Refinance Home Mortgage Loan Application Process [mortgagecalculator-tips.blogspot.com]
Refinance HARP 2.0 program is finally here in California. www.rmilending.com Upside down homeowners can now refinance starting March 19th. Your loan must be owned by Fannie Mae or Freddie Mac. You can have an unlimited LTV, but your previous loan must have closed no later than May 31, 2009. No mortgage lates in the last 12 months are allowed to qualify and you must have at least a 620 credit score. Primary residences, Rental properties, and Second homes are elligible. There will be a rush for HARP 2.0 throughout California, so you should contact me to do your loan application now. Planning to buy a house with FHA loan in the future. Upfront Mortgage Insurance Premiums (UFMIP) are increasing April 1st from 1% to 1.75%. Now HUD will continue to allow this to be financed into your loan. But to give you an idea of the affect this will have on closing costs, if your purchase price is 0000 with 3.5% down, and you get your FH A case number on March 30th, that MI premium is 12.50, after April 1st the same exact house just got 09 more expensive. So don't be a fool on April 1st, get your FHA case number now and save your money. Finally, here's something everyone watching needs to do this Saturday. It's daylight savings time. So be sure to change your clocks 1 hour ahead. Please forward this video to everyone you know who owns a house, wants to own a house, or owns a clock, and if you want more information about the HARP program, FHA loans, or how to set your clock back an ...
mortgagecalculator-tips.blogspot.com Refinance HARP Program (Harp 2.0) is Available For Underwater Mortgage in California
Attractive low interest rates offer the home owners the chance of lowering their monthly outgoings by refinancing their home mortgage loan. There may be so many different reasons why people refinance their mortgage. We will cover main points in application process to give you an idea as to how it works and what you need to look out for.
Although the lower interest rates are the main reason for wanting to refinance, people might have a valid reason to refinance in any economic condition. Refinance mortgage may allow you to reach your objectives. This could be as simple as wanting to lower your mortgage interest by a straight swap between a high interest existing mortgage and lower interest refinance. Or as complicated as consolidating all your loans, credit cards and getting extra cash to provide cash flow for your business. Home improvement is another obvious reason for refinance mortgage.
As you can achieve most of your objectives with a home equity loan as well without touching your existing loan, refinance needs to offer lower interest rate for you to be worthwhile to switch the lender.
In the internet world we are living, you have no excuse not to have a through search of the available options before doing anything else. Find out what is on offer from refinance to personal loan. Then compare them with your existing loans and see where each fits in terms of providing you with a solution.
Next step is to prepare the documents needed while you are considering your options. The basic documents include your employment records, bank statements, credit card statements and income and expenditure statements as well as the details of your existing loans. Once you are convinced that you could benefit from refinance after paying all the costs involved with the mortgage application and obtaining mortgage, you need to apply for a pre approval to several lenders. Pre approval is a way of checking that you are eligible for the loans without incurring any further expenses.
When you have at least two pre approvals in your hand, you can start the elimination process to get to the lender you will apply for refinance mortgage. Make sure you understand the mortgage terms, fees, pre payment penalties and how will your interest rate be calculated. Is this a fixed rate, flexible rate or a short term fixed rate that will convert to flexible rate? Depending on refinance mortgage, the affordable rate you see today may not be that affordable in a year or two.
If you are convinced that you understand what you are getting into and happy with it, you need to fill out your mortgage application. Get all your documents out ready to fill the form. The application form needs to be complete and reflects the true picture of your financial position. Incomplete applications will not be considered by the mortgage underwriters. While you are filling your application, put yourself into the shoes of the lender. Try to give them reasons to give you mortgage. If you have a particular issue, such as one missed payment in your otherwise clean mortgage payment history, provide full explanation and documentation.
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