Posts Tagged ‘REFINANCE’

Get an Estimate on Saving with a Mortgage Refinance Calculator

Put away the paper and pencil. Stop racking your brain over how much you could save on your home loan and let your computer do the work for you through a mortgage refinance calculator. Here is how to get the answers to all of your questions.

Is Refinancing Right for You?

A mortgage refinance loan calculator can help you find out how much you might save plus give you helpful insights on making sense of all the numbers. Simply enter in a few figures, such as the amount of your mortgage, your home appraisal value, mortgage term, and income tax rate, and let the mortgage refinance calculator go to work. In just seconds, you’ll have an estimate that can help you make a confident informed decision regarding the refinancing of your home loan.

What It All Means

Many homeowners can feel overwhelmed by all the numbers and confusing real estate terms. Fortunately, a good mortgage refinance calculator can simplify things. You’ll learn what the new interest rate would be if you refinanced today as well as other helpful details such as your monthly savings in regards to principal and interest and PMI (Private Mortgage Insurance), if applicable. You can even use the mortgage refinance loan calculator to see what your monthly PMI payment would be, as well as how much goes toward the principal and how much you pay in interest under the refinancing terms. Using a refinance calculator is the ideal way to compare the numbers on your current mortgage versus an estimate for refinancing under a new rate.

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Important Points to Keep in Mind

At its core, a mortgage refinance calculator is a tool, designed to help you crunch the numbers and give you the knowledge to make an informed decision on refinancing. Some of the numbers may depend on current home loan interest rates on that day due to daily interest rate fluctuations. Remember, a mortgage refinance loan calculator cannot evaluate all the factors that enter into determining the loan that might be best for you. That’s why it’s important to speak with a home loan advisor about your specific needs and qualifications before you make a final decision. Having the advice of a professional can help you better understand what options are available to you should you decide to move forward with a refinance. However, using an online mortgage refinance calculator is a great first step to a loan that could save you hundreds or even thousands of dollars. Most are free to try and only take a minute to download before you are on your way to becoming a more informed borrower.

Apply For Home Affordable Refinance Program and Make Your Home Free From Foreclosure

The making home affordable program was designed to help homeowners from losing their homes to foreclosure due to inability to afford monthly mortgage loan repayment. Financial crisis can strike any time and it is up to the homeowners to decide which path they want to go even before any sort of tragedy strikes them. Resorting to home affordable modification program or home affordable refinance program that are two branches of the federal making home affordable program even before the homeowner starts facing problems with the monthly payments can lead to prevention of a situation wherein they might have to face foreclosure.

Prevention is always better than cure and by taking the help of federal making home affordable program the homeowner can resolve his crisis way ahead of time. Out of the two parts of the federal making home affordable program the home affordable refinance program was applicable only to those homeowners who had their mortgage loan guaranteed by Fannie Mae or Freddie Mac. Mortgage loans which were not guaranteed by the two insurers could not qualify for the home affordable refinance program. Other criterion’s that need to be met to qualify for the home affordable refinance program following the making home affordable program guidelines are as follows:

The mortgage loan should be guaranteed by Fannie Mae or Freddie Mac. Out of the two Fannie Mae has greater market share than Freddie Mac but both the insurers have online look up services.
The homeowner should be able to maintain a perfect and on time mortgage repayment history across the previous 12 months. A case of late payment even once can lead to disqualification from the home affordable refinance program as per the making home affordable program guidelines. Being 30 days late on ones payment means the homeowner cannot qualify any how whereas being 20 days late will enable one to qualify if the late payment fees have been discharged.
The outstanding balance on the mortgage should not exceed the value of your home that is it should not be more than 5% of the home’s value. The formula for calculating the balance is by dividing mortgage balance with the home value. After division if the quotient turns out to be greater than 1.05 then it means that the loan to home value has exceeded 105% and the homeowner cannot qualify for the home affordable refinance program.

However, if the person meets all the eligibility criteria as stated in the making home affordable program guidelines then few points need to be kept in mind before applying for the refinance program. They are:

Mortgage insurance need not be paid after refinancing if prior to refinancing the homeowner did not pay for mortgage insurance. This will be applicable even if your home value and mortgage balance ratio increases by 80%.
Show valid proof of income as all home affordable refinance program applications carry out verification of income before approving the refinancing program. Mortgage refinancing is only applicable to first mortgages and not second mortgages.
The making home affordable program guidelines does not require minimum credit score, mortgage insurance, offers up to 105% LTV and re-subordination of all current subordinate financing without resorting to new subordinate financing.

The home affordable refinance program which is a sub part of the making home affordable program is a beneficial tool for homeowners to save their homes from foreclosure. With the help of the making home modification program and the making home refinance program homeowners can pay off their mortgage loans and at the same time reap the benefit of staying in one’s home.

What is the Difference between a Home Loan Modification and a FHA Loan Refinance?

If you are one of so many Americans who has fallen victim to the economic recession and is finding it harder and harder to pay your monthly mortgage? If you are, you should make an appointment with a financial advisor who can go over the pros and cons of home loan modification versus FHA refinancing.

There are two options available for homeowners who cannot pay their mortgage loans. They are a loan modification and FHA refinancing. The one you choose depends mainly on who insures your loan. If you don’t know, call your lender and ask. There are three main insurers: Freddie Mac, Fannie Mae, and the Federal Housing Administration (FHA). These companies do not lend you money; they insure it. This means lenders have less of a risk and subsequently will offer you a lower interest rate.

Is there a difference between insurers? Not really. The determining factor is your specific loan and who insures it. There isn’t much difference between a mortgage insured by FHA and a loan insured by Fannie Mae or Freddie Mac. The insurer only really matters when restructuring enters the picture. Loans insured by Fannie Mae or Freddie Mac can participate in the new Making Home Affordable mortgage loan modifications. If the FHA insures the loan, refinancing is available through Hope for Homeowners plan.

With a FHA loan, the homeowner should investigate refinancing. The Hope for Homeowners initiative offers hope to homeowners who have been denied refinancing in the past. Lower property values have disqualified many people from refinancing. When a house loses value, it loses equity. If equity had dropped 20%, homeowners were not eligible for traditional refinancing.

There is a standard procedure for lowering your monthly mortgage payments through a Making Home Affordable loan modification plan. There are incentive payments for both lenders and borrowers that will help lead to favorable loan modification and encourage economic stability. If you have a FHA insured loan, you can get a home modification but not through the Making Home Affordable plan. The programs that deal with FHA loan modifications are not as straight forward, strict and they do not follow the same procedures.

It is not hard to understand the differences between loan modifications and FHA refinancing if you have the right information. Research it and talk to a financial advisor about reducing your home loan.

Nationwide Mortgage Loans offer FHA streamline refinance loans. Streamline refinancing enables FHA borrowers to refinance their present FHA mortgage for an improved interest rate or reduced years for repayment. FHA mortgages are more popular than ever after the Federal Reserve cut rates to the lowest level since the 1940′s. FHA streamline loans require less paperwork so refinancing is quick and easy. Take advantage of reduced FHA rates only available for government customers who can document consistent good loan payments for at least 12 months on their existing FHA loan. Lock in while the rates have reached historic low levels. Visit us at www.bdnationwidemortgage.com or http for more info and a no hassle consultation.

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Refinance With No Closing Costs – When to consider it?

You see an advertisement and it says “ refinance with no closing costs“. Although you may think that this is a good deal, it usually isn’t most of the time. You may think it is good, but make sure you are evenly weighting out your options. It almost never means “FREE!” Read the rest of the article and find out if you should stick with closing costs or are better without them.

Remember, closing cost loan mean higher rate. You usually still end up paying the fees just in a different form. Your interest rate will be higher to cover the closing cost you are not paying for. Instead of paying a whole payment, every month you will pay more money. This may work better for people not having to pay a whole chunk at a time, but over the long term, it may be that you over pay!

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The brokers that are also handling the loan also get paid. The lenders worry about this payment because they pay them with the extra interest money they are making. Nobody in this business woks for free.

At times they may be a good ideas and at certain times they just might want to be straight out avoided. They are not always bad, they also have their plus points. These will limit writing big checks, something many people struggle with.

Here are two instances when you should consider refinancing with no closing costs:

1. The rates are currently high but son they may go down

2. You are only planning on keeping the loan for a few years.

So if this is not a long term fix, you may way to choose the no closing cost option. This is better because you will only pay the high interest for a short amount of time and not even have to pay the extra closing costs.

No closing costs loans are more expensive over the long term because you pay a lot for the high interest rate. You will benefit over the long term if you choose a closing sot loan.

On the other hand, here is when to consider a closing cost loan:

This should be avoided and sometimes not. It does hurt to pay the loans up front but it may save you over the long term as you analyze the big picture.

Here are 3 instances you should think about closing costs:

1. If the rates are currently low and you think they will soon ride

2. You are planning on keeping the loan for many years

3. The cheapest rate isn’t affordable by you

But before you come up with a decision, Make sure you compare several types of loans. Make sure you weigh your options as logically as possible to avoid making a bad choice.

Do I Qualify For A Mortgage Refinance?

In today’s uncertain lending environment, it is often unclear to potential mortgage applicants if they qualify for a refinance. Ever since the recent financial crisis, there has been a great deal of media exposure regarding how banks are not lending. Many people believe that only the very rich or most qualified borrowers are successful when applying for a mortgage. The truth is, the mortgage crisis did more good then harm when it comes to correcting underwriting guidelines that for many years were too lenient and ultimately led our country to a disastrous real estate bubble. Today, guidelines are more stringent but at the same time they are better in determining if a borrower can comfortably cover their monthly payments.

The first step in determining whether or not an applicant will qualify for a mortgage is to calculate their debt to income ratio. The definition of a “DTI” ratio is the total gross income for the borrower(s) divided by the total monthly obligations. When considering income, borrowers should always take their gross pay, or the amount paid to them prior to any deductions for taxes, IRA, etc. Monthly obligations would typically be any payment that shows up on the borrowers’ credit report. These payments usually are credit cards, student loans, car payments, 2nd mortgages, home equity lines of credit, and store charge cards. The total monthly payments for these items are then added to the monthly tax and homeowner’s insurance payments and the principal and interest payment of the proposed mortgage. The following is an example of how to calculate a debt to income ratio.

Mr. and Mrs. Jones both make a combined annual salary of ,000. They have minimum monthly payments on credit cards of 0, student loan payments of 0, two car payment of 0 each, annual taxes of ,000 and an annual homeowner’s insurance premium of 0.

In this example, Mr. and Mrs. Jones would therefore have a gross monthly income of ,000 and gross monthly obligations of ,575. If they were applying for a 0,000 mortgage at 5%, and a 30 year amortization, the principal and interest payment would be ,073.64. Therefore, total monthly obligations jump to ,648.64 and their debt to income ratio would be 33 percent (,648.64 total debt / ,000 gross income).

Today, Fannie Mae guidelines dictate that borrowers not have over a 45 percent DTI ratio. Therefore, in the above example, the borrower would have satisfied this requirement. Of course, there are many guidelines that a borrower must satisfy in order to qualify for a refinance, but calculating one’s debt to income ratio should be one of the first. It can be very helpful to determine if it makes sense to move forward with a mortgage application and the probability of a successful loan commitment.

FHA Loan Refinance – FHA loan requirements for Buying a Home or FHA Loan Refinancing

FHA loan requirements for Buying a Home or FHA Loan Refinancing

FHA loans are now making a comeback and they are here to help many people with their loan and mortgage problems! If you are looking for a FHA Loan Refinance., there are many interesting things covered in the article that you need to know.

The FHA loan is provided by the federal housing administration. They usually run many programs to promote a lot of new house buying.  You can obtain these loans or mortgages by the help of the FHA. You just need to put a small down payment and you are able to purchase a home. These are made to help you qualify for a mortgage but they still have certain requirement making it pretty hard to obtain. FHA is also authorized to offer lenders to take applications, process loan applications, and close and possibly even underwrite the loan.

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What is the loan?

This is a type of loan that helps new time house buyers find loans. The FHA will mostly pay and usually the lenders will make large mortgage loans because they are certain they will get paid back.

What are the FHA loan requirements?

Almost anybody is eligible – with a few limits, however. There are no income limits like other home buyer programs. But there are many limits as to how much you can borrow. You are usually entitles to a small loan price.

Your debt to income ratios also must be good and your credit score must also be good. So the FHA does not like slackers. But you don’t have to be extraordinary either.

Why are there loans so great?

They are to help many borrowers but they aren’t perfect for everybody. The only down payment for FHA loans is 3.5 percent, while their loans have higher down payment rates.

What does the FHA loan offer?

1.    Easier to use

2.    No penalties

3.    Assumable

4.    Leniency at times

5.    Sometime they fund for home improvement.

Why would a FHA loan not be the best option?

Gradually, you may find that these loans are not for you, even though they offer great things. They will not offer lots of money if the mortgage you need is a lot. Sometime the money can cost more than just getting a mortgage from private companies. If you are someone who has good credit, you may find a better loan aside from the FHA loan. Always compare and see what is best. You may or may not find a worthwhile deal with the FHA Loan Refinance.

How To Refinance Your House And Live Like A King! Smart Home Mortgage Refinancing That Will Save You Thousand$

How To Refinance Your House And Live Like A King! Smart Home Mortgage Refinancing That Will Save You Thousand$

How To Refinance Your House And Live Like A King! Smart Home Mortgage Refinancing That Will Save You Thousand$

With the low interest rates and with many homes being underwater, lots of folks are looking to refinance their current home mortgage. But you should do so carefully and for the right reason.

There are many considerations you need to look at prior to refinancing. We’ll examine all of these in this book.

In this guide we’ll take you through all the considerations of

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How to Refinance Your Home Without Paying The Closing Cost Reviews

How to Refinance Your Home Without Paying The Closing Cost

Presents an entire process of home refinancing, giving a step-by-step illustration of how to design the strategy and execute it by riding the rate down without paying a penny.

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Choosing Mortgage Refinance and Debt Consolidation Refinance

In these days, one has to take various kinds of financial loans taken for everyday requirements like home loans and mortgages. Many times the inability of the borrower to repayment the loans results in taking refinance loans. In such circumstances mortgage refinance and debt consolidation refinance might be a benefit for the indebted person.

When it comes to searching for the perfect kind of mortgage refinance loans, there are many options to confuse you. But it is best to hold on and select the right loan which can guide you to escape of a monetary mess. Keep in mind that there are several negative consequences of not paying loans on time. These contain poor credit scores. If a wrong mortgage refinance is taken then you may end up giving extra interest. It also means increased repayment amounts each month. Non payment can also lead to foreclosure or loss of your home.

There are a variety of ways through which the mortgage refinance can be attained-

. You can select for the fixed interest refinance option, where you know particularly how much you will be paying over the ages.

. Then there are the flexible interest rates, which have a low percentage of interest for a limited period. But post that period, the costs shoot up significantly, leading to higher interest rates.

. The jumbo mortgage refinance loans are suitable for individuals who need refinance for higher amounts.

Related to the mortgage refinance option is the debt consolidation refinance. Generally a debt relief is taken to repay numerous loans, which include debts of credit cards, loans and mortgages. Here a new lender funds the borrowers money, for lesser interest rates, to repay the earlier loans. But, the new loan provider has to be reimbursed via a monthly amount. This amount is a consolidation of all the previous loans. If you are incapable to repay this monthly installment, then you can decide for a debt consolidation refinance.

In debt consolidation refinance the agreements of the new loan are evaluated and studied. Depending on your current economic condition and other things like emergencies or death in the family, a new consolidation loan is invented. However, it should be remembered that with each remortgage, your credit results encounter more damage. Therefore, the credit scores dip from normal to very poor after every refinance. So, ensure that you settle the debt consolidation refinance timely.