Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
You can’t turn on the news these days without hearing about how bad the economy is or about the recession looming on the horizon. This gloom and doom about the economy is putting many homeowners off refinancing their homes.
If you are in this situation and would benefit ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
With the mortgage meltdown underway in full swing you might think getting a mortgage even with good credit would be difficult. This isn’t necessarily the case.
The problem many homeowners face when refinancing their mortgages is that home values are declining. If you’re upside down in your ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
In a single word…yes, your mortgage broker is better. There are a number of reasons that direct mortgage lenders and banks should be avoided at all costs when refinancing your home loan. Banks and other direct mortgage companies can legally hide the profit they make from marking up ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
Debt-to-Income ratio is simply the ratio of your monthly income to the amount of your debts.
This ratio is commonly referred to as DTI.
Suppose for instance your gross income is $5,000 per month and your debts are $2,000 per month. In this example your debt to ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
Locking in your mortgage rate is when the lender backing your mortgage secures the money for your loan at a specific interest rate, term length, and dollar amount. A typical rate lock period is for thirty days but it is possible to lock your interest rate for more or ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
Take a trip to the E-Loan website and you’ll be greeted by a graphic of the US Capital building announcing that the “Fed Cuts Rates,” to 1.00% down 1.2 a point. That’s truly amazing…but what does that have to do with mortgage rates?
Absolutely nothing. The rate cut that took place ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
If you are considering refinancing your home mortgage the interest rate you receive is probably your number one concern for the new loan. What you might not know about that mortgage rate is that the quotes you receive are often padded to give your mortgage company a commission. ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
Your mortgage payment that includes loan Principal, mortgage Interest, property Taxes, and homeowner Insurance is commonly referred to as PITI. Payments of this type are often paid through an escrow company. Your mortgage lender will receive the loan principle an interest to pay down your mortgage loan. ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
When the Real Estate bubble burst many homeowners particularly in parts of the country like California and Florida saw their property values plummet. If you were one of these homeowners you may have gone from having as much as $50,000 in equity to being under water.
The burning question ...
Posted by How to Refinance | "Avoid the Traps, Get Expert Advice" on Nov 20th, 2008
Your mortgage closing costs are the fees you pay up front when taking out or refinancing a mortgage loan. These costs include origination fees, title fees, discount points, appraisals, underwriting and processing fees. Basically any fee paid to the originator or a third party company involved with the ...