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2011 – August – 16

Aug 16th, 2011 Archives

Author: Louie Latour

Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone’s financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.

I. How Long do You Plan on Keeping Your Home?

The longer you plan on living in your home the more sense it makes for a home mortgage refinance loan. The reason you need to stay in your home is that it will take time to recoup your expenses from mortgage refinancing. You can determine if mortgage refinancing is worth your while with a simple mortgage calculator. Divide the cost of lender fees and closing costs by the amount you are saving on your monthly payment and you can calculate how long it will take you to recoup the cost of mortgage refinancing.

II. What are Your Needs for Mortgage Refinancing?

Are you considering a home mortgage refinance loan to lower your monthly payment amount due to your cash flow or are you wanting to pay less to the lender in mortgage interest? If you need the lowest mortgage payment possible but may not qualify for a lower interest rate, mortgage refinancing can still help you meet your financial goals. Qualifying for a lower interest rate combined with a shorter term length will help you pay down your mortgage loan quickly while paying less to the lender.

III. Choose The Right Term Length When Mortgage Refinancing

Term length along with your mortgage interest rate determines your payment amount. If you need the smallest payment amount possible choose a longer term length. Traditional mortgages come with thirty year terms; however, there are now forty and fifty year term lengths to choose from. If your goal is to pay off your loan as quickly as possible choosing a shorter term loan will help meet this goal. Mortgage terms of fifteen years are a popular choice for home mortgage refinance loans.

Carefully comparing loan offers from a number of lenders will help you avoid overpaying for your home mortgage refinance loan. You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.

To get your free mortgage tutorial visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Is Mortgage Refinancing Right For You?

Filed under Mortgage by on #

Author: Louie Latour

Term length is the amount of time your mortgage lender allows you to repay the loan. Choosing the right term length for your financial objectives is an important part of mortgage refinancing. Here are several tips to help you choose the right term length for your financial goals.

The most common reasons homeowners have for mortgage refinancing is to get a lower interest rate or cash out equity in their homes. Other homeowners refinance their mortgages to change the term length of their loans. Term length is the duration of the mortgage and directly affects the monthly payment amount. When mortgage refinancing you have the option of extending or reducing the term based on your financial objectives for the loan.

Mortgage Refinancing to Extend the Term Length

Homeowners in need to the lowest monthly payment possible have the option of extending their term length. Traditional mortgages come with term lengths of 30 years; however there are now 40 and 50 year mortgages to pick from. Choosing a mortgage of this duration has an advantage over interest only mortgages and will give you a similar payment with significantly less risk.

Mortgage Refinancing to Shorten the Term Length

If your financial goal is to pay off the mortgage as quickly as possible, you can achieve this by shortening your term length. Mortgage refinancing with a 15 year term length is a popular choice for people wanting to build equity as quickly as possible. When shortening the term length of your mortgage loan your payment amount will go up; however, you will pay less to the lender in total finance charges.

You can learn more about your mortgage refinancing options, including common homeowner mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Filed under Mortgage by on #

Author: Louie Latour

If you are struggling to find a traditional mortgage loan because you cannot document enough of your income to qualify, you could benefit from a no doc or low doc mortgage loan. Here is what you need to know about this unconventional type of mortgage loan.

Traditional mortgage lenders require documentation of income when applying for a loan. This documentation typically comes in the form of pay stubs from your employer and bank statements showing your assets. Documenting income is difficult for some individuals who or self employed or are paid on a commission basis; these individuals could benefit from no doc mortgage loans.

No doc mortgage loans differ from traditional mortgages in that they require much less documentation of income and assets to qualify. The lender assumes a higher risk in lending; this risk is passed on to the borrower in the form of higher interest rates and lender fees. The no doc mortgage lender may require a higher down payment or points paid to qualify for this loan. No doc mortgages fall into three categories: No Income/Asset loans, No Ratio loans, and Stated Income loans.

Income/Asset loans do not require information about your income, assets, or employment status. The mortgage lender will rely on your credit score and the appraised value of the home to make a decision on your loan application. If your application is approved you can expect your interest rate to be as much as 3% higher. These loans are ideal for individuals with superb credit.

Ratio loans do not require you to state your income; because of this the lender does not look at your debt to income ratio. The lender will require documentation of your assets, debts, and employment status to approve this loan. The interest rate you receive for a no ratio loan is higher than a traditional mortgage, but not as high as a income/asset no doc mortgage loan.

Stated income mortgages enable you to declare your income without providing documentation. The only requirement for this loan is that you document your employment history and state a reasonable income for the type of work you do. The lender will use your assets and debt-to-income ratio to qualify you for the loan; because of this the interest rate you can expect to pay is typically only half of point higher than traditional mortgage financing. You will need excellent credit and a sizeable down payment or up front points to qualify. This type of mortgage is ideal for the self-employed.

To learn more about your mortgage financing options and how to avoid common mortgage mistakes, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

Filed under Mortgage by on #

Author: Louie Latour

Refinancing your mortgage can be a major step to improving your financial well-being, if done correctly. Many homeowners are intimidated by mortgages because there are a number of mistakes that can cost you thousands of dollars. Here are several tips to help you find the best mortgage for your financial situation and avoid costly refinancing mistakes.

There are dozens of options available to homeowners refinancing their mortgage loans. These mortgage options include FHA loans, VA loans, traditional fixed rate loans, interest only and option adjustable rate mortgages. Different types of mortgages are not right for every financial situation. It is up to you to research mortgage loans and choose the right mortgage for your financial situation.

Shop for the Best Mortgage Online

Shopping for the best mortgage from a variety of quotes will help you find the most competitive offer for your loan. When you compare offers it is important to compare all aspects of the loans you consider, not just the interest rate. Many homeowners that make the mistake of only comparing interest rates overpay for their lender fees and closing costs.

When you compare loan offers it is not enough to base your decision on the Annual Percentage Rate or APR. To make an informed decision you should request a copy of the Good Faith Estimate from each lender. The Good Faith Estimate is a standardized form that outlines all of the expenses associated with the loan and who the costs are paid to. Mortgage lenders are required by law in the United States to provide this document to you upon receipt of your application; however, most will give it to you simply if you ask.

Do Your Homework First

Doing your homework means researching mortgage lenders and their offers; however, it also means gather together your documentation prior to applying. Before you apply for a new mortgage you should gather up your financial paperwork including pay stubs, bank statements, and tax returns. You will also need to review your credit reports for errors, find your existing mortgage contract and a recent mortgage statement. Having your documents ready before hand will make the entire mortgage process go smoothly.

You can learn more about refinancing your mortgage by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: www.refiadvisor.com

Filed under Mortgage by on #

Author: Terry J. Rigg

A loss of a job,death in family, medical expenses and other life-altering situations can happen to anyone, causing us to fall behind in our mortgage loan payments. If we neglect paying our

credit cards it hurts our credit rating; if we neglect our home loan payments the lender will foreclose, and repossess our home.
We are often embarrassed to talk about our money problems, but that approach doesn’t solve anything. Put your pride on hold and get serious about avoiding
foreclosure.Contact your lender as soon as you know your payments will be late. Never ignore the lender’s letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.

Below are Solutions for Temporary Problems

1.Reinstatement
When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

2.Forbearance
You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
Lenders sometimes combine Forbearance with Reinstatement if you know you’ll have the funds to bring your account current by a specific date.
3.A Repayment Plan
If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to each currentmonthly payment until your account is current.

Solutions for Longer-Term Problems

1.Mortgage Modification
If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage. One solution is to add the past due amount into your existing loan, financing it over a long term.
Modification might also be possible if you no longer have the ability to make payments at the former level. The lender might modify your mortgage to extend the length of your loan, or take other steps to reduce your payments.

2.Selling Your Home
If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home. www.wesellhomesdfw.com can help by purchasing your home.

3.Deed in Lieu of Foreclosure
The lender may allow you to give-back your property, in turn forgiving the debt. This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to sell the house for a specific time period before allowing this option; the option may not be possible if there are other liens
against the home.

http://www.wesellhomesdfw.com

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