Category Archives: mortgage refinance loans

Refinancing Is Easy

mortgage rates

Refinancing Your Mortgage.  Although home refinancing is an in-depth process, it is actually much less difficult than one might think. Many people who are looking for a mortgage refinance are doing so in the throes of an emergency; however, the best way to conduct this kind of transaction is with a calm mind and an eye to the future.

     First of all, to get the right mortgage refinance, get the right help on your side.  Although there are many resources available to the public about home refinancing, this is still the realm of professionals. It is very possible for an individual to do the research necessary to do all the calculations that are necessary to get the best deals; however, this is a time-consuming process that tends to must sacrifice of other activities to do correctly.  Make sure that you have a reputable financial professional on your side before you begin going into banks and other underwriters looking for a refinance package.

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     Second, do not let yourself be caught unawares of the many pitfalls of taking on a home mortgage.  The first step in this article is to get the help on your side. However, under no circumstances should you go into the process with your eyes closed incomplete trust of anyone. You must first understand your personal situation and the goals that you are looking to reach before you can help your professional help find the strategies and tactics to use.

     The napkin calculations that have to do with interest rates and monthly themes should be conducted on a personal level before going any outside help. There are many free resources on the Internet that will help you to conduct these calculations quickly. These figures can then be used to vet the professionals that will be helping you on your journey.

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You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

Should I Refinance My Home?

With interest rates sitting just below 4 percent, now is a great time to crunch the numbers and see whether refinancing your mortgage can save you money.  As a general rule, homeowners will probably come out ahead when they can shave about 2 percentage points off of their interest rate.

If you have an adjustable-rate mortgage (ARM) or an interest-only loan, you might also benefit from refinancing, even if you don’t save money on the monthly payments.  That’s because you can lock in a 30-year fixed-rate mortgage at today’s historically low rates and never have to worry again about your payments increasing.

Think you’re a good candidate for refinancing?  Despite reports of banks hoarding money, lenders are still making loans.  But it has become harder to qualify for one.  Here’s a road map to help you navigate the new and ever changing mortgage terrain.

“If you want access to the lowest interest rates, you need a credit score of 720 or higher.”  If you have a score of 620 or below, you might not qualify for a loan at all.  Credit scores range from a low of 300 to a high of 850.

You’ll need at least a 10 percent equity stake in your property to refinance.  And in some cases, you won’t be able to get a loan without a 20 percent stake if private mortgage insurance is hard to get in your region. That might be a problem if you live in an in area where property values are quickly falling.  You might discover that your house is valued at less than you owe on your current mortgage, making refinancing difficult.  The one exception is for people with mortgages that are owned and held by Fannie Mae or Freddie Mac.  A new program will allow homeowners to refinance up to 105 percent of the home’s value.

Free Credit 728x90

All homeowners will need to document their assets and income.  “Right now you have to prove you are the borrower you say you are, sometimes repeatedly.”  Lenders want to make sure that homeowners can realistically afford any debt obligations, and they’re reluctant to underwrite a mortgage if the homeowner’s overall debt load is more than 43 percent of the family’s income.  At the height of the housing boom, acceptable debt ratios reached as high as 55 percent.

Refinancing isn’t an option for the millions of Americans who need to lower their monthly payments the most those who have lost their jobs.  Banks won’t make new loans to such people until they can show pay stubs from a new job for at least 30 days.  A jobless homeowner’s only option might be one of the new government programs for distressed folks, but they are usually available only to those who are at least 90 days delinquent on their payments.  And while it might be tempting to stop mailing in your check, know that your credit score will take a serious hit if you stop paying your mortgage.

In the past, you might have been able to refinance without paying any points and fees, but today that’s often not the case.  Now that Wall Street is no longer securitizing smaller mortgages, the vast majority of conforming loans (those valued at $417,000 or less in most areas and $729,750 in high-cost areas) are sold to government-sponsored entities Fannie Mae and Freddie Mac.  About a year and a half ago, they started charging borrowers additional fees.  The first one you’ll encounter is called an Adverse Market Delivery Charge, and it could add as much as a quarter of a percentage point to the loan.

Fannie Mae and Freddie Mac also charge a fee called the Loan Level Pricing Adjustment, which takes into consideration your credit score and loan-to-value ratio, or how much home equity you have.  Someone with poor credit and very little equity could end up paying an additional 300 basis points in fees.  So if you were borrowing $100,000 and had to pay 3.25 percentage points in fees, you’d owe the bank an additional $3,250 in closing costs.  If you wrapped the fees into the mortgage itself, you’d end up paying a 4.25 percent rate over the life of the loan.

Interest rates used to be fairly similar from one lender to another, but now they can vary by as much as a percentage point.  And some of the most competitive interest rates are found at the smaller community banks and credit unions, which might be better funded than some of the larger players that got caught in the sub-prime debacle.

Make sure you don’t limit your shopping to a single bank or mortgage broker.  Some of the larger lenders, including Chase, no longer allow brokers to sell their products.  So if you want to see all of the rates in your area, you’ll need to pick up the phone and do some calling around yourself.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

Where Can I Find The Latest Home Refinance Rates?

mortgage rates

There is no shame in struggling to maintain your current mortgage payments along with your general monthly living expenses. Many people struggle with making their payments due to the fact that the home refinance rates that they originally acquired were too steep for them to manage. That is why many people are relying on home refinancing advice and are learning how they can take out a new mortgage on their home in order to acquire decreased rates. They can then pay off their original mortgage and lower their monthly payments. Though this may require them to extend the extent of their mortgage it frees them up to live a more hassle free and flexible lifestyle.

One of the main mistakes that homeowners make when they discover that they are unable to maintain their current bills and mortgage is falling into the trap of believing that they are going to have to foreclose on their home or file bankruptcy. However, if you are diligent in your research you will quickly discover that filing bankruptcy should not even be an option.

Most people that file bankruptcy quickly realize that it will take them years upon years to build up their credit. In fact, most people that file bankruptcy struggle just as much as they did prior to filing. That is why most people focus on acquiring home refinancing advice so that they can learn how to lower their payments while also focusing on debt consolidation services for their other outstanding bills.

The next problem that people face is determining where they should turn to in order to acquire current home refinance rates and how to go about the process. That is because most homeowners are pressed for time and simply don’t have the means to visit bank and lender after lender in order to acquire the information that they need. That is because most people work two or more jobs in order to make ends meet.

The good news is that you can easily acquire this type of information online. There are numerous online resources that specialize in assisting consumers in finding the information that they need to determine what refinancing rates are available and if they will qualify to refinance their home. This allows you to conduct all the research and to carry out all the investigative work from the comfort of your home.

One of the very best online resources that you can choose to take advantage of in order to acquire this type of important information is Peak Home Loans. They are a leading online resource that specializes in providing consumers with refinancing information. They can provide you with all the information that you require in order to determine what current rates are available and what types of programs that you qualify for.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

Home Refinancing Explained

To Refinance Your Home means getting a new mortgage and using some or all of the proceeds to pay off the old mortgage – good credit refinance, poor credit refinance or fair credit refinance.  Homeowners
may home refinance their mortgage for several reasons:

  1. To take advantage of lower interest rates and lower your monthly payment. If interest rates have gone down since you got your original mortgage, you could save money over the life of your loan,
    while reducing your monthly mortgage payment.
  2. To switch mortgage types. You may want to switch from a variable to a fixed interest rate, or vice versa. If you have a balloon/reset mortgage, you must either pay the mortgage in full at the
    end of the 5- or 7- year term, contact your Service Provider (the organization to which you send your monthly mortgage payments) to start procedures to reset your mortgage to a fixed-rate of interest,
    or refinance with a new mortgage.
  3. To shorten mortgage terms. You may want to refinance to shorten the term of your loan. This would allow you to pay less interest over the life of the loan because the money is borrowed for a shorter
    period of time, and more quickly builds up equity in your home.
  4. To get “cash out.” Some lenders will let you borrow more money than the balance of your original mortgage, based on the equity you have in your home. A portion of the money left after the original
    mortgage is paid off goes to you to use for things like paying for a child’s education or home remodeling.  However, remember that you’ll have a new mortgage, at a higher amount, that will eventually
    need to be paid off.

Home Refinance Programs:

  1. Fixed Rate Loans – Both interest rate and payment remain the same over the term of the loan. Loans can be amortized over the following terms: 10, 15, 20, 25, 30, and 40 years. The advantage of
    a fixed rate program is that it allows you to get a fixed rate, over a specified period, without being concerned about market fluctuations. This type of financing is recommended for borrowers who
    intend to stay in their house for a long period of time.
  2. Fixed Rate Balloons – Both interest rate and payment remain the same until the loan is due. Typically, the entire loan amount is due in either 3, 5, or 7 years. The advantage of balloon programs
    is that they tend to have the lowest rates, due to the fact that the entire balance must be paid off or refinanced at the end of the term. This type of financing is recommended for borrowers who know
    they will be leaving their current house in either 3, 5, or 7 years.
  3. Adjustable Rate Mortgage (ARM) – Both interest rate and payment remain the same for a fixed time period, usually 1, 3, 5, 7, or 10 years. At the end of that period the rate can rise at fixed intervals.
    The amount the rate can rise, or margin, is predetermined (normally 1/2% to 2% per rise). The intervals are normally 1, 3, 6, or 12 months. Typically there is a cap on the margin, which determines
    the highest the rate could ever go. The advantage of an ARM is that it allows you to get a lower rate, for a known period of time, while you watch the market to see if and when fixed rates get better.
    Some feel that although they may have gotten a better rate with a balloon, an ARM will adjust at the end of the “fixed period”, whereas a “Balloon” has to be refinanced or paid in full. Arm’s are
    recommended for those borrowers who intend to stay in their house for a fixed period and have taken the time to factor in the margin, to determine that they would not be better off with a Fixed Balloon
    or even a Fixed Rate.
  4. Buy down – Both rate and payment remain the same for a fixed period, at the end of which, the rate and payment increase. The rate and payment may increase once, twice, or even three times, depending
    on whether the Buy down is a 1/1, 2/1, or 3/1. The percentage of increase, as well as number of increases is predetermined. Once all of the increases have occurred the new rate and payment remain
    fixed for the term of the loan. Also, lenders will typically charge a fee to “buy the rate down” for the first 1, 2, or 3 years of the loan. The advantage to a Buy down is that it offers a lower rate
    and payment during the first few years of the loan. Buy downs are recommended for those borrowers who are having trouble qualifying for a Fixed Rate Loan or those who need a more affordable payment
    at present.

Home Refinance Loan Types:

  1. Conforming – Conforming loans refer to loan amounts that conform to government service standards as determined by Fannie Mae & Freddie Mac (the original government agencies, set up in the early
    1940’s, established to help people finance new homes). Conforming loans range in amount form $1 to $275,000. Although not all conforming loans are serviced by these government agencies, the mortgage
    industry has adopted the term to express loan amounts in this range.
  2. Jumbo (Non-Conforming) – Jumbo loans refer to those loan amounts outside of the “conforming” range or, above approximately $300,000 (different from state to state.)
  3. Government Loans – Government loans refer to those loans that are guaranteed by one of two federal agencies. The two types of government loans are: Federal Housing Administration (FHA) loans,
    and Veterans Administration (VA) loans. The advantage of financing using FHA loans are that they are easier to qualify for and allow a borrower to finance more of the loan amount than non-government
    loans. Whereas with a Conforming loan a borrower may only be able to finance 80% of the loan amount, a FHA loan allows a borrower to finance 97% of the loan amount. FHA loans are recommended for those
    borrowers who are first-time buyers, have little money to put down, have a short credit history, or are having trouble qualifying for a Conforming loan. The two main advantages of financing using
    VA loans are that the VA allows borrowers to finance 100% of the loan amount, and that, the VA only requires proof of veteran status to qualify for the loan. The only drawback to government loans
    is that mortgage insurance is required at all loan to values (LTV), unlike Conventional and Jumbo loans where payment of mortgage insurance is determined by the amount of equity a borrower has in
    his home.
  4. Investment Properties (Non-Owner Occupied) – These types of homes are normally acquired specifically for investment purposes or are owned as a result of moving to a new house without selling or
    being able to sell the old house. Financing for investment properties can be achieved using any of the above described programs. Typically, the rates for financing on investment properties are higher
    than owner occupied homes and the LTV’s allowed are lower, due to the fact that default rates tend to be higher on these types of loans.
  5. B, C, D Credit – Just because your credit isn’t perfect does not mean you can’t obtain financing. Most, if not all of the above described programs can be utilized even if a borrower does not have
    perfect credit. In these cases the rates will be higher and LTV’s allowed will be lower. Most lenders have special divisions specifically created for the marketing and sales of sub-prime products.
    Also, most lenders will offer special limited programs as incentives, when they recognize an area where there is a need.
  6. No Document or Low Document Loans – In certain situations it is either difficult or impossible for potential borrowers to show a lender their income on paper. In these instances any of the above
    described programs can be used, but under circumstances called NIV or No Income Verification. All of the other program parameters must be met, however, in the case of income, a borrower may only be
    required to show a operating license or business license and/or limited income information. With this type of financing, rates offered tend to be slightly higher. This type of financing is recommended
    for self-employed borrowers or borrowers who have difficulty showing their income on paper, for one reason or another.
  7. Cash-Out Refinances – Occasionally, when refinancing a first trust, a borrower wants to “cash out” some of the equity that has been built into the loan. Under specific conditions, established
    by the lender, a borrower can actually receive a check for an amount of money that meets those conditions. Cashing-Out is not normally limited to any Your Type Of Loan Desired program, it can be done
    with most of the described programs.
You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

How To Find The Most Up To Date Home Refinancing Advice

There is no denying the fact that most homeowners in the United States are struggling when it comes to maintaining their monthly mortgage payments in addition to their general living expenses and other bills such as credit card debt. Many people feel that the only way that they will acquire financial relief is to file bankruptcy. However, others have relied on mortgage refinance advice and have quickly learned that they can acquire low home refinance rates that will allow them to pay off their current mortgage and that will then lower their monthly payment on their new mortgage. This is one of the most financially savvy options that you can choose to take advantage of in order to maintain your way of life without having to struggle to make ends meet each month.

Apart from home refinancing advice others have also relied on debt consolidation options in order to take other bills such as their credit cards and to combine the payments into one monthly bill. This option once again allows homeowners to free up their finances so that they are keeping more money in their bank accounts each month. This allows these individuals to quit living from paycheck to paycheck.

Don’t believe that your only option is to get rid of your home or to file bankruptcy. This is actually a last resort for most people. In fact many people that attempt to file for bankruptcy quickly discover that they don’t even qualify because they don’t have enough debt to do so. Therefore, you should consider all other options in order to save yourself time and so that you can acquire immediate debt relief.

The best part about acquiring home refinancing advice is that you can easily do it from home. By making use of the internet you can focus on searching for those companies that specialize in providing users with latest mortgage refinance advice that is available. You will want to do this instead of visiting lenders in your area. That is because lenders will generally tell you what they want you to hear and what they want you to believe. If you were to visit five lenders in your area you would hear five different stories as to what you qualify for. Whereas if you make use of the internet for your research purposes you can find the truth immediately in regards to your current situation.

Just be cautious when choosing an online resource to rely on for such information. The main thing you want to realize is that laws vary from one state to the next and one country to the next when it comes to refinancing. Therefore, you will need to find an online resource that actually provides information based on your area. That way you can truly learn what you are entitled to and how refinancing truly works in your area.

Peak Home Loans is one of the most professional and reputable information services of its kind. If you want to learn what your refinancing options really are you should immediately make use of their free online services.  Do you desire to acquire the most professional home refinancing rates? You can acquire the best mortgage refinance advice at Peak Home Loans.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

When To Refinance Your Home?

With interest rates sitting just below 4 percent, now is a great time to crunch the numbers and see whether refinancing your mortgage can save you money.  As a general rule, homeowners will probably come out ahead when they can shave about 2 percentage points off of their interest rate.

If you have an adjustable-rate mortgage (ARM) or an interest-only loan, you might also benefit from refinancing, even if you don’t save money on the monthly payments.  That’s because you can lock in a 30-year fixed-rate mortgage at today’s historically low rates and never have to worry again about your payments increasing.

Think you’re a good candidate for refinancing?  Despite reports of banks hoarding money, lenders are still making loans.  But it has become harder to qualify for one.  Here’s a road map to help you navigate the new and ever changing mortgage terrain.

“If you want access to the lowest interest rates, you need a credit score of 720 or higher.”  If you have a score of 620 or below, you might not qualify for a loan at all.  Credit scores range from a low of 300 to a high of 850.

You’ll need at least a 10 percent equity stake in your property to refinance.  And in some cases, you won’t be able to get a loan without a 20 percent stake if private mortgage insurance is hard to get in your region. That might be a problem if you live in an in area where property values are quickly falling.  You might discover that your house is valued at less than you owe on your current mortgage, making refinancing difficult.  The one exception is for people with mortgages that are owned and held by Fannie Mae or Freddie Mac.  A new program will allow homeowners to refinance up to 105 percent of the home’s value.

All homeowners will need to document their assets and income.  “Right now you have to prove you are the borrower you say you are, sometimes repeatedly.”  Lenders want to make sure that homeowners can realistically afford any debt obligations, and they’re reluctant to underwrite a mortgage if the homeowner’s overall debt load is more than 43 percent of the family’s income.  At the height of the housing boom, acceptable debt ratios reached as high as 55 percent.

Refinancing isn’t an option for the millions of Americans who need to lower their monthly payments the most those who have lost their jobs.  Banks won’t make new loans to such people until they can show pay stubs from a new job for at least 30 days.  A jobless homeowner’s only option might be one of the new government programs for distressed folks, but they are usually available only to those who are at least 90 days delinquent on their payments.  And while it might be tempting to stop mailing in your check, know that your credit score will take a serious hit if you stop paying your mortgage.

In the past, you might have been able to refinance without paying any points and fees, but today that’s often not the case.  Now that Wall Street is no longer securitizing smaller mortgages, the vast majority of conforming loans (those valued at $417,000 or less in most areas and $729,750 in high-cost areas) are sold to government-sponsored entities Fannie Mae and Freddie Mac.  About a year and a half ago, they started charging borrowers additional fees.  The first one you’ll encounter is called an Adverse Market Delivery Charge, and it could add as much as a quarter of a percentage point to the loan.

Fannie Mae and Freddie Mac also charge a fee called the Loan Level Pricing Adjustment, which takes into consideration your credit score and loan-to-value ratio, or how much home equity you have.  Someone with poor credit and very little equity could end up paying an additional 300 basis points in fees.  So if you were borrowing $100,000 and had to pay 3.25 percentage points in fees, you’d owe the bank an additional $3,250 in closing costs.  If you wrapped the fees into the mortgage itself, you’d end up paying a 4.25 percent rate over the life of the loan.

Interest rates used to be fairly similar from one lender to another, but now they can vary by as much as a percentage point.  And some of the most competitive interest rates are found at the smaller community banks and credit unions, which might be better funded than some of the larger players that got caught in the sub-prime debacle.

Make sure you don’t limit your shopping to a single bank or mortgage broker.  Some of the larger lenders, including Chase, no longer allow brokers to sell their products.  So if you want to see all of the rates in your area, you’ll need to pick up the phone and do some calling around yourself.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

How Can I Find Current Mortgage Refinancing Rates?

mortgage rates

Do you currently have a mortgage on your home that has extreme rates that you struggle to pay every month? Are you up to your neck in debt when it comes to credit card bills and other living expenses in addition to your mortgage? If so, then you may be interested in learning more about current mortgage refinancing rates. Many people that struggle with their current expenses that rotate around their mortgage will choose to acquire new home refinance rates in hopes of lowering their month-to-month bills. The good news is that this process is simple to get started with.

Don’t fall under the misconception that there is no hope for you and your current financial situation. Don’t be misled into believing that bankruptcy is your only option. In fact, you should be aware that filing bankruptcy is much harder today than it was a year ago. That is because there are so many options that one can rely on before bankruptcy can truly be considered. That is why you should focus on obtaining mortgage refinancing advice so that you can truly get a clear picture of what your options truly are.

The good news is that you can acquire the best information on mortgage refinancing rates from the privacy of your home and don’t even have to visit a lender in person. There are numerous online resources that you can take full advantage of in order to acquire the very best home refinance rates. There are numerous websites that are committed to providing consumers with the latest information in regards to mortgage rates and that can assist you in determining which options are available to you and which ones you actually qualify for.

The problem that you will experience when looking for an online resource that provides refinancing rates and information on refinancing is determining which one you should make use of based on your current situation.

The first thing that you will want to do is determine if the resources you are considering actually offer refinancing information based on the state and country that your reside in. Many such websites are limited by the type of advice that they offer. They generally focus on the state and country wherein their business is located. However, with a little research you should have no problem finding an online resource that can provide you with this type of information based on your area.

You will want to focus on these types of resources as laws vary from one state and country to the next when it comes to how refinancing works when concerning a mortgage.

The next thing you should consider is if you have other bills that you would like to lower the payments on as well. Many online resources of this type can also provide you with general debt consolidation information. This will allow you to kill two birds with one stone without having to rely on multiple resources to acquire the information that you require.

One online resource of this type you can rely on is Peak Home Loans. Are you in search of current home refinance rates? You can find the latest mortgage refinancing rates at Peak Home Loans.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.67% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $404/mo.  4 in 5 will qualify.  Rates are at an all-time low, Apply Today!

Attn: Special Rates Available Until 12-31 For Residents Of Virginia & Neighboring States!