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STORE & HOUSE FOR SALE

Building Large : 9 x 15 m2
Lands Laarge : 9 x 50 m2
Location : Purwokerto Jateng Indonesia
Price : $ 90.000 USD

How to Know When It's Time to Refinance Your Mortgage

By Michael Dell'Ovo

There are many reasons to refinance a home including:

Lower your interest rate to reduce the monthly mortgage payment;
Shorten the term of the loan to save possibly thousands of dollars in interest;
Take cash out to consolidate other debts.

These are all great reasons to refinance your mortgage, however, a few items should be considered first. A refinance is very similar to when you closed on the purchase loan for your current home. You will need to submit and application, credit will be pulled and you will need to be approved by the lender. Once you are approved an appraisal will be ordered as well as a title examination.

As a general rule, it makes sense to refinance if you can get an interest rate that is at least one percentage point lower than your current rate. Every situation is different and there may be other reason besides lowering your rate that might make sense. For example, if the purpose is to take cash out in order to pay off high interest credit cards, than even if the rate stays the same, it's possible to save money on your overall monthly expenses.

Questions To Ask Yourself:

How long do I plan on staying in this house after I refinance?
How much lower could I get my monthly mortgage payment?
How much will it cost me to refinance?

Once you have the answers to these questions, you can figure out if a refinance makes sense and when you will break even. Divide the cost of the refinance by the monthly savings and you will have the number of months it will take for you to break even after the refinance.

Keep in mind that you do not always have to start the clock over with a 30 year fixed. If you want to stay on track to pay off your mortgage around the same time as when you started, you can choose a shorter term mortgage. For example, if you are 5 years into a mortgage and rates improve, you can take a 25, 20 or a 15 year mortgage to stay on track or even shave off a number of years. A scenario like this could save thousands of dollars in interest over the life of the loan.

It is wise to ask the person who is handling your loan for a good faith estimate along with your mortgage rate quote. This way you can know exactly how much it will cost you to get the payment that is offered. Taking these calculated steps is necessary to know if refinancing now will make sense. Numbers don't lie, so make sure you take the time to do the math correctly and have a clear understanding of your goals.

Mortgage-Refinance Loan Measurment 101 -- Evaluate Your Own Ability to Pay

By Mark Barness

We live in a society where people are losing their homes at an alarmingly high rate. There are several reasons for this, but one could certainly be avoided -- buying a house that creates a loan that is too large for you to handle. This article will examine how to decide your loan size -- whether you are purchasing or refinancing. We'll look at this issue from the point of view of lenders and from the standpoint of what is actually best for you.

In a conventional, conforming loan -- one in which you have good credit and good job history -- a lender will look at what he calls "debt-to-income ratio." Many mortgage brokers refer to it as DR (debt ratio). They also break it into two categories -- front end ratio and back end ratio.
A front end debt ratio calculates your gross monthly income against your new house payment. Conventional lenders want this number to be at 28 percent or less. So, if you make $3,500 each month in gross income (before taxes and other withdrawals), just take this number and divide by 28 percent. This new number is $980.00, which is the number the lender will use as your front end ratio. So in the lender's mind, you can afford a house payment of $980.00 or less.

Remember, though, this is only half of the equation. Now, the lender will look at your overall debt scenario. When calculating your back end debt ratio, the lender takes your new mortgage and all other monthly credit debts -- car payments, credit card payments, other loans, cell phones, etc. Items like insurance and utilities are not included. Conventional, conforming lenders want this ratio to be at 36 percent or less.

So, to calculate your back end or overall debt-to-income ratio, take your gross monthly income and divide by 36 percent. Again, let's assume you make $3,500 monthly. When divided by 36 percent, you get $1,225.00. Now, add up all your monthly minimum payments, plus your new house payment, and this new number needs to be less than $1,225.00. So, if you have very little debt, you can afford to go all the way to the $980.00 for a new mortgage. If you have a couple of cars, several credit cards and a cell phone, you'll likely have to get much less house.

Now, these ratios are very conservative. In most cases, lenders will allow you to break one or both of these guidelines, based on other factors -- things like A+ credit, good liquid assets or a large down payment.
Or, you may need a loan program that is non-conforming. This would involve a lender who increases these ratios as high as 50 percent, meaning your debt can be half of your gross monthly income. Lenders, you see, want to make loans. That's why they are so rich, because they are doing trillions of dollars in loans each year, and getting back even more in interest payments.

In order to assure yourself of getting a loan that you can afford, you should qualify yourself. It's important to remember that when calculating debt to income ratios, lenders don't take many important factors into account. For example, they allow you to use gross income -- instead of net income. We pay our bills with our net, not our gross. When deciding what you can qualify for, consider your net income.

In other words, add up all your debts and look at the money you have after taxes, retirement, savings, other investments, etc. Also, account for debts lenders do not, such as insurance, groceries, utilities, the probability that taxes on your home will go up, clothing, and spending money for fun and hobbies. After all, you want having a home to add to your life -- not make it more difficult. Lenders leave this part out

What's A Divorce Got to Do With Your Mortgage Refinance?

By Ronny Walker

"Love is lovelier the second time around", croons a Sinatra CD in the background. In your case, it's about falling in love with another, bidding your old flame adieu and getting a mortgage refinance to put the divorce to rest.

When Love is Gone

When love leaves, the travails of married couples begin. Everything about their partner is gross, unappealing, and irritating. Life becomes a struggle to keep up with the pretense that things are okay.

When you're the aggrieved partner, you silently wish that things will suddenly take a better turn, especially with an unpaid mortgage. Refinance plans have to take a backseat for a while, so, no go.

Not all divorces end well, but for those who want more money from their house faster, they'll settle fast and work around their mortgage. Refinance is usually another exit of a relationship and to get the spouse out of the house fast.

What to do Before the Divorce

There's no reason for couples to fight like wildcats over property bought during their marriage. If you're in this mess, try to convince your spouse to talk it over like politically correct adults.

Issue number one to be discussed is the custody of the children. Both of you must understand that the children need both of you in their lives. Work it out between you with the children's well-being in mind.

The second issue is the home. Equally divide the value of the house, subtract the outstanding balance of the mortgage and calculate the remaining equity and split it between the two of you 50-50.

If you want to keep the house, you'll have no choice to but to get a mortgage refinance to pay off your spouse. Untangle the legalities and ask the lender about your options as a divorcee.

During the Divorce

If you have opted to buy out your partner, get an appraiser to have an accurate assessment of the property before splitting your spoils. The value should then be entered in the divorce settlement agreement.

If you one of you has no idea about the appraisal values, then get your own appraiser just to be sure everything on paper is accurate. A real estate broker can also give you an idea of the current sales value of the house. Also ask your lender about the exact balance of your mortgage.

If you have agreed not to get the house, despite your contributions towards the monthly payment, pack up and go. You'll still be getting your share of the equity. If you got the kids, you can temporarily stay at your parents or a sibling, or stay in the house until the dust has settled.

Things to Watch Out For After the Divorce

If your spouse got the house and is paying for the mortgage, be prepared. If he or she fails to pay the mortgage, your credit ratings will be affected and getting a loan for yourself will be difficult. This is because mortgage companies or lenders have signed a contract bearing both your names and can follow up on repayment of the loan from the two of you.

If both of you are jointly tied to a debt, investigate ways to have your or your ex-spouse name removed. As a parting shot, make sure that if only your spouse is obligated to a lender, he or she is responsible, not you. This is your way to get a mortgage refinance when you're starting all over again.

Stimulus Package to Refinance Chase Bank Loans - Mortgage Modification Tips

By Sani Orman

The 2009 Stimulus Package introduced by the US Federal Government is aiming mainly at the welfare of the home owners. The keyword is 'affordability' and 'loan modification'. This plan is 'owner friendly' in every sense. The main idea of the Stimulus Package is to save the homes by stopping the bankruptcies & foreclosures.

Chase Bank lets the consumers pick the right mortgage according to their needs by offering them the options such as Fixed Rate, Jumbo, Adjustable Rate (ARM), Interest Only, etc. Just like the Stimulus Package, Chase bank is willing to help the home owners in getting loan modifications & refinances.

If you want to apply for the loan modification or refinance through Chase bank, checkout the following points:

• Be prepared with all the documentation along with the hardship letter. The required documents include your credit card details, tax returns, expense details & bills, etc.

• Be prompt each time the bank gets in contact with you.

• You are the one who needs the loan modification so you should approach the bank in a polite manner. You can directly contact the Chase bank through a prompt call or through their official website.

• Do not misinform or hide any bit of information from the bank because if once you loose the opportunity it would be really tough to apply for the loan modification or refinance in future.

• Check that your mortgage value exceeds 105% of the current market value of the house and the mortgage plan is owned or / and insured by Fannie Mae & Freddie Mac. These are the mandatory eligibility criterion defined by the Stimulus Package in order to apply for the loan modification or refinance.

• You can consult the counselors appointed by the US Federal Housing & Urban Development Department absolutely free of cost. They will act as your representative in front of the Chase Bank.

To know more about Chase Loan Refinance Programs and to check if you qualify Click Here --> Chase Loan Modification Help President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure. To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants

Refinance House Loans For Home Improvements

By David Faulkner

There are many different situations that could require you to need to refinance your current mortgage loan. Refinancing your mortgage loan can do a couple of things, including:

* Freeing up equity in your home

* Refinancing to get a better interest rate

* Reducing how much you pay each month

You can also use refinancing to free up money in your home to spend on doing your home up. This is one of the most popular uses of refinance as it actually adds value to your home.

Home equity loans are used to provide guarantees to the lender, which should make it possible for them to offer you much better loan terms. Equity is simply the difference between the value of the house, and the amount of money you owe on the property. You’ve no doubt heard of negative equity, this is when you owe more than your house is worth. Fortunately this is not very common at the moment.

As the house is hopefully worth more than you owe there is more money that can be released from the property. By guaranteeing the loan against the home it reduces the risk for the lender.

Home equity loans can offer loan terms that are almost as good as other home loans. You can often get cheaper interest rate loans using home equity loans, you can also borrow larger amounts of money, and lower monthly payments.

Home equity loans can do all of this because the loan is secured against the property, therefore there is minimal risk for the lender.

Refinancing a home loan works by taking out a new mortgage loan, and using the money to repay the existing mortgage. These loans are actually known as a cash out home loan, this simply means that you are borrowing more money than you currently owe. The remainder of the money that is not used to pay off your existing debts is given to you as a lump payment. This is very beneficial for whatever you need to do, including home improvements.

If the money intends to be used for home improvements, then most lenders will offer special discount interest rates and other special terms. This is because spending money doing your home up should actually increase the value of your home, so meaning there is more equity in your home.

Make sure you mention you intend to use the money for home improvements when applying for you loan, as you want to benefit from any discounts you can possibly get. If you look hard enough you will be able to find a lender that can offer special offers that may suit your needs.

Many lenders nowadays are designing loan programs that are aimed at people who are doing their houses up.

The most important thing when taking out a refinance loan is not to go with the first one you find, you must compare options. Choosing the first option may not be the best choice, by getting a number of quotes, you may be able to negotiate.

Home Loan Modification Vs FHA Loan Refinance - What You Should Get and Why

By Timothy Croy

Are you one of the millions of American homeowners who has been suffering from the economic recession and is worried about paying your mortgage this month? If so, you need to talk to a financial counselor today about home loan modification vs. FHA refinancing.

Two of the best options available to homeowners who have been painted into a corner with their home mortgage loans are loan modification and FHA refinance, and which one is right for you depends mostly on who insures your loan. To find out, call your lender and request that information. The three big insurers of mortgage loans are Freddie Mac, Fannie Mae, and the FHA (Federal Housing Administration.) None of these companies actually lend the money, but they are commissioned by Congress to insure 100% of the loaned amount of money. This minimizes risk for the lenders and gives you the chance for a better interest rate.

What is the difference between Fannie Mae/Freddie Mac loans and FHA loans? Well, not a whole lot. It just depends on your specific mortgage loan and who insures it. There is no major difference between an FHA loan and a loan owned by Fannie Mae or Freddie Mac. The only time it really matters is when you're looking at restructuring your loan to make it more affordable. If your loan is backed by Fannie Mae or Freddie Mac, then you can participate in the President's new Making Home Affordable mortgage loan modifications. If your loan is backed by the FHA, then look into special refinances made possible by the Hope for Homeowners plan.

In the case of an FHA loan, look into refinancing. The Hope for Homeowners initiative makes refinancing possible to those who previously were denied a refinance. Falling house prices have disqualified a lot of people for refinancing they desperately need. As house values have fallen, so have their levels of home equity. If they drop below 20% home equity, they were unable to refinance in the traditional way.

Loan modifications through the Making Home Affordable plan follow a standard chain of steps for lowering your monthly payments. The plan includes incentive payments to both lenders and borrowers to facilitate successful loan modifications and encourage economic stability. If you have an FHA loan, you can still modify it but not through the Making Home Affordable plan. The programs that handle FHA loan restructures do not follow procedures that are quite as streamlined or as strict.

What You Need to Know When You Refinance a Home Mortgage Loan

By Tim Marose

The mortgage industry has changed significantly over the last two years. The ability to refinance your home loan has become more difficult even for those with a good credit rating. Many homeowners that are attempting to take advantage of historically low interest rates are finding that there are more hoops to jump through than in years past, and lenders have been denying borrowers for credit scores, home values, loan to values and a variety of other reasons. Here are some important things you need to know before you call your mortgage broker to check on rates.

You will need to have very good credit scores to refinance your home loan. In years past, any score above a 660 was considered to be excellent and few lenders if any would scrutinize a score in the high 600's. Now, in order to qualify for the best programs, lenders are looking for credit scores 740 and higher. Many borrowers are denied loans due to scores in the low to mid 600 range, and most lenders will not work with anyone below 620. Lenders will also charge higher rates for borrowers with credit scores below 720. Start your refinance process by getting a copy of your credit report and work on paying down debts and having erroneous information removed. It can be a tedious process, but a costly step to skip.

In order to refinance your home loan, you will need to be patient. Refinance activity has increased significantly, and new home buyers are eligible for an $8,000 tax credit, so many lenders have been very busy. In addition, many lenders downsized personnel in 2008, so they physically don't have to manpower they did in the past. In addition, underwriters are scrutinizing all mortgage applications, so very simply, the process will take much longer than in the past. Expect a 30 to 45 day time frame to refinance your mortgage loan. Know this before you start the process and don't expect your lender to be able to streamline the process.

You must accept the fact that your house has decreased in value over the last year. The value of a home will determine what mortgage programs and products you will qualify for. Regardless of how much you have paid for the house, the value will be determined by what comparable houses in your direct neighborhood or area have sold for. You can get a good idea of what your home is worth by finding out what similar houses have sold for in your neighborhood in the last 6 months. Lenders do not like using comparable home sales older than this time frame.

When it is time to refinance, you will likely have to pay points. In years past, most lenders were offering all loans with zero points, but times have changed. Paying points can offer you a significantly lower interest rate and may help you save thousands in the long run. Talk to your mortgage broker to find the "break even" point on points. In other words, how long will it take to pay back the cost of points. It may make sense when you try to refinance your home loan.

Taking cash out is more expensive than a rate and term refinance. Lenders realize that taking equity out of your home puts them at more risk, and they will charging you more money to do so. Expect to pay 1/8 to 1/4 percent higher if you want to take more than $2000 cash out of your home. You will also be limited to a maximum of 85% of the value of your home. You will also need to have a relatively high credit score in order to use the equity in your home.

Refinance Home Mortgage Loans to Realize Substantial Savings

by Morgan Hamilton

The current economic state that we find ourselves in has many American homeowners asking if it is the right time to refinance the mortgages they have. Numerous homeowners financed their house using mortgages with adjustable rates that were very affordable in the beginning, also they were not required to put a large down payment down either. Then the rates went up too high on these adjustable rate mortgages, making homeowners to scurry to refinance their particular mortgage.

The problem arises when the homeowner no longer has good credit and is trying to refinance to lower their debt, many lenders today won't work with them. This is actually part of our problem now is that too many people got loans that could not really afford them. Too large a number of lenders at one time, did grant loans to many individuals who could not at that time afford the payments.

On the other hand, mortgage rates have never been lower. That is indeed good news for individuals with good credit who are seeking to refinance mortgage loans. It is actually a golden opportunity to refinance student loans, to refinance debt consolidation loans, to refinance business loans, to refinance any kind of loan.

But lets return to talking about the mortgage loans, the homeowner needs to make a decision on how long they want the loan for before going ahead with their plans to refinance. There are several issues to look at when making this type of decision, but one main fact states, that if you plan on moving in less than 10 years do not refinance, it probably would not be worth it.

This is due to the fact that the fees from the attorney and the appraisal will negate much of your financial benefits of you having the interest rate lowered. But if you are going to be in your house for more than 10 years then it is an excellent idea to do a refinance of your mortgage.

The two types of home loans are adjustable rate mortgages, also known as variable rate mortgages, and fixed rate mortgages. Adjustable rate mortgages have interest rates that are adjusted at set intervals. Usually they are rather cheap for the first few years of the loan origination, but become more expensive as the loan matures and readjusts over the years.

A fixed rate mortgage is exactly what the name implies. They are usually designed to last either 15 or 30 years with interest rates that are locked in for the life of the loan. They are the more conservative of the two loan types because they are less prone to be negatively affected by adverse market conditions.

The homeowners can always choose to lock the rate in of an adjustable and turn it into a fixed rate. The opposite can also be done, but is not the most common choice. It is not advisable usually to take a fixed rate and change to an adjustable rate unless you have an old high rate on your fixed rate.

It is definitely recommended for a homeowners that is thinking about refinancing to use one, and the many mortgage calculators that are online to help you figure their refinance options. This calculator permits the homeowner to look at different options, figuring in the length of their mortgage and rates of interest, to look at if it would be wise to refinance their particular mortgage loan.

There are no shortage of mortgage professionals that will be more than happy to answer any and all questions that you may have. Mortgage brokers all pretty much work on commissions though, so be careful that they don't talk you into doing anything that you're not ready to do. As you know, when you refinance mortgage loans it has a lasting and profound effect on you financially so you want to make sure you do it right.

Obama Home Refinance - President Obama's Refinance Grants to Help House Owners Avoid Foreclosure

By Luke Cambell

Obama's 2009 Stimulus Package helps the home owners save their house from getting foreclosed. Under this package the house owners can apply for loan modification or a home refinance. There are some conditions set by the Federal Government for applying for the loan modification. This Package also provides Home Refinance Grants to the house owners to avoid foreclosure.

How President Obama Refinance Grants Help House Owners Avoid Foreclosure

. The monthly loan payments have been restricted to 31% of the gross monthly income of the house owners. So the best option is to reduces the burden from paying high monthly mortgage payments which they cannot afford.

. The rate of interest for home refinance have also been reduced from 6.5 to 5.16%.

. After President's 2009 Package, the equity share does not stand at all. Now people can directly contact the bank through a call at its loan modification department or through their official website regarding application of home refinance grants

. The house owners can go to the counselors appointed by the US Housing and Urban Development Department (HUD).They help you in all the dealings with the bank regarding home refinance in a more professional manner.

Here is the briefing on the Home Refinance Grants:

. Grants provided by the government are not to be refunded by the owners. So it seems much more beneficial to them. But the grants are provided only for the utmost required reasons such as the amount necessary for the paper work. Here are the eligibility conditions to apply for Refinance Grants:

- You should be a citizen of US.

- You should be above 18 years.

- Your reason should be legal and valid.

. The counseling is given to the owners from the counselors appointed by the HUD. This counseling is also a kind of Federal Grants as they suggest you the best option available in accordance to your financial conditions and present situations. They do not charge you anything unlike the private counselors do.

. In case your loan is not owned or insured by Freddie Mac and Fannie Mae, but your loan value is more than the current market value of the house over 105%.

To know more about Home Refinance and to check if you qualify

Home Affordable Refinance - Are You Eligible to Refinance Your Home Loan and Avoid Foreclosure?

By Sani Orman

The US home owners are looking for best options to save their houses from foreclosures. The 2009 Package declared by the US Federal Government provides them with many such options. This plan gives you the home affordable refinance option that can help many house owners saving their dream home from foreclosure. Earlier, banks were not really interested in refinancing but after this package they are truly inclined to help the applicants. This is because the plan provides certain incentives to the banks for each refinancing deal that they make.

The Federal Government provides various offers but it has also declared certain eligibility conditions in order to avail this program. Those who are looking forward to these offers need to be well informed about the conditions before applying for them.

Here are few points that would determine whether you are eligible for Home Affordable Refinance or not:

. To apply for a refinance your loan deed must be owned or insured by Fannie Mae and Freddie Mac.

. Your loan value must exceed the current market value of the house over 105%.

If you are eligible for the home affordable refinance, it would surely prevent you from the foreclosure. Here are the ways to make it possible.

. The loan monthly payments have now been restricted to 31% of the owner's gross monthly income.

. There are lower rates of interest being offered. The interest rates have been decreased from 6.5% to 5.16%.

. You are provided proper guidance and help by the counselors appointed by the HUD (US Housing and Urban Development) department. These act as your representative in your dealings with the bank. They do not ask for any sort of payments as they are paid by the Federal Government directly.

. You also have access to the grants that the government provides you. One of these is the personal loan. You may ask for it in order to have some disposable income or to pay your debts.

Home affordable refinance gives you a way to stay in your own home rather than losing it due to the financial constraints.

Can You Refinance While Your House is in Foreclosure?

By Marj Schneider

Are you wondering if it is possible to refinance while your house is in foreclosure? This is a valid question. You should exhaust every effort to save your home no matter how far into the foreclosure process things have gone. The government has given money to lenders and there are programs available now that were not available even six months ago.

The truth is you are going to have a hard time refinancing while you are in foreclosure, but a loan modification is not out of the question. Many people became victim to subprime lenders and ended up with high interest rates or mortgages rates that are not fixed. As a result, the payments may have increased and are no longer affordable.

Federal loan modifications are going to keep many Americans in their homes. As long as you can prove that you can make a modified loan payment, chances are good that you will be able to stay in your home. The process of applying for a home mortgage modification is very similar to when you applied for your original mortgage.

It is important that you have a plan in place to present to your lender. They are going to want to know what caused you to fall behind on your mortgage payments and what has changed that now allows you to make your mortgage payments on time. Your lender is going to want to make sure that you are able to meet the new terms of your loan modification. Your home is worth fighting for and you should explore all avenues when it comes to saving your home.

The most difficult part of finding foreclosure bailout lenders is knowing where to start. Many homeowners are overwhelmed and are wondering where their next payment is coming from. But the necessary information is available. It is a matter of knowing where to look for that information. Are you wondering if you qualify for a federal loan modification or what you need to get approved for a loan refinance? The loan modification fact center contains a thorough explanation of what it takes to qualify for a loan modification program as well as all the forms that are required for filing for a federal loan modification. Get a complete breakdown of all your loan modification options as well as their positives and negatives of each alternative. Get this detailed home loan modification guide that can keep you in your home.

Four Things You Need To Know Before You Refinance Your House

By Charley Hwang

The biggest decisions in life are the ones we think the most about and carefully consider the impact of our choices. If you are contemplating refinancing your home there are four things you need to consider: You need to think about what is your current mortgage rate and the payment amount. You need to think about what the new mortgage rate will be and your approximate costs and fees to refinance as well as how long you will be staying at your current residence.

1. By looking at your most recent monthly mortgage statement you can most often find your current mortgage rate, payment amount as well as the total amount outstanding on your mortgage loan. If you do not see this information, call your lender and get it. At a minimum, the outstanding principal balance should be listed on your statement.

2. Because mortgage interests vary almost hourly, you need to do your homework ahead of time and research what the current mortgage rates are. Up-to-date mortgage rates can be found at www.interest.com or by checking with your local financial institutions. When you refinance you should really consider decreasing the repayment time of the loan. Even a small reduction in mortgage interest can generate enough causal effect and increased cash flow to help you make the same or slightly larger payment than what you were paying previously to reduce the length of the loan.

3. Know exactly what your refinancing cost will be. You should not have any surprises in this area or any other area. The refinancing costs vary from state to state and are dependent upon what outside entities such as appraisers or lawyers need to be involved in the details of your refinance along with your lender. Knowledge allows you to prepare as well as determine if you will be able to recoup the costs fast enough to justify refinancing.

4. Knowing the payback period is essential to determining if you will be in your home long enough to make refinancing a worthwhile investment. You need to be in the home long enough to recover the costs of the refinance at a minimum. Often this is not an easy decision even with the information of the length of the payback period. None of us are capable of knowing exactly what will happen in the future. This knowledge is simply significant so that we can make our best guess or estimate of what will happen based upon predictable factors as well as the probability of the unpredictable (such as a corporate relocation) happening within a certain period of time.

Knowledge and the application of the same determine the ultimate success of the house refinance. If this seems overwhelming, begin interviewing lenders who can discuss your specific needs and give you the answers and solutions you need. See below for more information on Mortgage Refinancing.

It is Possible to Refinance While House is in Foreclosure?

By Reese Evans
Is it possible to refinance while house is in foreclosure? Yes, it is. The actual foreclosure process can take several months. From the time that you first miss a payment until the house is actually taken over by the lender can be eight months to a year. This doesn't mean that you have eight months to a year to try to work on getting yourself out of this mess. To be successful you must take action as soon as possible.

Even though your situation may seem impossible, if you are determined, there certainly may be ways to save your house. A refinance while house is in foreclosure process is possible if certain criteria are met. If you have equity in your home, at least 35%, then you may have a very good chance of refinancing. If you have had a temporary financial setback, in which you have gotten behind on your bills, including your mortgage, but that situation has been rectified, you can diligently look for someone to help you.

First, start with your current mortgage company. They do not want you to lose your house because they don't want to take responsibility for it. Banks and other lenders are not in the real estate business so they don't want to own your house, and they will do what they can to keep you in it and keep paying the mortgage payments. If you're not too far behind on your payments, and your credit is not too bad, your current lender may be willing to give you a second mortgage to make up those missed payments and late fees. If you're in the foreclosure process you may still be able to refinance while house in foreclosure, you just need to talk to a different department in that bank. Ask to speak to the person who can make refinancing decisions on homes that are in foreclosure.

There are other options you can take with your lender to stop foreclosure. All banks have a loan modification department. This is different than the normal customer service department. Make sure you ask to speak to a representative in that department. You may not be able to until your loan is significantly past due.

Get In The Know now about your options to stop foreclosure by getting a refinance while house is in foreclosure. Just keep in mind that the bank does not want you to go into foreclosure. It will costs them more money. But you have to be willing to get involved. You can't put your head in the sand and hope the situation will go away.

Real Estate - Get In The Know will give you more information about options to stop foreclosure - even if you have bad credit or other problems. Get information about buying and selling homes, different mortgage types and other real estate information.

House Refinance

By Marc Brook
When to do a house refinance

When considering doing a home or house refinance, every homeowner is unique. The right time for a house refinance will vary with each case. Typically, effective house refinancing means lowering your current mortgage loan rate by at least one percent. Within the house refinance you might also want to consider changing the length of your loan or receiving cash from the house equity. There are many house refinance calculators available online to see which mix of variables will give you the houses refinance result that you are searching for.

House refinancing benefits.

House refinance that lowers your monthly payment can help in achieving better cash flow. This is often done to offset the short term costs of perhaps a business loan or another short term need such as providing an education for the children. Again a house refinance calculator can assist in seeing the benefits that the house refinance could have. If the goal of the house refinance is to shorten the term of the house loan, it is sometimes advantageous to move from an inflexible house loan arrangement taken out many years ago, to refinance with a progressive income offset or other more modern institution. A quick search for house refinance on the internet will provide you with a huge array of companies that will often give you a free house refinance quote.

House equity considerations.

House equity is often used to borrow against and the cash utilized to make house improvements. Commonly, up to 90 percent of the appraised value of your house can be used to make home improvements. Useable house equity is based on the value of the home and what you currently owe, subject to individual state laws. Often, if you do a house refinance with a new rate and term, you may still qualify even if you have little house equity. Sometimes up to 90 percent (LTV) loan-to-value. In this case, for a house refinance to be accepted, a reappraisal of your home may be required.

Costs of a house refinance.

To do a house refinance, you will have associated closing costs that include various processing fees. Often you will be able to roll these into your new house refinance package to help minimize out of pocket expenses. The online calculators for the different house refinance companies should include these costs in there quotations.

House refinance in conclusion.

Depending on your circumstances and goals, a house refinance can be a profitable option. Be aware of noting all of the set up costs involved in the house refinance, and balance the total end of loan figures against any momentary gains. There are many house refinance companies vying for your business. Do not be afraid to ask for a better deal than what is being offered, as the amount of house refinance competition is huge and companies can often come up with a better house refinance package when pushed to do so.

Should I Refinance My House?

By Ned D'Agostino
The question 'Should I refinance my house?' is a classic one asked by many homeowners over the years. It is not always an easy question to answer and should be looked at with careful consideration. Here are some things to think about, and some reasons that people usually decide to refinance a mortgage.

Think about your current mortgage situation. If your loan is an adjustable rate mortgage, you may be wiser choosing a low fixed rate loan. An ARM is usually only advantageous in a higher rate environment because it offers a low rate at the time. In a favorable rate environment, locking in a low rate will be better for you over the life of the loan, since you will still have a great rate when rates go up. If you have a balloon payment coming due, refinancing may be the best choice.

If you have an interest rate that is significantly higher than the current market rates, refinancing may also be a good option for you. Keep in mind that most loans will require you to pay closing costs similar to the ones you paid when you took out your current mortgage. It is important to calculate how long it would take you to recoup those fees with the amount of money you would be saving each month on your new loan.

If you are planning on moving in the next couple of years, refinancing may not be the best choice for you. In addition to not being able to get back what you paid in closing costs on a refinance, you should also consider whether your new loan would have a pre-payment penalty. Most mortgage loans have a pre-payment penalty of some sort. They average around two to five years. These penalties can be significant and you may end up losing money in the end if the savings is not more than the money you would be shelling out.

If you are not planning on moving in the near future, there are a couple other things to think about when answering the question 'should I refinance my house?'. Find out whether you can get a lower rate than you are currently paying. Even a quarter of a percent on a large amount over thirty years can be a significant savings.

It is important to think about what your new payment would be. If you are taking advantage of a cash out option, your new loan will be a larger amount than your old mortgage loan. As a result, your payment may be higher. If your new rate is much lower than your old rate, your payment may go down. Overall, you should make sure that your loan payment will fit comfortably into your budget.

Refinancing your home can have distinct advantages, but if you refinance at the wrong time it can be very detrimental to your financial health. Make sure you use a good mortgage calculator to see if refinancing will better your situation. If the numbers all make sense, make sure you choose a reputable lender who offers a great rate.

Home Mortgage Refinance Loan Brokers

By Marcus Peterson
Home mortgage refinance is the process of taking a mortgage on the same property which was used as collateral for another mortgage. The loan obtained on the second mortgage can be used to clear the first mortgage. This enables the borrower to convert a high-interest mortgage loan in to a low-interest loan, thus saving considerably on the monthly payment as well as overall interest.

With low interest rates, many people are refinancing their home mortgages. Refinancing is also one option to meet major expenses such as college fees or medical bills, or for debt consolidation. A person who has a previous home mortgage loan of $100,000 can take another mortgage loan of $120,000, pay off the first mortgage, and use the remaining $20,000 for meeting expenses. You can consider refinancing if the current interest rates are at least 2% less than the interest rate you are paying on the mortgage.

However, refinancing is not a very good option if you are planning to move out of the house soon, or sell the house. Also, consider the other costs involved in refinancing, such as pre-payment fees for the previous mortgage, transaction fees of the new mortgage, settlement costs, discount points and so on. Ensure that these costs are lower than the actual benefits from refinancing.

There are several home mortgage refinance brokers. It is very important to use the services of only registered brokers who have experience in refinancing. Refinancing procedures and laws are different for different states. A broker would be able to provide the right guidance for getting the best refinancing deal since he works with a number of lending sources. Services include pre-underwriting, access to a variety of lending programs, professional loan processing, redirecting the loan (if necessary), and others. There are exclusive mortgage brokerage agencies as well. Most of them have links with brokers in other states, thus enabling nationwide services.

A borrower needs to fill in a simple application form that includes the type of mortgage and terms of the loan, property information, and purpose of the loan, borrower information, employment information, assets and liabilities, monthly income and combined housing expenses, declarations, and other information for government monitoring purposes. These applications can also be done online. The Internet is a very good source for comparing home mortgage refinance loan rates.

4 Important Questions To Ask When Considering A House Refinance

By Terry Edwards
Are you thinking of a house refinance? You are certainly not alone as millions of Americans have been refinancing their home mortgages for the past few years. But, before you begin searching for a lender to refinance your home here are 4 important questions to answer before making your decision.

1. What is your current mortgage interest rate?

Obviously, you'll want to know what the current interest rate is that you are paying on your mortgage. If you are unsure of what it is, it may be included on your monthly statement. You can also get in touch with your lender to find out.

2. What will the new house refinance interest rate be and for how long?

With the way that interest rates are fluctuating every month it's important to keep your eye on current trends to lock in the lowest rate possible. On a house refinance it is always a good idea to shorten the loan period if at all possible. A lower interest rate can mean the possibility of you being able to make the same payment amount that you currently are making, for a shorter period of time. This makes great financial sense.

3. What will the total home refinance costs be?

Every bank and lender will have varying costs with any type of loan program. Other fees such as an appraisal fee can often vary as well. By asking and understanding what these fees will be is important in making sure you are getting the best deal. Keep in mind that if you end up paying far too much in house refinancing fees you may not be able to justify refinancing at all.

4. How long will you be living in your home?

While that may seem like an odd question to ask, it's an important one for good reasons. Because of the fees and costs of refinancing, you need to be living in your home for a few years to recoup them. If you move out of your house within a couple of years then it would not make financial sense to refinance.

By knowing the answers to these four questions you can be on your way to refinancing your house and saving a substantial amount of money in most cases. If it seems overwhelming at first don't worry. You can find all the information you need right online. There are numerous websites from various lenders that will help you in calculating your loan and helping you go through the entire house refinance process.

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Refinance Your House

By Carrie Reeder
If you have seen all the advertisements regarding refinancing your house you may be wondering if refinancing can actually save you money. The answer is yes! Interest rates are at the lowest levels in decades and there has never been a better time to refinance your home. Before choosing a lender to refinance your current mortgage, consider a few key factors and analyze your options. Your current interest rate, the length of time you plan to stay in your home, your credit rating, and the value of your home are all important issues to consider when looking to refinance your house.

Refinancing your house can save you thousands of dollars over the length of your mortgage. Depending on your current interest rate, your monthly house payment could drop by a substantial amount. Even if you have adverse credit, lenders are waiting to give you a quote on refinancing your house. There is no need to apply to many lenders to get the lowest rate possible. Online mortgage companies can often give you quotes from multiple lenders, eliminating concerns about multiple inquiries on your credit report.

Refinancing your house can allow you to shorten the term of your mortgage without drastically increasing the amount of your monthly mortgage payments. If your current interest rate is substantially higher than the present prime rate, you could refinance for a shorter term and with the potential decrease in the amount of interest you pay, your house payments could stay the same or increase only slightly. Mortgage brokers are available to give you an accurate analysis of your financial situation. You can receive quotes from multiple lenders, get expert advice on refinancing your mortgage, and save money each and every month.

Now is the perfect time to refinance your house. Interest rates have never been lower and the availability of multiple quotes from different lenders will ensure you of getting the lowest rate possible. If your credit is less than perfect, you can still refinance your home. Sub-prime lenders can help you lower your interest rate, even with adverse credit. If you are considering refinancing your house, get multiple quotes today and you could be on your way to saving money each and every month. Interest rates have never been lower, and even if you have adverse credit, you can still refinance your home and save thousands of dollars over the length of your mortgage.