If you have bad credit, mortgage lenders are hard to come by these days. But that doesn’t mean you have no hope of getting a better deal on your home loan. If you have a bad credit mortgage, mortgage rates may be much lower than the rate on your current mortgage. As long as you have some home equity, you may be able to improve your situation. Continue reading ‘Bad Credit Mortgage Refinance Alternative: Modification Through LoanPort’
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If you’re an older homeowner with bad credit and a lot of home equity, you are probably being bombarded with junk mail, phone calls, and email solicitations from salespeople trying to get you to refinance your mortgage. Be very careful dealing with these people–they may be practicing a predatory lending technique called equity stripping. They’ll be doing the stripping, but it’s you who ends up naked. Continue reading ‘Older Borrowers Have Different Experiences with Lenders’
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HUD Feels Your Pain–And Does Something About It
Shopping for a refinance mortgage in 2010? You can lose the Advil–comparing mortgage quotes won’t be causing any headaches after January 1st, 2010. The new forms are easy to understand, and all the important stuff is right up front. In 2010, you won’t have to wade through piles of disclosures, looking for evil fine print. And it won’t matter whether the lender chooses to call a fee “administration,” “underwriting,” “extra silly charges” or “garbage,” you get a bottom line figure that lets you cut to the chase and compare loans easily from one lender to the next. Continue reading ‘2010 Mortgage Disclosures to Be “X Rated”’
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A new study by First American CoreLogic predicted that refinancing will result in $2.3 billion in savings for those who refinanced during the first six months of 2009. According to the study, the median individual monthly savings was $120, 10.5% less than the previous mortgage payment. The total benefit over the next five years to homeowners who refinanced in 2009 should grow to $11.5 billion. Should you join these people and save some money?
Continue reading ‘Should You Refinance During the Holidays?!’
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Yes, rates are low. And if you are paying over 6% on your mortgage, you should probably look into refinancing and saving some money. However, not everyone who could benefit from refinancing will be able to do so. Here are three reasons you may not be able to refinance–and what you can do about them. Continue reading ‘3 Reasons You May Not Be Able to Refinance Now–And What You Should Do’
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Experts say that rates on 30-year fixed rate mortgages have gotten as low as they will go and have begun rising. In fact, the spread between the 10-year treasury rate and the 30-year mortgage, which is typically 1.7% if you don’t pay any points, has increased to about 2%. But 15 year mortgage rates continue to drop–Today, 15-year mortgage rates are running about 1.3% above treasuries, close to .7 percent lower than 30-year fixed rates! Why is this happening? Continue reading ‘Why 15 Year Mortgage Rates Are so Much Lower’
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You are a smart shopper. Whether it’s for a bad credit mortgage, an FHA loan, or a debt consolidation home equity loan, you know what to do–get online or on the phone, touch base with several lenders, and get your disclosures quickly. Once you have decided which lender you like best, it’s time to apply for your mortgage. But what about that rate quote? Is it guaranteed? What are your rights when it comes to mortgage interest rate quotes? Continue reading ‘My Mortgage Rate Is Locked……Isn’t It?’
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On January 1, 2010, would-be borrowers will get a rude awakening from FHA. The agency’s streamline refinance will no longer be the easy transaction it is today. Today, the biggest advantage of FHA streamline refinances is that they don’t require an appraisal or credit qualifying. So even if your home’s value has tanked and you have bad credit, you have been able to refinance easily into a better FHA loan. That opportunity is about to go away. Continue reading ‘FHA Toughening Guidelines in January: Better Refinance Now’
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What does it mean when a lender claims he or she is “paying your mortgage costs?” Well, it looks like that’s what they are doing because of the way many structure your Good Faith Estimates (GFEs). You’ll see a boat load of charges, and then (phew!) it shows the lender reversing or paying the fees. But there’s no free lunch! Continue reading ‘Mortgage Refinance: No Free Lunch, But Tasty in the Right Circumstances’
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The Troubled Asset Relief program (TARP) was originally touted to Congress and the public as a request for funds to purchase troubled home loans, helping lenders get them off the books and loosening up money for deserving mortgage borrowers. However, once passed, that plan was junked in favor of less direct help. Continue reading ‘When Will the Bailout Help Homeowners?’
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