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Mortgage Refinance Information
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Mortgage Refinancing After Bankruptcy
If you are a homeowner with a recent bankruptcy and have been putting off mortgage refinancing, a new mortgage loan could help you rebuild your credit. It is much easier today to get approved with a recent bankruptcy than in previous years; however, it will take some work on your part to avoid overpaying for the loan. Here are several tips to help you avoid overpaying when mortgage refinancing aft... Read mortgage refinance article
Mortgage Broker Refinancing Service
If you are considering using a mortgage broker for mortgage refinancing, you need to read this discussion to avoid overpaying. Mortgage brokers can be an excellent resource for comparing mortgage offers if you watch the broker like a hawk. Here are three questions you need potential mortgage brokers to answer before choosing a mortgage broker to refinance your home.
1. Do You Close on t... Read mortgage refinance article
Mortgage Refinance Information
Mortgage refinancing can be a nerve wracking situation for any homeowner. It doesn't matter how much equity you have in your home or what your credit is like, whether or not you overpay for the loan depends on how much time you can invest doing your homework and researching mortgage offers. Here are several tips to help you find the most competitive offer while avoiding common mistakes.
Before approving your application the mortgage company is going to need documentation regarding your income, assets, and credit history. You can save yourself a lot of headache by gathering this documentation before shopping for a lender. You will need to document your income with w-2s or tax returns for at least two years. You will need bank and investment statements going back two years as well. Save the most recent statement from your current lender, your homeowner's policy, and the most recent appraisal and survey of your home.
Once you have all your ducks in a row regarding documentation, you should request copies of your credit history from each of the credit agencies and carefully review the records for errors. If you find mistakes you will need to dispute the errors and allow enough time for the correction to be reflected in your credit score. The interest rate you qualify when mortgage refinancing is based largely on the state of your credit.
After verifying your credit history, you are ready to begin shopping for mortgage loans. It is best to shop from a variety of mortgage lenders comparing all aspects of the mortgage offers. Many homeowners assume choosing the loan with the lowest interest rate ensures them the best deal; however, if you focus only on interest rates you could overlook closing costs and other fees. Use the Good Faith Estimate to conduct a line-by-line comparison of the loan offers you are considering.
To learn more about comparing loan offers and avoiding costly mortgage refinancing mistakes, register for a free mortgage guidebook.
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Mortgage Finance Tips to Save You Some Serious Money
For almost every American who is considering being a homeowner the purchase of the home with a mortgage is the single biggest purchase of their lives. With home prices averaging close to $230,000 in 2006, depending on the rate and the terms of the loan you can expect to pay $250,000 or so in interest over the life of the loan-that is close to $500,000-NOW do I have your attention?
The very first thing for you to remember when you are buying your home and buying your mortgage- is just that- you are the buyer. Someone else is selling you something-the house, the loan, etc. So in a sense it is no different from buying a car or any other big purchase. You wouldn't buy a car without doing some homework would you? To review from part one:
1. NEGOTIATE the closing costs.
2. NEVER give a payment you can "live with" to your salesman.
3. SHOP for a mortgage broker/mortgage banker.
4. KNOW your FICO score. It is simple-the lower your score the higher your interest rate and the worse your terms will be. If you are in the driver's seat with a high score you can save some serious money and get better terms. Start with getting a copy of your credit report and do immediate repair work if necessary. It will be worth thousands of dollars to you
5. PAR. When you finally find someone you want to do business with ask for the par rate. That is the lowest rate for that day. It is not uncommon for lenders to start you off with a rate that is 2-3 points higher than what you might otherwise qualify. That is profit to them. On a $200,000 loan 2.5 points is $5,000. For e-lenders salesmen get a bonus of one point for every .25 points they can get above the par rate.
6. NEVER get a mortgage thru a bank. Here's why. A third party mortgage broker is required by law to disclose all fees and markups they are charging you. Banks do not have the same requirement. Thus you will never know how much they are overcharging you.
With the growth of the mortgage industry, it follows that the numbers of people functioning as mortgage brokers grow as well, especially online brokers. According to the National Association Mortgage Brokers nearly 2/3 of all borrowers use a mortgage broker. There is a lot of money at stake here. When applying for your mortgage, it pays to follow these steps to save some serious money
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