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Mortgage Refinancing

January 14th, 2010
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Mortgage refinancing – what you need to know before going in for San Diego mortgage refinancing Mortgage refinancing is getting your mortgage loan financed once again all over again. You may have it refinanced either by the same loan provider or you may even opt for another financier altogether. This process should be undertaken after weighing each and available option. This surely is an extremely time consuming and a very tedious task. Collection, compilation and rationalization of data that is relevant are an uphill task and not one, which is possible without expertise and skill. Surely, not many can perform such task meticulously. For your rate search we offer to help you compare mortgage rates offered by various credit institutions all across the nation. You might no longer be able to bear to pay more for the same amount of mortgage loan taken. when others around you are paying far less. Thoughts of the circumstances that compelled you to settle for your current loan at steep rates continue to haunt you. If your current monthly payments have made you think that you have made a very expensive mistake, you might be wondering if ever things can work out straight or be amended at least. Considering the case of several people like you, the concept of mortgage refinancing was developed. It has worked wonders for many and if you are careful with it, it too can act as a boon and give you reason enough to rejoice! A word of caution and most necessary advice is that you should be extremely watchful and knowledgeable enough before you lock your San Diego Ca mortgage refinancing option. Many of you may already be aware of this option, but lack of proper knowledge may be holding you back from entering into one. For all of you here on our site, we offer you all the information that you need to know before going in for mortgage refinancing. Best mortgage rates is another option and point of reference at our site, which you should definitely visit to be able to find out the top deals as far as rates of mortgage loans in San Diego California are concerned. We update these rates twice daily to make certain that you receive the most recent information. A detailed chart displaying the type of rate, the duration, name of the provider and the mortgage rate can be seen on this page. There are various types of rates such as closed variable, open variable, closed fixed and open fixed. For instance, if you prefer the variable closed rates type you simply elect that option and you shall find there the entire list of credit suppliers as well as the rate and term of mortgage loan offered by them. You can then compare the offer details by each lender by selecting the ones that seem most feasible to you. All this is definitely going to make your decision of San Diego Ca mortgage refinancing one that actually allows you to save money every month! Source: Mortgage loan refinancing Published At: Isnare Free Articles Directory http://www.isnare.com Permanent Link: http://www.isnare.com/?aid=469578&ca=Finances

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Refinance Tips

December 18th, 2009
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More Refinance Tips

Spend Less — Refinance Your Mortgage
If you are stretching to meet your monthly payments on your San Diego Ca Mortgage, you may need to consider refinancing options. If you can get a lower interest rate than you currently have, you’ll be able to save substantially on your monthly payment. The key is to look down the road. Don’t get yourself into an incredibly low interest 3 year ARM program unless you plan to sell your home or refinance again within that timeframe.
Refinance — Fixed or ARM?
Refinancing is very popular nowadays, especially since interest rates have been low. There are also several different refinancing options you may explore. For instance, you can opt for a fixed rate or an adjustable rate mortgage. A fixed rate mortgage will usually be for a term of 15 or 30 years and the interest rate will stay the same for the duration of the loan. An adjustable rate mortgage (ARM) means that after a term (usually of 3-5 years), your interest rate can change (usually upwards).
Home Improvements? Cash Out Refinancing!
If you have equity built up in your home and you have an expanding family, you may want to improve your existing home. After all, with the way many home prices are going, you might not be able to afford to move back into your own neighborhood! If you decide to improve your home, you can easily refinance and pull out money to add a bathroom, a bedroom or upgrade your septic system. Banks and mortgage companies often offer special incentives for home improvement equity loans. In some cases they even have special loan programs for higher amounts.

Source: AOL Money & Finance

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Questions Lenders Ask You

November 19th, 2009
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What should you expect to be asked when you try to qualify for a San Diego mortgage loan?

Questions to Expect From Mortgage LendersData Provided By Know what to expect before you apply.

Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; they and their underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.
Areas of questioning.

Here are the general areas of questioning you can expect from a lender: 
1. Employment and income 
2. Outstanding debts 
3. Cash reserves and assets 
4. Down payment 
5. Loan purpose 
6. Property use 
7. Property type
 
Employment and income
Where do you work?
How much do you make?
How long have you been at your job?
How is your income derived — steady salary or irregular income? If it’s the latter, you may need to provide more details to obtain a favorable interest rate.
Outstanding debts
What recurring debts do you have?
How much do you pay a month for auto loans?
Credit cards? How much of your monthly pretax income do these debts consume?
Cash reserves and assets
How much money do you have in the bank?
How much will be left after you pay your down payment and closing costs?
Down payment
How much money are you putting down?
Is this your own money?
If not, is it a gift from your parents?
A nonprofit agency grant?
Loan purpose
Is this San Diego ca mortgage for a home buy or refinance?
If it’s a refinance, do you want to take cash out at closing to pay off other debts? If so, how much?
Property use
Do you plan to live in the house?
Is it investment property?
Property type
A condominium?
A duplex?
The following responses tend to work in your favor:
Steady employment (two or more years) with the same employer or in same line of work.
Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
Loan is for straight home purchase (or rate-and-term refinance).
Property is detached single-family home to be used as primary residence.
Down payment of at least 5 percent of sales price with your own money.
You’ll have at least two months’ worth of mortgage payments in the bank after closing.
These responses tend to work against you:
Self-employed or contract worker.
High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
Property is a duplex or condominium, to be used as a vacation home or rental.
No cash left after home buy and closing costs.
Down payment is 3 percent or less of buy price and money is borrowed.
Source: Move.com

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What Questions To Ask Your Lender

November 7th, 2009
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The Ten Questions To Ask Your Lender

 Here are the 10 key questions to ask at application time to help you find the best overall mortgage loan. If you have already selected a lender and are ready to apply, make sure you have the answers to these questions first.
  
1. What is the interest rate on this mortgage? 
2. How many discount and origination points will I pay? 
3. What are the closing costs? 
4. When can I lock the interest rate and what will it cost me to do so? 
5. Is there a prepayment penalty on this loan? 
6. What is the minimum down payment required for this loan? 
7. What are the qualifying guidelines for this loan? 
8. What documents will I have to provide? 
9. How long will it take to process my loan application? 
10. What might delay approval of my loan?
Once you’ve narrowed the lender field to a short list of finalists, it’s time to compare their offers.
 
1. What is the interest rate on this mortgage?
To determine exactly what you’ll pay over the term of the loan, you need to know the rate. Rates change quickly, and if your credit is less than perfect, you may not be offered the lender’s lowest figure.
To effectively compare different lenders’ programs, ask for the annual percentage rate (APR) of the San Diego Ca mortgage interest, which is generally higher than the initial quoted rate because it includes some fees. But beware: the APR found in advertisements can be misleading. Mortgage lenders don’t always include all the fees they charge in the calculation that determines APR, so customers who use that figure to shop rather than an itemized breakdown of rates, points and fees may end up comparing apples to oranges.
2. How many discount and origination points will I pay?
Lenders may charge prepaid mortgage interest points to lower your interest rate or other points that have no benefit to you at all. Find out how many you’ll be expected to pay and which kind of points they will be.
3. What are the closing costs?
Mortgages come with fees for services provided by lenders and other parties involved in the transaction. You want to know what those fees will be as early as possible. Lenders are required to provide a written good faith estimate of closing costs within three days of receiving a loan application.
4. When can I lock the interest rate and what will it cost me to do so?
Your interest rate might fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock the rate, and even points, for a specified period. Ask your lender if lock fees apply. Also, find out what the experts are expecting rates to do, read Rate Trend Index.
5. Is there a prepayment penalty on this loan?
There may be a prepayment penalty on your loan. Some penalties are 1 percent of the loan amount, others are equal to six months’ interest, some apply only when you refinance or reduce the principal balance by more than 20 percent, and some kick in if you sell your home. Find out the duration of any penalty period and how the penalty is calculated. Some lenders offer lower interest rates to buyers who accept prepayment penalties.
6. What is the minimum down payment required for this loan?
The rate and terms of your loan will be based on a down payment figure, typically 3 to 20 percent of the buy price. If you can put more money down, you may be able to lower your rate and improve your terms; if you come up short, you may be required to get private mortgage insurance (PMI).
7. What are the qualifying guidelines for this loan?
These requirements relate to your income, employment, assets, liabilities and credit history. First-time home buyer programs, VA loans and other government-sponsored mortgage programs typically offer easier qualifying guidelines than conventional loans.
8. What documents will I have to provide?
Most lenders will require proof of income and assets before approving your loan, and may require other documents as well. Buyers with excellent credit may qualify for a no-documentation or “no-doc” loan, but they can expect to pay a hefty down payment and higher interest rate.
9. How long will it take to process my loan application?
The answer will depend on several variables. When the loan business is brisk, underwriters get backed up, verification takes longer, appraisals move slower and other bottlenecks develop along the loan pipeline. Lenders may say two weeks, but 45 to 60 days is probably more realistic in most cases. You’ll need their best guess to determine how long to lock in your loan.
10. What might delay approval of my loan?
If you provide the lender with complete, accurate information, the loan process should run smoothly. If the underwriter discovers credit problems, there could be delays. Make sure you notify your lender if you change jobs, increase or decrease your salary, incur additional debt or change marital status between the time you submit an application and the time the loan is funded.
Put these 10 questions to your leading candidates and compare their answers. The results should lead you toward the mortgage lender that is right for you.
Source: Move.com
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Qualify For A San Diego Mortgage

November 1st, 2009
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Qualifying for a Mortgage

Sponsored By
Here’s the formula bank lenders use to determine how much mortgage you can afford?
 
 Don’t start house hunting until you seriously consider how much you can afford to pay. A little advance planning will save you time and money later, because you won’t bid on unattainable houses or apply for mortgage loans that are out of your ballpark.
How much house can you afford?
You may hear an old formula that says you can afford a house worth about three times your total (gross) annual income. Don’t rely on this formula, however — it’s much safer to look at your own budget, figuring out how much you have to spare, and what the monthly payments on your new house will be (not just the mortgage — factor in taxes, insurance, maintenance, and more).
Lenders have traditionally wanted you to make all monthly payments using no more than 28 to 44 percent of your monthly income. In other words, if your monthly income is $2,000, the lender would want you to pay no more than $880 (.44 x $2,000) toward all your debts.
These traditions are, however, becoming less rigid — now, if you have an excellent credit record, a lender might allow you to go more deeply into debt. But you’ll need to use your own common sense, and make sure you leave yourself some money with which to buy furniture, cope with a job layoff, or simply enjoy life.
For a sneak peak at how much of a mortgage you’ll be able to qualify for, see Nolo’s calculator on qualifying for mortgages.
 
Check your credit history
When reviewing loan applications and making financing decisions, lenders typically request that the credit bureaus reporting your file — Equifax, Experian, or TransUnion — provide your credit risk score (also known as your FICO score). This seemingly mysterious number represents a statistical summary of the information in your credit report, including things like your history of paying bills on time and the level of your outstanding debts.
 
Higher FICO Credit Scores mean you can qualify for a larger San Diego Ca Mortgage loan.
 
The higher your credit score, the easier it will be to get a loan. If you routinely pay your bills late, expect a lower score, in which case a lender may either reject your loan application or insist on a very large down payment or high interest rate (to lower its risk).
Because your credit history has such an important effect on the type and amount of mortgage loan you’ll be offered, check your credit report and clean up your file if necessary — before, not after, you apply for a mortgage.
Loan preapproval vs. loan prequalification
Once you’ve done the basic calculations and completed a financial statement, you can ask a lender or loan broker for a prequalification letter saying that a mortgage loan approval for a specified amount is likely based on your income and credit history. Prequalifying lets you determine exactly how much you’ll be able to borrow and how much you’ll need for a down payment and closing costs.
Unless you’re in a very slow real estate market however, with lots more sellers than buyers, you will want to do more than prequalify for a San Diego Ca Mortgage loan: You will want to be preapproved — that is, guaranteed — for a specific loan amount. This means a lender has already checked your credit and evaluated your financial situation, rather than simply relied on your own statements. Preapproval means that the lender would actually fund the loan, pending an appraisal of the property, title report, and purchase contract.
For more information on deciding how much of a loan you can safely take on and successfully qualifying for the loan, see Nolo’s Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder and Marcia Stewart.
 
Note: By qualifying a mortgage you will be in a much better negotiating position when it comes time to make an offer on your new home.  Mike Kench
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