April 2012

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5 Reasons to HARP

If you're underwater on your mortgage or your credit is a little shaky, a HARP refinance could net you a better deal than you expect. Here are--drum roll, please--five advantages of the Home Affordable Refinance Program (HARP) refinance.

Five Advantages of the HARP Refinance

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Nearly 40 percent of homeowners are still paying 6 percent or more on their mortgages

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While the Fed touts the second round of its Quantitative Easing (QE2) program as a way to lower mortgage rates for homeowners and heat up the economy, a substantial bloc of homeowners have not taken advantage of these lower rates. In fact, nearly 40 percent of those studied are paying at least 6 percent interest on their mortgages

Newsflash: nearly 40 percent of homeowners are still paying 6 percent or more on their mortgages

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Six Reasons to Refinance and Save Money on Your Mortgage

Borrowers with plenty of equity in their homes but a low credit score may be able to take advantage of low mortgage refinance rates in spite of their credit challenges. While they will not likely qualify for the lowest rates, they may still benefit from a mortgage refinance. The best way to find out if you qualify for low mortgage rates is to complete the form on this page.

Low mortgage rates are not the only reason to consider a bad credit mortgage refinance.

Top six reasons for a home refinance

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Should You Refinance Out of Your Adjustable-Rate Mortgage?

When borrowers ask if they should consider refinancing into an adjustable-rate mortgage, my response is always akin to that old saying, “If the shoe fits, wear it.” While rising rate resets for adjustable-rate mortgages (ARMs) caught many inexperienced homeowners by surprise in the mid-2000s, ARMs remain an excellent, extremely-efficient loan product for the right borrower in the right situation.

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New Home Tips: Home Buying Do's and Don'ts

If you're a mortgage newbie or you're refinancing, you may want tips on what to do--or not do--in taking out a home loan. Even if you've borrowed before, the mortgage landscape has changed so much since the housing crash that you may be unpleasantly surprised by new rules and practices that didn't exist before.

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Top 10 Deductions for Homeowners

Be sure you take advantage of all the deductions for which you are eligible. Consult a qualified tax advisor to see if you can benefit. Here are the top 10 deductions for homeowners:

1. Home Mortgage Interest

  • If you have a mortgage on your primary residence, the interest you pay may be fully tax-deductible. Check with a professional tax advisor to see if you qualify.

2. Points Paid at Closing

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December Jobs Report Amazing for Homebuyers and Mortgage Refinancing

However, this does come with some bad news…

85,000 Jobs Were Lost in December

This number is much, much worse than expected. The November report was revised to +4,000 jobs created vs. the original print of -11,000 jobs lost. The Unemployment rate was unchanged at 10%. For the unemployed this is obviously very bad news.
This mornings Job Report tells us the the Economy has not recovered and Wall Street should be in a state of flux for the next few months. We could be in for a bumpy ride.

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Why It May Be Time to Refinance Your Loan

An excellent Article in the Wall Street Journal recently.
My thoughts first:
Refinancing provides great opportunities for homeowners.  Through refinancing, it may be possible to lower your monthly mortgage payments, enjoy the security the security of a fixed-rate mortgage, as well as to consolidate other debt to a lower interest rate and a single payment.
Why Refinance?

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Closing Costs

The cost of buying a home is more than just the purchase price. Each and every Homebuying transaction requires the service the services of a large number of professionals from a variety of fields. it’s common for these costs to add up to 2% to 3% of your total mortgage. When you chose to work with a lender, your home mortgage consultant will give you a Good Faith Estimate of your estimated closing costs shortly after you apply.

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Credit Ratings – How Important?

Your credit report is an important consideration to lenders reviewing your financial profile.  if you have a history of paying your monthly obligations on time, thats a signal to a lender that you likely to make your monthly mortgage payments on time as well.  So your credit can be a factor in the kind of mortgage program you may qualify for.

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