Comments for Where To Refinance.

Comment on Should I refinance my mortgage even if home value has decreased? by George L

George L — Mon, 24 Jan 2011 10:14:43 +0000

There are a lot of Hampton Roads homeowners who are considering whether or not they should be refinancing their home. If you would like a recommendation on who to refinance your mortgage with, visit http://www.iloanshop.com/ If you fall into these categories, you should give it serious consideration.

Good Luck……..!

Comment on Should I refinance my mortgage even if home value has decreased? by src50

src50 — Mon, 24 Jan 2011 09:23:59 +0000

If you plan to remain in the home, then refinancing is worthwhile.

Comment on Should I refinance my mortgage even if home value has decreased? by Bob F

Bob F — Mon, 24 Jan 2011 08:24:21 +0000

The new Obama plan allows for refinancing a primary residence up to 105% of the home value. Many homeowners are having trouble refinancing for various reasons … inadequate documentation, low credit scores, and tightened lending guidelines being among them.

For those who cannot refi, a loan modification may be a solution.

Comment on Can anyone help me find a lender to help stop foreclosure? by jannie

jannie — Sun, 23 Jan 2011 08:08:37 +0000

self employed people should definitely have insurance in case these things happen
I can’t see how any lenders will give you money if your mortgage payments are that far in arrears

Comment on Can anyone help me find a lender to help stop foreclosure? by calikid79

calikid79 — Sun, 23 Jan 2011 07:54:47 +0000

File chapter 13, it will stop the forclosure and you can repay the back payments. Best way do it. Only file on the person that has the worst credit that way one person keeps good credit or can rebuild. Also that person can restablish credit so you can get it refinanced and never has to claim that they filled chaper 13 banko.

Comment on Can anyone help me find a lender to help stop foreclosure? by Paul

Paul — Sun, 23 Jan 2011 07:53:41 +0000

My sympathies That’s not a good situation to be in…

One thing to remember is that your existing lender will lose money if they foreclose – they have some motivation to negotiate with you. The trick is finding out who to talk to.

Another avenue to try is one of the credit help agencies, they can often help you negotiate with your lender to avoid foreclosure.

See if there anyone who will lend you the money to get current on your payments.

If you have to…find a buyer for the house who can negotiate with your lender (many real estate investors specialize in this sort of thing) – you’ll lose the house, but better that than letting the bank foreclose.

Even if the bank repossesses the house and sells it, you could still be held liable for their legal costs and the difference between your loan amount and the sale price. This kind of debt will haunt you forever – especially in light of the recent changes to bankruptcy laws

Comment on What is the limit for jumbo mortgages in FL? by brian-the-brain

brian-the-brain — Sat, 22 Jan 2011 20:52:54 +0000

$417,000 to $20 Million

This is just one company of course, usually a super jumbo will kick in well before then.

Comment on What is the limit for jumbo mortgages in FL? by lbh_740

lbh_740 — Sat, 22 Jan 2011 19:58:41 +0000

Check bankrate.com. This will most in likely help you.

Comment on Mortgage/Refi Question? by Mindy

Mindy — Sat, 22 Jan 2011 01:19:53 +0000

I don’t think you need to have any money in the bank to do that. I did this last year…my credit was not so good and I had a lot of credit cards up to the limit. All I needed was my bank statements showing income and that’s about it. It was really easy…too easy. It took about a month and I got a rate of 7.9 because my credit wasn’t so good.

I wish I could help you more…this is my first mortgage. Don’t stress. Find someone you trust to help you. I used a mortgage broker recommended by someone at work.

Good luck! Cami

Comment on Mortgage/Refi Question? by Nenita

Nenita — Sat, 22 Jan 2011 00:22:24 +0000

I believe you are on the right track the less your debt to income ratio is the better it is for you. What I have seen as ideal debt to income ratio is anything below 45%. Anything above that rate is considered high risk which means higher interest rates for the borrower.

When you’re refinancing they will ask for verfication of income and employment. You provide this though paycheck stubs, also to verify assets they will usually ask for 2 months of bank statements or they will need to provide a verfication of deposit. Verfication of employment for at least two years is the standard. The lender or broker does the VOE.
If you’re self-employed you need to provide documentation of being in the same business for at least 2 years. You would get a CPA letter or copy of business license.
Make sure when you refinance you do a fix rate the subprime ARMS are hitting borrowers the worst and they usually end up in foreclosure be very careful. I’ve heard horrible stories about Countrywide, and Argent Mortgage which was just recently bought by Citigroup.

Oh another thing you will need to get the property appraised again you should shop around for that appraisers tend to overcharge their customers.

Good Luck!