When To Refinance Your Home?

With interest rates sitting just below 4 percent, now is a great time to crunch the numbers and see whether refinancing your mortgage can save you money.  As a general rule, homeowners will probably come out ahead when they can shave about 2 percentage points off of their interest rate.

If you have an adjustable-rate mortgage (ARM) or an interest-only loan, you might also benefit from refinancing, even if you don't save money on the monthly payments.  That's because you can lock in a 30-year fixed-rate mortgage at today's historically low rates and never have to worry again about your payments increasing.

Think you're a good candidate for refinancing?  Despite reports of banks hoarding money, lenders are still making loans.  But it has become harder to qualify for one.  Here's a road map to help you navigate the new and ever changing mortgage terrain.

"If you want access to the lowest interest rates, you need a credit score of 720 or higher."  If you have a score of 620 or below, you might not qualify for a loan at all.  Credit scores range from a low of 300 to a high of 850.

You'll need at least a 10 percent equity stake in your property to refinance.  And in some cases, you won't be able to get a loan without a 20 percent stake if private mortgage insurance is hard to get in your region. That might be a problem if you live in an in area where property values are quickly falling.  You might discover that your house is valued at less than you owe on your current mortgage, making refinancing difficult.  The one exception is for people with mortgages that are owned and held by Fannie Mae or Freddie Mac.  A new program will allow homeowners to refinance up to 105 percent of the home's value.

All homeowners will need to document their assets and income.  "Right now you have to prove you are the borrower you say you are, sometimes repeatedly."  Lenders want to make sure that homeowners can realistically afford any debt obligations, and they're reluctant to underwrite a mortgage if the homeowner's overall debt load is more than 43 percent of the family's income.  At the height of the housing boom, acceptable debt ratios reached as high as 55 percent.

Refinancing isn't an option for the millions of Americans who need to lower their monthly payments the most those who have lost their jobs.  Banks won't make new loans to such people until they can show pay stubs from a new job for at least 30 days.  A jobless homeowner's only option might be one of the new government programs for distressed folks, but they are usually available only to those who are at least 90 days delinquent on their payments.  And while it might be tempting to stop mailing in your check, know that your credit score will take a serious hit if you stop paying your mortgage.

In the past, you might have been able to refinance without paying any points and fees, but today that's often not the case.  Now that Wall Street is no longer securitizing smaller mortgages, the vast majority of conforming loans (those valued at $417,000 or less in most areas and $729,750 in high-cost areas) are sold to government-sponsored entities Fannie Mae and Freddie Mac.  About a year and a half ago, they started charging borrowers additional fees.  The first one you'll encounter is called an Adverse Market Delivery Charge, and it could add as much as a quarter of a percentage point to the loan.

Fannie Mae and Freddie Mac also charge a fee called the Loan Level Pricing Adjustment, which takes into consideration your credit score and loan-to-value ratio, or how much home equity you have.  Someone with poor credit and very little equity could end up paying an additional 300 basis points in fees.  So if you were borrowing $100,000 and had to pay 3.25 percentage points in fees, you'd owe the bank an additional $3,250 in closing costs.  If you wrapped the fees into the mortgage itself, you'd end up paying a 4.25 percent rate over the life of the loan.

Interest rates used to be fairly similar from one lender to another, but now they can vary by as much as a percentage point.  And some of the most competitive interest rates are found at the smaller community banks and credit unions, which might be better funded than some of the larger players that got caught in the sub-prime debacle.

Make sure you don't limit your shopping to a single bank or mortgage broker.  Some of the larger lenders, including Chase, no longer allow brokers to sell their products.  So if you want to see all of the rates in your area, you'll need to pick up the phone and do some calling around yourself.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Finding Mortgages and Refinancing With Bad Credit.

So, what do you do if your credit reports make you want to hide under the covers and never use your credit cards again?  Relax, you can turn your credit rating around.

Mortgage lenders look at the "age," dollar amount, and payment history of your different credit lines. That means opening accounts frequently, running up your balances, and paying on time or not at all can impact your credit score negatively. Just changing one of these components of your spending behavior can positively affect your credit score. Also, bad credit does not necessarily mean you can't get a mortgage, it will just come at a higher cost.

"Why Me?"

If you are having trouble getting a loan, ask your lender why. Chances are it will be one of these reasons for rejection:

• Overextended credit cards: If you miss payments or exceed your limit, that's a red flag to lenders.
• Failure to pay a previous or existing loan: If you have defaulted on other loans, a lender will think twice.
• Bankruptcy: Filed for bankruptcy in the past seven years? You might have trouble getting a loan.
• Overdue taxes: Lenders check your tax payment record.
• Legal judgments: If you have a judgment against you for such things as delinquent child support payments, it could harm your credit.
• Collection agencies: Lenders will know if collection agencies are after you.
• Overreaching: You might be seeking a loan outside what you can reasonably afford.

Peak Home Loans can help with any question you may have!

Fixing Bad Credit
Many financial experts suggest common sense strategies to turn your credit report around:

• Always pay your minimum balance on time. Let's face it, credit card companies make profits on you when you maintain a balance. Just make sure you send them their due each month. Better yet, only spend what you can expect to pay back at bill time.
• Try to reduce balances. Even throwing in an extra $20 to $50 each month will help reduce the overall debt, and paying extra looks good on your credit report.
• Don't run up the entire balance: Having $100 left on a $10,000 line of credit doesn't look so hot. Lenders look at the dollar amount of credit available to you and, from there, what percentage of that credit you have used. In other words, if you have a card with a $1,000 limit and you've spent $900 on that card, you've used 90% of your available credit; this looks a lot worse than having a balance of, say, $200 on the card.
• Throw away new credit card offers. Don't apply for new cards and lines of credit right before you go home shopping. And when those clerks in the stores offer you a discount if you just open an account, say no. Banks will not turn a blind eye to numerous inquiries for new credit.

If bad credit continues to dog you, the FHA Loan programs may be your ideal option. With down payments as low as 2%, Americans with good and bad credit have been getting into their first homes with these federally insured loans since 1934.

Bad Credit
Having bad credit is not the end of the world. It still may be possible for lenders to give you a loan, provided your credit score is not too low. But be aware that you may pay a higher interest rate and more fees since you are more likely to default (fail to pay the loan back).
There are ways you can improve your credit score, such as paying down your debts, paying your bills on time, and disputing possible errors on your credit report. But on the flip side, there are ways you can also hurt your score, so remember:

• DON'T close an account to remove it from your report (it doesn't work).
• DON'T open too many credit accounts in a short period of time.
• DON'T take too long to shop around for interest rates. Lenders must pull your credit report every time you apply for credit. If you are shopping around with different lenders for a lower interest rate, there is generally a grace period of about 30 days before your score is affected.

Fix Credit Mistakes
In addition to cleaning up your debts, you also need to check your credit report to make sure it is accurate. This is important: Items that are just plain erroneous can stay on your report for up to 10 years if they are not disputed. By disputing it, you put the wheels in motion to clean up the report and get a better mortgage. Your credit bureau will attempt to get the disputed items deleted from your report by contacting the creditors involved. After 30 days, if the creditors do not respond, the item is deleted from the report. (You can also contact the creditors yourself.)

Even after you reverse the downward spiral of your credit history, you might need to tell a prospective lender that there may be some signs of bad credit in your report. This will save you time, since he will look at different loans than he might otherwise.  The following are five things you can do to boost your creditworthiness, plus more information on obtaining your personal score.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Home Refinancing Explained

To Refinance Your Home means getting a new mortgage and using some or all of the proceeds to pay off the old mortgage - good credit refinance, poor credit refinance or fair credit refinance.  Homeowners may home refinance their mortgage for several reasons:

1. To take advantage of lower interest rates and lower your monthly payment.
   If interest rates have gone down since you got your original mortgage, you could save money over the life of your loan, while reducing your monthly mortgage payment.
2. To switch mortgage types.
   You may want to switch from a variable to a fixed interest rate, or vice versa. If you have a balloon/reset mortgage, you must either pay the mortgage in full at the end of the 5- or 7- year term, contact your Service Provider (the organization to which you send your monthly mortgage payments) to start procedures to reset your mortgage to a fixed-rate of interest, or refinance with a new mortgage.
3. To shorten mortgage terms.
   You may want to refinance to shorten the term of your loan. This would allow you to pay less interest over the life of the loan because the money is borrowed for a shorter period of time, and more quickly builds up equity in your home.
4. To get "cash out."
   Some lenders will let you borrow more money than the balance of your original mortgage, based on the equity you have in your home. A portion of the money left after the original mortgage is paid off goes to you to use for things like paying for a child's education or home remodeling.  However, remember that you'll have a new mortgage, at a higher amount, that will eventually need to be paid off.

Home Refinance Programs:

Fixed Rate Loans - Both interest rate and payment remain the same over the term of the loan. Loans can be amortized over the following terms: 10, 15, 20, 25, 30, and 40 years. The advantage of a fixed rate program is that it allows you to get a fixed rate, over a specified period, without being concerned about market fluctuations. This type of financing is recommended for borrowers who intend to stay in their house for a long period of time.

Fixed Rate Balloons - Both interest rate and payment remain the same until the loan is due. Typically, the entire loan amount is due in either 3, 5, or 7 years. The advantage of balloon programs is that they tend to have the lowest rates, due to the fact that the entire balance must be paid off or refinanced at the end of the term. This type of financing is recommended for borrowers who know they will be leaving their current house in either 3, 5, or 7 years.

Adjustable Rate Mortgage (ARM) - Both interest rate and payment remain the same for a fixed time period, usually 1, 3, 5, 7, or 10 years. At the end of that period the rate can rise at fixed intervals. The amount the rate can rise, or margin, is predetermined (normally 1/2% to 2% per rise). The intervals are normally 1, 3, 6, or 12 months. Typically there is a cap on the margin, which determines the highest the rate could ever go. The advantage of an ARM is that it allows you to get a lower rate, for a known period of time, while you watch the market to see if and when fixed rates get better. Some feel that although they may have gotten a better rate with a balloon, an ARM will adjust at the end of the "fixed period", whereas a "Balloon" has to be refinanced or paid in full. Arm's are recommended for those borrowers who intend to stay in their house for a fixed period and have taken the time to factor in the margin, to determine that they would not be better off with a Fixed Balloon or even a Fixed Rate.

Buy down - Both rate and payment remain the same for a fixed period, at the end of which, the rate and payment increase. The rate and payment may increase once, twice, or even three times, depending on whether the Buy down is a 1/1, 2/1, or 3/1. The percentage of increase, as well as number of increases is predetermined. Once all of the increases have occurred the new rate and payment remain fixed for the term of the loan. Also, lenders will typically charge a fee to "buy the rate down" for the first 1, 2, or 3 years of the loan. The advantage to a Buy down is that it offers a lower rate and payment during the first few years of the loan. Buy downs are recommended for those borrowers who are having trouble qualifying for a Fixed Rate Loan or those who need a more affordable payment at present.

Home Refinance Loan Types:

Conforming - Conforming loans refer to loan amounts that conform to government service standards as determined by Fannie Mae & Freddie Mac (the original government agencies, set up in the early 1940's, established to help people finance new homes). Conforming loans range in amount form $1 to $275,000. Although not all conforming loans are serviced by these government agencies, the mortgage industry has adopted the term to express loan amounts in this range.

Jumbo (Non-Conforming) - Jumbo loans refer to those loan amounts outside of the "conforming" range or, above approximately $300,000 (different from state to state.)

Government Loans - Government loans refer to those loans that are guaranteed by one of two federal agencies. The two types of government loans are: Federal Housing Administration (FHA) loans, and Veterans Administration (VA) loans. The advantage of financing using FHA loans are that they are easier to qualify for and allow a borrower to finance more of the loan amount than non-government loans. Whereas with a Conforming loan a borrower may only be able to finance 80% of the loan amount, a FHA loan allows a borrower to finance 97% of the loan amount. FHA loans are recommended for those borrowers who are first-time buyers, have little money to put down, have a short credit history, or are having trouble qualifying for a Conforming loan. The two main advantages of financing using VA loans are that the VA allows borrowers to finance 100% of the loan amount, and that, the VA only requires proof of veteran status to qualify for the loan. The only drawback to government loans is that mortgage insurance is required at all loan to values (LTV), unlike Conventional and Jumbo loans where payment of mortgage insurance is determined by the amount of equity a borrower has in his home.  WE ARE VA AND FHA FRIENDLY!

Investment Properties (Non-Owner Occupied) - These types of homes are normally acquired specifically for investment purposes or are owned as a result of moving to a new house without selling or being able to sell the old house. Financing for investment properties can be achieved using any of the above described programs. Typically, the rates for financing on investment properties are higher than owner occupied homes and the LTV's allowed are lower, due to the fact that default rates tend to be higher on these types of loans.

B, C, D Credit - Just because your credit isn't perfect does not mean you can't obtain financing. Most, if not all of the above described programs can be utilized even if a borrower does not have perfect credit. In these cases the rates will be higher and LTV's allowed will be lower. Most lenders have special divisions specifically created for the marketing and sales of sub-prime products. Also, most lenders will offer special limited programs as incentives, when they recognize an area where there is a need.

No Document or Low Document Loans - In certain situations it is either difficult or impossible for potential borrowers to show a lender their income on paper. In these instances any of the above described programs can be used, but under circumstances called NIV or No Income Verification. All of the other program parameters must be met, however, in the case of income, a borrower may only be required to show a operating license or business license and/or limited income information. With this type of financing, rates offered tend to be slightly higher. This type of financing is recommended for self-employed borrowers or borrowers who have difficulty showing their income on paper, for one reason or another.

Cash-Out Refinances - Occasionally, when refinancing a first trust, a borrower wants to "cash out" some of the equity that has been built into the loan. Under specific conditions, established by the lender, a borrower can actually receive a check for an amount of money that meets those conditions. Cashing-Out is not normally limited to any Your Type Of Loan Desired program, it can be done with most of the described programs.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

How To Find The Most Up To Date Home Refinancing Advice

There is no denying the fact that most homeowners in the United States are struggling when it comes to maintaining their monthly mortgage payments in addition to their general living expenses and other bills such as credit card debt. Many people feel that the only way that they will acquire financial relief is to file bankruptcy. However, others have relied on mortgage refinance advice and have quickly learned that they can acquire low home refinance rates that will allow them to pay off their current mortgage and that will then lower their monthly payment on their new mortgage. This is one of the most financially savvy options that you can choose to take advantage of in order to maintain your way of life without having to struggle to make ends meet each month.

Apart from home refinancing advice others have also relied on debt consolidation options in order to take other bills such as their credit cards and to combine the payments into one monthly bill. This option once again allows homeowners to free up their finances so that they are keeping more money in their bank accounts each month. This allows these individuals to quit living from paycheck to paycheck.

Don’t believe that your only option is to get rid of your home or to file bankruptcy. This is actually a last resort for most people. In fact many people that attempt to file for bankruptcy quickly discover that they don’t even qualify because they don’t have enough debt to do so. Therefore, you should consider all other options in order to save yourself time and so that you can acquire immediate debt relief.

The best part about acquiring home refinancing advice is that you can easily do it from home. By making use of the internet you can focus on searching for those companies that specialize in providing users with latest mortgage refinance advice that is available. You will want to do this instead of visiting lenders in your area. That is because lenders will generally tell you what they want you to hear and what they want you to believe. If you were to visit five lenders in your area you would hear five different stories as to what you qualify for. Whereas if you make use of the internet for your research purposes you can find the truth immediately in regards to your current situation.

Just be cautious when choosing an online resource to rely on for such information. The main thing you want to realize is that laws vary from one state to the next and one country to the next when it comes to refinancing. Therefore, you will need to find an online resource that actually provides information based on your area. That way you can truly learn what you are entitled to and how refinancing truly works in your area.

Peak Home Loans is one of the most professional and reputable information services of its kind. If you want to learn what your refinancing options really are you should immediately make use of their free online services.

Do you desire to acquire the most professional home refinancing rates? You can acquire the best mortgage refinance advice at Peak Home Loans.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Where Can I Find The Latest Home Refinance Rates?

There is no shame in struggling to maintain your current mortgage payments along with your general monthly living expenses. Many people struggle with making their payments due to the fact that the home refinance rates that they originally acquired were too steep for them to manage. That is why many people are relying on home refinancing advice and are learning how they can take out a new mortgage on their home in order to acquire decreased rates. They can then pay off their original mortgage and lower their monthly payments. Though this may require them to extend the extent of their mortgage it frees them up to live a more hassle free and flexible lifestyle.

One of the main mistakes that homeowners make when they discover that they are unable to maintain their current bills and mortgage is falling into the trap of believing that they are going to have to foreclose on their home or file bankruptcy. However, if you are diligent in your research you will quickly discover that filing bankruptcy should not even be an option.

Most people that file bankruptcy quickly realize that it will take them years upon years to build up their credit. In fact, most people that file bankruptcy struggle just as much as they did prior to filing. That is why most people focus on acquiring home refinancing advice so that they can learn how to lower their payments while also focusing on debt consolidation services for their other outstanding bills.

The next problem that people face is determining where they should turn to in order to acquire current home refinance rates and how to go about the process. That is because most homeowners are pressed for time and simply don’t have the means to visit bank and lender after lender in order to acquire the information that they need. That is because most people work two or more jobs in order to make ends meet.

The good news is that you can easily acquire this type of information online. There are numerous online resources that specialize in assisting consumers in finding the information that they need to determine what refinancing rates are available and if they will qualify to refinance their home. This allows you to conduct all the research and to carry out all the investigative work from the comfort of your home.

One of the very best online resources that you can choose to take advantage of in order to acquire this type of important information is Peak Home Loans. They are a leading online resource that specializes in providing consumers with refinancing information. They can provide you with all the information that you require in order to determine what current rates are available and what types of programs that you qualify for.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Biggest Mistakes Of First Time Home Buyers

There are several potential blunders you’ll want to side step as a first time homeowner. Three of the biggest mistakes that many first timers make are:

1. Purchasing the wrong home – Make sure the home you want is one that you can realistically afford, is located in a good area, and has all of the features and benefits that are the most important to you. It is highly unlikely that you will find a home that will have absolutely everything you want and fit in your price range, so be prepared to make compromises. It’s the difference between knowing what you must have/need and what you can live without. Things to think about include, but are not limited to:
• The number of rooms and bathrooms you require for a comfortable and manageable living space.
• The safety of the neighborhood.
• How busy are the streets?
• Etc.
Don’t make a fast decision. Even if you fall in love with a home and everything seems to fit, view it from every angle with a critical eye. Some homes really are too good to be true.


2. Altering your credit score prior to closing – Once you have completed your loan application, do not make the huge mistake of making purchases on credit or with a credit card. Although it may be tempting to make big purchases for your new home, such as buying furniture, appliances, or other equipment, you need to put buying on hold until after closing.
   
   
   Making purchases with credit can alter your credit score and lead to an underwriter cancelling your loan. On the other hand, in the event your loan contingency has been removed or expired, in addition to losing your home, you could forfeit your earnest money deposit. The bottom line is: don’t buy on credit before closing and keep your credit score the same, and, if possible, work on improving it.


3. Not being upfront and honest with your real estate advisor – Your advisor, whether it is a real estate agent or a real estate lawyer, has a fiduciary obligation to represent your best interests. Real estate professionals work for you and with you, to help you obtain the home that is the most ideal for you. However, they can’t help you if you withhold information from them. You need to trust your agent and be open and honest with them about what you are thinking and your feelings about buying. Even if you have thoughts about backing out of a deal bring this to your agent’s attention. If you do not like your advisor or do not have confidence in them, find another one to represent you who you like better.

The bottom line is that there are lots of factors you need to consider, professionals you need to consult, and plenty of research to be done if you want to avoid making big mistakes that could cost you money and even your home.

Anthony Myers is a seasoned entrepreneur and mortgage industry veteran with over 15 years experience in managing and loan consulting. Prided in establishing successful Mortgage Consulting teams that create and foster long-term relationships with clients. Contact www.peakhomeloan.com.

How Can I Find Current Mortgage Refinancing Rates?

Do you currently have a mortgage on your home that has extreme rates that you struggle to pay every month? Are you up to your neck in debt when it comes to credit card bills and other living expenses in addition to your mortgage? If so, then you may be interested in learning more about current mortgage refinancing rates. Many people that struggle with their current expenses that rotate around their mortgage will choose to acquire new home refinance rates in hopes of lowering their month-to-month bills. The good news is that this process is simple to get started with.


Don’t fall under the misconception that there is no hope for you and your current financial situation. Don’t be misled into believing that bankruptcy is your only option. In fact, you should be aware that filing bankruptcy is much harder today than it was a year ago. That is because there are so many options that one can rely on before bankruptcy can truly be considered. That is why you should focus on obtaining mortgage refinancing advice so that you can truly get a clear picture of what your options truly are.

The good news is that you can acquire the best information on mortgage refinancing rates from the privacy of your home and don’t even have to visit a lender in person. There are numerous online resources that you can take full advantage of in order to acquire the very best home refinance rates. There are numerous websites that are committed to providing consumers with the latest information in regards to mortgage rates and that can assist you in determining which options are available to you and which ones you actually qualify for.

The problem that you will experience when looking for an online resource that provides refinancing rates and information on refinancing is determining which one you should make use of based on your current situation.

The first thing that you will want to do is determine if the resources you are considering actually offer refinancing information based on the state and country that your reside in. Many such websites are limited by the type of advice that they offer. They generally focus on the state and country wherein their business is located. However, with a little research you should have no problem finding an online resource that can provide you with this type of information based on your area.

You will want to focus on these types of resources as laws vary from one state and country to the next when it comes to how refinancing works when concerning a mortgage.

The next thing you should consider is if you have other bills that you would like to lower the payments on as well. Many online resources of this type can also provide you with general debt consolidation information. This will allow you to kill two birds with one stone without having to rely on multiple resources to acquire the information that you require.

One online resource of this type you can rely on is Peak Home Loans. Are you in search of current home refinance rates? You can find the latest mortgage refinancing rates at Peak Home Loans.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Understanding How Home Refinance Rates Work

Home refinance rates change at a rapid pace. Rates that you hear today could drastically change within a few days. This can often times make it quite difficult for a homeowner to determine when the best time is to refinance their home. However, before you get started in the world of refinancing you must have a clear understanding of exactly what it is and how it works.

In short refinancing is where you seek out a replacement for a debt that already exists. Let’s say that you took out a mortgage on your home with very specific terms. You can refinance your home and pay off your preexisting mortgage and acquire lower refinance rates. The problem is that refinancing can vary from state to state. That is why you must invest a great deal of time to acquire realistic and professional mortgage refinance advice based on your specific location. That way you can determine what is truly available to you.

When refinancing your home there are several factors that will be taken into account. These include elements such as inherent risk, the stability of politics, how stable our country’s currency is, current banking regulations, and the general credit rating of the nation to name a few.

There are several reasons why a person may choose to refinance their home. However, the most common reason is to simply acquire lower interest rate. This allows a homeowners monthly mortgage payment to be lowered. This type of refinancing is great for those individuals that are struggling to maintain their current bills due to the extent of their current mortgage rates.

Others will choose to refinance in order to combine several debts that they currently hold into a single loan. Many people do this in order to get a handle on all of their outstanding bills without having to resort to filing bankruptcy.

When seeking out home refinance rates and viewing mortgage refinance advice you will discover that many companies will insist that you can’t put your preexisting mortgage into a debt consolidation program with other bills that you currently have. However, that is untrue. There are numerous high profile companies that can easily assist you with this type of debt consolidation. You just have to seek them out through diligent research.

The best way to determine your options is to determine the extent of your debt and to determine if current refinancing rates for your home are less than what you are currently paying. You will then need to make use of a resource that can provide you with all the information that you need in order to make an informed decision as to what you can realistically do with your current mortgage or other bills.
                 
Peak Home Loans is a leading online resource that you can take advantage of to acquire information on home refinancing. They can assist you in determining what type of refinancing will work the best for you and can assist you with getting started in the process immediately.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.87% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $415/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Mortgage Interest Rates Rise To Ten-Month High

Mortgage interest rates rise to 10 month highs as employment data is better than expected.  As well as jobs here in the US, the European economy is stabilizing.  This combination will continue to push rates higher.  This could not bode well for the emerging US housing market.  Read more below...

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Wells Fargo Current Refinance and Mortgage Rates Today - Press Blue
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Today's Mortgage Rates: Bank of America Home Loan Interest Rates - Southern Daily Press
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Southern Daily PressLatest Mortgage Rates: BB&T Home Purchase and Refinance Mortgage Rates ...Southern Daily PressLatest Mortgage Rates: BB&T Home Purchase and Refinance Mortgage Rates Today Similarly to Bank of America (NYSE:BAC), another major mort ...

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You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Mortgage Rates Are Rising Fast - Act Now

Mortgage rates are rising quickly this year -  that's right, up nearly 15%.  Mortgage refinancing would be a good idea right now before it is too late.

The average for a 30-year, fixed-rate mortgage pushed above 3.7% in more than three months.  Perhaps the all-time low is behind us.  That was set in November when 3.31% was the average for a 30-year, fixed rate loan.  For the rest of the year, expect rates to gradually move higher, ending the year at about 3.75% and then moving above 4% sometime next year.  There's no point to wait for lower rates if someone is considering refinancing their home.

Rising rates will affect homeowners looking to refinance more than they will affect home purchasers.  That's because refinancing is mainly an interest-rate-driven decision, while home purchases have more to do with jobs and lifestyle changes. Even though they're up, rates are still near historic lows.  Along with an improving economy, rates have edged up, given less demand for safe haven investments such as bonds since Congress partly averted the so-called fiscal cliff of tax increases and spending cuts.

Mortgage interest rates may dip below current levels on occasion, expect them to hover between 3.5% and 4% for most of this year.  That assumes no big economic shocks to the U.S. economy.  Except for a few weeks, mortgage rates have been below 4% for the past 14 months.  The low rates have helped the housing market, which is showing signs of strengthening. Home prices were up 5.5% in November year-over-year.  New and existing home sales are also up.  That also is helping the overall economy.

If the economy is getting better, slightly higher interest rates are a natural occurrence.  But there's no reason to believe that rates are headed upward in a straight line.  But a slow-growing economy will work to keep a lid on them. The U.S. economy is forecast to grow just 2% this year, and it actually shrank at an annual rate of 0.1% in the fourth quarter of last year.  The Federal Reserve has also said that it plans to continue buying $40 billion a month in mortgage-backed securities. Its high-volume purchases bring down yields on those securities, which influence mortgage rates.

You should visit Peak Home Loans for refinance mortgage help and advice.  They offer 2.50% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100k loan is only $397/mo. 4 in 5 will qualify.  Rates are at an all-time low.

Low Home Mortgage Refinance Rates

Home mortgage and refinance rates are very low right now because the FED continues to buy more and more MBS (Mortgage-Backed-Securities that directly move interest rates one way or another).  The past couple weeks have been relatively stable as far as market conditions go.  That means lenders can confidently continue to offer lower and lower interest rates.  This happens when Mortgage-Backed-Securities level-out.  In fact, this stability has led to rates remaining in the territory of new all-time lows.  There is a clear momentum behind these prices as well.  This puts the best-scenario, thirty-year fixed rate conventional loan at 3.25% for the majority of lenders and even 3.125% for some for the first time ever which is good for those intending to purchase a house or refinance a current loan.

But, not all is bright and shiny for the future.  The FED is artificially holding the prime rate, the rate at which lenders borrow money, at 0.0% (zero percent.)  And unfortunately, the FED is printing new money on a daily basis to pay mounting US debts.  This can lead to hyper-inflation.  This is the phenomenon where an individual will need a wheel barrow full of dollar bills to buy a loaf of bread.  So, as far a buying a new house at a cheap interest rate, things look good.  But, you might not be able to buy anything to put in the house.

You should visit Peak Home Loans.  They offer 2.625% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more.  A $100k loan is only $402/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today

Explain A Mortgage Refinance

Mortgage refinancing refers to the replacement of an existing debt obligation with a debt obligation under different terms.  The terms and conditions of home mortgage refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.  If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring.

 
A loan (debt) might be refinanced for various reasons:

1. To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
2. To consolidate other debt(s) into one home loan (a potentially longer/shorter term contingent on interest rate differential and fees)
3. To reduce the monthly repayment amount (often for a longer term, contingent on refinance interest rate differential and fees)
4. To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
5. To free up cash (often for a longer term, contingent on interest rate differential and fees)

Refinancing for reasons 2, 3, and 5 are usually undertaken by borrowers who are in financial difficulty in order to reduce their monthly repayment obligations, with the penalty that they will take longer to pay off their debt.

In the context of personal (as opposed to corporate) finance, refinancing multiple debts makes management of the debt easier. If high-interest debt, such as credit card debt, is consolidated into the home mortgage, the borrower is able to pay off the remaining debt at mortgage rates over a longer period.

For home mortgages in the United States, there may be tax advantages available with refinancing, particularly if one does not pay Alternative Minimum Tax.

Most fixed-term loans have penalty clauses ("call provisions") that are triggered by an early repayment of the loan, in part or in full, as well as "closing" fees. There will also be transaction fees on the refinancing. These fees must be calculated before embarking on a loan refinancing, as they can wipe out any savings generated through refinancing. Penalty clauses are only applicable to loans paid off prior to maturity. If a loan is paid off upon maturity it is a new financing, not a refinancing, and all terms of the prior obligation terminate when the new financing funds to pay off the prior debt.

If the refinanced loan has lower monthly repayments or consolidates other debts for the same repayment, it will result in a larger total interest cost over the life of the loan, and will result in the borrower remaining in debt for many more years. Calculating the up-front, ongoing, and potentially variable costs of refinancing is an important part of the decision on whether or not to refinance.

In some jurisdictions, varying by American state, refinanced mortgage loans are considered recourse debt, meaning that the borrower is liable in case of default, while non-refinanced mortgages are non-recourse debt.

Points:
Refinancing lenders often require a percentage of the total loan amount as an upfront payment. Typically, this amount is expressed in "points" (or "premiums"). 1 point = 1% of the total loan amount. More points (i.e. a larger upfront payment) will usually result in a lower interest rate. Some lenders will offer to finance parts of the loan themselves, thus generating so-called "negative points" (i.e. discounts).

Closing Costs:
Borrowers with this type of refinancing typically pay few if any upfront fees to get the new mortgage loan. This type of refinance can be beneficial provided the prevailing market rate is lower than the borrower's existing rate by a formula determined by the lender offering the loan. Before you read any further do not provide any lender with a credit card number until they have provided you with a Good Faith Estimate verifying it is truly a 0 cost loan. The appraisal fee cannot be paid for by the lender or broker so this will always show up in the total settlement charges at the bottom of your GFE.

This can be an excellent choice in a declining market or if you are not sure you will hold the loan long enough to recoup the closing cost before you refinance or pay it off. For example, you plan on selling your home in three years, but it will take five years to recoup the closing cost. This could prevent you from considering a refinance, however if you take the zero closing cost option, you can lower your interest rate without taking any risk of losing money.

In this case the broker receives a credit or what's called yield spread premium (YSP). Yield spread premiums are the cash that a mortgage company receives for originating your loan. The broker provides the client and the documentation needed to process the loan and the lender pays them for providing this service in lieu of paying one of their own loan officers. Since a brokerage can have more than one loan officer originating loans, they can sometimes receive additional YSP for bringing in a volume amount of loans. This is normally based on funding more than 1 million in total loans per month. This can greatly benefit the borrower, especially since April 1, 2011. New laws have been implemented by the federal government mandating that all brokers have set pricing with the lenders they do business with. Brokers can receive so much YSP that they can provide you with a lower rate than if you went directly to the lender and they can pay for all your closing cost as opposed to the lender who would make you pay for all the third party fees on your own. You end up with a lower rate and lower fees. Since the new RESPA law as of April came into effect in 2011, brokers can no longer decide how much they want to make off of the loan. Instead they sign a contract in April stating that they will keep only a certain percentage of the YSP and the rest will go toward the borrowers closing cost.

True No Closing Cost mortgages are usually not the best options for people who know that they will keep that loan for the entire length of the term or at least enough time to recoup the closing cost. When the borrower pays out of pocket for their closing costs, they are at a higher risk of losing the money they invested. In most cases, the borrower is not able to negotiate the fees for the appraisal or escrow. Sometimes, when wrapping closing costs into a loan you can easily determine whether it makes sense to go with the lower rate with closing cost or the slightly higher rate for free. Some cases your payment will be the same, in that case you would want to choose the higher rate with no fees. If the payment for 4.5% with $2,500 in settlement charges is the same for 4.625% for free then you will pay the same amount of money over the length of the loan, however if you choose the loan with closing cost and you refinance before the end of your term you wasted money on the closing cost. Your loan amount will be 2,500 less at 4.625% and your payment is the same.

Cash-Out Refinancing:
This type of refinance may not help lower the monthly payment or shorten mortgage periods. It can be used for home improvement, credit cards, and other debt consolidation if the borrower qualifies with their current home equity; they can refinance with a loan amount larger than their current mortgage and keep the cash out.

Please visit Peak Home Loans.  They offer 2.625% home loan mortgage refinancing, home purchasing, home equity loans, debt consolidation loans and more. A $100K loan is only $402/mo. 4 in 5 will qualify.  Rates are at an all-time low, apply today!

Reverse Mortgages

Frequently Asked Questions about Reverse Mortgages

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.  You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or downloading their free booklet, "Use Your Home to Stay at Home," a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!

Select any 'Refinance' option for 'Loan Purpose' to apply for a Reverse Mortgage.

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.  However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.  You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

3. Can I apply for a HECM even if I did not buy my present house with FHA mortgage insurance?

Yes.  You may apply for a HECM regardless of whether or not you purchased your home with an FHA-insured mortgage.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What are the differences between a reverse mortgage and a home equity loan?

With a second mortgage, or a home equity line of credit, borrowers must have adequate   income to qualify for the loan, and they make monthly payments on the principal and interest.  A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments.  With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

6. Will we have an estate that we can leave to heirs?

When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid.  All proceeds beyond the amount owed belong to your spouse or estate.  This means any remaining equity can be transferred to heirs.  No debt is passed along to the estate or heirs.

7. How much money can I get from my home?

The amount you may borrower will depend on:

• Age of the youngest borrower
• Current interest rate
• Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
• Initial Mortgage Insurance Premium--your choices are HECM Standard or HECM SAVER

You can borrow more with the HECM Standard option. In addition, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow.  If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow.  For an estimate of HECM cash benefits, select the online calculator from the HECM Home Page. Many online reverse mortgage calculators can provide you with an estimate of the amount of funds you can borrow.

8. Should I use an estate planning service to find a reverse mortgage lender?

FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA-approved lender.  You can locate a FHA-approved lender by searching online at http://www.hud.gov or by contacting a HECM counselor for a listing.   Services rendered by HECM counselors are free or at a low cost.  To locate a HECM counselor Search online or call (800) 569-4287 toll-free, for the name and location of a HUD-approved housing counseling agency near you.

9. How do I receive my payments?

You can select from five payment plans:

• Tenure- equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term- equal monthly payments for a fixed period of months selected.
• Line of Credit- unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
• Modified Tenure- combination of line of credit and scheduled monthly payments for as long as you remain in the home.
• Modified Term- combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

10. What if I change my mind and no longer want the loan after I go to closing?  How do I do this?

By law, you have three calendar days to change your mind and cancel the loan.  This is called a three day right of rescission.  The process of canceling the loan should be explained at loan closing.  Be sure to ask the lender for instructions on this process.  Mortgage lenders differ in the process of canceling a loan.  You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place.  In most cases, the right of rescission will not be applicable to HECM for purchase transactions.

Select any 'Refinance' option for 'Loan Purpose' to apply for a Reverse Mortgage.

Thank you,
Peak Home Loans