Posts Tagged ‘REFINANCE’

No closing cost refinance available!

Interest rates have hit an annual low this week! Give us a call to knock 3 years off you loan for the cost of an appraisal! 5 for an appraisal saves you over 000 over the life of the loan!
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It’s gorgeous outside. My oldest daughter Gabrielle is now a kindergartener and LOVES IT. And I am hosting a No Cost Refi Extravaganza. Yep – throwing out a special limited offer to existing clients and new prospects referred by new clients, just to be nice, and because i’m in such a good mood. Here it is: 4.5% 30 fixed, no cost 3.875% 15 fixed, no cost *Lower rates available for 2k in closing costs. Even lower rates available with points and costs(1/8th of a point generally costs 1%). No cost deals typically apply to larger loan amounts. Time sensitive, limited opportunity that will not last. **************************************************************************************** Here is what to do next. If you are a past client and I already have your info CALL ME 2487550765 – OR – Write back to this and let me know you are interested in seeing what’s out there for you. I’ll reactivate your file, do the preliminary value confirmation and determine your eligibility. If we have not worked together before: Go ahead click on the secure link below and input your general information. Takes 3-4 minutes max, be sure to click “submit” when you are done 7472565517.secure-loancenter.com Next – Gather your required underwriting documentation(listed below) and email or fax to 2487863150. Serious about getting a mortgage but don’t have easy access to scanner/fax? Let me know and we’ll pick up your docs from you, convert them into pdfs for you and return your originals. Hows that for …

Nice Mortgage Refinance Closing Costs photos

Check out these mortgage refinance closing costs images:

Newsweek Magazine (February 16, 2009) … Lenders Add Bigger Fannie, Freddie Fee – Thanks to Payroll Tax Cut (January 15, 2012) …


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The increase in the mortgage fee is to pay for the roughly billion package the Senate approved last month to extend a 2 percentage point payroll tax cut for another two months. About 160 million people benefit from that tax

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…..item 1)…. eCreditDaily … ecreditdaily.com … Your Resource for Financial Empowerment

Lenders Add Bigger Fannie, Freddie Fee – Thanks to Payroll Tax Cut
01.15.2012 by Staff
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Lenders are already adding an increase in fees on mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration to new loans – a hike that will pay for the extension of the payroll tax cut.

The fee increase of 0.1 of a percentage point is to be added to all loans that Fannie and Freddie buy from April 1 to Oct. 1, 2021.

But lenders are already adding the increased fee to loan price structuring since it can take months to close a loan and deliver it to the two mortgage-financing companies taken over by the U.S. government three years ago.

The increase in the mortgage fee is to pay for the roughly billion package the Senate approved last month to extend a 2 percentage point payroll tax cut for another two months. About 160 million people benefit from that tax cut.

But the mortgage fee increase is good for the life of new mortgages and refinancing – about 90 percent of U.S. mortgages are financed or backed by the government-sponsored companies. Existing mortgages are not affected.

“Think of it as a back-door tax increase,” writes Peter G. Miller, a syndicated real estate writer and operator of OurBroker.com. “While the public was watching the payroll debate in Washington, Congress was actually increasing the cost to finance or refinance a home.”

The Fannie/Freddie fee would rise about 0.1 percent to an average of 0.3 percentage point. It would amount to about a month more on a 0,000 mortgage ­– that’s 0 a year.

Congress has also directed the FHA to increase its annual mortgage insurance premium by .10 percent – from 1.15 percent to 1.25 percent for most borrowers.

Homeowners would have the fee increases worked into their mortgage.

The mortgage providers would then send that additional revenue to the U.S. Treasury, which already extends an open credit line to Fannie and Freddie to cover quarterly losses. That bailout tab is expected to reach 0 billion this year.
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Q&A: NO closing cost refinance?

Question by James: NO closing cost refinance?
Where can I find a loan with no closing costs? I have good credit, but I do not have $ 2000+ to afford to refinance. This will result in a higher interest rate, but it still should be lower than what I am currently paying.

Best answer:

Answer by L. E. Gant
Talk to the lender.

Often, one can get a good deal in refinancing, but remember that the lender is not in the business of losing on a deal, and closing a loan (other than at the end of the term) does have a cost to the lender, and that’s why the closing costs….

Anyway, when you talk to the lender, the closing costs could be incorporated into the new loan…

Know better? Leave your own answer in the comments!

Nice Bankruptcy Home Refinance photos

Some cool bankruptcy home refinance images:

Plant A Man .. Got My Mojo Working (Muddy Waters) …


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Recorded at the Newport Jazz Festival 1960. This is the full lengh version of Muddy waters Got My Mojo Working

…..item 1)…..youtube video…..Got My Mojo Working Muddy Waters full version newport jazz….7:01 minutes….lewisldurham

www.youtube.com/watch?v=FhTCYqJsfqs

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Newport Jazz Fesitival Got My Mojo Working 1960 Muddy Waters Blues Chicargo

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First Person: Am I Headed for Financial Ruin? Signs that you are headed for financial ruin are as obvious as signs on the highway, but many people get distracted when it comes to paying attention to them.

…..item 2)…..Yahoo! Finance….First Person: Am I Headed for Financial Ruin?

Laura Cone, On Friday June 10, 2011, 6:32 am EDT

finance.yahoo.com/news/First-Person-Am-I-Headed-ac-592735…

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you’d like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Signs that you are headed for financial ruin are as obvious as signs on the highway, but many people get distracted when it comes to paying attention to them.

When I was in my early 20s, I made an impulsive cross-country move that left me without a steady income for about six months. I tried to ignore the signs that we were headed for financial ruin, but eventually the bills became impossible to ignore.

I have friends who have declared bankruptcy and others who have simply walked away from their bills until the debt disappeared from their credit records. It’s possible to go from being thousands of dollars in debt to having wealth, but it takes daily discipline and willingness to take financial responsibility. Here are some of the telltale signs that you are headed down the road of financial ruin, as well as some ways to make a major U-turn and prevent bankruptcy:

Buying groceries on credit

If you don’t have enough money in your checking account to purchase food and have to use credit, then you are in financial trouble. If you just use a credit card because it’s convenient, and then pay it off, that’s a different situation. I knew I had trouble when I used credit cards for pizza delivery instead of being able to pull out a . To avoid bankruptcy, start working on a cash-only basis for a while. Make a special envelope for food money. Clip coupons as well, or share extreme couponing tips with friends.

Making less income than housing expenses

If you don’t have enough income coming in to pay your rent or mortgage and utilities, consider that a sign of financial desperation. Find other ways to make extra income. Mow lawns for neighbors if you have to. Consider renting a less expensive apartment. If you own a home, refinance or opt for a short sale so that you can downsize to a more affordable living situation. Otherwise, you will face foreclosure.

Not being able to pay credit card minimum

When your minimum payment becomes so high that you can’t afford to pay it, you need to consider your options. Credit cards are unsecured debt, which means some people have no problem walking away from the bills. It’s better to take responsibility and pay off your credit cards with the debt snowball plan. To avoid bankruptcy, you need to find a way to pay the minimum payments, or call the credit card companies to work out a temporary solution.

Being overdrawn on your checking account

Some banks will allow you to be overdrawn on your checking account up to a certain amount. But being overdrawn is always a red flag that you are not living within your means. Make a commitment to have at least 0 in your checking account as a cushion. Start making sacrifices each day to save money. It’s fine to think about your monthly bills and budget, but I had to start looking at my finances daily to really reach my final, debt-free destination.

To avoid bankruptcy and prevent foreclosure on your home, make financial sacrifices early and often. Don’t wait until you see the signs of financial desperation. I have a friend who is renting out a room to ease her financial burdens. A relative is renting out his Florida winter home. There’s no shame in becoming a multigenerational household to save money on living expenses. It’s easier to navigate around financial potholes than to get out once you’re stuck.

More from this contributor:

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Six Financial Crimes We Commit Against Ourselves

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Overcoming My Poverty Mentality

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6 Sneaky Ways To Save 0,000 In 10 Years

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Cool Refinance Interest Only Loan images

Some cool refinance interest only loan images:

2010/365/147 The New Gun


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I might have Chase Bank to thank for screwing up for 2008 taxes… When I refinanced my home mortgage loan in August 2008, they never got my address right, so I only got half a year’s 1099 forms and I greatly under-reported mortgage interest and property taxes.

Fortunately (and thanks to my sister who suggested it), I was able to file a 1040x, which is an adjustment to a previoius year’s filings, and just this week I got back a nice refund check (and wiht interest!).

So I took the urge (depsite the people on twitter who said, ‘buy a new camera’) to buy a beautiful new lens- this is the Canon 300mm f/4 L, a prime lens. I found that the times I used my 18-270 zoom it was full out, and the reviews on this lens sang strong.

It’s a big gun, and I’m just learning how to fire.

Nice Adjustable Rate Mortgage Refinance photos

Check out these adjustable rate mortgage refinance images:

Subprime Crisis No Barrier to Affordable Housing


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WP’s take:
The subprime mortgage crisis is an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems triggered by the failure of mortgage companies, investment firms and government sponsored enterprises which had invested heavily in subprime mortgages. The crisis, which has roots in the closing years of the 20th century but has become more apparent throughout 2007 and 2008, has passed through various stages exposing pervasive weaknesses in the global financial system and regulatory framework.

The crisis began with the bursting of the United States housing bubble[1][2] and high default rates on "subprime" and adjustable rate mortgages (ARM), beginning in approximately 2005–2006. For a number of years prior to that, declining lending standards, an increase in loan incentives such as easy initial terms, and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices started to drop moderately in 2006–2007 in many parts of the U.S., refinancing became more difficult.
Posted 14 minutes ago.

hair, nails, gifts and mortgages


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Cover shot for the "illustrated guide to the mortgage crisis"

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American Mailboxes .. Hope Street .. Foreclosure limbo: Staying without paying (June 09, 2011) …..


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Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.

…..item 1)…..Yahoo! Finance…..Foreclosure limbo: Staying without paying. ….. CNNmoney.com

Les Christie, On Thursday June 9, 2011, 9:45 am EDT

finance.yahoo.com/news/Foreclosure-limbo-Staying-cnnm-989…

Charles and Jill Segal have not made a mortgage payment in nearly five years — but they continue to live in their five-bedroom West Palm Beach, Fla. home.

Lynn, from St. Petersburg, Fla., has been living without paying for three years.

In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home.

They’re not alone.

Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.

These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it’s 807.

If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.

The Segals have been doing that — in court. They bought their home in 2003 with an adjustable rate mortgage. After a few years, their monthly payments tripled to ,000, just as their home-inspection business was cratering.

The Segals want the bank to modify the mortgage so payments are affordable, and they think the court will agree that their lender put them into a toxic loan.

"The evidence will show that we were defrauded," said Jill Segal.

If they lose, of course, they’ll finally have to leave. And, unfortunately, more than 50 months of missed mortgage payments hasn’t translated into big savings.

"It’s very hard to save," said Jill Segal. "Our company’s billing is 90% off and my husband is only working about four days a week."

Lynn, who didn’t want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for 5,000.

As the waterfront property’s value skyrocketed, eventually reaching 0,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than 0,000 on the home, which is worth only 5,000.

Living in this foreclosure limbo is "Hell," Lynn said. "I feel like I’m locked in a box. I work for a financial organization and if this came out, it could cost me my job."

She’s still hoping to negotiate the loan. In the meantime, small things bother her. "A couple years ago, I lost my dog and I can’t decide on getting a new one," she said. If she has to move, she can’t be sure she’ll go somewhere that allows pets.

The actor from Thousand Oaks, Calif. began having problems during the screenwriters’ strike in late 2007, followed by a threat of a strike by the Screen Actors Guild.

He’s working with his lender toward a mortgage modification, submitting page after page of documents, which the bank has often misplaced or waited so long to examine them that they had grown too old to use.

His ideal outcome is get the loan modified and get all his late fees waived. He feels entitled to that because the bank advised him to stopped paying in the first place to qualify for one of the government’s foreclosure programs. Before that, he had missed only one payment.

Meanwhile, he has cobbled together some income streams — small acting parts, teaching acting classes and even handyman work.

"In a way, I feel like I’m lucky because I haven’t had to pay any ‘rent’ for 30 months," he said.

But he feels like he’s always under a cloud. "I haven’t slept in three years," he said. "It’s terrifying. I have to have the ultimate poker face in front of my kids."

Ruben Martinez, a Staten Island, N.Y., man trapped in a particularly bad adjustable rate mortgage, stopped paying more than three years ago. His attorney, Robert Brown, has managed to stave off one foreclosure.

Martinez, still struggling to find work, has little in savings despite the missed payments. He’s earning some income as a pastor and consulting for a non-profit family counseling organization.

"There’s pressure on me every day," he said. "I have a wife, three daughters and two grandchildren. Where are we going to live?"
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Costs of Refinancing Options Close – Refinance Closing Cost

The low rates of mortgage loans today are tempted many homeowners to explore the possibility of refinancing. However, some lenders stopped short, to make the study of costs of cancellation, if you have no money for closing costs.

Yet, instead of giving to the refinancing, consumers should discuss your options with several lenders.

There are three ways to meet the costs of closing the mortgage loans:

1 .- To pay the closing costs in cash.
2 .- Include closing costs in the new loan.
3 .- Work with the lender at a special price.

How to deal with balancing the costs on loan
Some financial institutions believe that the personal loans, mortgage loans and conventional loans usually allow all closing costs to be financed in the loan amount, provided the new loan amount does not exceed the net value of the home.

Lenders generally want consumers to borrow 80% or less the current value of the house, including adding the closing costs on the scale. Some loan programs allow consumers to borrow 95 percent or 97 per cent of the value of the house.

The most important step in the process – no cost refi – is to find out how much value in the property. If the value is there and borrowers have sufficient capital, then you can simply roll the closing costs into the new mortgage.

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Borrowers are willing to add a few thousand extra dollars to the loan balance in exchange for a lower interest rate and, by extension, lower monthly payments.

Adding closing costs to the loan balance does not significantly increase the monthly payments, because payments for these costs are distributed in 15 or 30 years depending on the type of loan.

Premium prices. Pricing premium is another possible option for borrowers who lack cash for closing costs. With a special price, lenders pay for closing costs by charging a slightly higher rate mortgage. This is sometimes referred to as “no cost refi” loans.

In a true “no cost refi” loan, the borrower will pay a slightly higher interest rate as 5.25% instead of 5.125%. The lender will take the additional premium obtained by the higher rate and credit back to the borrower at closing to cover closing costs.

However, borrowers should be careful because some lenders use the term “no cost refinancing” in a misleading way.

Many lenders advertise “no cost refinance, but what we’re talking about is to wrap the closing costs into the loan, is fairly typical for adjustment costs on the loan, provided that the capital is there, but this form of act is not a refinance “no cost refinancing.”

http://treelending7.com/no-closing-cost-refinance-basics-no-cost-refi.html

More Mortgage Refinance Closing Costs Articles

Refinance NOW – Interest Rates Reach Historic Lowes – Experts Say The Time Is Now!

Refinance-News.com We simply provide the most recent news & assistance for consumers to compare product & offerings from the leading names in the mortgage and insurance industries. If you are interested in the Lowest Mortgage Rates go to http your premier resource site for all your mortgage news, rate comparisons and home loan options. Loanwebs.com is a popular mortgage comparison website since 1996. LoanWebs has connected over 5 million people to the web’s largest network of lenders. Their long term relationships with lenders allows them to find the best possible solutions for their customers. The Federal Reserve has substantially lowered interest rates. This is great news if you have been contemplating refinancing your home. What this means is that the funds borrowed by loan companies have reduced interest rates. Lenders are then able to pass this savings on to you, the consumer, wanting to refinance. Refinance rates have dropped to historic lows. These rates are not likely to drop much farther, which means that if you have been waiting to refinance your home, now might be the time to act. If you have an adjustable rate mortgage, you may want to consider refinancing with a fixed rate home loan now while the rates are so low. By refinancing at a fixed rate you’ll be able to avoid the inevitable interest rate hikes down the road, and lock in lower affordable mortgage payments. See your home refinance options now! If you have sufficient equity in your home and you have …
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Hi, My name is Kent Wenzel and I’m a President’s Club Banker at Quicken Loans. Today I wanted to answer two frequently asked questions we’re receiving about the adjustable rate mortgage. The first one pertains to the APR and why many times it’s actually less than the note rate. APR is calculated as follows: If we were using a 5-year fixed ARM at 4% for this example, you would use 4% for the first five years. For the remaining 25 years, we’re going to use what the adjusted rate would be at time of origination (which today is approximately 3%). You would also incorporate the closing costs to yield the APR. In this case, because the rate went down, the APR would be less. Another common question we receive is when an ARM does adjust is the payment based on the current balance or is it based on the original note balance? Unlike a 30-year fixed, the new payment will be based on your present balance. What we’ve found is that this is very beneficial for a client wanting to take advantage of an ultra-low rate. Also, if they pre-pay on their mortgage but don’t want to chain themselves to that high 15-year payment — when the ARM adjusts because the balance is lower many times your payment will drop down even if your rate were to go up. Ask your mortgage banker for a few example calculations. You’ll be glad you did. Again, my name is Kent Wenzel here at Quicken Loans — thank you for speaking with us.
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Personal Finance : How to Refinance a Home After Bankruptcy

In order to refinance a home after bankruptcy, most lenders want to see a minimum of 24 months since the discharge of the bankruptcy. Find out how the rest of the financing process is no different than before the bankruptcy with help from a financial services manager in this free video on refinancing a home after bankruptcy. Expert: Matthew McKillen Contact: www.excelmortgage.com/ Bio: Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz
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Adjustable Rate Mortgage (ARM) Refinance into a 30 Year Fix

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