When you are looking at how to successfully refinance things may seem very complicated and confusing, but it really is a lot simpler when broken down. To make this work well you just need some planning with a calculator, pencil, and paper.The first thing to understand is that refinancing means to finance again. You are getting a completely new loan, which you pay off your current one with, and then just start making payments on your new loan.If...more
For a mortgage broker, finding the right mortgage leads is one of the most important things you can do in order to grow your business. Whether you get your leads from a local real estate agency, bank branches, word of mouth or through a lead generation services, without leads, which will convert into loans, you are dead in the water. More and more mortgage brokers are purchasing leads, as more and more borrowers are turning to the internet to...more
Mortgage rates shot up this week with the 30 year rate moving from 4.81 to 4.94. Rates also moved up substantially last week. So now in the last two weeks rates have moved from 4.71 to 4.94. This is highest the 30 year rate has been since November 5th. Although the other mortgage products have moved up in the last two weeks they have not risen as dramatically as the 30 year rate. Below are rates from the weeks from Nov 19, 2009 to Dec 17, 2009 Dec 17, 2009 30-fixed 4.94 15-fixed 4.38 5-ARM 4.37 1-ARM 4.34 Dec 10, 2009 30-fixed 4.81 15-fixed 4.32 5-ARM 4.26 1-ARM 4.24 Dec 03, 2009 30-fixed 4.71 15-fixed 4.27 5-ARM 4.18 1-ARM 4.25 Nov 26, 2009 30-fixed 4.78 15-fixed 4.29 5-ARM 4.18 1-ARM 4.35 Nov 19, 2009 30-fixed 4.83 15-fixed 4.32 5-ARM 4.25 1-ARM 4.35 For the last few months the 30 year rate has always been the obvious choice. Since 30 year rates have risen .23 points in the last two weeks while 15 year rates have only risen .11 points and the 1 year arm has only risen .10 points, now it's becoming less obvious. I would still think 30 year rates is still probably the default choice for most homeowners there are probably rare circumstances where it might make more sense to...more
The number of homeowners who have to contend with the risk of foreclosure is increasing each day. If you find yourself in a precarious situation where you are unable to make your monthly mortgage payments or have missed a payment you have three options; you can either opt for refinancing, home loan modification or let the bank foreclose your home....more
A well written mortgage modification hardship letter will brighten your chances of securing a home loan modification. And in the absence of refinancing options a mortgage modification may be the only thing that can save you from imminent foreclosure. So here are a few tips and an outline of an appropriate home loan modification hardship letter.The...more
Variable rate mortgages, also known as adjustable rate mortgages (ARMs) have a single defining idea behind their design and execution: they reflect the actual value of money at the time when the rate is adjusted. These rates are determined by an overall financial index that continually fluctuates over time. It's this fluctuating monetary index that determines whether the interest rate you got, when you first received your variable rate mortgage, will rise or fall once the pre-determined time has come for the loan to be adjusted.Variable rate mortgages can offer borrowers a loan with a much lower monthly payment, at first, if the loan is taken out at a time when the actual value of money makes the present fixed interest rates seem high. However, since the index of monetary values is constantly fluctuating, it can lead to trouble if payments rise at the time of periodic adjustments.The Federal Housing Administration (or FHA) has designed a program called the FHA Secure Initiative. This program was launched to allow homeowners and lenders to refinance and renegotiate mortgages. Sometimes, when the variable rate mortgage is adjusted, there comes a new risk that a borrower might...more
With the economy in doldrums, joblessness rate on the rise, the deteriorating home values and interest rates adjusting the fear of missed mortgage payments and foreclosure is turning into a reality for many Americans. If you are consistently late...more
With no end to the economic crisis in sight, the problem of foreclosure is gaining epidemic proportions with the number of home owners who cannot keep up with their mortgage payments increasing each day, mortgage modification is turning into an...more
To say it frankly, the reverse loans can be of great help, but they are not necessarily the only solutions for these kind of the problems. But if a senior is American, age 62 or over and owns a home, where he has equity left, he could research this...more
The economy is getting worse day by day and there is more bad news with more jobs cut off. Every time you turn on the television you will hear same news everywhere making unbearable for anyone to watch news fearing what will happen next. Major...more
It is not always easy to waltz into bank and get a mortgage for some new property or home. There are three distinct phases to getting a mortgage that you should learn about and practice as you go about getting your home. Let's see what these three...more
A lender can get the difference of amount on the foreclosed property from the borrower by receiving a deficiency judgment order issued by the court. By issuing this order, the court empowers the lender to pull in the money due on the property from...more