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 [...]
...Read MoreAs 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 [...]
...Read MoreWhether 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 [...]
...Read MoreThe 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 [...]
...Read MoreToday, conforming loans are very different than they used to be. Fannie and Freddie have been taken over by the government, and the government doesn’t want them getting silly with taxpayers’ money (any more). So, they have implemented what is known as risk-based pricing. Risk-based pricing is similar to what your auto insurer does–if you [...]
...Read MoreDebt management and debt consolidation are both tools that can help make your debt more affordable. In fact, debt consolidation can be part of a debt management strategy. Here’s how.
Debt Management Techniques
Debt management usually involves making a monthly payment to a debt management or credit counseling company, which then divides the payment between your unsecured [...]
Are you sick of all the advertisements proclaiming that interest rates are under 5%, when you can’t get anything lower than 6.5%? Jumbo lenders feel your pain, and there may be a way around it.
Your Big Fat Mortgage Refinance
What can you do to get a lower interest rate today on a jumbo mortgage?
First, look up [...]
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