Archive for November 13th, 2006

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Mortgage Refinancing - 3 Ways to Find the Lowest Interest Rate Refinance
(presented by www.refinance-refinance.net - mortgage lenders)

Monday, November 13th, 2006

By Louie Latour

The better your interest rate when mortgage refinancing, the lower your monthly payment amount will be. You can improve the interest rate you receive by doing your homework before applying. To qualify for the lowest interest rate, follow these three steps when you apply for mortgage refinancing.

I. Refinance All of Your Mortgage Loans

Refinancing all of the loans secured by your home will ensure you qualify for the most competitive interest rate. Carrying a home equity line of credit or 2nd mortgage increases the level of risk you pose for a new lender and will raise your interest rate. By doing your homework and researching mortgage lenders you will be able to choose the best loan for your financial situation. Qualifying for an interest rate .25% better will save you thousands of dollars over the course of your mortgage.

II. Avoid Borrowing Against Your Equity

Cashing out equity in your home when mortgage refinancing will raise the interest rate you qualify for. The more equity you own in your home, the better interest rates you will receive from lenders. If you need to borrow against the equity in your home consider taking out a home equity loan after mortgage refinancing. By holding off on your home equity loan you will not receive a higher interest rate on the entire balance of your loan.

III. Negotiate for a Better Interest Rate

When refinancing you always have the option of reducing your interest rate by paying the lender points. Before committing to paying this fee you should determine if the lower interest rate will allow you to recoup this expense. It can take as long as seven years to recoup the expense of paying points. You should perform a cost/savings analysis like the one explained in our refinancing guidebook to determine if paying points is in your best interest.

You can learn more about comparison shopping for the best mortgage and qualifying for the lowest interest rate by registering for a free mortgage guidebook.

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To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing - What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Mortgage Refinance Information

Louie Latour - EzineArticles Expert Author

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
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About the Fixed Rate Home Equity Loan
(presented by www.refinance-refinance.net - mortgage lenders)

Monday, November 13th, 2006

By Daniel Roshard

The option of taking a home equity loan can do wonders for some people, this is cash and fast money you can get, based on the value of your property, and if you have taken a mortgage than it will be recalculated into the total loan you may receive, but in any case you stand a very good chance of getting some serious money for your equity, which means that considerable expenses are almost never impossible to you, if you are a homeowner.

There are many thing in life we can not really predict, things that just happen or issues that need solving, but this does not always come with a solution and the funds to resolve the problems, the good thing is that with a fairly good credit and a property on your name you are treated as someone who can be trusted with a low interest, easy home equity loan.

The kind of home equity loan that you will take is really up to what you want, and how you think you will be able to pay your loan, the fixed rate home equity loan is a great solution for stable people, who know what their financial situation is like, and how it is going to be in the next few years. If you are considering the fixed rate home equity loan you probably know that this kind of loan will spread the money you need to pay, in even and identical payments that will be made throughout the period of the loan. This will allow for better financial planning and a much more structured, no surprises, kind of economical living.

One extremely nice benefit of the home equity loan is the fact that it is provides a tax deduction of up to $100,000, with a usually low interest rate this all comes down to a very nice deal, but you must remember that it is your house that you are putting up, and that falling to make the loan payments might result in losing your home, and this is exactly why you should plan every financial move you make from the moment you will take this loan.

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Some homeowners will prefer to spread the loan over a short period of time, cutting the cost of long term interest rates, and m!
aking th
e loan more conceivable and manageable, if you are that kind of person you may want to think about the fixed rate home equity loan, it will probably have a slightly higher interest rate, but you will know the terms and the exact monthly sum to pay back, so you can adjust and prepare for it. Many find this the best way to pay off a loan, and to keep their feeling of security and financial soundness.

Home equity loan provides you with a fast monetary solution for your immediate needs, it is a great advantage that homeowners have, and you too can use your property to get a home equity loan. However there are things that one must know about before taking these kinds of loans, learn what is the best kind of Fixed Rate Home Equity Loan and how to make financial preparations before the loan is taken.

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Home Loans

8 Steps to Buying a Home with Poor Credit and No Money Down
(presented by www.refinance-refinance.net - mortgage lenders)

Monday, November 13th, 2006

By Ron Stone

1. Get a copy of your credit report. You can do this yourself or you can have a Broker check it. Remember there are three bureaus, so check all three. Some Brokers will only pull one unless you ask for three. If they won’t pull all three, go elsewhere or pull them your self. Ideally, you want a “Tri-Merge” report which merges all three so as to remove duplicate items while still showing all three scores. Your ” Credit Score” is the middle of the three. Try http://www.annualcreditreport.com for a free report. At this writing, they don’t cover the whole country but will soon. You can also go directly to the bureaus. The three bureaus web addresses are http://www.equifax.com http://www.experian.com and http://www.transunion.com They may charge a fee or offer the “free” report as part of a credit watch service, which is probably a service you may want as you rebuild your credit.

2. Study the report for accuracy and have any errors corrected. You can do this through each bureau’s website, the Broker’s credit reporting agency. There may be a charge, but it’s well worth it. Correcting derogatory errors on a report can quickly raise your score, qualifying you for higher LTV loans and lower your interest rate. This could save you tens of thousands of dollars over the life of the loan. A Broker’s credit reporting agency can also help.

3. Start your road to better credit now. You want to improve it as much as possible so as to refinance as soon as possible. You might even see your score improve before you find just the right house and a package is sent to underwriting. Sometimes an improvement of only a few points will put you into a better category with a higher LTV and/or a lower rate. Ask the Broker what the lender used as your score for the loan at the time of underwriting and if that qualifies you for a lower rate. If you’ve done your research and found an honest, qualified Broker they will try to lower your rate below their original estimate.

4. Research your area through referrals, adver!
tising a
nd interviews to find a Mortgage Broker that specializes in sub-prime (less than perfect credit) mortgages that you feel comfortable with. If you don’t intend on pulling your own credit, this will now become your first step in this process.

5. Discuss your situation in detail with the broker including:

a. Your credit

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b. Your Rental payment history and proof of payments

c. Your Employment situation and history

d. The fact that you want a straight zero down loan or one with a seller 2nd or gift of equity with closing costs financed into the loan

e. How much house you qualify for

f. What estimated closing costs will be through a GFE

g. Obtain a Pre-Qualification

6. Find a Realtor who isn’t afraid to work with someone who wants to do 100% loan with closing costs financed into the loan. Your Broker may know one. If they balk or seem hesitant, go find someone else.

7. Search the market thoroughly. Be sure the realtor is showing you homes where the seller’s situation fits with your needs. This might include 1) Low Mortgage balance, 2) Good value so the appraised value will be above their asking price and 3) A seller that is motivated.

8. Make an offer (multiples if needed) on a home on your terms until you get one accepted and close your home as soon as possible before rates go up.

Have a celebration with your significant other or family. You’ve earned it. Enjoy your new life as a homeowner while you make all those little improvements necessary to build equity and improve your home’s value for the future appraisal relating to a sale or refinance, all the while improving your credit score.

Ron Stone is a mortgage specialist helping people with less than perfect credit in over 40 states. For more about how he can help with your mortgage needs , whether it’s buying a home with no money down or refinancing to get some cash for paying down high int!
erest de
bts visit him at http://www.alabama-mortgage-specialists.com

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Home Loans

Mortgage Refinancing You Are All Getting Cheated
(presented by www.refinance-refinance.net - mortgage lenders)

Monday, November 13th, 2006

By Louie Latour

You are paying too much money for your existing mortgage, and don

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The 3 Types Of Mortgage Loans
(presented by www.refinance-refinance.net - mortgage lenders)

Monday, November 13th, 2006

By Ricky Lim

Currently on the market, there are many varieties of mortgage loans available. Sometimes it can be difficult to tell which mortgage loan is suitable and applicable to you.

I will discuss the 3 main types of mortgage loans on the market. Most banks and lenders offer mortgage loans that belong to one of these categories.

1. Fixed Mortgage Loan

Fixed mortgage loans are the most popular and common among the three types of mortgage loan.

You take out a mortgage loan with a lender and you pay a certain repayment amount for a fixed period of time. Most people usually choose 30 year fixed mortgage loans as the monthly repayment amounts are low and the interest rates usually evens out in a 30 year period.

One disadvantage of 30 year fixed mortgage loan is you have to repay more for your mortgage loan in total compared to someone who takes up a 15 or 5 year loan.

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There are also shorter time periods such as 5 year, 10 or 15 years fixed mortgage loans. It allows people who want to pay off their house in a shorter period of time. Of course, you have to make sure you have the financial capability to repay higher monthly repayments.

There is also another sub-category of mortgage loan called adjustable rate mortgage loan or ARM. Usually, you will start off with a lower interest rate compared to a 30 year fixed mortgage loan. So you ended up paying less each month for your mortgage repayment.

However take note that ARM is highly fluctuating depending on interest rates. In other words, you pay less for monthly repayment when interest is low and pay more when interest rates is high.

2. Convertible Loans

Convertible loans are becoming more popular as it allows people to keep their mortgage loan options open allowing for more flexibility.

If you find interest rates are too high, you can convert to a fixed rate mortgage loan. If interest rates are low, you can also convert to ARM based mortgage loans.

There are too many varieties of convertible loans u!
nder thi
s category. However I list one type of convertible loans I dealt with.

Balloon Loan

A balloon loan is a fixed rate convertible loan. Usually, you start off by repaying small monthly repayments for a period of years, usually 5 or 7 years. At the end of that period, you will need to repay the loan in one lump sum.

So what

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