosing a mortgage loan, it is very important to decide which one is right for you.
Finding the right mortgage loan means balancing your mortgage options with your housing requirements and financial picture, now and in the future. Also the right mortgage is not just having the lowest interest rate but much more than that. And this “much more” will be determined by your personal situation. Your personal situation and your limits to pay for monthly mortgage payments can be evaluated by answering the following questions:
What is your current financial situation (including income, savings, cash reserves and debt-to-cash ratio)?
How you expect your finances to changeover in the coming years?
Have you plan to pay back the mortgage loan before retirement?
How long you intend to keep your home or property?
How comfortable you are with your changing mortgage payment amount?
The answers to these questions will give you the idea of your financial position. Now the next step is to decide two key options:
Mortgage Refinance Length,
Type of interest rate (fixed interest rate or adjustable interest rate).
The length of mortgage loan can be minimum 15 years; can be 20, or at maximum 30 years. While selecting a fixed or adjustable interest rate you should be more than aware of the facts that adjustable interest rate mortgage is more risky because the interest rate will change, while a fixed-rate loan offers more stability because of the locked-in rate.
You will be able to pay off a shorter-term loan more quickly, but your monthly payments will be substantially higher. Long-term fixed-rate loans are popular because they offer certainty, and many people find that they are easier to fit into their budget. Although, in long run they will cost you more, but you will have more available capital when you need it, and you will be less likely to default on the loan should an emergency arise.
In the light of above mentioned aspects, it is clear that the key to select the right mortgage loan for your needs should fit comfortably into your entire financial picture, that is having payments within your budget and comfortable level of risk connected to it.
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