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Refinance

Refinance (3)

Sunday, 12 December 2010 00:00

Closing Costs - Refinance

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Everyone always wants to know two things what is the rate and what are the closing costs.  That's a loaded question, there are many things that affect the interest and closing costs; such as loan size, credit, type of transaction, time of year, loan to value, etc. . . . There are however, certain standard costs associated with refinancing your home. Long story short, as you go thru this you will notice that there are many parties involved in the transaction such as the appraiser, title company, lender, government, insurance company, etc. . . .

I will walk you through the closing costs, answering any questions you may have explaining which costs are yours and which are negotiable.

Borrowers will receive a "Good Faith Estimate" of closing costs at the time the full loan application is submitted to me.  I will be glad to review the "Good Faith Estimate," answering questions and highlight all the costs and estimates associated with refinancing your home.

Sunday, 12 December 2010 00:00

Government Help

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Government Help Is Here!  HARP 2.0

In early February Treasury Secretary Timothy Geithner & President Obama outlined a plan to help home owners looking to refinance & struggling to make there payments.  On March 4th, 2009 the guidelines for these programs were release and are outlined below.  Call me today to discuss your options!

Refinance Options: Dubbed an Obama Refi this program is designed for homeowners paying their mortgage on time who are unable to refinance due to the lack of equity in their home.

  • Up to 125% LTV
  • Appraisal may not be required
  • NO PMI possible
  • Min. 580 Credit score
  • Loan must be held by Fannie Mae & Freddie Mac
  • Must income qualify
  • There are many restrictions and loopholes.  Call me today to discuss.

 

Modification Options: Designed for homeowners struggling to make their payments because of an interest rate increase or change in income.

  • First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750.
  • All borrowers must fully document income
  • Incentives to lenders and servicer's to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
  • Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
  • The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.
  • Servicers that modify loans according to the guidelines will receive an upfront fee of $1,000 for each modification, plus "pay for success" fees on still-performing loans of $1,000 per year.
  • Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.

The modifications guidelines are simply an outline.  It is up to each servicer of the loan to decide if & how they will modify a loan.  Call me today for some tips and pointers before you call your loan servicer.  I will help give you an edge before calling.

BEWARE OF MODIFICATION SCAMES
HELP IS FREE!
CALL ME TODAY FOR A FREE CONSULTATION
(269) 488-9494

Sunday, 12 December 2010 00:00

Is It Time To Refinance

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The timing might be right to refinance your mortgage loan.  Today's LOW rates may help you significantly lower your monthly payment. Or you might want to “cash out” some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation - whatever! Perhaps by refinancing you can even pay off your mortgage sooner!

Everyone's situation is different.  We'll work with you to determine if the timing is right to change your loan program, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your future plans.  Call us today for your free consultation.

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