Mortgage refinance is big business. Refinancing a home loan can be a disaster or win-win for both homeowner and lender. To know when is home mortgage refinancing the best decision, you must be informed about the current credit climate, your personal goals and financial needs. What Is Home Refinancing? Just to be clear, let's define what is home refinancing. It is not adding … [Read more...]
HARP Refinance Program – Help If Your Mortgage Is Underwater
You still have time to take advantage of the HARP Refinance Program. HARP has been extended until December 31, 2015. You might benefit this type of mortgage refinance if your property is upside down (you owe more on your home than it is currently worth) or has significantly decreased in value. UPDATE: The deadline was extended again! Announcement on the harpprogram.org … [Read more...]
Stop Foreclosure With Deed In Lieu Of Foreclosure
If you've never heard of it, you may wonder "what is a deed in lieu of foreclosure?" And "how could it stop foreclosure?" What is this type of stop-foreclosure deed? Often referred to as "deed in lieu," a borrower will use this document to stop foreclosure proceedings. It conveys back to the lender all of the borrower's interest in the property that was used as collateral in … [Read more...]
Home Refinance – Consider The Costs
Home refinance fees generally run between 3% and 6% of the outstanding principal. This varies between states and from lender to lender. Add the differences in equity, credit scores, and personal banking relationships. It becomes impossible to predict exactly what you will have to pay for your home mortgage refinance. One thing is certain - you must consider the costs of … [Read more...]
Reverse Mortgage Loan Basics
Are you a senior strapped for cash? If your home has significant equity, a reverse mortgage loan may solve your dilemma. A reverse mortgage loan that keeps you in your home instead of selling a highly appreciated house may also save capital gains taxes. Reverse Mortgage Loan Basics Let's look at the basic guidelines about reverse mortgage loans: AGE You must be at least 62 … [Read more...]