Posts Tagged ‘offer’

Should I accept this loan modification offer my attorney negotiated for me for my current mortgage?

2 months deferred mortgage payments
4.0% rate, fully amortized, fixed, for 5 years
5.0% rate after the first 5 years, for the remainder of the loan
40 year term
no prepayment penalty

my current loan is FHA 6.5% 30 year fixed

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How to Get Best Refinance Home Mortgage Loan Rate Offer?

Every refinance mortgage product comes with its qualification requirements. It is not difficult to find out if an applicant will be approved for that specific product. Everyone can find out the best rates for their circumstances fairly easy with online quote systems. However, if a homeowner wants to get absolute best refinance mortgage offer on the planet, this is what he needs to do; 

Have High Credit Score to Qualify for the Best Refinance Mortgage Loan  

When a bank puts out a mortgage offer, minimum qualifying credit score is already decided. Anyone wanting to improve his credit score to qualify for the best home loan on offer must start with checking his credit score. If his score close to what is required, he may improve it before he applies. If it is too far off, it may take a long time to achieve that score. According to industry reports one in every three credit report has errors. By getting these errors corrected by either the credit agency or the related originator score can be improved. Reducing debt to credit ratio would improve credit score as well. 

Loan to Home Valuation Ratio Must Be Sufficient

Lenders decide up to how much of the value of the property they will lend for almost all their products. Should the appraisal of the property come lower than expected, homeowner may consider paying down the loan so that he can qualify for the best rate. This is known as paying points or cash in refinance. Taking into account the savings they will have, this may not be a bad route to take. Homeowners will save money in two ways, if they can come up with cash. Due to reduced loan, they will pay less interest over the term of the loan and save more with the lower rates they qualify.

Household Income Should Cover the Loan and Other Expenses Comfortably

High spending households may not qualify for the best rates. Regardless of how much they earn, they have to be able to demonstrate that they can pay all their expenses without any problems. Expenses include monthly mortgage payments, credit card payments, other loan payments, school fees, utilities, grocery spending and so on. In addition to that their total income must meet the minimum required level. There are different ways of calculating this. The simplest way would be income multiplier. For example, if a lender uses income multiplier of 3, the applicants can only qualify up to 3 times of their annual income.

Providing applicant meets these main requirements, other issues may be overlooked by the underwriters. Most lenders do not leave any leeway on those points for their underwriters to decide on. They are set in stone.

Florida Mortgage Refinance, FHA Mortgage Refinance offer many Benifits

Refinance Florida Mortgage with FHA

Florida homeowners should be award of the many advantages of using a FHA mortgage to refinance your Florida home. The benefits of FHA loans to refinance your Florida home by far outweigh any other Florida mortgage program. For example under FHA guidliness there is NO minimum credit score requirments. Its private Florida FHA mortgage companies that set the minimum credit score requirments. IF you have a track record of making your Florida mortgage payments on time then you should eazily qualify for a Florida FHA mortgage refinance. Other advantages to using FHA to refinance your Florida mortgage include:

Cash-Out Refinance up to 95% for existing or new FHA mortgages.

Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.  

Rate and Term Mortgage Refinancing up to 97% of your homes value.

Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.  

FHA Streamline Refinance for existing FHA loans only.

No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.  

FHA Secure Refinance with current mortgage lates.

Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.

Call today at 1-800-570-0448 or use our quick application to learn more!

Feds offer aid to renters as well as homeowners

Feds offer aid to renters as well as homeowners
Congress and the Obama administration have committed tens of billions of dollars to keep homeowners in their homes. Renters, who make up about one-third of households nationwide – and close to two-thirds in San Francisco and other large cities – wish the… San Francisco Chronicle – Chronicle – Roleplaying – Games – Horror

Read more on San Francisco Chronicle

Does FHA offer Adjustable Rate Mortgages?

I am curious to know if you can acquire an FHA loan that is a 7/1 ARM? Do these exist or does FHA only offer fixed rate loans?
p.s. the ARM isn’t for me. Please only knowledgable people answer, not looking for opinions on why the market is where it is.

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The Rehab Offer Calculator.

The Rehab Offer Calculator Allows You To Quickly & Easily Determine The Right Price To Pay For Any Fixer Upper Property Based On Repairs Needed, Estimated Rent, Expenses And Desired Cash Flow. Also Includes Complete Repair And Materials Lists.
The Rehab Offer Calculator.

Hardest Hit States Submit Housing Aid Proposals, Some Offer Help Paying Mortgage

Hardest Hit States Submit Housing Aid Proposals, Some Offer Help Paying Mortgage
The five hardest hit states are proposing new ways to alleviate the housing pain felt by some of their residents. Proposals include helping homeowners pay their mortgages.

Read more on Wall Street Journal Blogs

Longview,Tx mortgage brokers that offer “no closing costs” refinance mortgages?

They advertised on the radio a few months ago.