Upside Down Mortgage

Posts Tagged ‘consolidation’

Mortgage Relief Calculator

To help you in making this important decision you'll find below a listing of several factors that should be considered before making your final choice.

The information provided will hopefully assist you in making the decision that's right for you and your current situation.

Mortgage Payments and Equity

The first thing that you should take into consideration when thinking about refinancing a loan is the amount that you have thus far paid against your original mortgage. Any potential refinance lender will look at how long you've been making mortgage payments and how much equity you've managed to build up in your home.

Since you'll be borrowing the amount remaining on the original mortgage and once again using your home as collateral, the more of your original debt you've managed to repay then the more likely you are to receive a good offer for a refinance loan... as a general rule, you should have already been making payments for at least one or two years. Some cases may come along where it's too good of a deal to pass up, of course.

Evaluating the Market

Once you've taken the time to consider whether or not you've made enough payments on your original mortgage loan to refinance, you should begin looking at the lending market to determine whether or not it would be worth it to get a new loan. The loan market and interest rates may have decreased since your original mortgage loan... but they may have increased instead, depending upon how the economy has been doing in the time since you received your first mortgage. Investigate lending rates and the market at large to avoid applying for a refinance loan only to end up with a higher interest rate than the one that you originally had.

Determining Potential Savings

Once you've done some of your preliminary research, it's time to determine how much you might stand to save by refinancing. Using either a compound interest formula or an online mortgage payment calculator, determine what the monthly payment would likely be at current interest rates for the amount that you need to borrow. You're looking for a significant savings from your current payments, since it likely wouldn't be worth the trouble and the additional fees that may be involved to simply save a little bit from what you're currently having to pay.

If it looks like you might be able to save quite a bit by refinancing in the current market, however, then it's time to start looking for a lender so as to take advantage of the situation.

Read more on
http://myfreeinfo4u.com/finance/deciding_whether_to_refinance_a_mortgage_loan.html

About the Author:

Providing free information about several topics. Checkout my free tips on www.myfreeinfo4u.com

Source - Deciding Whether to Refinance a Mortgage Loan

Free Online Mortgage Calculator Video | Bills.com

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Mortgage Relief Options

Question: Are there any rules governing primary residence rental and overseas DOD deployment?

I bought my home in 7/07 with an interest only loan, as my primary residence with the intent to refinance to a conventional as rates fell again. Unfortunately, I was immediately ordered overseas with DOD and had to rent the home out. I want to refinance and my mortgage to a conventional however, my broker is telling me it will result in an INCREASE my interest rate as its now a rental property.

This seems pretty unfair to me and the Fed has exempted deployed USG employees from the 2 out of 5 year requirement.

I want to refinance to a 30 year conventional but I dont know how much longer I'll be deployed. Is there any relief for my situation ? What are my options ? .

Answer: If I was in charge of Veterans benefits, trust me, our taxes would be sky high I would give them so much...we really appreciate what you guys do...so...don't shoot the messenger, but this is how the military views it:

The military usually will discourage the purchase of a home because of possible deployment, b/c you don't get special benefits if you make that choice.

Understand that for everyone, not just soldiers, if you are not living in the house it's an investment property, and therefore, subject to higher interest rates.

It was like that before the bust and it's still like that.

Just be glad...that you can refinance it at all...most can't.

My advice, is to sell the house, even if you break even.

If I lived in your area, I would do it commission free on my end. I always do that for soldiers who can show proof of involuntary deployment overseas.

Mortgage Relief Talk with Jason Cardiff

Loss Mitigation Center

Question: Loss Mitigation and "The Center For Responsible Lending"?

The Center For Responsible Lending always cites the "lack of effort" that lenders are making with regards to working out a solution to the foreclosure increase.
As a Loss Mitigation Consultant I can say that I rarely get a call back from homeowners in trouble and all I'm calling to offer is a loan modification from their lenders.
It's free money and in many cases a way for these people to keep their homes and make a fresh start.
It's time people take responsibility for their own actions.

Didn't we learn anything from the DNC list the FCC now governs, all that did was send $12-$15 per hour jobs to India where the FCC has no authority.

Answer: x

How To Get Your Loan Modified