Archive for June, 2008
The Most Common Reason That Most
The most common reason that most people are refinancing currently is to lower their monthly payments/expenditures. While rates have crept up, they remain at historically low levels. This means that you may still qualify for a very low interest rate on a home loan while being able to pay off credit cards or other higher [...]
Get Approved For A Loan
Get approved for a loan prior to shopping for a home. Having your loan pre-approved increases your negotiating power.
In Some Cases, Maintaining Some
In some cases, maintaining some cash reserve fund is more important than lowering the monthly payment. If you have significant equity on your home and if you are uncertain about your future income, refinancing to cash out is not a bad option. This is not a long term solution, but it buys you time to [...]
Here Are Some Basic
Here are some basic home-buying tips for every home buyer no matter where you live or what your situation is. The first tip is to make sure you get pre-approved as a first step of the home buying process. Getting a pre-approval from a honest, professional and reliable mortgage advisor is crucial. This will let [...]
If Credit Card Debt
If credit card debt is piling up, and you have some equity in your home, it is sometimes a good idea to consolidate that debt and roll it into your mortgage, if the payments make sense in the end.
One Of The Most Important
One of the most important things you will need is equity. Equity is the difference between what you owe on your home and your home’s current market value. Take a look at similar properties in your area that are listed for sale or have sold recently to get an idea of the current market value [...]
One Of The Most Common
One of the most common reasons for refinancing a home is to lower your monthly payments. You may lower your payments by lowering your interest rate, extending the term of your mortgage or a combination of both. For example: you bought your home with a mortgage of $100,000 with an interest rate of 9% and [...]
Many Times, If You
Many times, if you have a strong income and some assets, you may still qualify for a fannie mae’s expanded approval or an FHA loan. You will need to have your bankruptcy discharged for at least two years and a strong recent mortgage history.
Another Reason To Refinance
Another reason to refinance is to shorten your term. If you have been paying on your current mortgage and would like to save thousands of dollars off the remaining balance, shortening to a 20 or 15 year amortization may help.
A Good Time To Refinance
A good time to refinance is when you currently have an adjustable rate mortgage and the short term fixed rate is getting ready to adjust. For example if you have a 30 year mortgage on a 3/1 arm that would mean that your interest rate will be fixed for the first three years of the [...]
