Help has finally arrived for California home owners whose property values have dropped over the past couple of years. In order to lower costs of mortgage installments today and get a good fixed rate plan underway for repayment, many people are turning to the HARP Program. However, as new information appears on different web sites and lenders are applying their own internal rules, people are finding the documentation to be lengthy and somewhat confusing. Many lenders are hesitant to exercise the full benefits of the new Home Affordable Refinance Program (HARP or HARP 2.0), also known as the Making Home Affordable Program. Some have limited the value at 125% LTV. Others will not accept credit challenges which result in approval levels called Expanded Approval Levels I, II and III. Some lenders will not refinance investment or non-owner occupied properties. Others will not refinance manufactured or other property types. Have you been turned down for a HARP refinance by your current lender due to LTV (loan to value), occupancy, minor credit challenges, property type or because they cannot get an appraisal waiver? Don?t give up! There are lenders that may accept yor loan. Andrew Andreasen, a Victorville, CA 92392, California based mortgage consultant, has released a new web site at: http://andrewloans.net designed to remove the confusion about this latest government program and show how you may still be able to refinance even if your current lender has said no! This new HARP 2.0 resource site shares details about the basics of this mortgage lending solution and answers questions like: ? What are HARP loans all about, in a nutshell ? in layman?s terms? ? What are the benefits of HARP loans? ? What kind of mortgage loans can HARP funds be used for? ? Do I qualify for the HARP program? ? What documents do I need to bring to the lender when I apply? ? And much more? The new resource site showcases pages of information to help California borrowers realize that HARP loans are an ideal way for families with homes that have dropped in value to rebuild their investment, creating equity faster under a new structure. HARP Specialist Andreasen, says ?readily available and with low interest rates, these HARP loans are an exciting way for people to enjoy double savings with lower monthly mortgage installment loan payments and increased equity over the long term restructuring.? Andrew Andreasen is available for interviews and will welcome all your mortgage related questions. Call (760) 559-2423, email andrewloans@msn.com or visit http://andrewloans.net to see if you qualify for this new program even if you have been turned down by others.
Source: sbwire.com
Video: Refinancing your home mortgage? Learn how to refinance your home with these credit tips
VA Refinancing Loans: Cash Out and IRRRL
How else do these two programs differ? VA IRRRLs allow the veteran to re-use his or her entitlement as used on the original VA home loan and does not change the amount of entitlement the borrower has ?in use?. For cash-out refinancing, the borrower is required to have sufficient entitlement. VA loan rules state, ??if existing VA loan on the same property is being refinanced, entitlement can be restored for the refinance?.
Source: valoannews.com
What are my chances to refinance if my home to value has droped amost to even money?
It all depends on ratios, appraisals, and income. A great loan officer may be able to steer you through this complex maze although the fact that it is a jumbo loan complicates it further. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don?t simply ?forget to call you back.? They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .
Source: creditcardsbyweb.com
REFINANCE A HOME LOAN FAST
One can also use the refinancing of mortgage loans as a debt consolidation. What he or she has to do is turning all the financial obligations into one debt & that is refinancing mortgage loans. The refinance on home loans come up with lower interest rates & thus the borrower can get rid of various financial obligations like paying a high interest rate to separate creditors, paying separate loan charges to each & every creditors, too many payrolls on credit cards. All these financial obligations & liabilities can turn into one debt & liability with much more lower interest rate & you have the chance to save a good amount of money by consolidating all the loans into one loan.
Source: pensions-r-us.org
www.WellsFargoDealerServices.com :: offers you car loans and car loan refinancing at decent interest rates
Here are the ways you can make a loan payment besides the online option. You can send a cash payment through Money Gram and if you have a check, visit the website and write down the mailing address so you can mail the check. If you need to check the due date for your loan payment, you will need to download the form from the website and mail it to the company. If you need to take your car out of the country, you will need authorization from Wells Fargo. The authorization letter should include where you will go and how long you will be there, and you need to provide proof of registration along with a copy of the registration.
Source: myhomeaccountonline.com
Things to Consider when Refinancing
Refinancing also offers the opportunity to go from your older variable rate mortgage to a fixed rate, or vice versa. The goal is to determine which type of rate will benefit you in the long run. Keep in mind many variable rate mortgages come with a term on the front end that locks in a low fixed rate. If the terms include a low monthly payment along with that competitive rate, you may do well to go with the refinancing and keep it at least until that term is up. At other times, unanticipated changes in the average rate could mean that you don?t get as much benefit as originally projected. If you aren?t able to offset the refinancing fees and charges in a reasonable period of time, then hanging onto your old mortgage is a better approach.
Source: firstamtech.com
Avoid Home Equity & Refinancing Scams
Refinancing a mortgage to a lower interest rate can make sense for some homeowners. So too can taking out a home equity loan against the value you have built up, perhaps to finance a kitchen remodel or pay for college tuition. What does not make sense is losing your home because you fall for home equity loan and refinancing scams such as loan flipping and equity stripping. Although scam artists can be very convincing, homeowners who know what to look out for are less likely to become victims.
Source: cabor.com
Should You Refinance in Retirement?
Like the ?recapture? tax, the new fee on mortgages was eliminated in the final version of the payroll tax cut extensions. The payroll tax cut extensions were pushed through without offsets in revenue or spending. http://www.bankrate.com/finance/real-estate/new-tax-home-sales.aspx Kelly Phillips Erb , Contributor 6 months ago Ah, I see the confusion. The final version of the bill (HR 3630) is the amended version of the original bill. It?s not a new bill per se, it simply replaces the old version in total. The original version ? HR 3630 but with a different title ? passed in December 2011. The most recent version ? also HR 3630 ? passed in February 2012 and replaced the original version (there are not two separate bills). It was signed by the President on February 24, 2012. You can see all of the actions/amendments/votes here: http://www.opencongress.org/bill/112-h3630/actions_vote What am I missing here? My point is why would anyone pay?to refinance when you can get a HE to pay off the mtg at nearly the same rate? Car loans are now .49%
Source: depositaccounts.com
Related posts:
- Idaho Refinancing Expert Explains New Home Affordable Refinance Program
- Florida Refinancing Expert Explains New Home Affordable Refinance Program
- Oregon Refinancing Expert Explains the New Home Affordable Refinance Program (HARP 2.0)
- Oregon Refinancing Expert Explains the New Home Affordable Refinance Program (HARP 2.0)
- home affordable refinance program
Tags: 125 ltv, HARP, harp program, home, new harp
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