Tag Archives: mortgage loans

First Time Home Buyer Programs

Home Mortgage Tips That Will Make Your Life Easier

Are you in a place where you’ve been thinking about getting a new home, but unsure of whether you can afford the cost or not? Do you know about different programs available to make it affordable to own a home? Regardless of what brought you here, it is possible for everyone to get some useful home loan information from this article.

Mortgage Loans

Reduce or get rid of your debt before starting to apply for mortgage loans. When consumer debt is lower, you’re able to qualify for higher mortgage loans. If your consumer debt is high, your loan application might be denied. Large debt loads are expensive as well, in terms of the higher interest rates it can bring.

Before applying for a mortgage, have a look at your credit report to make sure everything is okay. There are stricter standards these days when it comes to applying for a mortgage, so do your best to fix your credit.

Keep the lines of communication open with your lender, no matter how bad your financial situation may get. Although many homeowners are inclined to give up on a mortgage when the chips are down, the smartest ones know that lenders often renegotiate a loan, rather than wait for it to go under. Give them a call to find out what you can do next.

When you are waiting to close on your mortgage, don’t decide you want to take a shopping trip. Lenders generally check your credit a couple of days prior to the loan closing. If there are significant changes to your credit, lenders may deny your loan. Wait until after you loan closes for major purchases.

Any changes to your financial situation can cause your mortgage application to be rejected. Make sure your job is secure when you apply for your mortgage. Avoid changing jobs until the lender has approved your loan because they have based their decision on your current employment situation.

Gather financial documents together before making your loan application. These documents are the ones most lenders require when you apply for a mortgage. They will likely include anything you typically submit to the IRS, and several pay stubs. The whole process goes smoother when you have these documents ready.

If you’ve been thinking over what home mortgages mean for you, and wish to use one to your advantage, then you can use the tips here to help you begin. Most people are able to own a home, but they have to get a mortgage. Use what you’ve gone over here wisely if you are searching for a home that you’ve dreamed of.

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Home Loans, Mortgage Finance

Get your loan modified to avoid an imminent foreclosure in 2011

Do you have your home loan to be repaid? Are your monthly financial obligations posing to be a problem when it comes to managing your monthly mortgage payments? If answered yes, you need not worry as home loan modification can actually help you avert the risk of an impending foreclosure. You just cannot sit back and mourn as you cannot make your monthly mortgage payments. Take the decision of getting your home loan modified and paying off your monthly mortgage payments with ease. Have a look at the ways in which you can pay off your home loan through home loan modification.

1.You can lower the interest rates: Most homeowners are struggling to pay off their existing mortgage loans due to the sky-high interest rates and the simultaneous rise in the prices of commodities. After paying off several monthly obligations, most of them are left with no money at hand to repay their mortgage loan. At such a situation, you can benefit by modifying your loan. A home loan modification is just rewriting the terms and conditions of the loan so that the repayment procedure becomes easy for the homeowner. You can therefore benefit by modifying your loan and paying off affordably.

2.You can extend the term of the loan: In order to obtain lower monthly payments, you can also extend the term of the loan by modifying it. If you had taken out a 15 year term loan, you must be tired of making high monthly payments. In such a case, you can modify your loan and get a 30 year term loan to lower the monthly payments. On the other hand, you may also reduce the term of the loan so that you can get rid of your entire secured debt amount.

3.You can change the loan program type: If you had taken an adjustable rate mortgage and youíve been subject to sudden interest rate hike, you can get your loan modified and change the loan program to a fixed rate mortgage. The monthly payments on your mortgage may increase on a fixed rate mortgage but you can at least be certain about the stable interest rates and monthly payments throughout the term of the loan.

4.You can avoid foreclosure by modifying your loan: The biggest benefit of modifying your loan is that this is possibly the best way to avert the risk of a possible foreclosure. As you get favorable rates and terms on your modified loan, youíll be able to make monthly payments on your mortgage loan. As the lending company remains satisfied with your payments, he will not foreclose your house.

To obtain a home loan modification, you need to write an impressive hardship letter to the lender. If you cannot show the extent of your financial hardship, your lender will perhaps turn down your offer of a modification. Also keep your financial documents in place to make the process of home loan modification easier.

Mortgage Finance

If I Wait To Do My Reverse Mortgage, Will I Get More Money?

We will address the three factors of a reverse mortgage that determine that amount of money that is available to you in this article.

1. Your age. You probably already know that you need to be at least 62 years old if you want to do a reverse mortgage, but does it make sense to wait until you are older to get more money? In my opinion, it does not pay to wait to get older. Interest rates may go up, and that will affect your available equity more than your age, but more on that in a minute.

The prior paragraph has an exception. If there is a spouse under 62 years old, but you qualify, should you wait until everyone is old enough? I can definitely say “it depends”. If there is a hardship like potentially losing your home or needing a sum of money for medical expenses, it can make sense to just do the loan. Another reason to not wait is if the spouse is planning to move upon your passing so they can live near family. By taking a person off title and doing a reverse mortgage, you run the risk of leaving them without a home. They will need to refinance or sell the home since they weren’t on the reverse mortgage. Please remember: It doesn’t usually make sense to remove a person from title just to get more money, unless there is a hardship being avoided.

2. The interest rates. Interest rates are at an all time low. Fixed rates are in the low 5’s. An interest rate hike of a percent or more could mean thousands of dollars less that you receive. Do you want to gamble with what the rates will be in 3 or 4 years?

3. What your home is worth. The value of your home is what your loan amount is based on. So if you are hoping that values will go up enough to matter, you might be better off using today’s value. Guessing what the home will be worth 3 years down the road is pretty hard to do. I have plenty of clients that wanted to wait a couple of years and all that happened is the values of their properties have decreased. If you’re lucky you may still qualify.

If it works, why continue waiting? What are you hoping for? If the numbers work today, just do it. You can use a reverse mortgage to start living your retirement today, with real numbers that you can use, based on today’s information. If you would like to see what you qualify for, try our FREE reverse mortgage calculator.

Mortgage Finance

Time To Purchase A Home – Low Rates, Buyers Market

The summer of 2010 has become one of the best times to buy a property. There has never been a better time in the real estate market to buy a new property. From the low rates on home mortgage loans to the fantastic prices on the houses on the market, now is a great time to be a home buyer.

Low Mortgage Loan Rates

Mortgage rates are striking record lows and with a lower interest rate comes a lower house payment. If you purchased a home for $200,000 and did a 30-year mortgage, you will save over $55,000 over the lifespan of the home mortgage compared to someone who purchased that same home about a year ago.

The last time rates were this low was back in 2004, but today, the rates are even lower. The amount of money that can be saved is tremendous.

Even with the home loan guidelines tightening, many consumers are still able to get qualified for a mortgage loan. FHA home loans offer lower down payment options.

This opportunity is great for first time home buyers. With the real estate market in the buyer’s favor, a first time home buyer could save thousands!

The Current Real Estate Market – A Home Buyer’s Advantage

The real estate market over the past year has gotten better as many areas are starting to see less foreclosures, but there are still more houses on the market than willing people to purchase these properties. This means that the market is still considered a buyer’s market. Great news if you are looking to buy a new property.

A lot of sellers are paying for buyer’s closing cost or reducing the price of the property. Many home builders have great incentives to buy today. A homebuyer could purchase a new home without even paying closing cost.

Several homebuyers are finding awesome deals on houses that are not short sales or foreclosures. There is a misconception that short sales or foreclosures are the best deals, but in many areas, builders and homes sold by their owner are actually a better option.

The real estate market is in the buyer’s favor, so now is a great time to buy a property. Contact your local Realtor Consultant and discuss what your real estate market is doing. Since each real estate market is not the same, it is important to discuss with a real estate consultant before making a decision.

Keep in mind that purchasing a house is an investment and that you should look at the purchase of a home over the long haul. Properties will gain and lose value in the short time, but over a long time period, properties usually gain in value. Take into consideration the money you will be saving in interest and closing cost, and for those that act quickly, they could save thousands.

David White is a Senior Home Loan Advisor with over 12 years experience. David specializes in home loans. David is a Dallas home loans expect. Unique version for reprint here: Time To Purchase A Home – Low Rates, Buyers Market.

categories: Real Estate,First Time Home Buyers,Buying a Home,Home Buyer,Mortgage Loans

Mortgage Finance

Do You Know Anything About MI Refinance?

Mortgage refinancing is getting popular and popular. Everyone who wants it applies for it. You may even know someone who is already in refinancing. It may be a friend, a family member, a relative, or even a co-worker in your workplace. So why do you think refinancing is famous?

Refinancing is when you apply for another loan in order to pay off your old loan under the same assets, property, etc as collateral. Usually, if this original loan had a fixed interest rate mortgage, here in refinancing your mortgage loans, you can avail a more favorable interest rate which is a lower rate of course.

We all know that mortgages are also helpful; however some of these mortgage loans have high fixed interest rates. Then thinking about refinancing could be a good idea. You can actually try the MI Refinance so that you can get what you desire, a mortgage rate at lower interest rate. MI Refinance will help you with this one. But, you should also and always ask yourself first if going into mortgage refinance is best for you.

Weighing first all the things before choosing what you think is best, is always a good idea. You should have to take a good look at the current offerings in the market regarding the refinance and see if it will work well for you. You can also take advantage of asking others about their thoughts about refinance. May be it would be better if you would ask those people who are already in mortgage refinance .

Making a good decision about important things is a tough one especially if it involves money. So, before you refinance your mortgage loans, please weigh everything. Let me help you with that. In refinancing, you can use the money you get to pay off some bills and one of this of course are your older debts. After that, you can save more because you can avail a lower interest rate.

However, paying your new debt would take a longer time to payoff whatever you have refinanced. For example, you applied for a mortgage loan today just to pay your old debt. Making a new debt to refinance the old one will make you pay longer. And remember, the more days you have, the more money you pay.

When you have no one to ask to, you can actually browse the Internet for your further questions. By just a few minutes, I assure you, you can get what you want. If not, then may be a little info about your question. Browsing in the Web can help you find lots of lenders that will explain to you more about refinancing. And if you would like, you can actually fill out some forms after then.

And you know why refinancing is getting popular and popular. So, if ever you decide about it just always remember that there’s no need to hurry, if have still time. Take your time to think and realize if you really need it.

Trying hard to pay off all your mortgage loans? Try to consider the MI Refinance to avail lowest interest rates.