How to Handle Your Mortgage

Personal finance expert offers tips for homeowners on the brink of foreclosure.



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Save Money on your Mortgage

This video helps you to save money on your mortgage.The techniques described in this video can save you anywhere from a few thousand dollars to a few hundred thousand dollars. For current interest rates and mortgage calculators visit www.amerisave.com ( For a detailed explaination of the Money Merge Account visit: www.u1stfinancial.net ) Visit my blog at: mortgageborrowertips.blogspot.com



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Refinancing Your Home Mortgage

In the past 30 years, interest rates have ebbed and flowed significantly in a financial tide of home mortgage offerings. Near the beginning of the 1980s, for example, rates for traditional 30 year, fixed rate mortgages were around 18 percent. Right now, though, we're seeing rates for the same type of loan around 5 percent - and on some days recently, in the 4 percent range.

Many home owners who bought when rates were sky-high are now considering refinancing in order to reap the benefit of today's lower rates. If you're one of these people, know that there are some costs involved in refinancing your home, such as an appraisal, title insurance, and a loan origination fee, just to name a few. To figure out whether these costs will balance out with the potential money you can save by refinancing, you can use the general rule of thumb called the 2 percent rule. In plain English, this rule suggests that the percentage difference between the current rate you have on your loan and the new rate being offered should be at least 2 points. So, if you were one of those borrowers in the 1980s who got a rate in the teens (and you can get a rate now for around 5 percent), it would make pretty good sense to refinance.

I've included below 3 benefits for refinancing with a lower rate:

1) Lowering monthly payments - By lowering the rate of your loan, you can see a significant difference in your monthly mortgage payment. And, every little bit adds up. Some borrowers who refinance can save thousands of dollars over the course of their loan period. How much you save, though, completely depends on your numbers. So, be sure to talk with a mortgage specialist who can do the number crunching for you to see how much you can potentially save by refinancing.

2) Changing the type of loan you have - Some borrowers choose to refinance even if they won't save any money by doing so. Think of the many borrowers who got an adjustable rate mortgage. We're seeing a lot of these borrowers refinancing simply to switch to the fixed rate mortgages. Also, some borrowers who have a balloon worked into their mortgage choose to refinance when it's gets closer to the time to make that bulk payment.

3) Getting money from your equity - If you've been in your home for ten or more years, you probably have a good bit of equity due to the overall appreciation of your home (even with the current dip in home values) and to the fact that you've been making those monthly payments for some time. For this reason, some borrowers opt to pull money out when they refinance their mortgage in order to help with retirement or with their children's costs for college.

If you're considering refinancing your home, be sure to talk with a home loan professional - someone experienced in refinancing who can sit down with you and go over your numbers and the options available to you. And, know that each situation is different. Your lender should be able to go over short-term and long-term benefits (or consequences) that are specific to you and geared towards your financial future.

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Is Mortgage Refinancing Beneficial?

This is certainly one of the questions which are being asked by most of the people. Suppose you go out and find out that you are in short of the money. What will be your reaction? You will definitely feel that you are not in a better position. Now suppose you have taken the mortgage from some lender and you find that the interest rate is a bit high. What will you do? You will certainly go for refinancing. This is just one example. Hence refinancing is certainly quite important. In this article we are going to see all the things regarding this.

Suppose you have taken a long term FRM. Then you must feel that mortgage refinancing can be a better choice at some instance. Let us discuss that instance. Suppose you come to know about a new scheme which is very good and far better than one which you have selected. Then in that case you might like to switch to this scheme. This is one instance. But you would definitely like to know that how is this possible. This is a big question ahead of you and you will definitely be feeling quite enthusiastic to know about these features. Actually this is the situation when you can take the advantage of the refinance.

You can go out for a mortgage refinance and hence change your scheme to the new one. This will certainly save you a lot of money. This is one of the instances when you are not falling short of the money. You just want to make your position better and nothing else. With a little bit of research you will realize that you are definitely taking yourself in the safer zone.

However there are some instances when you will fell short of money. Suppose you find out that you do not have enough money and hence you will not be able to pay back the loan. This can be a disgusting situation for you. You might feel a little bit helpless. But you will definitely like to earn a better opportunity. For your kind information, refinance is certainly the best alternative for you. When the borrower finds that he is faking short of the money then at first attempt they try to go for refinancing. If this does not work then they go for some other method like short sale.

However if you are devoid of the mortgage refinance then you will definitely be able to safeguard yourself through the mortgage refinance.

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Refinancing One's Home Mortgage

A great deal of negative publicity has surrounded the subprime mortgage lending market over the past nine months. As a practical matter, most of our readers enjoy fine credit histories and borrow in conventional markets. The Federal Reserve has been lowering their target rate on short term lending in an effort to quell turmoil in the credit sector. This has had some effect on mortgage interest rates as well - possibly opening up refinancing opportunities for borrowers with good credit. This article will focus on the issues to be weighed in any refinancing decision.

Different borrowers, of course, are taxed differently. The degree to which mortgage interest is offset by tax savings varies considerably. As such, this review can only serve as a guideline and is not definitive as to everyone's particular situation. The advice herein should apply approximately to most borrowers, however. When a prospective borrower applies for a new mortgage, the government requires that the lender provide a "Good Faith Estimate" (GFE) within three days of the application. This document sets out all the costs associated with the mortgage. Properly identifying the costs of closing a mortgage is a key prerequisite of any refinancing decision.

Mortgage lenders often tout recent Fed interest rate cuts as incentive to refinance in theirmarketing efforts. Despite this accommodative fed policy, the conventional mortgage market has been rather choppy over the past 12 months. The data in the preceding chart, compiled by Bankrate.com, describes a precipitous decline in the yield of a one year treasury bill. However, both adjustable and fixed rate mortgages, followed a more circuitous path over the same period.

Keep in mind that mortgages represent longer term lending. Implicit in these longer term interest rates are inflation expectations and liquidity concerns within the mortgage market. In short, the decline in the federal funds has not translated directly to lower mortgage rates. There will be opportunities for families to refinance in 2008. In some cases, the opportunity will arise from an improved credit standing. Some folks will have seasoned mortgages from past years that might benefit by locking in a sub 6% interest rate available today.

The key factor in the refinancing analysis are the underlying costs. There are a number of fees associated with a new mortgage - many of which decline in importance with the size of the loan. That's where the GFE comes in. The fees in the GFE are organized under numerical headings: the 800s, 900s, 1000s, 1100s, 1200s, and 1300s. For purposes of comparison-shopping, the most significant fees are listed in the 800s. Most of the items are within the control of the lender or broker, so the estimates should be accurate. A few of the items in the 800s are charged by third parties. These items may not be negotiable but, at least, the lender's estimates should not be far off from the actual charges.

The lender has direct control over origination and discount points and fees (listed in 801 and 802) and administrative, underwriting, processing, funding, document preparation, wire transfer, and other fees (listed in 810 and higher). These are the fees that are the best candidates for negotiation as they are set by the lender and are not contracted out. Keep this in mind as you are not strictly a price taker when it comes to borrowing - especially if you have good credit. In short, the fees under headings 800, 1100, borrower and are summed as Estimated Closing Costs. This is probably the most important figure on the form.

Notably, items under the 900 and 1000 heading are prepaid expenses such as mortgage, hazard and flood insurance premiums, mortgage interest and taxes that must be paid up front or deposited into an escrow account. These should not be considered part of the cost to refinance as they effectively replace costs that will be borne under the current mortgage anyway. They are usually listed below the Estimated Closing Costs and can be ignored for the purposes of the cost analysis of the refinancing decision.

Only the Loan Origination fee (801) and loan discount (802) are tax deductible. The balance of the closing costs are not. This is an important consideration as the borrower is making an after tax investment in closing costs to obtain savings in mortgage interest - a tax-deductible expense for most. The GFE also lists the size, interest rate, and term of the loan. We can use this data to create the comparison with the existing mortgage. As a rule of thumb, it is not worth undertaking any breakeven analysis unless proposed interest rates are at least 0.50% lower than the current mortgage. There may be some jumbo mortgages that merit consideration earlier because many refinancing costs do not increase commensurately with the loan balance.

Here is a real world example. John and Jane Doe currently have a 6.75% mortgage with a $200,000 balance and 26 years remaining. Monthly principal and interest payments are $1362. The Does visit a mortgage lender and receive a CFE identifying $3200 in estimated closing costs. It's a 30 year fixed rate at 6.00%. We'll assume that they are taxed at a 30% marginal rate. Is this a good deal? The first step is to estimate the annual interest savings each year. The mortgage is constantly amortizing but we can infer that the first year's interest savings will be about (.0675 -.0600) * $200,000 = $1500. After taxes, that amounts to a savings of $1050. This rate will of saving will decline somewhat in successive years as the mortgage amortizes. We can conclude that the Does' initial "investment" will be recouped after 3 years.

If we factor in the time value of money, the real breakeven point moves out closer to five years - when they will earn a 17% return on investment. That is, the Does stand to benefit from refinancing if they plan to stay in their house at least another five years. The following table displays in greater detail the economics of the refinancing decision. The green rows at the bottom of the illustration indicate the holding periods over which the Does benefit from refinancing.

The last topic to be addressed is perhaps the within the framework of the refinancing decision. Does the borrower pay points to buy down the loan interest rate? These "points" are considered tax deductible over the life of the loan and are represented under items 801 and 802 of the CFE. Borrowers can typically write off any unamortized points if the loan is paid off via another refinancing or sale. Thus, the tax treatment of points and mortgage interest is similar enough to be ignored for the purpose of breakeven analysis.

As a general rule, every point paid lowers the borrower's interest rate by 0.25%. More simply, every dollar paid up front saves almost $0.25 each year thereafter. The value of the buydown, then, is governed by how long the new mortgage stays in place. When the time value of money is considered, the borrower should plan to stay at least six years to obtain a good return on the points paid.

The best mortgage to compare from a lender is one with no origination fee and discount. That's the one to ask for first. It makes it easier to value the proposed loan against the current one. If the proposed loan passes muster, then the payment of points should be considered. If a proposed loan grades as barely passable, it's usually better to wait. Once you exercise the option to refinance, you are effectively precluded from refinancing again in the immediate future. Don't pull the trigger unless you are getting an excellent return on investment.

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Bad Credit Mortgage Refinance - All You Need to Know About It

There are many individuals who are struggling to get bad credit mortgage refinance. For all those people this article will provide the important details which they need to in order to get successful in the process.

To start off with it is important to understand the meaning of refinance. People look for refinancing solutions because they usually find it hard to fulfill the needs. Getting mortgage refinance helps them to meet the ends properly. It helps them in clearing out the current debts and many other problems resolved. It is very much clear that when the person goes for mortgage refinancing, he is trying to get his house re-mortgaged once again. The situation can vary from person to person. At times the person is still trying to pay the mortgage payments to the bank or to the institution and some times he has completed paid out the full amount. The loan is given out by the bank or the financial institution and the house becomes the collateral security in such a case.

The term bad credit mortgage refinance applies to all those people who had got bad credit score and history and thus finds it hard to get mortgages. There are many banks and institutions that would still be working and dealing with such people so there is not much too worry. There are companies who are actually working to help out people with not so good credit history.

It is important to know that when you apply for mortgage refinancing loans then your interest rates should be lower than the usual or existing refinance loans. A good difference is visible between the previous mortgage and the new refinanced mortgage. This would enable you to have more cash and you would be better able to pay off your debts.

Also make sure that when you are going for bad credit mortgage refinance then there should be no condition of penalty on pre-payment till 2 years. This would work best for you if you want to get rid of your mortgage early.

Mortgage refinancing loans can be easily requested for, through online companies and several other accredited websites by simply completing their form on the respected website. If you want you can also use the refinance calculator or get professional advice to clear any confusion in your mind. Don't get upset because you are only a few steps away from potentially getting your mortgage refinancing loan approved.

Jan Marini

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