RSS…their HELOC, or home equity line of credit into a first mortgage with a fixed rate. Your mortgage professional can also arrange to open a new heloc behind the new first mortgage. This allows you to pay your existing debt at a fixed rate while maintaining the convenience of having an available HELOC.
Archive for July, 2008
If you are considering refinancing…
July 31st, 2008 by admin | No Comments | Filed in Uncategorized…take a moment to review your goals for a refinance. Are you looking to consolidate debt, lower your current mortgage rate, shorten your term or make home improvements? How long do you plan on keeping your home? Share this information with your mortgage professional to find the best program for you.
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debt, mortgage, refinanceIf you are like many home…
July 31st, 2008 by admin | No Comments | Filed in Uncategorized…owners who have variable rate HELOCS then you are watching your interest rate slowly climb along with your payment as the prime rate continues to rise. If you have a very small balance on your HELOC you do not have much to worry about, but if you have a larger balance you may want to explore what options you have to get into a fixed rate 2nd mortgage or refinance your first mortgage while rates are still low.
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balance, interest, mortgage, payment, refinanceWhen refinancing, keep in mind…
July 30th, 2008 by admin | No Comments | Filed in UncategorizedThe costs of a mortgage…
July 30th, 2008 by admin | No Comments | Filed in Uncategorized…refinance include a) Origination costs – points and other settlement costs, on the new mortgage only; b) Monthly payments of principal and interest, on both mortgages; and c) Lost interest on (a) and (b), also on both mortgages. Cost offsets on both mortgages are tax savings, and reduction in the loan balance.
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balance, interest, loan, mortgage, payment, refinanceIn some isolated instances…
July 30th, 2008 by admin | No Comments | Filed in Uncategorized…you may qualify for FHA or Fannie Mae type financing if you have decent equity and a good 12 month mortgage history. Sometimes, Fannie Mae will approve a loan through there automated system even if there are some recent mortgage lates and a low credit score.
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credit score, loan, mortgage, refinanceTags: credit score, loan, mortgage, refinance
If you are over 62 and…
July 30th, 2008 by admin | No Comments | Filed in Uncategorized…have equity in your home you may qualify for a reverse mortgage. Reverse mortgages do not look at income or credit and can be a solution for borrowers with credit under 500.
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mortgageTags: mortgage
Qualifying for a Mortgage…
July 30th, 2008 by admin | No Comments | Filed in Uncategorized…Refinance depends on a variety of factors, including your credit score, whether or not you’ve made any late payments on your current mortgage, and how much equity you have in your current property.
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credit score, mortgage, payment, refinanceTags: credit score, mortgage, payment, refinance
If your credit score is…
July 29th, 2008 by admin | No Comments | Filed in Uncategorized…under 500 and you are wanting/needing to refinance you may want to consider working with a credit repair company to improve your credit scores so that you are able to refinance for a better rate. A credit repair company can sometimes improve your score enough to help you qualify for a refinance within as little as 30 days. The fee that you pay them to work on your credit and improve your scores will be well worth it if you can improve your credit enough to help you refinance and/or qualify for a much better rate.
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credit score, credit scores, refinanceTags: credit score, credit scores, refinance
Many people refinance their mortgages in…
July 29th, 2008 by admin | No Comments | Filed in Uncategorized…order to consolidate debt into one low monthly payment. By consolidating credit card debt and various other debt you will see various benefits. Some of these benefits are: one low monthly payment (versus several smaller bills to pay each month), lower interest rate, possibly tax benefits (ability to write off mortgage interest and gain that additional tax deduction) and savings of hundreds and possibly even thousands of dollars on your monthly mortgage payments. Therefore, mortgage refinancing can be very beneficial for many people.
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credit card, debt, interest, mortgage, payment, refinanceTags: credit card, debt, interest, mortgage, payment, refinance
Another option is Freddie Mac….
July 29th, 2008 by admin | No Comments | Filed in UncategorizedHomeowners who are currently in…
July 29th, 2008 by admin | No Comments | Filed in UncategorizedHard money lenders look at…
July 29th, 2008 by admin | No Comments | Filed in UncategorizedRefinancing may be undertaken to…
July 28th, 2008 by admin | No Comments | Filed in Uncategorized…reduce interest costs (by refinancing at a lower rate), to pay off other debts, to reduce ones periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.
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debt, interest, loan, paymentIf you are in need of…
July 28th, 2008 by admin | No Comments | Filed in Uncategorized…refinancing and your credit score is under 500 then you have very limited options. The vast majority of home owners who end up refinancing with a credit score under 500 use hard money lenders. Hard money lenders are equity driven and pay no attention to a credit score under 500 when refinancing.
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credit score, moneyTags: credit score, money
These types of loans can…
July 28th, 2008 by admin | No Comments | Filed in UncategorizedThe loans are usually 2-3…
July 28th, 2008 by admin | No Comments | Filed in UncategorizedWhile buying a home…
July 28th, 2008 by admin | No Comments | Filed in Uncategorized…when you have bad or below average credit scores may not give you the lowest rates available, it can still be a better alternative than throwing your money away on rent. Here are a few tips to help lower your monthly mortgage payment.
* buy a less expensive home (instead of that 200k home, try to find one in the 150k range)
* consider an adjustable rate mortgage instead of a fixed rate mortgage until you get your credit scores back on track
* look into a 40 or 50 year mortgage versus a traditional 30 year mortgage
* consider the possibility of having a co-signor
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credit score, credit scores, money, mortgage, payment, refinanceTags: credit score, credit scores, money, mortgage, payment, refinance
In many cases, lenders…
July 28th, 2008 by admin | No Comments | Filed in Uncategorized…will waive the pre pay penalty if the borrower will accept a slightly higher interest rate.
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interestTags: interest
You can still buy a house…
July 28th, 2008 by admin | No Comments | Filed in Uncategorized…with Bad Credit if you can come up with an acceptable down payment or qualify for one of the many Fannie mae,freddie Mac or government programs.
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bad credit, paymentTags: bad credit, payment
The pre pay penalty that…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…may be assigned to your loan is a protection to the lending institution. In addition to the higher interest rate and fees, the lender assigns a pre pay penalty on the loan to ensure they make a return on their investment. The pre pay penalty can be bought out usually with a fee.
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interest, loanThere are government insured programs…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…that help credit challenged borrowers. These programs place less emphasis on the credit score but do care about your credit history. Do no cancel those old credit cards just yet, wait until after you close on your home before doing that.
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credit card, credit history, credit scoreTags: credit card, credit history, credit score
FHA loans are often the…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…best bet when you are working on repairing your credit. There is no credit score minimum and typically 1 year of current credit will suffice.
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credit score, loanTags: credit score, loan
Poor Credit Loans come…
July 27th, 2008 by admin | No Comments | Filed in UncategorizedIf you have bad credit…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…but still want to buy a house, you have options that can range from getting a co-signor to repairing your credit. You now have more choices than were formerly available to people with financial problems.
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bad creditTags: bad credit
Do not stay in a poor…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…credit loan for a long period of time. As time goes by, with better repayment behavior, you can refinance into a loan with better terms in a relatively short amount of time. Contact a mortgage professional every 6 months to have him/her evaluate your credit scores and your current mortgage situation.
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credit score, credit scores, loan, mortgage, payment, refinanceTags: credit score, credit scores, loan, mortgage, payment, refinance
People with poor credit…
July 27th, 2008 by admin | No Comments | Filed in Uncategorized…should typically try and finance their outstanding debt through their loan. Consolidating credit cards and high interest loans will not only lower their overall monthly payments, but by reducing credit balances it will also help improve their credit scores.
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balance, credit card, credit score, credit scores, interest, loan, paymentTags: balance, credit card, credit score, credit scores, interest, loan, payment
If you are considering…
July 26th, 2008 by admin | No Comments | Filed in Uncategorized…buying a new home and are concerned about your bad credit there are still options available for you as a first time home buyer. The recent cutbacks in sub prime lending has left many homeowners and potential homeowners wondering if mortgage financing will still be available when they need it.
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bad credit, mortgageTags: bad credit, mortgage
Credit can always be improved…
July 26th, 2008 by admin | No Comments | Filed in Uncategorized…upon in time. Try picking up a secured credit card to begin rebuilding your credit safely.
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credit cardTags: credit card
Lenders make a clear distinction…
July 26th, 2008 by admin | No Comments | Filed in Uncategorized…between Poor Credit profile and No Credit profile. No Credit merely means the borrower has not had a history of using credit. A person with Poor Credit/Bad Credit profile has demonstrated a pattern of mishandling credit.
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bad creditTags: bad credit