Cash out Refinance Loans – Home Equity Lines of Credit

Cash out Refinance & Home Equity Loans If you have home equity you want to liquidate, a cash out refinance can help. COMPARE LOAN OFFERS Cash out Refinance Loans For home owners looking for a home equity loan with less than perfect credit can be a difficult process. Many lenders will not consider a home equity loan if you have bad credit because they take on significant risk as a second lien holder. If a borrower defaults on a loan the first lien holder takes precedent over the second. A cash out refinance is the best option for anyone with low credit scores. The new lender will pay off your existing mortgage and could give you cash back for up to 85% of the property value. Example: You have a home the appraises for $200,000, you have an existing mortgage balance of $100,000 with Bank A. You go to Bank B and get approved for a refinance, they pay $100,000 to Bank A. Bank B may also give you up to $70,000 cash back, which is the equity up to 85$ of the value of the home. There are fees to consider, we suggest you speak to a loan officer about your options when considering to refinance your mortgage....

10 Tips you Need to Know Before Refinancing your Mortgage

10 tips you must know before you refinance your mortgage. 10 tips for refinancing your mortgage If you’ve been sitting on the sidelines, waiting for the best time to refinance or get a mortgage to buy a home, think of 2015 as your last chance to act. With good credit, persistence and some shopping skills, you can still snag phenomenal deals this year — even if you are underwater on your loan, read these tips for refinancing. Here are 10 tips for refinancing your mortgage in 2015. Tip 1: Stop procrastinating and read these tips for refinancing your mortgage. If you haven’t refinanced recently, you’re probably paying a higher interest rate on your mortgage than you should. Take advantage of today’s record-low mortgage rates while they last. Rates are expected to remain low during the first few months of the year, but they should gradually increase. When they do, many borrowers will regret having missed the opportunity to grab the lowest mortgage rate in history. Tip 2: Buyers, get moving. With rates near the bottom and home prices on the rise, it’s still a perfect time to buy a house. If you can afford a home and qualify for a mortgage, this may be your last chance to take advantage of the market and own a home for less. To speed up the homebuying process, get a mortgage preapproval before you start shopping. Tip 3: Compare FHA vs. conventional loans Many homebuyers opt for a Federal Housing Administration mortgage because it allows them to buy a home with as little as 3.5% down. But the already costly FHA fees...

Should I Refinance before rates go up

Should I Refinance my Mortgage? There are differences of opinion when it making the decision if you should refinance your mortgage. Should I Refinance my Mortgage questions: #1: Will it save me substantial intrest over the life of the loan? #2: Will the upfront fees be worth the savings over time. #3. What are my goals? Saving money each month, or paying less total interest over the life of the loan? We work with the top mortgage refinance lenders in the nation that can help with your options. Click the button below to get started. The amortization chart shows that the proportion of your payment that is credited to the principal of your loan increases each year, while the proportion credited to the interest decreases each year. In the later years of your mortgage, more of your payment applies to principal and helps build equity. By doing a refi late in your mortgage, you will restart the amortization process, and most of your monthly payment will be credited to paying intrest again and not to building equity. Amortization of a $200,000 loan for 30...

Why you should refinance your mortgage now

Why consider mortgage refinancing? Mortgage refinancing can lower your interest rate The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month–lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved. A lower interest rate also may allow you to build equity in your home more quickly. For example, compare the monthly payments (for principal and interest) on a 30-year fixed-rate loan of $200,000 at 5.5% and 6.0%. Monthly payment @ 6.0% $1,199 Monthly payment @ 5.5% $1,136 The difference each month is $ 63 But over a year’s time, the difference adds up to $ 756 Over 10 years, you will have saved $7,560 Adjusting the length of your mortgage by refinancing Increase the term of your mortgage: You may want a mortgage with a longer term to reduce the amount that you pay each month. Decrease the term of your mortgage: Shorter-term mortgages–for example, a 15-year mortgage instead of a 30-year mortgage–generally have lower interest rates. This type of mortgage refinancing would be a great option for those that financially are able to do so. For example, compare the total interest costs for a fixed-rate loan of $200,000 at 6% for 30 years with a fixed-rate loan at 5.5% for 15 years. Monthly payment Total interest 30-year loan @ 6.0% $1,199 $231,640 15-year loan @ 5.5% $1,634 $ 94,120 Tip: Mortgage refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on...

Mortgage Refinance Options – When to Refinance

FHA Mortgage refinance, FHA Streamline refinance, cash out refinance & home equity loans. If you are considering to pursue a mortgage refinance on your current loan, here are a few things to consider. Could receive a lower interested rate by refinancing? Is the balance of your loan less than 78% of the value of your property so you can drop mortgage insurance? If you need to get some cash out of your equity, what is best for you? A home equity loan or cash out refinance? The answers to these questions will influence your decision to refinance your mortgage. , Before deciding, you need to understand all that refinancing involves. Your home may be your most valuable asset, so you want to be careful when choosing a lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs. If you have a FHA loan you may be eligible for a streamline FHA mortgage refinance. FHA Streamline refinance does not require a credit check and could potentially save you hundreds of dollars a month with a reduced interest rates. When you refinance a mortgage, you pay off your existing mortgage and create a new one. You may even decide to combine both a primary and a second mortgage into one loan. The bottom line is that their are often many senarios when considering your options to refinance your existing mortgage. Make sure you speak to a mortgage professional that understands your goals and can offer you intelligent advice. Speak to a lender today to see if you can refinance your mortgage If you have...