refinancing mortgage loan: How to Refinance Your Underwater Mortgage
- 04/12/13 05:06 AM
Recently, I answered a question from a reader about what they could do to refinance their underwater rental property. Here’s a summary of what I talked about:
If you have a home that’s underwater, you won’t be able to qualify for a traditional refinance. At this point you should see whether you can qualify with the Home Affordable Refinance Program (HARP 2.0).
Be sure you qualify under the MakingHomeAffordable.gov rules. The site provides great information that will help you learn about your refinancing options, and offers a list of available programs. Keep in mind that not all lenders will do … (3 comments)
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refinancing mortgage loan: Hidden Costs of Refinancing a Mortgage
- 11/15/10 06:34 AM
I got an email today from a woman who has been reading recent columns about refinancing a mortgage.
She read that I paid very little to refinance and another woman paid $2,100 to refinance.
“How can this be when I paid $10,000 to refinance two years ago?” she asked.
It’s a good question because it gets to the heart of why no one seems to have the same refinance experience. There are several different choices you make that will directly affect how much you pay to refinance (or, let’s face it, finance) your mortgage. There are also several factors over which … (1 comments)
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refinancing mortgage loan: Options for Refinancing a Mortgage on an Inherited Property
- 11/02/10 02:35 AM
If you've inherited a property, you may be considering a mortgage refinance. I received a question from a reader whose son passed away, leaving her and her husband with his condo. Should they refinance the mortgage on this inherited property? Q: My son purchased a condo in August, 2008. He paid $240,000 and put down 20 percent in cash. Similar properties are now selling for about $200,000. My son passed away in June leaving no will. After a period of 60 days, our county court signed over the title to me and my husband. The condo is rented out and we … (1 comments)
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refinancing mortgage loan: How Do I Refinance My Mortgage, Find A Good Mortgage Lender?
- 08/19/10 08:59 AM
A reader recently asked, "How do I find a good lender to help me refinance my mortgage?" I said there are four basic steps to take:
Find four to five different kinds of lenders and spend time chatting with each of them. You should search out a national lender, small banks that portfolio mortgage loans, a mortgage broker (ask your real estate agent for some referrals) and a credit union (if you belong or can join one).
Check your credit history and score. Go to annualcreditreport.com and receive a free copy of your credit report from each of the three major … (0 comments)
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refinancing mortgage loan: 3 Reasons Why Now The Best Time To Buy A Home
- 04/21/10 04:09 AM
While it is harder to get financing than it was several years ago (when all you needed was a pulse instead of all the paperwork that’s required today), there are at least 3 reasons why now is the best time to buy a home:
Home Buyer Tax Credits. As long as you have your paperwork done by April 30 and can close by June 30, and you qualify, you’ll could eventually pocket up to $8,000 for a first-time home buyer tax credit or $6,500 for a long-term homeowner tax credit. Mortgage Interest Rates Are At 40-Year Lows. Just because you could … (3 comments)
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refinancing mortgage loan: Whether To Refinance Mortgage Or Pay Down Existing Loan
- 03/02/10 07:50 AM
Given today's low interest rates, you may decide to refinance a mortgage loan today but may not get all of the benefits. You have to watch out for high costs in refinancing your mortgage loan and have to make sure the costs don't outweigh the benefits of the lower interest rate.
The best real estate advice you can get is to make sure you can lower your interest rate, shorten the term of your loan, save money on your monthly payment and keep the refinance costs low.
Read more about refinancing your mortgage at: ThinkGlink.com
… (0 comments)
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refinancing mortgage loan: Home Affordable Refinance Program vs. Home Affordable Modification Program
- 02/23/10 09:14 AM
Confused between Obama's two plans to help homeowners? One plan helps homeowners refinance their homes even if their homes have decreased in value. The other plan helps homeowners obtain loan modifications from their lenders particularly if they have a financial hardship.
Read more about the differences between the Home Affordable Refinance Program and the Home Affordable Modification Program and how they can help you, at ThinkGlink.
… (1 comments)
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refinancing mortgage loan: Refinancing An Interest Only Loan or Paying Down The Mortgage
- 02/10/10 09:50 AM
If you have some extra cash around, it may be smart to consider paying down your mortgage debt.
Sometimes your current loan will be a better deal than refinancing an interest only loan. If the closing costs are too high to refinance and your interest rate is reasonable, you might be better off keeping your existing mortgage loan.
Using your extra cash to pay off your mortgage is another option. Depending on the type of loan you have and where you would otherwise invest your money these days, the option to pay down you debt might appeal to many homeowners.
Read … (0 comments)
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refinancing mortgage loan: Refinancing? Here’s The Mortgage Deal I Choose
- 11/30/09 05:07 AM
Yesterday, we started shopping around to refinance our loan. Right now, we have an adjustable rate mortgage (ARM) that’s gone down to 3.35 percent. We also have a home equity line of credit that’s clocking in around 2 percent.
We called three lenders to compare deals. Here’s what they initially offered us on a 15-year fixed-rate loan:
Lender #1: 4.25 percent, around $1,500 in fees/costs Lender #2: 4.35 percent, no costs Lender #3: 4.50 percent, around $1,500 in fees/costs We eliminated Lender #3, because the other deals were better and focused on whether it was better for us to pay the … (1 comments)
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refinancing mortgage loan: You get divorced. You refinance your home. Your ex-spouse gives you a quit claim deed. End of story? Maybe Not.
- 11/05/09 08:04 AM
Q: In 1995, the court dissolved our marriage. The dissolution of marriage stated our house would be sold as soon as possible, and both parties would share in cost to sell and profit equally. In October of that year, my ex-husband signed a quit claim deed removing his name from the mortgage to allow me to refinance. No money was exchanged between us.
After 13 years and $69,000 of repairs and improvements I finally sold the house. My ex husband is now laying claim to half of the amount I would now get on the basis of today’s selling price and … (2 comments)
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refinancing mortgage loan: Borrowers Save Billions By Refinancing Their Mortgages
- 11/03/09 02:49 AM
According to Freddie Mac’s quarterly Refinance Report, one-half of borrowers who refinanced their conventional loans lowered their annual mortgage interest rate by at least 17 percent, or about 1.1 percentage points below the old interest rate. (See my post on the Refinance Report from 1Q 2009 here.)
In the aggregate, the interest rate reductions add up to about $3 billion that these borrowers will save over the first 12 months of the new loan.
Low interest rates would ordinarily spur a tremendous amount of refinancing activity. But the collapse of home values during the housing crisis meant few homeowners could refinance … (2 comments)
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refinancing mortgage loan: How Can You Lower Your Monthly Mortgage Payment Under The Making Home Affordable Plan?
- 09/02/09 08:56 AM
A lower monthly mortgage payment should be the goal of a loan modification or a streamline refinance. If your lender offers you a loan modification but raises your monthly mortgage payment, see what else they can do to help lower your monthly mortgage payment. Maybe you can participate in the Obama Making Home Affordable Refinance Program and extend the life of your loan and reamortize to lower your monthly mortgage payment.
One ThinkGlink.com reader found herself in a situation where her loan modification actually raiser her monthy mortage payment. Is there any way she can lower it through the Making … (2 comments)
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refinancing mortgage loan: Lowering Your Monthly Mortgage Payment By Refinancing
- 07/05/09 07:42 AM
Perhaps in honor of the Fourth of July, the Federal Housing Finance Agency (FHFA) quietly announced a small change that could free millions of homeowners from the oppressive bounds of a high monthly mortgage payment.
Or, maybe it’s just the next installment of “How the Credit Crisis Turns.”
FHFA announced on July 1, 2009, that loans that are owned or guaranteed by Fannie Mae and Freddie Mac would be eligible to be refinanced if the home loan-to-value ratio is 125 percent. The current home loan-to-value ratio is 105 percent under the Home Affordable Refinance Program (HARP).
If you own a home … (0 comments)
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refinancing mortgage loan: Great Mortgage Loan Deals: Can You Finance Investment Property for 4%?
- 06/08/09 10:17 AM
Mortgage interest rates are super-low at the moment. But the best deals are for owner-occupied homes, not for financing investment property. On a recent radio show, a caller emailed Ilyce to ask about a great loan deal she supposedly got when she financed her investment property. Is it the real deal?
Question: On your radio program one Sunday, you mentioned that you got a very low intereste rate when you refinanced an investment piece of property that you owned. I believe the interest rate on the loan was in the 4 percent range. That sounds just too good to be true. … (0 comments)
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refinancing mortgage loan: Home Loan: Refinance Or Pay Off Mortgage Loan To Remove Name
- 04/17/09 11:19 AM
When you buy a home with someone, regardless of what type of home it is, the only ways to remove yourself or the other party from the mortgage is to either refinance or to pay off the mortgage loan.
While you can ask the mortgage lender to remove one of the name's it's unlikely the lender will agree to do that without refinancing. Learn about what to consider when the property whose mortgage is in question is a manufactured or mobile home by reading the experience of one of my readers.
Question: I have a 30-year old daughter. About one year … (0 comments)
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refinancing mortgage loan: How to Prepare for a Mortgage Refinance
- 04/12/09 12:59 PM
With mortage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?
It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup your closing costs in a reasonable amount of time. And unlike during the housing bubble, you now need to provide lots of documentation, including proof of your income, when you want to refinance your mortgage loan.
8 Things You Should Do … (2 comments)
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refinancing mortgage loan: To Refinance or Not To Refinance: That is the Only Question
- 04/07/09 10:02 AM
It’s clear from my email and the callers to my radio show that last week’s drop in the 30-year interest rates to about 4.75 percent has sparked huge interest in whether now is finally time to refinance.
To hear my opinion and check out my new blog at CBS's MoneyWatch.com follow THIS LINK and read the whole article. Feel free to comment on what you read at that site or even back here!
Let me know what you think!
… (2 comments)
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refinancing mortgage loan: Mortgage Loan Modifications Are Still Possible With Declining Home Value
- 04/05/09 01:04 PM
Can you refinance your mortgage loan when you owe more on the property than it's current home value?
Your mortgage lender may be more likely to grant you a mortgage loan modification or refinance since the federal government has been offering mortgage lenders financial incentives. Learn how to request a mortgage loan modification from your mortgage lender. And read on to see what happend to one Think Glink reader.
Question: The interest rate on my loan just adjusted to 9.25 percent last month. We are upside down on our house by 5 percent, so we aren’t sure we can refinance. I’m … (2 comments)
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refinancing mortgage loan: Making Homes Affordable: Refinancing
- 03/31/09 11:09 AM
Along with the launch of the MakingHomesAffordable.gov website, the White House released an updated FAQ about the refinancing and modification programs. Here's the refinance FAQ. I posted the modification FAQ on my blog (www.thinkglink.com/blog)
What is “Making Home Affordable" all about?
Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
HOME AFFORDABLE REFINANCE FAQ
I'm current on my mortgage. … (0 comments)
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refinancing mortgage loan: Did You Catch Me On CNN? If Not, Here's The Full Video
- 03/17/09 08:05 AM
In case you missed the live broadcast, check out this video link from my most recent appearance on CNN. I discussed the mortgage crisis with CNN Correspondent Naamua Delaney. Also, I gave my "3 Ways To Save Your Home" list:
1.Call your lender
2. Ask for the loan mitigation department
3. Call the "Hope Now" hotline at 888-995-HOPE
Watch the full segment by following the link below and let me know what you think!
http://www.cnn.com/video/#/video/business/2009/03/17/dcl.llyce.glink.save.house.intv.cnn?iref=videosearch
Also, I only need 7 more YouTube subscribers to hit 500! Head over to http://www.youtube.com/user/ExpertRealEstateTips and help me reach this amazing goal!
… (3 comments)
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