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Source: calculatedriskblog.com
Video: Refinance Home Mortgage Adivce | Refinance Underwater Mortgage | 1-800-463-5049
Mortgage refinance calculator
There are several sites out there you can turn to for best results. SomePeople are worried about the computer using a reverse mortgage. They worry it will be difficult, or have no time to lose is not easy. But is all that is necessary to enter information about your age, your spouse, if you have one, the dollar value of our house, and zip code to which it is located.
Source: prosandconsreversemortgage.com
Make this mistake and you'll lose thousands when refinancing your mortgage
*Your last payment on the old loan. You can’t skip that, either. If your loan closes near the end of the month, you should still make the scheduled payment to your old bank. Why? Interest is actually paid in arrears, meaning you pay at the end of the month the cost of borrowing the money for that month. It’s confusing, because mortgage payments are really two payments at once — last month’s interest and next month’s principal. To keep it simple, if your loan closes on the Nov. 30, you will be paying November’s interest with your Dec. 1 payment, along with December’s principal. You won’t need to make the December principal payment if you refinance on Nov. 30, but most folks pay far more in interest than principal because they are early in their loan’s term, so the overpayment won’t be large. Just pay it to avoid late fees, and enjoy any refund that comes your way.
Source: nbcnews.com
The overdue death of interest
People love to think their property has some sort of intrinsic value. In most cases it has very little. The price of a property is really just a function of how much finance can be mobilised to pay for it. In a crowded island with little space for new development, raising the amount of finance (through devices such as interest-only loans) available to buyers simply pumps up prices. Ending six-times salary mortgages, interest-only loans and zero deposit deals should help deflate the market in the longer term. Yes, young people may feel they are being denied access to property, but the tough love should, eventually, make things more affordable.
Source: theguardian.com
When (And When Not) To Refinance Your Mortgage
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: The opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home’s equity in order to finance a large purchase; and the desire to consolidate debt. Some of these motivations have benefits and pitfalls. And because refinancing can cost between 3% and 6% of the loan’s principal and – like taking out the original mortgage – requires appraisal, title search and application fees, it’s important for a homeowner to determine whether his or her reason for refinancing offers true benefit. TUTORIAL: Mortgage Basics Securing a Lower Interest Rate One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb was that it was worth the money to refinance if you could reduce your interest rate by at least 2%. Today, many lenders say 1% savings is enough of an incentive to refinance. Reducing your interest rate not only helps you save money, but it increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment. For example, a 30-year fixed-rate mortgage with an interest rate of 9% on a $100,000 home has a principal and interest payment of $804.62. That same loan at 6% reduces your payment to $599.55. (To learn more about the home costs, see Mortgages: How Much Can You Afford?, Home-Equity Loans: The Costs and The Home-Equity Loan: What It Is And How It Works.) Shortening the Loan’s Term When interest rates fall, homeowners often have the opportunity to refinance an existing loan for another loan that, without much change in the monthly payment, has a shorter term. For that 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the monthly payment from $804.62 to $817.08. Converting Between Adjustable-Rate and Fixed-Rate Mortgages While ARMs start out offering lower rates than fixed-rate mortgages, periodic adjustments often result in rate increases that are higher than the rate available through a fixed-rate mortgage. When this occurs, converting to a fixed-rate mortgage results in a lower interest rate as well as eliminates concern over future interest rate hikes. Conversely, converting from a fixed-rate loan to an ARM can also be a sound financial strategy, particularly in a falling interest rate environment. If rates continue to fall, the periodic rate adjustments on an ARM result in decreasing rates and smaller monthly mortgage payments, eliminating the need to refinance every time rates drop. Converting to an ARM may be a good idea especially for homeowners who don’t plan to stay in their home for more than a few years. If interest rates are falling, these homeowners can reduce their loan’s interest rate and monthly payment, but they won’t have to worry about interest rates rising in the future. Tapping Equity and Consolidating Debt While the previously mentioned reasons to refinance are all financially sound, mortgage refinancing can be a slippery slope to never-ending debt. It’s important to keep this in mind when considering refinancing for the purpose of tapping into home equity or consolidating debt.
Source: investopedia.com
5 Things Preventing You From Getting a Mortgage Refinance
By Chris Birk Mortgage rates are beginning to creep up, but they’re still well within the kind of range that makes longtime homeowners shake their heads in disbelief. The average interest rate on a 30-year fixed-rate mortgage hit 3.63 percent for the week of March 10, marking the highest point since last summer. So while a seller’s market may be taking shape, it’s still a great time to shop for a mortgage, especially a refinance. That’s why it’s so frustrating for homeowners who can’t get on the bus. So what’s keeping you from getting a refinance loan right now? Here’s a look at five of the most common culprits: So-So Credit Same as it ever was when it comes to mortgage lending — you’re going to need to meet a lender’s qualifying credit score for a refinance, which in many cases will be higher than what you’d need for a purchase loan. For conventional refinancing, you’re likely looking for at least a 740 score to really capitalize on current rates. The bar won’t be quite so high if you’re going after a government-backed option like an FHA or VA loan. Make no mistake: A loan program may not have a credit score requirement, but the lenders who actually issue loans certainly will. Right now, for example, VA lenders are generally looking for at least a 620 score. But you’ll more than likely need at least a 640 to start the refinance conversation. Your Home Is Underwater Values are starting to rebound in some parts of the country, but a lower-than-anticipated appraisal remains a common refi-killer. Consumers who owe more than their home is worth know this all too well. Pursuing a traditional refinance is all but impossible for underwater homeowners — and that explains why the government’s special refinance program for distressed borrowers is absolutely booming. Refinances through the Home Affordable Refinance Program (HARP) topped 1 million in 2012, more than double the year prior. The HARP program helps underwater homeowners with Fannie Mae- and Freddie Mac-backed loans. It’s possible for some lenders to process refinance applications without an appraisal (the VA’s Streamline program is one example). But today that’s a rare exception. Not Enough Income All indications are the economy is on the upswing. While that’s good news for the nation, continued recovery doesn’t suddenly put more money in your pocket. Many homeowners lost jobs or took pay cuts in the wake of the economic crisis. One missed mortgage payment can stymie a refinance application. Lenders will typically want to see 12 consecutive months of on-time payments. Diminished income can also make it tough to actually pay for the refinance, which like any mortgage loan comes with costs and fees. Self-employed homeowners will need at least 2 years of tax returns. You Bought Big Jumbo loans can present a unique set of refinance difficulties. These non-conforming loans typically require sterling credit and significant skin in the game to acquire. It can be especially tough when your $625,000 home has lost a third of its value. Jumbo homeowners may have to come to the closing table with cash in order to secure that lower rate. Mortgage Insurance Paying mortgage insurance can complicate your ability to secure a refinance. That’s especially true for lender-paid mortgage insurance. Either form presents problems for the federal HARP program as well, although some lenders have loosened restrictions a bit in the last two years. If this is currently an obstacle, keep searching for a lender that will work with you. See more on Credit.com: The First Thing to Do Before Buying a Home Can You Really Get Your Credit Score for Free? The Ultimate Credit Report Cheat Sheet More on AOL Real Estate: Find out how to calculate mortgage payments. Find homes for sale in your area. Find foreclosures in your area. Find homes for rent in your area. Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.
Source: aol.com
Should I Choose Adjustable Refinance Mortgage Rates?
ortgage refinance rates are rising and if you’re in the market for a new home loan the temptation for many loan officers is to push home loans with adjustable interest rates. Can you limit your risk and still save money refinancing with an adjustable rate mortgage? Here are several tips to help you make an informed decision on your next home loan despite rising mortgage refinance rates.
Source: refiadvisor.com
HARP 2.0 Program Eligibility Guidelines and Calculator to Check Refinance Qualifications
Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.
Source: zillow.com
Refinance an investment property
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Source: zillow.com