When you’re just starting out, the best mortgage is often one that lets you make lower payments in the early years and bump them up them as your career takes off and your earnings increase. And there are many interest-only and ARM products available to meet this need. But what about as you near retirement? [...]
Archive for the ‘Home Refinance’ Category
Refinance or Reamortize Your Mortgage?
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My Lender Won’t Give Me a Good Faith Estimate!
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The new GFE is expected to save borrowers an average of $700 per mortgage transaction, according to HUD. It makes shopping for a mortgage refinance easier and more transparent, putting the terms of your home loan upfront where you can easily see them, and including a worksheet to compare different home loans. But many lenders [...]
Can I Refinance a Second Home?
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Refinancing a second home with Fannie or Freddie Mac doesn’t cost any more than refinancing a comparable primary home. There are no risk-based pricing adjustments for second homes. While financing an investment property at 80% of its value can add 3.75 points to your fees, that’s not the case with a second home that meets [...]
Refinance to an ARM?
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Borrowers who took out adjustable rate mortgages three or four years ago have seen their loan rates move with financial indexes to about 3%. However, with analysts predicting that rates on mortgage loans of all types should increase in the coming years, even happily ARMed homeowners are contemplating a switch to a fixed-rate mortgage, according [...]
Your Adjustable Rate Mortgage: Blessing or Bomb?
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As a loan officer I used to plot several graphs for my clients considering adjustable rate mortgages (ARMs). I’d routinely show them the best case, worst case, and most likely scenarios, and let them decide if they wanted the savings of the ARM or the safety of the fixed loan. If you’re trying to decide [...]
Refinancing a Stated Income Mortgage
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Whether you can get approved to refinance a stated income mortgage today depends to some extent on the reason you took out such a loan in the first place. If you needed one because you just didn’t want to deal with complex self-employment forms, or your business didn’t yet have a two-year track record (and [...]
Music to Your Ears: The HARP Refinance
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The Home Affordable Refinance Program, or HARP, was created to let creditworthy homeowners who have too little equity to get a home loan through normal channels refinance to the best available mortgage rates. To qualify, you don’t have to demonstrate a financial hardship–in fact you should not be in default on your mortgage. To refinance [...]
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