Short refinancing is a type of loss mitigation negotiation in which the mortgage lender agrees to a reduction in the principal amount due on a loan. The reduced principal usually mirrors the current market value of a property in order to repair upside down mortgage situations and allow the homeowner to finance an entirely new loan.
If you’re interested in this form of loss mitigation Continue reading
A home equity line of credit is one of the most useful tools that a homeowner can have in his or her financial arsenal. A line of credit is a financial tool that is always there, allowing a homeowner to borrow money when needed for such emergencies as job loss or illness. It also comes in handy for financing any one of a number of things, with home improvement probably topping the list of most common uses. Continue reading
Third mortgages are loans that are subordinate to the existing first and second mortgage loans. Though, third mortgages were common in the seventies and eighties, the savings and loan scandals changed the course of home mortgage loans.
Nowadays, it is rare to find home equity lenders offering third mortgages. You can find properties that have two to three mortgages or land contracts at the same Continue reading
With rates dropping and lenders offering attractive bonuses, many homeowners are looking at the home refinance option. There are many great things about refinancing your home, but there are some things to be careful of as well. Is it the right time for you? How can you avoid making costly mistakes when you are refinancing? Here is a look at some things to consider when refinancing your mortgage.
Is It The Right Continue reading
Getting a refinance done is not an easy task, especially if you are not into refinancing on a regular basis. In order to refinance your mortgage effectively you’ll need to know certain things to make the process as simple and smooth as possible. From my years of experience in the banking industry, here are the seven main things you need to know to get a refinance:
1) Equity: equity in the home often Continue reading
On October 1, 2008, new FHA Refinance Loan Guidelines will go into effect as part of The Housing and Economic Recovery Act of 2008. This new FHA Mortgage program is designed to help thousands of homeowners who are at risk of foreclosure in their current conventional or sub-prime home loans.
The details of The “HOPE for Homeowners Act of 2008″ are as follows:
1. Eligible Continue reading
“If you’ve been paying attention to the real estate market over the last couple of years, you’ve probably heard the term “sub-prime mortgage bust”. You might even have a vague idea that this is a current real estate problem which is causing problems in the American economy. And if you’re just the average person out there in the world, you might not need to know any more about the sub-prime mortgage bust. Continue reading
Although there are not as many options for zero down mortgage as there once was, there are still a couple of them to choose from. In fact one of these zero down home loans is better than nothing down.
The United States Department of Agriculture Rural Development loan, or USDA RD, is not actually a zero down mortgage. It is actually 102% financing. And if you think that is cool, it gets even Continue reading
For many mortgage holders who can no longer afford their monthly payments due to setbacks like a job loss, home mortgage loan modification is a solution. It is the way that they use to get back on their feet with a second chance from their lender, so they can start making good on their mortgage payments again like they used to. People who have already fallen behind on their Continue reading
Many homeowners wonder, what is refinancing and how can it help them? A refinancing is simply an adjustment to the terms of your loan mortgage. An adjustment can be useful in a number of situations and is why they are so popular.
For example, refinancing can help reduce your monthly mortgage payment in many cases. This can occur in instances where your credit rating and scores have improved Continue reading