Kelly Liyakasa asked:




If you’re like many homeowners, you dream of better days when your property is paid in full and you don’t have to make those dreaded mortgage payments anymore. But, getting back to reality, many are turning to mortgage refinance services in order to cut their monthly loan payments or to extend their loan periods. Keep these hints in mind before choosing a refinance plan:
When to Refinance: When you already have a mortgage and wish to apply for a second, be sure the amount you save on interest rates balances fees paid during refinancing. Lending Tree is a great resource when debating the ‘apply/not to apply’ question, as they offer certified lending and allow you to compare multiple offers online. Loan Options: Determine whether a fixed rate mortgage or adjustable rate mortgage is in your best interest. Fixed rate mortgage monthly payments tend to remain steady despite market conditions. E-LOAN allows you to compare both loan options and to outweigh the pros vs. cons before you make your decision. Cash-out refinances: These allow you to refinance with a loan amount larger than your current mortgage…while you keep the cash difference. The catch? Your home equity must qualify before you can go through with it. No Closing Cost Refinances: If you wish to save on up-front fees, this is probably your best choice. Depending on whether or not the prevailing market rate is lower than your existing rate by at least 1.5%, you are sure to reap the benefits.

Websites such as E-LOAN provide mortgage refinance loans, as well as useful information on home equity, home and auto purchasing, and personal loans. Utilizing features such as ‘The Loan Advisor’ allow you to enter information such as credit ratings, how much you intend on borrowing, estimated property values, and current mortgage balances. They, in turn, will recommend which loan route to take. Remember, saving money is key in your refinance loan search.

Caroline

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Jessie

Raziboy asked:


And is’t a good advice to refinance with my mortgage company (CountryWide Home And Loans) or shop around other Loan companies

Laura

Joyce P asked:


We relocated and purchased our home about a year and 7 months ago in an area that was more expensive than we were coming from. The purchase price was $239,000, we put down $14,000, and took a home equity loan of $34,000 to finance the rest of the purchase price and to avoid PMI. I recently submitted a question about whether or not to start paying down the first mortgage or the home equity loan, and got great advice, but I am wondering now that my tax value of my home has increased in January from $200,000 to $279,000 due to reassessment, (I know it wouldn’t sell for that now because we recently had comparables done in January), would I save money by refinancing my first mortgage and adding in the home equity loan so the total amount has a lower interest rate? My husband thinks we have to wait 2 years before we can refinance, and I’m not sure about that, but that would be this July. My goal is to pay off our house as soon as possible.

Teresa

Chris asked:


Hi,

My wife and I are buying a new condo in NYC. Exciting…yes. However, we are trying to get our loan in place. Initially, my wife and I were both on the loan and we were quoted the rate of 5.375 by our broker. It turns out that by using my credit score alone we can get 5.25. Not a huge difference, but it all helps.

Question is, we had borrowed half of her 401k to put towards the down payment and I wondered if we are still eligible to use that if she is not on the mortgage?

Any advice much appreciated

Thanks.

Raymond

Mark Aucamp asked:




The latest forecast by the British Chamber of Commerce suggests that unemployment figures could rise to ten percent or around 3.1 million people during this year 2009. According to Credit Action personal debt in Britain today stands at almost

Mary Ny asked:




Fannie Mae was chartered in 1938, as the Federal National Mortgage Association (FNMA), with the responsibility of creating a secondary market for home mortgages. It operated under direct federal control. In 1968, the Federal National Mortgage Association was partitioned into two separate entities- one wholly owned by the government and known as the Government National Mortgage Association (Ginnie Mae), and the other to retain the Federal National Mortgage Association (Fannie Mae) name. It was privatized by legislation enacted in 1968 and became fully private in 1970.

Fannie Mae (along with Freddie Mac) sets the limit each year on the size of a conforming loan based on the October to October changes in mean home price. Mortgages above this limit are considered jumbo and super jumbo loans because Fannie Mae and Freddie Mac only buy conforming loans to repackage into the secondary market, making the demand for non-conforming loans much less. Thus, interest rates for jumbo and super jumbo loans are higher than for conforming loans.

According to the Office of Management and Budget (OMB), borrowers see mortgage rates 25-50 basis points lower because of what Fannie Mae and Freddie Mac do. This is reflected in lowered interest rates of up to a half percentage on each individual homebuyer’s mortgage, which translates to lower payments and increased consumer cash flow for other purposes. Fannie Mae and Freddie Mac also were the agencies that recommended that FICO scores be used in mortgage lending. Now, FICO scores are the mortgage industry standard for originating conventional loans, adjustable rate mortgages (ARMs) based on various prime rate indices, jumbo loans and 2nd home purchases as well as the popular cash out mortgage refinance loans.

Today, Fair Isaac estimates that more than 75% of all mortgage originations in the U.S. involve the FICO credit score. FICO scores are being used in almost every sector of the nation’s economy, and largely determine whether or not you will be approved for credit (including mortgage loans), what interest rates you will pay and what loan terms are available to you. This is why it is important to maintain a high FICO. But, if you’re a homeowner who’s had credit issues in the past, a timely mortgage refinance or home equity loan (second mortgage) for debt consolidation can help raise your score substantially and save you a lot of money.

Pauline

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Darryl

Kristen asked:


So, I’m in the process of trying to have my loan “re-modified” as I’m upside down in my house now (I bought it for $310,000 2.5 yeras ago, I owe $240,000 on it now, and it would only sell for about $210,000 if I’m lucky). So, I’m getting ready to have renters move into the house. They will not be paying me enough to cover my mortgage, but only a couple hundred dollars off. So, here’s where it gets tricky. Apparently to remodify a loan, the mortgage company won’t even entertain the idea until I am approx 3 months behind on payments, so I have stopped paying my mortgage in order to make this happen. BUT – when i have renters in the house, am I legally obligated to send their rent money into the mortgage company? Becasue that obviosuly negates what I’m trying to do. Any advice or insight?

Lauren

karmahappenstoo asked:


I am relocating to the Pierce County area and or outskirts for a job promotion and looking to move to Gig Harbor or Puyallup because mostly I have heard the schools are pretty good. I would like some pro’s and cons about best places to live and why.
Also, if anyone recommends an honest realtor, bank to get a good loan, especially with the economy the way it is I would really appreciate it. Thanks!

Colleen

Nick K asked:


I have a home mortgage for $260,000 and a student loan for $20,000. My interest rate on my home is 6.75% and my rate on my student loan is 3%. My student loan is much easier to pay off since because of the amount and I know I probably will never pay off my home before I end up selling it (I just purchased the home). I know the rate is higher on the home but I’m not sure if it’s worth putting more towards it if the payments are going to stay the same regardless. Just more principal will be paid off. It does not seem to be the best time to invest but it may be my best way to beat the system. My savings account is yielding 4% but has been dropping lately. I don’t have an auto loan because I made the mistake of leasing a car 2 years ago so I’m paying those payments when I wished I had bought instead.

Any advice from people who have been in this situation before. I’m a new home owner looking to get the most for my dollar.

What’s your opinion? Any good tips out there?

Nellie

Mr. Knowledge asked:


I have been Pre-approved for a home loan. I understand that a pre-approval does not actually mean that I am completely approved to receive the loan, but it looks good during the house hunting process. I was Pre-approved by the lending company that I was referred to, by the builder of the homes that my wife and I are interested in. We know which house and what upgrades want, but we are still a little unsure of how this process works. What happens now?

Do we contact the builder and pick our colors for everything and start construction on the house? Again, we are unsure and it is late at night right now so I can’t call and question the lender so I turned to Yahoo Answers once again!

Marian