All Posts Tagged With: "refinancing"
Mortgage Modification Secrets Uncovered
There’s something lenders don’t want to tell you, a little secret that can save homeowners thousands of dollars. It works like this: Rates have fallen and you want to refinance a fixed-rate loan. You contact your lender and discover that because you’re a great and wonderful person and all your payments have been full and [...]
12Sep2008 | Peter G. Miller | 0 comments | Continued
Should I wait until rates fall 2% before refinancing?
NO. The 2-percent myth is a fable that can cost you big money. Instead, consider this approach. Ask how much it will cost up-front to refinance. Calculate how much you will save each month. Divide your monthly savings into your up-front costs. Example: Say it costs $3,000 to refinance but you can save $60 a [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
How much equity do I need to refinance?
Generally, private-sector loans are likely to require from 5 to 15 percent equity. How “equity” is defined is very important With the FHA you can get a streamline refinance which does not require an appraisal. With no appraisal equity is not an issue. However, solid equity is not enough. You also need a good credit [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
Can I get a mortgage after a foreclosure?
Would you give someone a home loan soon after they were foreclosed? Not likely, and lenders feel the same way. In practice, after a foreclosure lenders will typically refuse further financing for two to five years under guidelines established in June 2008 by Fannie Mae. In the usual case expect to wait five years. In [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
What’s A “Coffee” Mortgage – And Why Do I Want One?
Mortgages generally fall into two camps: Those with fixed rates and those with adjustable rates. Adjustable-rate mortgages (ARMs) typically have an interest rate which is based on two factors. First, there’s a “margin” which does not vary during the term of the loan. Second, there’s an “index” which changes as often as the loan allows, [...]
22Aug2008 | Peter G. Miller | 0 comments | Continued
Are There No Limits To Financial Fiddling?
At the start of every year, and with the regularity of celebrations in Times Square, new conforming loan limits go into effect. Typically such loan limits are announced in November or December, go up each January and in general that’s good for buyers and sellers. This year the conforming loan limit for a single-family home [...]
20Aug2008 | Peter G. Miller | 0 comments | Continued
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