Tag Archives: Refinancing

Is Refinancing Your Mortgage Worth it?

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(PRWEB) February 5, 2005

The primary consideration is based on how extended you program to stay in the home.

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Refinancing can be a very good concept for home owners who:

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Want to get out of a high interest price loan to take advantage of reduced prices. This is a great idea only if they intend to stay in the property long adequate to make the additional fees worthwhile. &#13
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Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of realizing specifically what the mortgage payment will be for the life of the loan. &#13
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Want to convert to an ARM with a lower interest rate or more protective functions (such as a greater rate and payment caps) than the ARM they currently have. &#13
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Want to construct up equity much more speedily by converting to a loan with a shorter term. &#13
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Want to draw on the equity built up in their home to get money for a key obtain or for their children’s education. &#13

If you decide that refinancing is not worth the costs, ask your lender whether or not you could be capable to acquire all or some of the new terms you want by agreeing to a modification of your existing loan rather of a refinancing.

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Should You Refinance Your ARM? In deciding no matter whether to refinance an ARM you must consider these inquiries:

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Is the next interest rate adjustment on your current loan likely to boost your month-to-month payments substantially? &#13
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Will the new interest rate be two or three percentage points greater than the prevailing prices getting supplied for either fixed-rate loans or other ARMs? &#13
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If the present mortgage sets a cap on your month-to-month payments, are those payments massive adequate to spend off your loan by the finish of the original term? &#13
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Will refinancing to a new ARM or a fixed-price loan allow you to spend your loan in full by the finish of the term? &#13

If you reside in Michigan and need to have assistance, please make contact with us.

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CatholicMortgage.org

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17199 Laurel Park North

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Suite 315

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Livonia, MI 48152

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(248) 935-8355

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http://catholicmortgage.org&#13
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Helping households live far better livesÂ….

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Brief Refinancing Aids Maintain Struggling Homeowners Afloat

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Dallas, TX (PRWEB) December 29, 2008

Now that we are a number of years into the housing crisis, with no end in sight, bankers and real estate pros have begun to get inventive. Gone are the days when struggling homeowners had no other option than to enter foreclosure, shed their home and harm their credit. In today’s financial climate, lenders are realizing that it tends to make a lot more sense to operate with the homeowner to maintain them in their home, rather then wind up with a home that loses value and does not sell.

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1 of the new services that lenders have developed to cope with this difficulty is known as short refinancing. Brief refinancing is a new way for homeowners to rework their house loan, stay current with their payments, and stay away from foreclosure. In a quick refinance, the original lender agrees to take a payoff which is significantly less then the original amount of the loan. As soon as this happens, the homeowner can uncover a second round of financing for the remaining amount of the home’s value. With quick refinancing, absolutely everyone wins. The homeowner stays in their home, and the bank is capable to stay away from incurring a slew of fees, and no longer has to attempt to sell a devalued property in an unstable industry.

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The dilemma with brief refinancing, nonetheless, is that couple of know what it is and even fewer know how to handle a single correctly. Banks are only now starting to wake up to the realities of the present housing market place, and have been slow to move on this new answer.

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Enter Joel Broyles, founder of WayForward Realty (http://www.wayforwardmortgage.com). His aim is to help homeowners and lenders negotiate short refinance transactions so that much more property owners can hold their houses. Mr. Broyles has over 6 years of encounter helping homeowners avoid foreclosure, and is committed to educating specialists and property owners alike about the ins and outs of quick refinancing.

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“Brief refinancing is still in its embryonic phase of improvement,” said Broyles, “but we think it will take off as a major tool in the fight to turn America’s housing marketplace about – we’re here for the home owners.”

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Economists are not optimistic for the future of the housing marketplace, specifically in states like Florida and California where the crisis has hit the hardest. Until these taxing instances subside, short refinancing organizations like WayForward Realty will have to assist home owners struggling to remain ahead of an ever-burdensome economy.

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About WayForward Realty:&#13

For the past six years, the specialists at WayForward Realty have pioneered the short payoff and loan modification processes as an advocate for stressed property owners. Since 2003, WayForward has arranged over 400 brief payoff transactions and countless loan modifications saving hundreds of families from foreclosure and attainable bankruptcy. Recognized by business insiders as a single of the leading short payoff and loan modification negotiators in the country, WayForward is uniquely positioned to support mortgage specialists and borrowers negotiate loss mitigation solutions for their current mortgages.

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New York Mortgage Company Announces New Low Price Refinancing

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Forest Hills, NY (PRWEB) April 13, 2009 –

The Obama Administration unveiled the final details of its “Making Residence Inexpensive Program,” which is designed to assist up to 9 million American families refinance or modify their loans to a payment that is reasonably priced now and into the future. This consists of New York mortgage loans needing assistance. One particular of the initiatives in this program is aimed at assisting responsible property owners “refinance” their loans to take benefit of historically low interest rates. The following requirements figure out eligibility:

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Personal 1- to 4-unit houses, condominiums, or cooperatives.&#13

There had been no mortgages lates in the last 12 months.&#13

The amount owed on the very first mortgage is about the same or slightly more than the present worth of the home.&#13

A steady revenue sufficient to help the new mortgage payments.

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Eligible loans will incorporate those exactly where the first mortgage will not exceed 105% of the current market place worth of the property. For example, if the house is worth $ 200,000 but the debt is $ 210,000 or much less, it may qualify. The existing worth of the home will be determined right after applying to refinance. If delinquent on the mortgage, it does not qualify for the Refinance Initiative. The good news is a single may possibly qualify for the Modification Initiative.

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If there is each a first and a second mortgage, as lengthy as the quantity due on the 1st mortgage is significantly less than 105% of the value of the home, borrowers with more than one particular mortgage might be eligible for the Refinance Initiative.

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Will refinancing lower the payments? That depends. If the present interest price is significantly higher than the existing market place rate, there would most likely be an immediate reduction in the payment amount. Nonetheless, if paying interest only on the mortgage, there could not be a reduction in the payment. Home owners will be able to stay away from future mortgage payment increases and may save a excellent deal over the life of the loan. New York mortgage loans refinanced beneath the strategy can have a fixed or adjustable interest price.

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The interest price will be based on marketplace rates at the time of the refinance. Presently, interest rates are at historical lows, which make this a great time to examine refinancing options. Refinancing will not lessen the principal loan amount nevertheless, refinancing need to save money by lowering the quantity of interest that has to be repaid more than the life of the loan. Only transaction charges, such as the price of an appraisal or title report may possibly be integrated in the refinanced amount.

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Great Northern Mortgage Corp. can help buyers immediately in applying for this refinance initiative and a number of other actual estate financing transactions. They are a member of New York Association of Mortgage Brokers and Better Business Bureau.&#13

To find out a lot more, check out http://www.GetLowRate.com or get in touch with 888.9LOAN99.

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About Great Northern Mortgage Corp. (http://www.GetLowRate.com):

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Wonderful Northern Mortgage was formed in 2004. The firm was founded by Igor Noble, actual estate and bank attorney in the state of New York. Mr. Noble was involved in real estate financing and acquisitions because 1994. Comprehensive experience in locations of actual estate law, and real estate investing, helped Mr. Noble to bring with each other a group of experts who share the same passion and suggestions to genuine estate.

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Beginning July 2007 when the true estate industry started crashing and hundreds of thousands of individuals faced foreclosure, the business revisited its targets and directions to accommodate a growing mass of folks with their urgent demands.

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Excellent Northern Mortgage gives New York mortgage loans for commercial and residential acquisitions, refinancing of current commercial and residential properties. Fantastic Northern Mortgage delivers from conventional financing and FHA goods to construction, tough money and rehab loans.

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Support Your Property Owning Clients Stay in Their Properties with Actual Estate Advertising and marketing Internet site YourKasa’s Property Loan Modification, Brief Sale, and Refinancing Services

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Atlanta, GA (PRWEB) Might 6, 2009

YourKasa.com, a genuine estate marketing site supplying informational and monetary services to both buyers and sellers, announces a distinctive, well-timed resource for genuine estate agents and mortgage lenders – refinancing help, home loan modification (for those that cannot refinance), and short sale services for their current home owning consumers. With the quantity of foreclosures on the rise, assisting home owners stay in their homes and preserving cash flow for their own house and lending organizations is a key concern.

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“By extending this service to real estate agents and mortgage lenders, YourKasa is supplying helpful tools to the business – helping their customers maintain their properties even though continuing to bring in income via residence loan modification, quick sale, and refinancing solutions,” said Neil Terc, President of YourKasa. “YourKasa’s timely resource is a useful actual estate advertising tool to guarantee leads close everyday.”

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In many circumstances, possible clientele are no longer qualifying due to strict lending guidelines and residences that are now worth less. YourKasa’s responsive team of skilled underwriters, who have high rates of success negotiating residence loan refinancing, can help real estate agents and mortgage lenders find more desirable prices for their customers and hold their enterprise. For a lot more details on YourKasa’s actual estate advertising and marketing help and residence loan modification, brief sale, and refinancing solutions, please go to http://www.yourkasa.com to understand more.

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About YourKasa.com

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YourKasa.com is a function-wealthy on the internet true estate solutions site that supplies home buyers and sellers with the needed sources to assist them via the acquiring and selling process. The web site also offers sellers with the potential to market place their houses to a big, targeted audience and enables possible buyers to view thousands of real estate house listings on the web through detailed profiles, pictures, and maps. For far more info, visit http://www.yourkasa.com.

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New Firm Aims to Assist Homeowners Reduce Their Interest Prices for Adjustable Price Mortgages Without having Refinancing

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Austin, TX (PRWEB) February 23, 2011

Home owners now have yet another option to allow them to keep in their homes affordably, specially those who do not qualify for refinancing or residence loan modification. This revolutionary method does not depend upon credit score, net worth, adjustments in salary or employment status. It is mainly for those mortgage holders in ARMs and those who do not want to walk away from their present home mortgage scenario. It will let these homeowners to take benefit of the existing low interest rates, hold their credit scores as they are, and stay in their current mortgage. This revolutionary remedy teaches hedging methods that monetary institutions have utilized for years to manage their interest price threat. Any individual can discover the technique outlined in the instructional e-book to use hedging to control their interest rate for up to ten years.

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About StopHighInterest.com&#13

StopHighInterest.com was established by Dave Von Holten, who is effectively employing hedging to control his own Adjustable Price Mortgage interest price. Owning a home in one of the worst economically-challenged states in the U.S., he devised this system following he skilled lender roadblocks to classic refinancing methods. Von Holten has an M.B.A. and more than 30 years of monetary encounter, such as 19 years of hedging in the grain sector. According to Von Holten, The program that I have created draws upon years of my knowledge in threat management. This encounter gave rise to the question, If danger can be managed in other organization sectors, why not in interest rates?, and the answer is, it undoubtedly can be.”

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Ohio HARP Mortgage Lender Sees Rising Trend of Borrowers Saving Huge Via Revamped Refinancing Program

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Columbus, OH (PRWEB) March 25, 2013

Equity Sources, Inc., an Ohio HARP mortgage lender, reports that 2012 was a landmark year for the Obama administrations Residence Reasonably priced Refinance Program (HARP). Modifications in late 2011 created the program more accessible to each lenders and borrowers attempting to fight back against recession-induced mortgage-worth declines, resulting in skyrocketing numbers of HARP-assisted and HARP-eligible borrowers. A recent USA These days article marks the quantity of HARP borrowers in 2012 at a lot more than 1.1 million, an increase by more than twofold from the earlier year. And Ohio just occurred to be among the states that saw the greatest economic rebound in terms of refinancing achievement.

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In the most recent HARP Refinance Report by the Federal Housing Finance Agency (FHFA), which covers all activity in 2012, Ohio HARP loans elevated by two,078 in December from the prior month to a total of 34,332 for the calendar year. Nationally, this put Ohio in the best ten of HARP loans per state in 2012.

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Also on a nationwide scale, there have been 1,074,754 refinances for Fannie Mae and Freddie Mac loans in 2012. The majority of these, 640,460 to be precise, came for Fannie Mae loans, which is what Equity Sources deals in.

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In related news for underwater borrowers in Ohio, data and analytics business CoreLogic released a mid-January study that reports a total of 633,211 properties with or close to negative equity out of a total of two,152,771 mortgages in the state. This signifies that with a lot more than 25 percent of Ohio refinance borrowers at or near unfavorable equity, there are a lot of people in the Buckeye state who could benefit from the enormous relief becoming presented by HARP.

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Click Here to see if you are eligible for the HARP plan.

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Homeowner awareness is the most significant obstacle, says Equity Sources President Ed Rizor. Some organizations do not use the HARP program. Homeowners get turned down for a low industry value and dont know they qualify for the HARP plan. We take the time to listen and speak to the homeowner and explain the HARP system and the positive aspects.

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An unawareness of the value of HARP is a important explanation why several eligible borrowers arent cashing in on enormous savings. Take, for instance, the $ 645 per month that one loved ones is saving by functioning with Rizor and his Ohio HARP lending group. And they arent the only ones cashing in large.

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This trend of using the now-far more-accessible services of HARP need to only continue to develop in 2013 as more underwater borrowers turn into conscious of a service that could save them from demanding mortgage situations. And considering the dramatic good results and improve in popularity of the program in 2012, Rizor and his staff are anticipating a high volume of underwater borrowers in need to have of Ohio HARP lending.

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As for newcomers to the HARP plan, Rizor guarantees that Equity will make the approach as basic as feasible. “Our objective is to offer such a higher level of consumer service that we leave each and every client a raving fan,” Rizor says. “We make the refinance approach swift and easy.”

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About HARP

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The Residence Affordable Refinance Plan was modified in October 2011 following an agreement amongst the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, creating it simpler for mortgage lenders to aid HARP-eligible borrowers with refinancing.

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The Property Affordable Refinance Plan (HARP) is designed to help responsible borrowers with streamline refinancing. This signifies that borrowers who have been up to date with their mortgage payments but have noticed a decline in their property value are given refinancing aid.

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According to the Obama administration, HARP will save home owners $ 250 a month on typical in mortgage payments. The administration also predicts that HARP will assist 4-5 million underwater home owners.

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These are the qualifications borrowers should fit to be eligible for HARP 2.:

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1) Their very first mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac.&#13

2) The loan was sold to Fannie Mae or Freddie Mac ahead of Might 31, 2009.&#13

3) They have to be present on their mortgage payments.&#13

4) Need to owe more than your home is worth, or is there minimal equity in your home.&#13

5) All mortgage payments made on time in the final six months.&#13