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Mortgage Refinance Information
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FHA Mortgage: When Your Downpayment is a Gift There has been so much fraud discovered in the FHA program allowing gift funds for downpayment that Lenders and borrowers are required to absolutely document every step of the gift transaction to prove it was legitimate. Where To Find The Best Rates For Your Mortgage? As with all of my articles this will be based on a scenario in my home town. (Which may be similar to yours). Home Equity Loan Risks Home equity loans give individuals a tool to extend their existing credit line by securing debt on the equity value of their existing homes. This access to easy and cheap money can lure the borrower into securing a debt for reasons which otherwise could have been funded through wise money management. No Fee Mortgages Coming Soon Buying a home, especially for the first time, can be a daunting experience. There are endless credit checks, bank checks, employment checks, appraisals and more paperwork than seems to make sense. Adding to the angst associated with buying a home is the endless list of fees that are added to the cost of the mortgage. In addition to the interest rate quoted for the loan itself, lenders add other items to the closing costs, including appraisal fees, loan origination fees, credit report fees, document preparation fees, postage fees and all manner of other items that are often not even mentioned by the lender until closing time. The borrower often ends up suffering from a form of "sticker shock" at closing time, as the costs associated with closing on the loan are often substantially higher than expected. That may change, however, as several banks are about to introduce so-called "no fee" mortgages. Life of an Escrow Escrow is one of the last stages in the purchase or sale of a real property. When someone says that they are in escrow, it means that they have either accepted an offer on the sale of their property, or their offer to purchase has been accepted. The offer to purchase agreement is the instrument that is first signed by all parties before they "go to escrow". Unlock your Home Loan Piggy Bank With the recent sharp increase in property values your current home could be a pot of gold. Understanding UK Bridging Finance Bridging finance, also referred to as "bridge loans" and "bridging loans", have nothing at all to do with re-constructing the London Bridge. Bridging finance is typically a short-term loan that a business uses to supply cash for a real estate transaction until permanent financing can be arranged. The word "bridge" conveys the fact that the loan is designed to get you over a temporary obstacle. Benefits of a Remortgage There are many benefits in choosing a remortgage, some of which are listed below. Home Loans For People With Adverse Credit History Whether you are planning to purchase a home for the first time or refinance an existing mortgage, plan on comparing lending companies before you accept a financing offer if you have adverse credit history. Sub prime lenders specialize in offering loans to people who have a high-risk credit history. In return for accepting this risk, they charge higher rates and fees. Refinance After Bankruptcy Refinancing your mortgage after bankruptcy is actually the same as replacing it with an entirely new mortgage. The most common reason for refinancing your mortgage after bankruptcy is to get a lower interest rate and save money over the length of your mortgage. It is possible for you to lower your payments and save money each month and there has never been a better time to refinance. Mortgage lenders will consider refinancing your mortgage after bankruptcy because the risks involved in refinancing an existing mortgage are extremely low. 10 Things to Look for in a Home-Equity Line of Credit If you are a homeowner, you've probably received offers to apply for a home equity line of credit (HELOC). Handled with care, home equity credit lines can be an excellent way to improve financial flexibility, provide readily available cash reserves for emergencies, or pay for large expenses (like college tuition or home improvements) that have irregular payment schedules. But be aware that not all home equity credit lines are created equal. If you decide that a HELOC is right for you, what features should you look for? Here are ten things that should be at the top of your list: Guide to Interest Only Mortgages Here is a useful guide to interest only mortgages. An interest only mortgage is one where your regular payments only go to pay off the interest on the money you borrow. You will invest to pay off the capital sum at the end of the mortgage term. First Time Home Owner Mortgage Loans First time home owners are sometimes surprised at the complexity of the mortgage lending process. If you are searching for a mortgage and you have never owned a home, there a few things you can do to make the mortgage process less confusing. First time home owners should educate themselves on the home-buying experience before contacting mortgage lenders. There are many choices in obtaining a first time home owner mortgage loan. Friendly mortgage professionals are available to assist you in making the right decisions. Should You Choose to Refinance? Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and (hopefully) a lower interest rate. Tips For First Home Buyers On Getting Home Loans Buying your first home will likely be the biggest and most important purchase you will ever make. It can be a very stressful and may even leave you sleepless for nights on end wondering whether you are making the right decision ? especially where choosing the right home loan is concerned. How to Use a Home Equity Line of Credit Calculator Most home owners know that the lower the interest rate, the lower the monthly payments. But then the process may get a bit fuzzy. While your monthly payments may be the same every month, you are not applying the same amount to the principal of the loan. Your amortization will vary month to month. So, you will have to use a little math to determine how much equity you are actually gaining. Are you confused yet? If you are, don't worry. There is luckily a very helpful tool that will take the guess work out of home equity loans. Before you commit to anything, you should play around with a home equity loan calculator to determine how much you can borrow. There are many sites available online that give you free access to a wealth of tools and calculators. First Time Buyer Home Loans - Things To Consider When Applying Online As a first time home buyer, there are several things you should consider when applying for a loan online. First, do you know what type of loan you want? Secondly, do you want personal service or better rates? And finally, how do you plan on scheduling in a home loan? Escrow Accounts, Do You Absolutely Need One? With escrow accounts the money for your home insurance and property tax is added to your monthly mortgage payment and is paid out each year. With that said, you may think that having an escrow account takes the responsibility off your shoulders because the bank will make the payment for you each year from your escrow savings account. But beware, because many people have found that their property tax and home insurance have not been paid on time or at all! Save Money on Your Mortgage You should say goodbye to PMI. You may not notice it in the crush of your monthly mortgage statement, but many Americans pay for a line item called PMI. PMI stands for "personal mortgage insurance," and lenders impose it on customers who have less than twenty percent equity in their homes. Refinancing Your Home Mortgage Loan You're considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades. But, you're asking yourself, "Is refinancing worth my time and effort. Can I really save thousands of dollars on my home mortgage loan?" The answer is yes. There has never been a better time to refinance your home mortgage.
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