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Archive for August, 2006

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Home Loans

Mortgage Refinancing: How to Qualify for a Better Mortgage Interest Rate
(presented by www.refinance-refinance.net - mortgage lenders)

Thursday, August 31st, 2006

By Louie Latour

Getting approved for your new mortgage loan is easy. Finding a mortgage with the best interest rate, lender fees, and closing costs can be tricky. The interest rate you qualify for along with the term length you choose determines how much you will pay in finance charges for the new mortgage loan. Here are tips to help you qualify for a better mortgage interest rate.

Mortgage lenders use several factors to determine the interest rate you will qualify for. These factors include your credit score, the loan-to-value ratio of your home, and the term length you are applying for. If you have poor credit it will be more work for you when qualifying for a better interest rate.

There are steps you can take to improve the mortgage interest rate you will qualify for. Demonstrating stability is one step. Lenders like to see that you have been with your current employer for two years or longer. If you make a habit of hopping from one job to the next, this does not show financial stability and increases the risk you pose to the lender. Risk dives your interest rate; the greater risk you pose, the higher your interest rate will be.

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Before applying for a new mortgage you need to review your credit. You should request copies of your credit records from the three major credit agencies and carefully review all of your records for errors. Credit records are prone to errors and having mistakes on your credit will lower your credit score and raise the interest rate you will qualify for. If you find mistakes in your credit records you will need to dispute them. Once you have ensured your credit records are accurate concentrate on making all of your monthly payments on time; making payments on time will improve your credit score.

You can also improve your credit score by maintaining low balances on your credit cards and avoiding major purchase until after securing your new mortgage. Having a low debt-to-income ratio will help you qualify for a better mortgage interest rate. You can lear!
n more a
bout saving money on your mortgage while avoiding common mortgage mistakes by registering for a free mortgage guidebook:

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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Home Loans

Mortgage Interest Rates: How to Lower Your Mortgage Interest Rate
(presented by www.refinance-refinance.net - mortgage lenders)

Thursday, August 31st, 2006

By Louie Latour

Everyone loves saving money. Mortgage interest rates have the potential to cost you or save you a lot of money. There are steps you can take before applying for a mortgage to ensure you are receiving the most competitive mortgage interest rate. Here are several tips to help you get started.

Take Stock of Your Credit

Having good credit is the key to qualifying for the best mortgage interest rate. Mortgage lenders use your credit to evaluate the level of risk you pose for mortgage lending. If you pay all of your bills on time and maintain low balances on your credit cards you will qualify for a better interest rate.

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Review Your Credit Records for Errors

Your credit records are maintained by three different companies and all of your creditors have their fingers in these records. As a result, these records are extremely prone to mistakes. Having mistakes in your credit records will damage your credit score. If you find mistakes in your credit files you need to dispute these errors before applying.

Close Unneeded Credit Accounts

If you have a large number of credit cards, including department store cards, consider closing accounts you don

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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Home Loans

Bad Credit Remortgage with Bankruptcy and IVAs
(presented by www.refinance-refinance.net - mortgage lenders)

Thursday, August 31st, 2006

By Jonathan Kirk

Bankruptcies are up 66% from this time last year and more and more people are entering into individual voluntary arrangements (IVA

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
===========================================

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Home Loans

How do Home Equity Lenders Underwrite and Approve Mortgage Loans?
(presented by www.refinance-refinance.net - mortgage lenders)

Thursday, August 31st, 2006

By Art Nourian

Borrowers ask me all the time, “How Do Home Equity Lenders Approve a Loan?” The first area of concern is your credit. Take a few minutes and look at a current copy of your credit report. The report display your 3 Fico scores from Trans Union, Experian and Equifax. These three credit repositories report how much you owe, how close you are to your revolving credit limits, how often you pay on time, and whether or not you have had a previous bankruptcy, judgment, repossession, foreclosure, charge-off or delinquent accounts.

If your credit isn’t stellar, you will need compensating factors to counter the bad credit blemishes that the bureaus are reporting. Think about your possible compensating factors for a moment. Have you earned a lot of equity in your home? How long have you lived in your current residence? How long have you been with your current employer? The more equity you have in your home, the lower the loan to value (LTV) and this is a good selling point to the mortgage lender considering your loan submission, because it means that you are a reduced risk borrower because their is attainable money in your home. Some lenders have a maximum loan to value of 80%, while other home equity lenders will offer loan amounts as high as 125%.

Job stability is note-worthy and worth having the loan officer sell on your behalf. A high credit score (700+) is another strong compensating factor that can work in your favor for an approval to purchase a new home, refinance or consolidate debt. If you have a poor credit score, the home equity lender may cushion their risk by limiting the loan amount, and increasing the interest rate.

If you have had adverse factors impair your credit, then writing a strong letter of explanation is recommended. This letter should explain the reason for incidental credit problems that occurred as a result of this specified personal obstacle. (ie. being laid off because of company down-sizing, or significant medical expenses) Believe it or not, this can !

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make a h
uge difference in whether or not the underwriter grants you an approval for the loan. Make sure that the letter is clear and direct in explaining that this was an isolated incident and that it was a temporary setback that won’t happen again. Home equity lenders need to understand your situation, if you want them to make a loan exception.

Art is one of the most respected mortgage finance writers published on the internet. When Art isn’t being towed into monster surf in Baja California, you will find him typing away in a quaint coffee shop somewhere between Santa Barbara and San Diego. To learn more about today’s interest rates for purchase mortgages, refinance and home equity loan programs, please visit, Home Equity Loan Rates. Art suggests visiting the loan assistance center at Nationwide Mortgages and learn more about the direction of the market for Bad Credit Mortgage Refinance. If you need additional help or advice from loan professionals, then ask about the “Zero Down” home purchase specials for 100% Home Loan Financing.

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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Home Loans

Shopping for a Home Mortgage or Refinance Loan Online
(presented by www.refinance-refinance.net - mortgage lenders)

Thursday, August 31st, 2006

By Art Nourian

First and foremost, get quotes from several mortgage lenders. Getting a home purchase, second mortgage or mortgage refinance loan is easier said then done. If you submit a loan hastily to your local bank, you could end up with an average loan and pay a higher rate of interest than you might have if you shopped more efficiently.

Your goal for shopping should be to find the mortgage loan you need, while getting a competitive interest rate with minimal fees. It is paramount to locate the best home equity lender available. To accomplish this, you must consider several offers from several credible mortgage lenders. It is important that you explore all of the mortgage loan offers at the same time, because interest rates can change daily and you want to compare apples to apples.

Determine and evaluate all loan costs: Consider the interest rate, processing fees, prepayment penalties as well as lending junk fees. Line up the Reg Z- Federal Truth and Lending statements from all of the mortgage lenders you are considering for this loan. Check the APR and you should get a better understanding of which lender you want to do business with. A loan officer who is knowledgeable, cordial, and addresses your goals and concerns is important for making a decision.

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Like with anything else, there are good mortgage brokers and bad ones. There are good experiences, and there are ones that you would like to forget. Don’t be in such a hurry that you commit your home equity to a bad experience from a bad lender. Take a deep breath and find the right home loan from the best mortgage lender.

Art is one of the most respected home financing writers published on the web. When Arthur isn’t sitting in a line at the border, you will find him typing away in a cozy coffee shop somewhere between Santa Barbara and San Diego. To learn more about today’s interest rates for home purchase, refinance and home equity loa!
n progra
ms, please visit, Home Equity Loans Online. Art suggests visiting the loan help desk at Nationwide Mortgages and learn more about what the non-prime options are for Bad Credit Mortgage. If you need additional help or advice from loan professionals, then ask about the free 2nd loan quotes Second Mortgage Quotes.

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
===========================================

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