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Understanding the Advantages of FHA Refinance Loans

homesforsalecharlotte — Mon, 02 Mar 2009 11:14:45 +0000

The refinancing of your home mortgage isnt something most people find as fantastic or interesting. Most people merely opt for the best solution given so that they can get on with the process of organizing and finishing the home loan. Well FHA Refinance Mortgage loans do that for borrowers. FHA Refinance Home Loans will give you a solution that is almost perfect to your particular home loan needs and will give you exactly what youre looking for when you want it. FHA Federal Housing Administration can provide all the required help so you are able to refinance your current home mortgage. This type of loan has specific benefits and guarantees the lender in case of default. As a result mortgage companies and lenders can offer you a better mortgage rate than if it was not government insured. Typically the loans are made under conservative underwriting guidelines to borrowers who have an established credit payment history and in some situations those who are not your average borrowers are also granted approval for an FHA Loan. This can include borrowers who have had past credit issues but have not filed bankruptcy in the previous five years as well as applicants with one income or who have never had any history of credit. An FHA refinance loan can assist you with the funds you need to make the type of repairs necessary for your home. It can also help you with the money you need to expand your home or make renovations. For there type of rehab loans it will be required that all repairs are approved are completed in a cost and energy efficient manner. This will make certain that natural resources are preserved while the construction is being done and later.

Fixed Rate Mortgages Explained

homesforsalecharlotte — Mon, 02 Mar 2009 11:10:35 +0000

A fixed rate mortgage does what it says on the tin it comes with a rate of interest thats fixed for a certain period of time. This means that youll pay the same amount each month for your mortgage throughout the fixed rate period. Typically fixed rate mortgages can run from two years right up to ten years and sometimes longer. After the fixed rate period ends then your mortgage will usually revert to a standard variable rate mortgage. So say you chose a fixed rate mortgage with the rate fixed for five years and your monthly repayment was 750 then this would be the amount you would pay each month for five years however much the Bank of England base rate fluctuated. Once the five years is up the amount youd have to pay out could vary if the interest rate went up or down. Pros and cons One of the downsides to taking on a fixed rate mortgage is that youll not benefit if the rate of interest goes well below what yours is fixed at. On the plus side if the rate of interest goes up then of course youd be better off. Thats why it can be good for those homeowners who are on a tight budget and need to know exactly how much their major outgoings will be every month. Making the right decision for you When shopping around for fixed rate mortgages the internet is a useful resource in helping you to decide if the fixed rate would be a better solution than taking out a variable rate mortgage or other type of borrowing. One of the factors youll need to consider before tying yourself into a fixed rate mortgage is how you will manage once the fixed rate period ends. If youve taken out your mortgage for a particularly low rate of interest once the fixed period is up you may have to revert to a variable rate and this could add a lot of money onto your monthly repayments. However if your mortgage does not have an Early Repayment Charge you could swap to another deal.

Mortgage Rates Move Up For First Time in 3 Months

homesforsalecharlotte — Mon, 02 Mar 2009 11:06:23 +0000

All good things must come to an end. After 12 weeks of falling rates interest rates went up this week. The 30 year rate went back above 5 jumping from 4.96 to 5.12. Below are rates from the last few weeks and October 30 which was when rates first started to fall. Jan 22 2008 30yr 5.12 15yr 4.80 5yr ARM 5.24 1yr ARM 4.92 Jan 15 2008 30yr 4.96 15yr 4.65 5yr ARM 5.25 1yr ARM 4.89 Jan 08 2008 30yr 5.01 15yr 4.62 5yr ARM 5.49 1yr ARM 4.95 Dec 31 2008 30yr 5.10 15yr 4.83 5yr ARM 5.57 1yr ARM 4.85 Dec 24 2008 30yr 5.14 15yr 4.91 5yr ARM 5.49 1yr ARM 4.95 October 30 2008 30yr 6.46 15yr 6.19 5yr ARM 6.36 1yr ARM 5.38 Basically 30 year rates dropped back to what we saw at the end of December. Looking at the other major mortgage products the 5 and 1 year Arms are still pretty much irrelevant. The 5 year Arm is above the 30 year mortgage rate and the 1 year arm is not much lower than the 30 year mortgage rate so both of them are pretty much dead. The 15 year rate on the other hand is still a viable option. This week the 15 year mortgage rose from 4.65 to 4.80. Still the 30 year mortgage rate is by far the most popular mortgage product over the last few months. Although rates have risen recently we still dont want to lose the fact that rates are still historically low. In fact if we ignore the last 3 weeks todays rates are still at 40 year lows. Moving on lets look at mortgage payments. Taking todays rates we used our mortgage calculator and determined what the mortgage payment would be on a 200k loan. We also determined mortgage payments based on rates from two weeks ago and from one month ago. We also translated rates from October 16th into a mortgage payment.

Guide to Remortgaging

homesforsalecharlotte — Mon, 02 Mar 2009 11:02:51 +0000

For all the strange and seemingly confusing jargon its important to remember that shopping for a mortgage is essentially just like for anything else. At its simplest you want to pay as little as possible for the best you can get. In the same way that you wouldnt want a contract that tied you into having to shop at just one supermarket for the next 30 years so you dont have to be tied into one and only one mortgage provider for the whole duration. The process of remortgaging therefore recognises that mortgage lenders are in a highly competitive financial market. A whole range of different mortgage products are on offer at different rates to suit the varying needs of different borrowers whose precise needs are going to change over the years. Remortgaging essentially allows an existing mortgage borrower to switch lenders or to persuade an existing lender to offer a better deal. And its precisely this better deal that is the sole motive for remortgaging. You remortgage to get a better deal. To return to our analogy with supermarkets remortgaging allows you to shop around for the best deal that suits your needs and your pocket right now. And as often as not youll make the change because you can get just what you want at a better price you can save money. And given the scale of your investment in a mortgage those savings can be truly significant running in to literally thousands of pounds! More than that if you continued to shop around and changed to even better terms every so often you could end up slashing loads off your mortgage.

7 Things You Must Know About a HUD Reverse Mortgage

homesforsalecharlotte — Mon, 02 Mar 2009 11:00:20 +0000

Reverse mortgages have been around for a long time. If you are just now thinking of using a HUD reverse mortgage to use some of the equity in your home then there are seven reasons why you will want to read this article. In the last few years the popularity of reverse loans has been growing. With the recent credit crisis all proprietary reverse mortgages have disappeared. However the most popular reverse mortgage ever is still in existence; the HUD reverse mortgage. HUD stands for US Dept. of Housing and Urban Development. The FHA or Federal Housing Administration is part of HUD. The HUD reverse mortgage is known as the HECM Home Equity Conversion Mortgage. Here is a list of seven things you must know about a HUD reverse mortgage or HECM. 1 Qualification is very simple. FHA requires that you be a homeowner of 62 years or older own your home outright or have a small lien against the home and you must live in the home. If you meet these requirements and have never been in default on a government loan you can qualify. Much easier than your traditional loans! 2 To be eligible for the HUD reverse mortgage or HECM your home must be a single family home or a 14 unit home with one of those units occupied by the borrower. Some HUD approved condos and manufactured homes that meet FHA requirements are also eligible. 3 The biggest myth about reverse mortgage loans is the lender can take your home. This is simply not true. As long as one of the borrowers lives in the home and keeps the taxes and insurance current you do not need to repay the loan. You can never owe more than the value of your home even if its worth less than you owe. 4 Another popular myth is not having an estate to leave to your heirs. When you sell the home or the last borrower passes away you or your estate will repay the reverse mortgage loan to the lender. Any remaining equity in your home belongs to your heirs. 5 How much money you can pull out of the equity in your home depends on three things; the borrowers age the current interest rate and appraised value of your home. Please note the value used is the lesser of your home value or FHA mortgage limit in your area. 6 You can still apply even if you didnt buy your present home with FHA mortgage insurance. The new reverse mortgage loan will be FHA insured. 7 The HECM loan has five payment options: tenure term line of credit modified tenure and modified term. Tenure pays equal monthly payments for the live of the borrowers. Term pays equal monthly payments for a fixed period of months selected. Line of credit provides you with an account you can withdrawal your choice of funds at any time. Modified tenure and term are a combination of line of credit and a tenure and term respectively.

Deciphering Your Mortgage

homesforsalecharlotte — Mon, 02 Mar 2009 10:58:21 +0000

You could nearly drown in all of the paperwork that is associated with obtaining a mortgage.but you wont. Youll wade through it all and eventually find a mortgage loan offer thats perfect for you. However your work isnt done once youve been offered a mortgage; more paperwork will come your way as you move towards closing and you still have to keep an eye on all of it. When a mortgage loan is offered a document that summarizes the mortgage must be provided. Its called a Good Faith Estimate GFE. This preclosing document which is usually available within one week of you submitting your mortgage application is what you need to pay the closest attention to. So when the GFE is ready make sure to sit down with your mortgage consultant to view it. When you do look for discrepancies in whats on the GFE versus what your mortgage consultant has told. The main details to look for on your GFE are: Type of loan Interest rate Cash due at closing Amount of the loan Private mortgage insurance costs Fees Mortgage points costs for choosing to purchase points to lower your interest rate Loan origination costs for processing the loan Appraisal Mortgage broker costs for mortgage broker services usually 1 2 of the loan amount; fee can be negotiable Processing costs for legwork related to processing the loan; should be less than 500 Underwriting for the reviewing of the mortgage application and all related paperwork required to make a decision on the loan; typically less than 500 Title costs for the closing attorneys and title companys services; these may be negotiable

Obtain a Governmental House Loan

homesforsalecharlotte — Mon, 02 Mar 2009 10:57:04 +0000

In todays market purchasing a home can be an intimidating process especially for the first time buyer. Interest rates are at an all time high and owning a home can often seem like a farfetched fantasy for many prospective home buyers. Fortunately government house loans can make that dream a reality and obtaining a loan is easier than ever. Government house loans are available at the Federal and state levels. Federal government house loans are administered primarily through the US Department of Housing and Urban Development. The Federal Housing Authority an arm of HUD has been around since 1934 and provides incentives for private lenders to provide mortgages for people who otherwise wouldnt be qualified. The FHA does this primarily by backing the loans with Federal money reducing the risk of loss to the private lender. The end result is that it becomes easier for someone who has little or no credit history to receive a loan to purchase their home because the FHA provides the mortgage insurance on the home themselves. A government house loan can be a great way to secure a mortgage for your first home. There are also loans available to renovate your home to make it more environmentally friendly or for assistance when purchasing a fixerupper. When obtaining a loan for a fixerupper the government will allow you to include the cost of renovations in your original mortgage amount. An FHA loan also provides several benefits over a more traditional loan such as lower monthly payments interest rates closing costs and reduced credit history requirements. In order to obtain an FHA backed government house loan one must contact an FHA lender.

Free Home Mortgage Grants

homesforsalecharlotte — Mon, 02 Mar 2009 10:56:06 +0000

It seems every week the government is announcing another 100 billion in home mortgage grants available to U.S. citizens. These grants are available to help people who are having trouble making payments to assist first time home buyers with down payment money and to provide cash to those who buy in urban developing neighborhoods. Millions of Americans are quick to take advantage of these programs as there is no other financing option out there like this. Where else can you get home mortgage grants that you never have to pay back? Banks are tightening their belts and securing a mortgage is tougher than it has ever been. Interest rates might still be low but the bank can never match the free grant money that the government is providing to individuals families and home builders. What happens in the housing industry as weve seen greatly effects the economy and the government at times must intervene. While home mortgage grants have been offered for decades theres more money being made available today than ever before. Anyone that is at least 18 years old can apply for these grants and qualifying does not require a credit check down payment or any kind of cosigner. Since the government is giving this money away and never expects to see it back they are not interested in your credit history.

Loan Modification Help – Pre-Qualify Yourself Now

homesforsalecharlotte — Mon, 02 Mar 2009 10:54:42 +0000

Why are some homeowners approved for loan modification help while others are denied? Did you know that approximately 40 of borrowers who apply for a loan workout are denied? When your familys home is on the line you need better odds than that. You can find out if you are a good candidate for loan modification help and learn how to increase your chances of success with the following helpful information. First of all who is a qualified candidate for a loan workout? Well a borrower who can: 1. Demonstrate a financial hardship to their lender will be considered. Most lenders will accept the following situations as acceptable reasons for being unable to meet your current mortgage terms: loss of job or reduction in income divorce or separation military service death of family member incarceration natural disaster medical bills or illness. Each situation is unique but you can help convince your bank to offer you help by writing a convincing hardship letter that explains your circumstances. There are 3 important parts to an effective lettermake sure you know how to compose your own hardship letter so your bank will understand and empathize with your situation. 2. Prove to their lender that although the current mortgage payment is unaffordable they will be able to pay and maintain the new lower monthly payment now and in the future. This can be tricky but you need to demonstrate in black and white that you will not be at risk for redefault and that you have implemented a new family budget that will make home ownership your top priority. Determine your target modified payment so that it equals an acceptable percentage of your gross monthly income to meet your banks guidelines. 3. Complete and submit an accurate and acceptable loan modification application that includes everything the lender needs to see in order to make a determination. Incomplete unacceptable applications will be delayed or denied so this is extremely important. Homeowners need to make sure they have a good general understanding of their lenders requirements before applying for loan modification help. If you can meet the above qualifications you will have a very good shot at getting a loan workout. However struggling frustrated and frightened homeowners need to take the time to learn and prepare before contacting their lender for loan modification help. An interested borrower can learn about the loan modification process and approval requirements so that they will be able to prequalify themselves and know how to submit their application properly. Like anything else the more you know about it the better your results will be. Getting loan modification help is not easy but when you learn prepare and prequalify yourself you will have a much better chance of getting the results you need.

IVA Mortgages

homesforsalecharlotte — Mon, 02 Mar 2009 10:53:40 +0000

An Individual Voluntary Arrangement IVA provides a viable substitute to bankruptcy in Britain for those that have been unable to pay off their debts. An IVA proposal is sent to an individuals creditors offering a resolution over a period of five years. A lot of the time you can get as much as 75 of your debt written off. After the fiveyear period you will be completely debt free if you have managed to make all your repayments. It is a serious solution for people that have serious financial problems. Because an IVA puts a strain on your credit it will also affect your borrowing potential but that doesnt mean it will prevent you from getting a mortgage for a home. With a bankruptcy you typically are unable to get a mortgage but with an IVA you still may be able to. What is an IVA mortgage? The expression IVA mortgage is normally used to refer to; the method of taking out a remortgage in order to meet the final payment as arranged in the IVA agreement. In other words this is an IVA Remortgage. IVA mortgage can also mean applying for a mortgage while within an IVA or having had one recently. This may also be referred to as Mortgage with IVA. 1 IVA Remortgage When the IVA is first set up some creditors may have a clause that will stipulate that after a few years some of the equity of your home will be released as your final payment to your creditors. In this case you will be partially restricted on when to remortgage however this does not mean that you cant get a good deal on an IVA mortgage. The best thing you can do is shop around to find the best deal on the market. 2 Mortgage with IVA When applying for a mortgage to buy a home during your IVA or shortly after you will most likely be subject to higher interest rates due to the fact that lenders will assume youre high risk. The best way to keep your interest rate low is to allow as much time as possible between the end of your IVA and when you start a mortgage application. This will allow your credit rating to recover during that time. If youre thinking of getting an IVA its also better to do this sooner than later because it gives you more time to improver your credit after the IVA is over. The longer you wait the higher the interest rate will be so its best to be aware of your options.