Need a Down Payment to Buy a New Home? Here are Some Ideas. (Mortgage Broker)

MortgageInVancouver.com The biggest barrier to entry for most anxious first time home buyers is the down payment. Coming up with a chunk of cash all at once that you are comfortable saying good bye to for a while. What many do not know or have a misconception of is that there are other ways to get a down payment other than your savings or chequings account. So what are they? What other possible sources can you use to get your down payment? Lets start from the top and I will list them in the order that banks favor the most to least as where the funds come from and how much your down payment is has a huge effect on what your are worth to a mortgage lender and whether they will even qualify you for a mortgage loan. 1. Top of the list, of course is your savings. If you have the discipline to save your money and keep it in plain sight without spending it then the banks will really like you and want to trust you with their money. This is obviously the most favorable situation. One thing to note however is that the money you are using must be in your bank account for at least 90 days. The reason for this is to make sure it isn't money laundering or that it isn't untaxed cash, etc. If the money has been in your account for less than 90 days then they will want documentation of some kind proving where you got the money. 2. Ann RRSP account is the next best thing to your actual savings account as it is simply a different a variation of it. You have been disciplined enough to put ...



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Mortgage Refinancing Tips - When Should I Refinance My Home Loan?

See Jane. See Jane finance her home purchase with a fixed 6.25 percent mortgage rate. See Jane smile, as that was the best deal at the time. Four months later see Jane cry as the mortgage rates slip below the 5 percent mark. What should Jane do? Refinance her mortgage of course!

Buying a home is generally the most expensive purchase a person can make during their lifetime. Aside from the negotiated purchase price of the home there are additional expenses such as closing costs and mortgage fees to pay. Upon refinancing a home, many of those additional expenses may resurface. If you are debating whether or not to refinance your mortgage some thoughts you should ponder include:

Three Dog Night sang, "One is the loneliest number," however if you are debating refinancing, that is the magic digit. If the current mortgage rates are a full 1 percent lower than your loan, refinancing may be a viable option as that small digit can convert to savings of tens of thousands of dollars over the lifetime of your mortgage. That is because interest fees on mortgages are compounded.
Refinancing a mortgage is very similar to securing one for the first time. Points may be involved, closing fees may be due and the process can initially cost thousands of dollars. However, if you plan on staying put for years it may be worth the initial expense for the long-term savings.
Not all mortgages are created equal and if you previously committed to an adjustable rate mortgage (ARM) with a balloon payment, refinancing your mortgage before the payments spike can be a very smart move.

Let us see how Jane decided that refinancing was a smart move. The first step she did was to locate the best mortgage offer around. Based on her credit history and proof of income she ended up qualifying for a 4.875 mortgage rate (over 1 percentage point less than the original loan). Plus there were no points to pay (bonus). However, the process would still cost her around $4,000 up front, ouch! By using a mortgage break-even calculator the expense for the new mortgage weighed against the long term savings from her lowered interest rate would allow the new debt to be repaid in three years. Since Jane planned on staying in her home for at least ten years, that made financial sense.

Not everyone has a perfect mortgage scenario like Jane, however by taking the time to crunch the numbers you too may determine that refinancing your mortgage is the right thing move for you!

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Provides advice about Mortgages, Mortgage Rates, Home Refinancing, Home Equity Loans and abounding added Mortgage accompanying topics

Provides information about mortgages, mortgage rates, home refinancing, home equity loans and many other mortgage related topics. Try our free mortgage calculator, and find tips provides unbiased information to help you through the mortgage refinancing process. Click through learn how to...



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Tougher Mortgage Refinance Requirements Might Be on the Way

Recent low mortgage rates have brought out many homeowners to refinance their home mortgage loan. Many applicants want to take advantage of these rates and lock them as long as they can. In uncertain economic environment, certainty of fixed monthly mortgage payments is very appealing.

It has been getting tougher to get mortgages and it may get even tougher. Mortgage interest rates have been hitting record lows in recent weeks. As a result, there have been substantial increases in refinance home loan applications. A few lenders show sign of tightening their lending criteria. This could be temporary due to high number of applicants. However, it is unlikely that refinance home mortgage loan lending terms will be eased in the near future.

Mortgage industry has been getting thinner with substantial lay offs. Mortgage lenders might find it easier to find a way to select the best applicants fast, rather than start employing again. This will result in good applicants being turned down without due consideration. Some mortgage lenders might see this as a chance to strengthen their loan books with highly qualified borrowers. Therefore, they might offer more of a better credit refinance products by setting higher credit score requirements for applicants.

Probably the first signs would be that they would spend less time on incomplete applications. At these times, lenders might be reluctant to seek further information and return incomplete applications. Refinance mortgage applicants are advised to be well prepared. They should fill their applications carefully and include all the relevant documentations. It is a very good time to be sorting out home mortgage payments; they should not miss on that because of silly mistakes. In addition, returned applications will waste time and have credit score implications. Nobody knows how long these rates will last. There is clearly no need for the lenders to compete for business when they have many applicants. This is a natural selection process. When there is too many of something, the stronger will be chosen. It is not because the lenders are making less money due to low mortgage refinance rates. They still can keep their margins, as they pay less for the money they lend.

The message could be that homeowners should implement refinancing plans when they can. Although even lower rates would be lovely, it might get harder to get mortgage. Already many homeowners could not take these low rates for many reasons. Low home valuations is one of them and high down payment requirements is other.

Stricter home loan requirements might come in many forms. They would add up to be a real problem. For example, most home valuations are instructed by lenders. They could easily prefer more conservative surveyors to carry out the valuation. This would give them extra cushion of safety against house price drop. In addition, surveyors might choose to be cautions themselves worried about possible liabilities.

Any further constrains will make more people ineligible for mortgage. That is why it would be wise to look into refinance options now.

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Learn about methods to finer stop foreclosure

Americans know about short sales and some are aware of what loan modifications are, but I guarantee you that you don't know about mortgage replacements thanks to good ole Uncle Sam. It's sweet.



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Easily Qualify For 2 Percent Mortgage Refinance With Obama's Stimulus Plan

President Obamas $75 billion Home Mortgage Refinance plan will allow millions of homeowners a chance to refinance their home loan into a fixed rate 2% mortgage. Homeowners can easily save hundreds per month using this "Making Home Affordable" plan. Here is who qualifies:

- Homeowners who have made every mortgage payment on time and in full for the past 12 months. If you have any late fees or were late paying, that is ok, as long as you were not more than 30 days late.

- Many unfortunate homeowners have lost their job, have a reduced income, or are facing large medical bills, or other debts. If these homeowners are willing to sign a letter of "Financial Hardship" to that effect, they will have the chance to refinance into a 2% home loan.

- Homeowners by the millions have seen their property value drop by 15% or more due to the "Mortgage crisis", to these homeowners, a home mortgage refinance will be offered at a fixed 2% rate.

- If your home mortgage is backed by home mortgage lending giants Fannie Mae or Freddie Mac, you are automatically eligible to modify your home loan into a new low interest rate.

- Homeowners who choose to loan modification rather than refinancing, will be able to get a mortgage payment that does not exceed their monthly income by more than 31%.

Under the guidelines of this "Making Home Affordable" plan from Obama, the government will give cash incentives to mortgage lenders and banks who approve modification or refinancing for these at risk homeowners. This means that even if denied before, now is a great time to refinance or modify your home loan. Between this and the all time low mortgage interest rates being offered, odds are good that a refinance is a financially smart thing to do. Taking advantage of this Obama bailout for homeowners will save millions of people hundreds of dollars every month.

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Mortgage Refinance Guide for Borrowers With Low Credit Score

Did you know that mortgage refinancing is one of the best options available for you? Refinancing provides excellent benefits for most homeowners. If you refinance, you can obtain better rates, reduce monthly payments, and take cash from your equity.

Technically, routine mortgage refinancing sounds great and no one can deny that there are many homeowners who already enjoyed its benefits. Unfortunately, refinancing could be a big challenge if you have low credit score. You may not be able to qualify easily and the process could become frustrating. If you want to beat the system, here are some practical steps that you can follow when looking for the best refinancing rates with low credit score.

Closely Look at the Historical Mortgage Rates

You should take time to do some basic research about historical interest rates. You need to identify the historical rate trends for the loan you want. Then compare this trend to the current rates prevailing in the market.

So if you are planning to obtain a 30-year fixed rate mortgage, then look at the trends for this type of loan. More specifically, study the 3-month trend, annual trend, and 3-year trend. Then compare the interest rates today in order to see if there is a good reason for you to obtain a new interest rate.

Analyze Your Credit Reports

You should carefully analyze your credit report from the 3 major monitoring agencies. When analyzing the report from the 3 credit reporting bureaus, you should not only look at the scores. You need to scrutinize each line to see the 3 best things and the 3 worst things there. Select the 3 best items because this will serve as your leverage. Then look for the 3 worst items so you can explain them properly to the refinancing lender.

Shop Around for Bad Credit Refinance Lenders

As much as possible, you need to look for at least five mortgage refinance lenders that offer loans for those with bad credit. Look online and select reputable bad credit lenders. If you have at least five lenders in your list, then you can get different offers. This will enable you to make the right decision.

Call the Lender

If there are viable offers from refinance lenders, avoid filling out online forms. The best thing that you can do is to immediately call a prospective lender. This will give you the opportunity to have a dialog with the lender to clarify any issue with your credit score. This is the best time to point out your best 3 credit report items and to explain the worst 3 items. Call every lender in your list to know different offers that may be suitable for you. Remember, bad credit lenders are not only interested in your credit score. They may also look at the specific items that can be found in the report.

Last but not least, you must compare the offers you obtained from the bad credit lenders. Select the best proposal and call the lender. Through negotiation, it is possible to get a much better rate from your prospect lender.

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