Refinance Home Mortgage
East West Mortgage is your best choice for a refinance in Wisconsin. A refinance in essence is a way to lower your current payments on your home mortgage loan. It is done through by purchasing a new loan to pay off your current one.
Perfect timing
The rule of thumb is that you should only refinance if the mortgage rates are 2% lower then the current one. Mortgage Rates are determined by many things. Your past credit report is a deciding factor that enables you to be approved for a loan. Your credit score is a numerical number given to you. If you credit score is not up to par your mortgage rates will be higher. Those individuals with out credit are highly recommended to wait and build up their credit first.
How Refinancing with East West is best.
Those individuals with bad credit can still receive a loan or a refinance with the use of our sub prime programs ( bad credit programs). The sub prime programs tailor to the needs of the individual with bad credit and can assist them in getting a loan or refinance. Refinancing also allows you to change your loan to suit your current needs. You can switch to a fixed rate mortgage from a variable rate, so that you have a more stable monthly payment. Or you can switch to a variable rate mortgage from a fixed mortgage rate, if you can take the gamble of higher monthly payments.
East West Mortgage also offers FHA and VA loans. East West Mortgage offers many mortgage plans for you to use. We also offer many tools for you to use in determining if you should refinance or not. Our website has a free online mortgage calculator that you can use to determine if you will save money by refinance. Our current rates for Wisconsin are available online as well. If you do decide to refinance with us, apply is very simple with our online application system.
http://www.ewmortgage.com/wisconsin-refinance-loan/
Wednesday, October 10, 2007
California Mortgage Broker
The key to getting a great Commercial mortgage is to consult one of the many fine mortgage brokers at East West Mortgage. Finding a mortgage broker that truly cares about you is difficult. Here at East West Mortgage we have many mortgage brokers that will help you with all your needs. We have over 20 years of experience under our belt and it shows in our customer service. We strive to be number one in customer service. Our mortgage brokers are able to give you any loan program you need.
Special Programs
For Veterans, we offer VA loans that have lower mortgage rates and many more benefits. We also offer FHA loans that are insured federally, perfect for first time home buyers. For those individuals with less than perfect credit we have a Credit repair program which helps you fix your credit, and debt consolidation loans that combines all your credit into one easy monthly payment. If you do not have much money saved for a loan we have a low down payment loan, but due to the lower down payment the rates are higher. We also offer a "No Income Verification Loan" like the low down payment loan the rates are higher
Why East West
Our mortgage brokers will work with you and give you the lowest rate possible on your commercial Mortgage and try to keep the closing cost to a minimum. Mortgage rates are determined by many factors, one of which is your credit score. Your credit score is a numerical value that represents your reliability in paying your debt. Making your monthly payments on time will increase your credit score. If you do not have credit, it is highly advised that you contact us to see what we can do to assist you.
http://www.ewmortgage.com/commercial-mortgage-rate/
Special Programs
For Veterans, we offer VA loans that have lower mortgage rates and many more benefits. We also offer FHA loans that are insured federally, perfect for first time home buyers. For those individuals with less than perfect credit we have a Credit repair program which helps you fix your credit, and debt consolidation loans that combines all your credit into one easy monthly payment. If you do not have much money saved for a loan we have a low down payment loan, but due to the lower down payment the rates are higher. We also offer a "No Income Verification Loan" like the low down payment loan the rates are higher
Why East West
Our mortgage brokers will work with you and give you the lowest rate possible on your commercial Mortgage and try to keep the closing cost to a minimum. Mortgage rates are determined by many factors, one of which is your credit score. Your credit score is a numerical value that represents your reliability in paying your debt. Making your monthly payments on time will increase your credit score. If you do not have credit, it is highly advised that you contact us to see what we can do to assist you.
http://www.ewmortgage.com/commercial-mortgage-rate/
Lowest Home Refinance Mortgage Interest Rates Online
Whether you have good credit or bad credit, you can find some of the lowest refinance mortgage interest rates online. Looking to the internet is a great way to find the best mortgage deals. First rate lenders are waiting to assist you with your mortgage refinancing needs.
Refinancing your home lets you use your home equity to take out money when you need it. You can use it to pay off debts such as high interest credit cards or other high interest loans. You can also use the money for home renovations, repairs or whatever else you might choose.
Forget about loan shopping the old fashioned way - going from bank to bank and filling out application after application. Think of how much time you'll save by using your computer.
Finding the lowest refinance interest rate is easy when you shop online. With just one convenient application form you can get quotes from a variety of lenders. By getting refinance quotes from multiple lenders you will be able to find the lowest possible rates.
If you are sick of high interest credit card or debt, a mortgage refinance can help to lighten your financial load and let you get back on your feet. If you want to remodel your house, add a swimming pool or pay for higher education, a refinance mortgage can help you do that too.
http://www.mortgage-refinance-advice.com/lowest-home-refinance-mortgage-a820.html
Refinancing your home lets you use your home equity to take out money when you need it. You can use it to pay off debts such as high interest credit cards or other high interest loans. You can also use the money for home renovations, repairs or whatever else you might choose.
Forget about loan shopping the old fashioned way - going from bank to bank and filling out application after application. Think of how much time you'll save by using your computer.
Finding the lowest refinance interest rate is easy when you shop online. With just one convenient application form you can get quotes from a variety of lenders. By getting refinance quotes from multiple lenders you will be able to find the lowest possible rates.
If you are sick of high interest credit card or debt, a mortgage refinance can help to lighten your financial load and let you get back on your feet. If you want to remodel your house, add a swimming pool or pay for higher education, a refinance mortgage can help you do that too.
http://www.mortgage-refinance-advice.com/lowest-home-refinance-mortgage-a820.html
Best Refinance Rates in California
California property refinance is quite easy to apply for and obtain. Anyone who has a mortgage is generally eligible to apply for refinance and take advantage of lower rates. Refinance is also an option for borrowers who are looking for some ready cash. Best rates for refinance in California can be obtained with a little research and comparison of quotes from various companies. Refinance of an existing loan also allows borrowers to lock in their interest at a low rate. Borrowers who may not be able to clear their credits in time may be given some consideration too, keeping their future credit worthiness in mind or at higher premiums.
The interest rate of a refinance loan needs to be lower than existing loan to make it worthwhile. Cash out refinancing is an option for people who may require ready cash. Borrowers with a good credit score find it easier to get approval for a low refinance rate. However, credit rating is not a major criterion for approval. Borrowers with bad credit may get refinance loans, but at prime rates. Therefore, people who are looking at refinance solely to get better rates may want to reconsider opting for refinance. Refinance does not make any sense if rates offered are not less than current rates and do not offer any relief in payments.
Most mortgage lenders in California assist borrowers choose the best refinancing plans. Rates for refinance loans are a prime factor in deciding refinance option. Therefore, borrowers may like to compare rates from as many sources as possible before choosing a suitable one. While refinancing, borrowers must also pay attention to closing rates of existing loan.
There might be certain processing fees levied by refinancing company as well. Some number crunching and calculations are necessary so that borrowers do not end up opting for a more expensive option. Most borrowers fill out an application for refinancing loan online. Once the refinance loan is approved, funds are deposited within two weeks directly into borrowers' checking account.
http://www.mortgage-refinance-advice.com/best-refinance-rates-in-a821.html
The interest rate of a refinance loan needs to be lower than existing loan to make it worthwhile. Cash out refinancing is an option for people who may require ready cash. Borrowers with a good credit score find it easier to get approval for a low refinance rate. However, credit rating is not a major criterion for approval. Borrowers with bad credit may get refinance loans, but at prime rates. Therefore, people who are looking at refinance solely to get better rates may want to reconsider opting for refinance. Refinance does not make any sense if rates offered are not less than current rates and do not offer any relief in payments.
Most mortgage lenders in California assist borrowers choose the best refinancing plans. Rates for refinance loans are a prime factor in deciding refinance option. Therefore, borrowers may like to compare rates from as many sources as possible before choosing a suitable one. While refinancing, borrowers must also pay attention to closing rates of existing loan.
There might be certain processing fees levied by refinancing company as well. Some number crunching and calculations are necessary so that borrowers do not end up opting for a more expensive option. Most borrowers fill out an application for refinancing loan online. Once the refinance loan is approved, funds are deposited within two weeks directly into borrowers' checking account.
http://www.mortgage-refinance-advice.com/best-refinance-rates-in-a821.html
Why You Should Refinance Home Mortgage Loan
There are several reasons why you ought to refinance home mortgage loans.
Better Rates and/or Terms
Mortgage refinancing can allow you to enjoy better rates or terms if you're lucky. Just make sure that you're dealing with a legitimate company and not one that's out to swindle you. This type of mortgage refinancing is also known as rate-and-term refinancing.
Stable Monthly Payments
Are you sick and tired of computing every other month for the interest on your loan payment? If so, mortgage refinancing allows you to switch from a variable rate mortgage to a fixed rate loan.
Sudden Cash Crisis
If you need cash at a moment's notice and you've built enough equity for your home, then cash out refinancing is the answer to your problems. This type of mortgage refinancing will enable you to enjoy the use of lots of cash. Plus, the lender won't care what you spend it for.
Debt Consolidation
A debt consolidation loan can also be considered another type of mortgage refinancing since you're still technically replacing an old loan with a new one. With debt consolidation, all your debts will be consolidated into just one debt and all you have to worry about from then on is making one lump sum payment every month.
Income Tax Advantages
Believe it or not, mortgage refinancing may sometimes serve as a tax advantage in certain cases. Just ask your accountant for more details.
Some money problems may be solved when one decides to refinance home mortgage loans. But the decision to do so is not something anyone should make lightly. Although the decision to refinance home mortgage loans can prove to be a sensible thing to do in certain circumstances, you're still taking a risk that involves your home.
http://www.mortgage-refinance-advice.com/why-you-should-refinance-a822.html
Better Rates and/or Terms
Mortgage refinancing can allow you to enjoy better rates or terms if you're lucky. Just make sure that you're dealing with a legitimate company and not one that's out to swindle you. This type of mortgage refinancing is also known as rate-and-term refinancing.
Stable Monthly Payments
Are you sick and tired of computing every other month for the interest on your loan payment? If so, mortgage refinancing allows you to switch from a variable rate mortgage to a fixed rate loan.
Sudden Cash Crisis
If you need cash at a moment's notice and you've built enough equity for your home, then cash out refinancing is the answer to your problems. This type of mortgage refinancing will enable you to enjoy the use of lots of cash. Plus, the lender won't care what you spend it for.
Debt Consolidation
A debt consolidation loan can also be considered another type of mortgage refinancing since you're still technically replacing an old loan with a new one. With debt consolidation, all your debts will be consolidated into just one debt and all you have to worry about from then on is making one lump sum payment every month.
Income Tax Advantages
Believe it or not, mortgage refinancing may sometimes serve as a tax advantage in certain cases. Just ask your accountant for more details.
Some money problems may be solved when one decides to refinance home mortgage loans. But the decision to do so is not something anyone should make lightly. Although the decision to refinance home mortgage loans can prove to be a sensible thing to do in certain circumstances, you're still taking a risk that involves your home.
http://www.mortgage-refinance-advice.com/why-you-should-refinance-a822.html
Mortgage Refinancing - Forewarned is Forearmed
If you are in the process of mortgage refinancing and want to avoid overpaying for your new loan, careful comparison shopping and doing your homework will help you avoid 90% of the mistakes homeowners make. Mortgage brokers and loan representatives are more interested in making a six-figure salary at your expense than helping you find the best loan for your situation. Here are several tips to help you steer clear of used car salesmen in the mortgage business and avoid paying too much when mortgage refinancing.
I'm not here to throw stones at mortgage brokers and loan representatives; however, there are mortgage brokers and representatives out there that would cheat your mother out of her Social Security check. In order to get the best terms, interest rates, and mortgage offers possible you have to shop for mortgage refinancing prepared. To do this you need to learn not only the terminology, but tricks of the mortgage trade. Ask the right questions of the right mortgage company and you'll save thousands of dollars when mortgage refinancing.
Beware Bad Mortgage Refinancing Advice
There is an overwhelming amount of well-intentioned bad mortgage advice available. Relying on referrals from friends, family members, or realtors isn't always the best strategy for doing your homework. Are any of these people offering you advice financial experts? How do you know that the mortgage company they recommend can be trusted not to take advantage of you?
The best way to ensure that you are not taken advantage of when mortgage refinancing is to spend the time doing your own research and comparison shop form a variety of mortgage companies. You'll need to learn how mortgage loans are originated and what you need to do to avoid paying Yield Spread Premium on your mortgage. You can learn all this, including costly mistakes you need to avoid, with a free six-part mortgage video tutorial.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-forewarned-a823.html
I'm not here to throw stones at mortgage brokers and loan representatives; however, there are mortgage brokers and representatives out there that would cheat your mother out of her Social Security check. In order to get the best terms, interest rates, and mortgage offers possible you have to shop for mortgage refinancing prepared. To do this you need to learn not only the terminology, but tricks of the mortgage trade. Ask the right questions of the right mortgage company and you'll save thousands of dollars when mortgage refinancing.
Beware Bad Mortgage Refinancing Advice
There is an overwhelming amount of well-intentioned bad mortgage advice available. Relying on referrals from friends, family members, or realtors isn't always the best strategy for doing your homework. Are any of these people offering you advice financial experts? How do you know that the mortgage company they recommend can be trusted not to take advantage of you?
The best way to ensure that you are not taken advantage of when mortgage refinancing is to spend the time doing your own research and comparison shop form a variety of mortgage companies. You'll need to learn how mortgage loans are originated and what you need to do to avoid paying Yield Spread Premium on your mortgage. You can learn all this, including costly mistakes you need to avoid, with a free six-part mortgage video tutorial.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-forewarned-a823.html
Refinance While Mortgage Rates Are Low
Even if you don't need money to consolidate your debts or to make improvements to your home, you can benefit from considering refinance options open to you. Since real estate values are rapidly rising and interest rates are down, there are many advantages to refinancing your home. The extra cash you realize from taking out a home equity loan, for example, could increase the value of your home significantly or it could make your retirement years much easier.
When you look at the refinance options, take a look at whether you have an ARM mortgage or an FRM mortgage. With an ARM (adjustable rate mortgage), the rate of interest may change during the term of your mortgage after the agreed fixed rate period ends. In an FRM (fixed rate mortgage), the interest rate stays the same for the term of your mortgage.
There are pros and cons with each of these options when it comes time to refinance. With an ARM, you will have a lower monthly payment because the initial rate for refinancing is lower. If the interest rate drops, your monthly payment will also drop. On the other hand, if the interest rates rises, so will your payments and a significant rise in the rates could make it very difficult for you to make your monthly mortgage payments.
With an FRM, it is easier to budget because the monthly payment remains fixed for the term you choose for your mortgage. The interest rate at the time you signed the final papers is the one that will remain in place no matter how the market conditions change interest rates. A disadvantage to this is that if the interest rate goes down significantly, you may be paying away a lot of money needlessly in high interest rates. If this is the case, you should seriously consider refinance as a way to lower your monthly payments and save you money over the term of your mortgage.
There is also another option you can consider if you want to refinance your mortgage because of the interest rates. Instead of choosing to lock your mortgage in for the full term of 25 or 30 years, you can do so in smaller increments. Choosing to lock in your mortgage for five years, for example, lets you choose an ARM or an FRM for that period of time. At the end of the term you can refinance again at a different interest rate. When you choose this feature, you also have the option of paying off a significant portion of your mortgage at the time your refinance. Since most lenders charge a fee for paying off a mortgage early, you can save up money each month and make a substantial payment on the balance at the time of refinancing.
When you apply to refinance your mortgage, you need to ask when the interest rates are adjusted. If it is yearly, then you can choose an ARM. However, if the change occurs on a monthly basis, then you are better off with an FRM.
http://www.mortgage-refinance-advice.com/refinance-while-mortgage-rates-a824.html
When you look at the refinance options, take a look at whether you have an ARM mortgage or an FRM mortgage. With an ARM (adjustable rate mortgage), the rate of interest may change during the term of your mortgage after the agreed fixed rate period ends. In an FRM (fixed rate mortgage), the interest rate stays the same for the term of your mortgage.
There are pros and cons with each of these options when it comes time to refinance. With an ARM, you will have a lower monthly payment because the initial rate for refinancing is lower. If the interest rate drops, your monthly payment will also drop. On the other hand, if the interest rates rises, so will your payments and a significant rise in the rates could make it very difficult for you to make your monthly mortgage payments.
With an FRM, it is easier to budget because the monthly payment remains fixed for the term you choose for your mortgage. The interest rate at the time you signed the final papers is the one that will remain in place no matter how the market conditions change interest rates. A disadvantage to this is that if the interest rate goes down significantly, you may be paying away a lot of money needlessly in high interest rates. If this is the case, you should seriously consider refinance as a way to lower your monthly payments and save you money over the term of your mortgage.
There is also another option you can consider if you want to refinance your mortgage because of the interest rates. Instead of choosing to lock your mortgage in for the full term of 25 or 30 years, you can do so in smaller increments. Choosing to lock in your mortgage for five years, for example, lets you choose an ARM or an FRM for that period of time. At the end of the term you can refinance again at a different interest rate. When you choose this feature, you also have the option of paying off a significant portion of your mortgage at the time your refinance. Since most lenders charge a fee for paying off a mortgage early, you can save up money each month and make a substantial payment on the balance at the time of refinancing.
When you apply to refinance your mortgage, you need to ask when the interest rates are adjusted. If it is yearly, then you can choose an ARM. However, if the change occurs on a monthly basis, then you are better off with an FRM.
http://www.mortgage-refinance-advice.com/refinance-while-mortgage-rates-a824.html
Mortgage Refinancing Online: Saying No To Mortgage Junk Fees
If you are in the process of mortgage refinancing on the Internet, there are many online junk fees you need to be aware of. Careful comparison shopping and reading the fine print on mortgage websites will help you avoid overpaying when mortgage refinancing. Here are several tips to help you avoid mortgage junk fees when mortgage refinancing online.
Whenever you visit a mortgage site on the Internet, the first thing you need to look for is the Licenses and Disclosure statement. Mortgage sites operating as Internet list brokers or online mortgage brokers like Lending Tree are required to disclose all of their fees in these disclosure statements. If you visit a site like eLoan that does not have a disclosure statement, these sites are operating as Mortgage Broker Banks and are therefore exempt from the Real Estate Settlement Procedures Act that protects homeowners from predatory lending practices. Would you ever consider taking out a mortgage from any company that doesn't have to play by the rules?
Once you've eliminated the Broker Banks like eLoan from your list of mortgage refinancing websites, pay close attention to the disclosure statement for any hidden fees. Lending Tree for example, claims they do not charge you a fee for their services; however, read the fine print in their disclosure statement and you'll find filling out the form on Lending Tree's site will cost you $1,300 when closing on your mortgage.
The best way to compare loan offers from Internet mortgage sites is to request a copy of the Good Faith Estimate for each loan you consider. Mortgage lenders are legally required to provide this document within three days of receipt of your application; however, most mortgage sites will provide you a copy if you ask for one. This Good Faith Estimate allows you to perform a line-by-line comparison of the mortgages you consider.
There are several Junk fees you need to look for on the Good Faith Estimate. Do not agree to pay anything that resembles a "Broker Administration Fee," "Broker Courier Fee," "Loan Submission Fee," "Application Fee," or "Lock Fee. If you are unsure about any fee found on your Good Faith Estimate, ask your loan representative to explain it to you. If the fee is paid to your loan representatives company, it's probably a junk fee and you should negotiate that fee out of your costs.
You can learn more about mortgage refinancing without paying junk fees with a free, six-part mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-online-saying-a826.html
Whenever you visit a mortgage site on the Internet, the first thing you need to look for is the Licenses and Disclosure statement. Mortgage sites operating as Internet list brokers or online mortgage brokers like Lending Tree are required to disclose all of their fees in these disclosure statements. If you visit a site like eLoan that does not have a disclosure statement, these sites are operating as Mortgage Broker Banks and are therefore exempt from the Real Estate Settlement Procedures Act that protects homeowners from predatory lending practices. Would you ever consider taking out a mortgage from any company that doesn't have to play by the rules?
Once you've eliminated the Broker Banks like eLoan from your list of mortgage refinancing websites, pay close attention to the disclosure statement for any hidden fees. Lending Tree for example, claims they do not charge you a fee for their services; however, read the fine print in their disclosure statement and you'll find filling out the form on Lending Tree's site will cost you $1,300 when closing on your mortgage.
The best way to compare loan offers from Internet mortgage sites is to request a copy of the Good Faith Estimate for each loan you consider. Mortgage lenders are legally required to provide this document within three days of receipt of your application; however, most mortgage sites will provide you a copy if you ask for one. This Good Faith Estimate allows you to perform a line-by-line comparison of the mortgages you consider.
There are several Junk fees you need to look for on the Good Faith Estimate. Do not agree to pay anything that resembles a "Broker Administration Fee," "Broker Courier Fee," "Loan Submission Fee," "Application Fee," or "Lock Fee. If you are unsure about any fee found on your Good Faith Estimate, ask your loan representative to explain it to you. If the fee is paid to your loan representatives company, it's probably a junk fee and you should negotiate that fee out of your costs.
You can learn more about mortgage refinancing without paying junk fees with a free, six-part mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-online-saying-a826.html
Mortgage Refinancing – Three Questions to Ask Your Loan Representative
Mortgage refinancing can save you a lot of money if you go about it correctly. In order to avoid overpaying for you new loan you need to research mortgage companies and ask the right questions. Here are three questions you need to ask your mortgage loan representative when mortgage refinancing to avoid overpaying for your next mortgage loan.
I. Do You Close in the Name of The Wholesale Mortgage Lender?
The answer you are looking for from your mortgage representative is "Yes." If your loan representative tells you that they close in the name of their own company, you are dealing with a Broker-Bank. Mortgage Broker-Banks are exempt from disclosure laws that protect you from predatory lending practices and you should never take out a mortgage loan from a company that does not have to play by the rules.
II. Will You Add Yield Spread Premium To My Mortgage Rate?
Yield Spread Premium is the retail markup of your mortgage interest rate by the Mortgage Company or broker. Mortgage originators do this because the more you agree to pay, the more they are compensated from the wholesale mortgage lender. Tell your loan representative that you will pay a reasonable origination fee for their services, but will not pay any markup of your mortgage interest rate by their company.
III. How Long Will it Take to Lock in My Mortgage Interest Rate?
Don't let your loan representative tell you when to lock in your mortgage interest rate. Tell your loan representative that you will decide when to lock once you're satisfied that mortgage company will not mark up your interest rate. Make sure you get the mortgage rate lock in writing and ask to see the rate lock from the wholesale mortgage lender. Comparing the two interest rate locks will show you any Yield Spread Premium charged by your Mortgage Company or broker.
You can learn more tips for mortgage refinancing while avoiding costly homeowner mistakes by registering for a free, six-part video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-three-a828.html
I. Do You Close in the Name of The Wholesale Mortgage Lender?
The answer you are looking for from your mortgage representative is "Yes." If your loan representative tells you that they close in the name of their own company, you are dealing with a Broker-Bank. Mortgage Broker-Banks are exempt from disclosure laws that protect you from predatory lending practices and you should never take out a mortgage loan from a company that does not have to play by the rules.
II. Will You Add Yield Spread Premium To My Mortgage Rate?
Yield Spread Premium is the retail markup of your mortgage interest rate by the Mortgage Company or broker. Mortgage originators do this because the more you agree to pay, the more they are compensated from the wholesale mortgage lender. Tell your loan representative that you will pay a reasonable origination fee for their services, but will not pay any markup of your mortgage interest rate by their company.
III. How Long Will it Take to Lock in My Mortgage Interest Rate?
Don't let your loan representative tell you when to lock in your mortgage interest rate. Tell your loan representative that you will decide when to lock once you're satisfied that mortgage company will not mark up your interest rate. Make sure you get the mortgage rate lock in writing and ask to see the rate lock from the wholesale mortgage lender. Comparing the two interest rate locks will show you any Yield Spread Premium charged by your Mortgage Company or broker.
You can learn more tips for mortgage refinancing while avoiding costly homeowner mistakes by registering for a free, six-part video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
http://www.mortgage-refinance-advice.com/mortgage-refinancing-three-a828.html
Refinance Your Mortgage Without Closing Costs
There are certain factors that come into play with a no closing cost refinance. Sometimes, this can mean that you have no additional expenses when you refinance your mortgage, but it can also mean that you pay a higher interest rate. There are two types of programs that lenders have for a no closing cost refinance. These are a yield spread premium and a roll in your cost program.
With the yield spread offer for a no closing cost refinance, the lender will pay all of the closing costs associated with refinancing your mortgage. You can choose to have only the true costs of the transaction included or the costs of the insurance and taxes added to it. If the taxes and insurance are prepaid, you will get a refund for that amount within 30 days of closing.
Although the interest rate you pay with this program of no closing cost refinance, you can use this method to lower your current interest rate. If you can lower the interest rate on your mortgage by 2 points and still walk away with no out of pocket expenses, this is a very good way to lower your mortgage payments and cut years off the term of the mortgage.
Under the roll in the costs program, you can have a no closing cost refinance if you have equity built up in your home. With this option, all the closing costs are included in the total amount you borrow. The advantage of this method is that you still qualify for the current interest rate. If you intend to remain in the home for at least five years before you sell, this is an affordable option in refinancing. The amount of the closing costs only adds a very small amount to the mortgage total and will play a small part in the amount of your monthly payment.
However, you do need to check around with various lenders because there are some who really mean what they say when they advertise no closing cost refinance. A no cost program should be able to lower your interest rate at absolutely no closing cost to you. Closing costs typically include the cost of getting title searches and credit reports. If you deal with your regular lender and have been making your payments regularly, they won't need to request a credit report. Since the title search was already done when you bought the home, this is already on file, so there is no need for another.
If you have equity built up in your home through the increasing value of real estate or through improvements you made, you might walk away from the no cost closing refinance with money in your pocket to spend as you wish. If you have a FRM that is at least 0.5% above the current interest rate, you can benefit from checking out the possibilities of refinancing your home. If you can afford to pay off a portion of the mortgage when you refinance, it will help you cut years off the term.
Richard Cunningham is a successful entrepreneur and publisher of several profitable websites on Homeowner Insurance, Mortgage Refinancing, and Apartments for Rent
Article Source:
http://www.mortgage-refinance-advice.com/refinance-your-mortgage-without-a829.html
With the yield spread offer for a no closing cost refinance, the lender will pay all of the closing costs associated with refinancing your mortgage. You can choose to have only the true costs of the transaction included or the costs of the insurance and taxes added to it. If the taxes and insurance are prepaid, you will get a refund for that amount within 30 days of closing.
Although the interest rate you pay with this program of no closing cost refinance, you can use this method to lower your current interest rate. If you can lower the interest rate on your mortgage by 2 points and still walk away with no out of pocket expenses, this is a very good way to lower your mortgage payments and cut years off the term of the mortgage.
Under the roll in the costs program, you can have a no closing cost refinance if you have equity built up in your home. With this option, all the closing costs are included in the total amount you borrow. The advantage of this method is that you still qualify for the current interest rate. If you intend to remain in the home for at least five years before you sell, this is an affordable option in refinancing. The amount of the closing costs only adds a very small amount to the mortgage total and will play a small part in the amount of your monthly payment.
However, you do need to check around with various lenders because there are some who really mean what they say when they advertise no closing cost refinance. A no cost program should be able to lower your interest rate at absolutely no closing cost to you. Closing costs typically include the cost of getting title searches and credit reports. If you deal with your regular lender and have been making your payments regularly, they won't need to request a credit report. Since the title search was already done when you bought the home, this is already on file, so there is no need for another.
If you have equity built up in your home through the increasing value of real estate or through improvements you made, you might walk away from the no cost closing refinance with money in your pocket to spend as you wish. If you have a FRM that is at least 0.5% above the current interest rate, you can benefit from checking out the possibilities of refinancing your home. If you can afford to pay off a portion of the mortgage when you refinance, it will help you cut years off the term.
Richard Cunningham is a successful entrepreneur and publisher of several profitable websites on Homeowner Insurance, Mortgage Refinancing, and Apartments for Rent
Article Source:
http://www.mortgage-refinance-advice.com/refinance-your-mortgage-without-a829.html
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