Mortgage News Update February 2008-The Mortgage Site.ca

www.themortgagesite.ca My mortgage updates help Canadians know the best rates and the economic conditions affecting them. The mortgage update informs consumers what the best interest rate is available for the financing of their home purchase, real estate investment or refinancing of an existing property. It also applies to mortgae renewals, ports and mortgage transfers. For your free consultation please contact: Steven Damas Senior Mortgage Advisor Tel: 905-630-3129 Email: steven.damas@themortgagesite.ca Toll Free: 1-877-545-5755



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Helpful Tips for Mortgage Refinance

Mortgage refinance can be a nightmare and a headache if you don't know which way to go. And taking a wrong turn could mean financially dreadful repercussions. With a bit of advice, the way ahead can be made much easier.

Tips You Sure Can Use

1. Take advantage of free lock-ins, preferably with a minimum of 60 days. Usually, it can take more or less forty-five days from the day of application to close. But there are times when two-month delays can occur, and even more! So look for lenders who are willing to offer you a free 60-day lock-in. But when it comes to mortgage refinance, you have to be cautious and ask all the right questions. You may be promised a free lock-in, but your loan officer might charge you a fee or a very high price for lock-in protection.

2. Use your rescission rights. If you don't like the way your deal has turned out right before closing, you can still re-negotiate or go back to square one. Don't force it if it's a deal turned sour for you. Keep in mind that you're given three working days from the date of closing to think things through. In case you decide you don't want the deal, inform the loan officer in writing before the three days are over. In turn, the lending firm has twenty days to refund your fees.

3. Little equity can still qualify. As long as you do your homework and search for a lender who's willing to underwrite small equity, then you're still in. And there are market players out there who cater to borrowers with as low as 5% home equity. Be careful, though, because you might be saddled with higher mortgage insurance costs because of your low equity mortgage refinance loan. In order to determine if you qualify, you can call the firm to which you forward your payments monthly and find out who owns your loan. If yours is owned by Fannie Mae or Freddie Mac, then you have better chances of getting approved.

4. Be wary of FREE application costs. Anything free would seem like a really huge blessing, but keep in mind that in terms of mortgage refinance, free can come with a price. Instead of focusing on looking for applications offered at zero cost, focus on the interest rates and points. You may be in for the shock of your life when huge fees land at your feet right before closing.

5. Make intelligent comparisons of interest rates. You can do this by sticking to a constant number of points. Equate each point a .25 of 1% change in the interest rate. Your goal here is to work with a lender who offers the lowest interest rate. If numbers are too confusing for you, then ask around. There are always people who are willing to share their experiences with you.

Don't be lazy when it comes to your mortgage refinance. Keep in mind that you're doing this to save some money. It's like upgrading a car to a more efficient, cost-effective model, but you don't like to get ripped off while you're still in the process of securing for the best deal. So keep your wits about. Don't be afraid to ask questions, and don't sign or give in to anything before you're satisfied that what you're doing is in line with your overall goals.

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What is a Mortgage Refinance?

Many of us have heard the term mortgage refinance but a lot of people don't actually know what this means. A lot of people associate refinancing with financial troubles and others assume that it has something to do with paying off your home. The fact of the matter is that there are a lot of people out there who could benefit from refinancing but because they don't understand what it is they never even give it any consideration. On the other hand, there are people refinancing that really shouldn't be! There is a great loan out there for everyone and if you didn't get it the first time around, refinancing may be a great option!

Understanding Mortgage Refinance

If you don't know what a mortgage refinance is, it's never too late to find out! In fact, when you learn more about refinancing you may find that it is something that you can use right now. Or, you may find that if you can't use it right now, knowing about it may help you later on down the road.

Mortgage refinance actually is quite simple to understand. When you refinance a loan what you are doing is paying off one loan with another. Why would you pay off one loan with another, you ask? It's simple; the idea is that you are replacing one loan with one that is better either in stability or in the cost of the loan. This is a way that a lot of people save a lot of money or work themselves into a better financial situation.

Every homeowner looks into mortgage refinance for a different reason. Many people do just what was mentioned above; they trade in one loan for another just to get a better interest rate. So, if you bought a $200,000 home and your interest rate was seven and a half percent you could refinance and accept a loan that offers you a five or five and a half percent interest rate and this will allow you to reduce your overall loan amount because you have paid off some of the original loan and then you will also be paying less in interest. This can help you save money each month but definitely over the course of the loan.

Other people decide to refinance because they need a more stable loan. The fact of the matter is that there are many different loan programs out there and most of them are fitting for someone, but they aren't right for everyone. If you didn't get the right kind of loan program the first time around, refinancing is a great time to change things up and see if there is a loan program out there that works better for you.

Many people choose to change from an adjustable-rate mortgage loan to a fixed rate loan or vice versa. Certain loans work better for certain types of people and if you didn't get it right the first time around, refinancing may simply be a great way to try new things out. You can save money and simply create a more balanced and stable financial situation for yourself and your family by finding the right type of loan and refinancing so you have the opportunity to get your finances straight and enjoy being a homeowner more because you don't have to stress over your mortgage.

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When Shopping Mortgage Refinance Rates Do Not Forget To Explore Your Options

When shopping for current mortgage refinance rates the first question that comes out of any borrowers mouth when talking to their mortgage lender is usually centered around the interest rate and how low it is. But what many people forget about is picking the right loan for their situation. By picking the right mortgage loan program potential borrowers can almost guarantee themselves the lowest interest rate possible that will benefit them more by also fitting into their short and long term financial goals.

Different options To Consider For Your Refinance

Adjustable Rate: While the vast majority of borrowers want a fixed rate loan there are borrowers that could benefit from the lower rates and payments of an adjustable rate mortgage. If you know you will refinance or sell your home within the loans pre adjustment period you can expect rates around a quarter to half a percentage point less then a fixed rate..

Pay Points: If you intend to stay in your home for many years it may make sense to pay points on your mortgage to get the lowest refinance rate. Points paid for a lower interest rate are normally tax deductible so along with the lower ate you also get tax savings at the end of the year. The average amount to pay for points is one to two percent of the total loan amount, or $10-$20 per $1000 borrowed.

No Closing Cost Refi: Although the rates on a no closing cost refi are higher then normal they do allow you to refinance almost for free. You will be responsible for pre paid items like interest and taxes but the rest of the fees are paid by the lender. These loans let people that know they will refinance again within a few years or sell their home keep more equity in their property by not using it to finance closing costs.

By using the right program to refinance your mortgage you will definitely set yourself to get the best loan for your goals and finances. On the other hand if you just focus on a low rate you may be passing up a program thats right for you.

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Advantages Of Second Mortgage Refinance

Obtaining a second mortgage refinance can be really beneficial for you. It helps a person financially in many ways. You receive this loan against the equity of your home. You can acquire this loan from your current lender or a new lender. Acquiring a second refinance is considerably easy as many lenders provide this loan to people with bad credit record also.

Obtaining a second mortgage is a fast and easy process. You can submit an online application with a reputable lender. This will ensure fewer enquiries on your credit rating and security of your information. You will receive numerous quotes with the lowest rates and best terms to suit your circumstances.

Why Should You Apply For Second Mortgage?

Since a person is already paying monthly charges on the existing loans, a second mortgage does not sound very appealing. But actually you can benefit in more than one way from this loan.

Means Of Improving Credit Rating:

Although your credit rating does not improve immediately, you benefit in the long run. You can use the large loan amount of second mortgage to pay all your debts off. After that, you can pay regularly to reduce the balance on second mortgage. This will result into a higher credit ranking.

After using the second refinance to repay credit cards, do not close your credit account. Closing the account will have an adverse effect on improving your credit rating.

Low Rates:

You can choose a second mortgage instead of credit cards. The interest rates on credit cards are very high which makes the loan payment difficult. Second mortgage offers reasonable and low fixed rates. Even though you cannot clear your debts immediately, you can repay it in a shorter time.

You can search for second refinance mortgage even with a bad credit record. Many financers provide sub-prime loan on second mortgage refinance. You will be able to pay a lower interest amount on your second refinance.

Useful For Different Expenditures:

By refinancing second mortgage, you can reduce the monthly payments and existing interest rates on the second mortgage. It helps in paying off your mortgage also including the home equity lines of credit. You receive spare cash that you can use to pay bills, modify your house or any other such expenditure.

Though there are many benefits of second mortgage refinance, you should still be careful in choosing this option. For some owners it might just prove to be an extra financial load. You should select this option only if you can manage the extra burden.

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How to get adamantine money accommodation in FT MYERS, FLORIDA

www.lendinguniverse.com Find and compare hundreds hard money mortgage loans in FT MYERS, FLORIDA. LendingUniverse - Real Estate Brokers Commercial Mortgage Broker Letter of interest by Banks, brokers, real estate investors and lenders offer mortgages on residential, commercial land and...



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Short Sale Real Estate - Home Owner Hardship Letter

realestatemarketingthisweek.com - Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism - Part 3 - One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well. Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri? Yes, one more objection that people often have when we talk to them about their particular situation is ...



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