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PostHeaderIcon No Cost Refi & Refi Loan

A no cost refi is when a borrower will get a high rate to offset the lender fees. A client will get a higher rate then normally would qualify for but they would get this higher rate because the lender will need to offset the fees. A higher rate with no fees is how a client doesn’t have to pay for the rate. Some clients like this because their loan amount is high enough and they do not want to raise it, so they go with a higher rate to pay for the closing costs.  Also if a client wants a refinance at no cost they will get a higher rate, because of hits to rate. This means that certain credit scores, certain, loan to values and also the type of property it is has hits to the rate. So if a client doesn’t want to get charged in the front to cover these fees, they will get a higher rate then deserved.

There always will be a time when a client wonders if it time to refinance their home. They ask themselves is refinancing my home right now a good time? And they answer is yes if the market rates have dropped compared to your current interest rate. Also if the market is a good time to refinance. A client must also find a lender that will work with them and be more of a friend and guide than a pushy muscle man. You want a lender who’s looking to help you, not just refinance you to make money. As a borrower you should see if it’s the right time for you to refinance your home mortgage.

Refi loans are when a person or persons is trying to lower their monthly payments, lower interest rate, cash out money from equity or even change the amount of years on their loan. People have great opportunities to refi their mortgages and help make their lives easier.  A Refi mortgage is when a client applies for a loan that is secured to pay off another secured loan. If a clients rate is a fixed interest rate and has now lowered then a client is more inclined to refi their mortgage to a new better rate. A fixed mortgage is a mortgage with a fixed interest rate.  A fixed interest rate is fixed for a specified amount of time; most likely a ten year, fifteen year, twenty year or even a thirty year fixed. When a client refi mortgages its benefits are to significantly lower the monthly mortgage payment. For most clients owning a home is their biggest asset. With this a mortgage payment may be the highest bill you have a month. With this being such a large payment, if you refi the mortgage you will be able to have more money every month. Another benefit may be to shorten the length of your home mortgage. This can also happen when you refi the mortgage, if you have a thirty year loan and you refi you can change it to a ten, fifteen or twenty year and save an immense amount of interest.

PostHeaderIcon Mortgage Refi & Mortgage Questions

A mortgage refi is Refinancing is explained by the replacement of an existing mortgage loan with a new mortgage loan consisting of different terms. Refinancing is the most common consumer refinance. To refinance for a lower rate than a borrower current rate is called a rate and term. Rate and term can either be just changing your interest rate and or change the term of your loan. Loans typically come in a 10 years, 15 years, 20 years, or 30 years loans. Also while paying a mortgage a borrower builds up equity in their home, when they refinance a client can cash out some of their equity. Another common reason why people refinance their mortgage is to pay off other debt, this will make your loan amount go up but it can be very beneficial to get rid of some of that debt. When refinancing this can help a borrower by lowering their monthly payments, and since the mortgage payment is most likely your largest payment than why not try to have it as low as possible. You can obtain a lower payment by either refinancing for a lower interest rate or extending the life of your loan, like taking a fifteen year loan to a thirty year loan.

When refinancing your home their come refinance costs that come with it. These fees tend to be between two to six perfect of the loan amount. With most company fees are typically lender fees, third party fees and pre-paid items. Lender fees can consist of origination fee, points, application fees, and credit report and appraisal fee. Origination fees are what the lender charges for the work in evaluating and preparing home mortgage loan. Points are the charges given by the lender at closing to increase the lender’s yield spread and the stated interest rate on the mortgage loan. Pre-paid items are the taxes and insurance these are considered a fee since a borrower has to pay them regardless of refinancing or not. Third party fees can consists of closing costs, title and title insurance. Title and title insurance fees is the cost of examining the public record to confirm ownership of the real estate property. This fee also takes care of the cost of a policy, typically issued by a title insurance company, which insures the borrower to a specific amount for any loss because of discrepancies in the title to the borrower property. Also other refinancing costs can be because of getting into an FHA loan, there is about the same fees just one extra. This extra fee is PMI which is private mortgage insurance, this insurance is just incase the borrower defaults on the loan. FHA has this because they it’s a loan to higher risk borrowers.

There are many different types of mortgage questions. These questions can all be answered by a licensed loan originator. The most common mortgage questions are what PMI is? PMI is private mortgage insurance, this is given to all FHA loan and on conventional loans it is given if the LTV or loan to value is above eighty percent. Another most common question is what are escrows and do I have to have them included. The answer to this question is escrows are the taxes and insurance of your property and they can be including in your loan if you choose that. All other questions about your mortgage can be answered by a licensed loan officer.

PostHeaderIcon House Loan & House Mortgage

A house loan is what a client borrows to purchase a home. The loan that a borrower gets from a bank or mortgage company is called a mortgage, or a note. The bank or mortgage that is giving the loan is called the lender. To pay back the lender you will have a monthly payment which is called the mortgage statement or payment. On this monthly payment the lender has an interest rate attached. There are to common types of loan conventional and FHA. The most common terms for these are fifteen years and thirty years. A fifteen year benefits are paying off the mortgage in half the time of a thirty, and also saving a lot on the interest. The benefits of a thirty year mortgage are it’s easier to qualify for, lower monthly payments. A home loan is probably the biggest investment a client will have.

The basic mortgage information about a mortgage is that it’s a lien on a property that was taken by a loan and that is paid back to the lender in monthly installments over a set term. A mortgage loan is taken out by a buyer to pay off the seller for a home in full. Then the borrower who took the loan from a lender owes it back in full plus interest. For the promise that the borrower will pay back the lender, the lender has a deed that they still own the property, until the mortgage loan is paid off. While the borrower pays back the loan, they live in the home as if they already own it. There are many types of mortgage loans, the one that best fits each client need to look at their financial standings and how long they tend to stay in the home. Some clients plan to stay in the home for thirty years or more and some clients decide to make an investment or want to pay their loan off quickly. To know which mortgage loan best fits the client it takes time and effort. Once a borrower has a mortgage they are eligible to refinance the loan. This means that the borrower can renegotiate the term and the interest rate. Refinancing is taking the old secured loan and paying it off with a new secured loan. A borrower typically refinances either to lower the monthly payments by getting a new interest rate or changing the term of their loan. A mortgage is the most likely the largest payment a client has each month so when the interest rates drop and are lower than their current rate a client can benefit greatly.

The house mortgage is the loan that a borrower took from a lender with interest. To obtain a mortgage you can talk over the phone or in person to a bank or mortgage company and take application, which can be “ran” to see if the lender will approve the loan. The information that is taken during an application is basic, until income information is needed and also the social security number. This can help determine if you can afford the loan.  Once this part is done, the lender will have a certified appraiser come out and have a appraisal done to the property to see if the value is there. Meaning that the home still has value is worth more than it was bought for. This is known as the LTV or loan to value; how much the borrower is financing against the total value of the home. Also the DTI ratio are a major factor, there are to ratio the front and back. The front ratio is percentage of income that goes toward the home and the back ratio is the percentage that goes to paying all reoccurring debt. These are some of the factors that go into obtaining a loan, the best way to see if you can get a loan or refinance the current one is by contacting the bank you have your loan from or a mortgage company.

PostHeaderIcon Cash Out Refinance & Mortgage Cost

A cash out refinance consist of a borrower choosing to take cash-out in addition to their existing loan amount. The new loan balance will consist of the current loan balance plus the amount that was wanted by the borrower. This type of refinance is typically referred to as cash out refinance. This is common when a client wants to make home improvements or pay off other debt. With a cash out refinance your actually refinance more than you currently owe and taking the difference for your self.

Mortgage costs can be very easily explained, all mortgage costs are on what is called a HUD. A HUD tells you everything you did on the refinance or on the purchase with all the costs that were included. These costs are usually Lender fees, third party fees, and prepaid items. The lender fees are the origination fee, points and application fee, appraisal fee, and credit report. The origination fee is what the lender charges for the work in evaluating and preparing the mortgage loan. Points can either be discount points or buy down a point which is charged to the borrower for a lower interest rate. When a buy down is charges this means that the rate had a hit on it so then the lender charges the borrower an extra point to get that rate. An appraisal fee is typically 300 or 400 hundred dollar and this fee can be paid at the door. An appraisal must be done by a certified real estate appraisal. Applications can be taken over the phone or in person, some companies have a fee for an application and some don’t. Pre- paid item are not considered to be fees because these must be paid regardless or refinancing or not. This is what is called escrows pre-paids are the taxes and insurance of the property. These can be included in your monthly mortgage payment or not. Third party fees are the title and closing costs fees. Closing costs fees are underwriting and processing fees. The title fees are the cost of examining the public record to confirm ownership of the real estate property. This fee also takes care of the cost of a policy, typically issued by a title insurance company, which insures the borrower to a specific amount for any loss because of discrepancies in the title to the borrower property. There are many different types of mortgage fees and these all can be shown to a client by asking for a good faith estimate. The good faith estimate is required by law to be given to client once the application process is complete.

PostHeaderIcon Mortgage Rate Refi, Refinance Closing Cost & Insurance Seller

Mortgage rate refi are the rates that are available for a mortgage. The interest rate is the yearly price which is by a lender to a borrower in order for the borrower to take out a loan. This is usually shown as a percentage of the total amount loaned. Mortgage rates depended on the client’s loan to value, credit score, and also their income. Mortgage rates can changed from day to day but stay relatively close. The way to get a lower rate is to refinance the property and see if the new rate will be beneficial. The clients that are able to get the lowest possible rates are the one who have equity in their homes and have great credit.

Refinance closing costs are the fees that one must pay during a refi. There are various types closing costs. Some of these costs are lender fees, third party fees, and pre-paid items. Lender fees consist of origination, points, application, credit report and appraisal. Third party fees consist of company closing costs, title, and title insurance. Pre-paid items are not really considered to be closing costs, these are items you pay regardless of refinancing or not. They include your taxes and insurance of your property. As a whole closing costs typically range from two to six percent of your loan amount. When the refinance of mortgage is started you will get an estimate of these costs. Also if there is enough equity in your home, the costs may be rolled into the loan. This would save you from any money coming out of your pocket at the closing. Closing costs also fit into two categories; recurring fees and non-recurring fees. Recurring fees are your monthly payments, your taxes and insurance. Non-recurring fees are points, lender fees, and application fees. All these costs for your refinance can be laid out for you in a good faith estimate which can be requested once your application is complete.

An insurance seller is one who sells insurance. In the case of mortgage this insurance is part of an escrow account. A client can have his insurance included in his payment this also included taxes. Insurance is something that everyone must have on their home in case of incidents. People can pay this separate from their monthly mortgage.

PostHeaderIcon Legal Insurance, Mortgage Closing & Refinance Interest

Legal insurance: when purchasing a home it is required to have homeowners insurance. Homeowners insurance is designed to protect an owner’s residence and personal property towards losses, paying for damages to an owner’s home and its contents. This insurance is required when refinance your mortgage, all lenders require homeowners insurance. Homeowners insurance can be beneficial because it can cover if someone gets injured while on the owner’s property. When buying a property the buyer should always have an attorney present, on a refinance it is completely up to client if they want an attorney present at the closing. The rates for the insurance are based on the location and also different companies.

Mortgage closing is when a borrower is ready to close the deal about borrowing money from a lender and signing all the documentation. At the mortgage closing the loan officer will go over any questions that the borrower may have. After this a notary republic will go over all the documents and explain everything in detail. This is a way to insure the client that everything they are going to sign they understand completely. During a closing all the documents will state everything that goes on with your loan and also all the legal descriptions. The fees that are wrapped into a mortgage closing are those of what is called closing costs. The closing costs are known as lenders fees, third party fees, and also pre-paid items. Lender fees are origination, points, application, credit report and appraisal. Third party fees are company closing costs, title, and title insurance. Pre-paid items are not typically considered to be closing costs, these are items you pay regardless of refinancing or not. These fees are broken down again by recurring fees and non recurring fees. Recurring fees are your monthly payments, your taxes and insurance. Non-recurring fees are points, lender fees, and application fees. The closing costs can also be rolled into the loan so that the borrower does not have to come to the closing with any money out of pocket.

The refinance interest is the interest rate that you obtain once you do a refinance. A refinance is when you use a new loan to pay off an existing mortgage loan. This is done with a new interest rate; these rates are given to companies by the federal government and are regulated. Once a client gets a new interest rate they are saving money on monthly payments. For instance when a client does a rate and term refi they get a new loan with a new interest rate that is typically lower than their current one. This means that they pay a lower amount very month. Rates can change daily, weekly or monthly but stay relatively close. For a borrower to obtain the lowest interest rate possible they need to have great credit and also the LTV must be low and, the loan must be for single family and a rate a term.

PostHeaderIcon Insurance Estimate, Debt Refinance & Mortgage Fee

An Insurance estimate can be obtained by calling different insurance companies. Homeowners’ insurance differs from company to company, also do their requirements. Typically homeowners go to the same company they have their car insurance or other insurances because it is usually cheaper. When refinancing a mortgage the lender requires the borrower to have insurance on the property. During a refinance a client can also want their taxes and insurance included; this is called an escrow account. An escrow account is required by the lender if you owe more than eighty percent of the property.

A debt refinance typically mean a client wants to refinance their home for a better rate and also consolidate some debt. Debt consolidation is when a client want to use a large loan to pay off smaller loans for possible a lower rate. Usually a client will consider consolidating debt when the monthly payments become too difficult to pay. This refinance can be very beneficial for people to knock off credit card debts and other revolving debts into one loan with a low fixed rate. Also for debt refinance to work their must be equity in the home. When doing the refinance the company will send out a certified real estate appraiser to have an accurate appraisal done on the home. This will determine your loan to value, in which this will tell how much debt a borrower can consolidate. Debt consolidation can be very beneficial to a client by which their debt can go into a bigger loan with a low rate and more affordable.

Mortgage fees are typically including the following: title and escrow fees, lender’s fees, appraisal fees, credit fees, and insurance and taxes. When you refinance, you have the option of financing the closing costs by adding them into the new mortgage balance or you may cover the costs with cash at closing. The Lender fees are points, loan officer origination, and credit report and appraisal fee. Third party fees are closing costs, title and title insurance. The pre-paid items are not a part of the closing costs but they a client pay these regardless of refinancing or not. They are the taxes and insurance of the property. Refinance closing cost are typically two to 6 percent of the loan. These costs are broken down into recurring fees and nonrecurring fees. Recurring fees are your monthly payments, your taxes and insurance. Non-recurring fees are points, lender fees, and application fees. A client also has the option of financing the fees, only if there is value in the property to do so. If a client decided not to have closing costs this will result in a higher rate, to cover the costs with the loan originator yield spread.

PostHeaderIcon Home Refi, Refi Loan & Second Insurance

A home refi means the same thing as refinance your home mortgage. A refinance is when a borrower pay off an existing mortgage loan with a new one. A bank or company does the refinance, they take out a new loan either with a lender or with the same one and they change your rate and sometime your loan amount. The reason that your loan amount changes is either to combine two mortgages, pay off some other debt like credit cards or home equity loans. One other reason is if the closing costs get rolled into the loan, this will result into the loan amount increasing. Reasons for home refi’s are to get cash, and or lower their interest rate which will lower their monthly payments.

Refi loan is a loan that is obtained once a refinance is done on the home. When a borrower has a mortgage loan and they want to lower their monthly payments or change the terms of the loan or even cash out this mean that they want to refinance. When a refi on a loan is done it means that a bank or financial company pays off the current mortgage and get the borrower a new loan with a lower interest rate. To refinance your home there are many different factors that come into play. Like if the borrower DTI ratios are where the lenders want them. The DTI ratios are the borrower debt to income ratios which tell the lender how much money goes towards the mortgage payment this is called the front end DTI. The backend DTI is how much income it takes to take care of all the debt. Another factor is the LTV, this mean the loan to value. A refi loan take time, but if done properly can benefit the borrower a significant amount.

A second insurance means a client who has to mortgages. When a client owns second home their Homeowners insurance on second home will be much higher than their primary insurance. An Increased premium on the second, this is do to the fact the client doesn’t spend as much time at the second home, as they do on their primary. On your primary residence you can get a much better rate than you can on your second home insurance.

PostHeaderIcon FHA – PMI Insurance

PMI stands for private mortgage insurance. PMI is simply a insurance for the lender to have, incase the borrower defaults on the loan. The clients that have PMI are the ones who own less than twenty percent of the property. If a client got into an eighty-twenty loan they most likely have PMI.  The way that a borrower can get rid of PMI is by refinancing once they own more than twenty percent or if their house apprises for more. For a client to get ride of PMI they need refinance and they need to have their LTV under the eighty percent mark to get away from PMI. If a client is purchasing a property and do not put twenty percent down this will mean that they will have PMI. PMI is a way that lender allow borrower to get a loan with out putting twenty or more percent down.

Refinance no cost is true, but the borrower of the loan will pay a slightly higher interest rate. The cause of this is because the mortgage company need give a higher rate compared to borrower who pays the closing costs. Typically, the loans have interest rates about 0.25 to .50 percent higher than other loans. The more interest is reworked as a yield spread for lenders, and it shows as a fund from which closing costs can be paid. The thought that many borrower have is “is no closing costs a good idea”? If you are planning to stay in the home for a short period of time than a no cost refi may be a good option for you. If you are planning to stay for a longer period of time than getting the lowest possible interest rates available would be a better option.

An FHA refinance is basically the same as a conventional refinance just that FHA requires to mortgage insurance. FHA loans are made to make housing more affordable for first-time homebuyers and those with low to moderate income. Also FHA only requires that a borrower puts down 3.5%. The mortgage insurance that FHA requires is because they take the higher risk loans. If a client is already in an FHA loan they can do a streamline, which mean that you’re doing a rate and term without and appraisal, credit check, etc. The best way to learn about what FHA has to offer is by calling a financial company and speak to a licensed loan originator.

PostHeaderIcon Closing PMI

Closing refinance has fees that come along with it. Closing costs are the fees that one must pay during a refinance. There are all types refinance mortgage closing costs. These costs are lender fees, third party fees, and pre-paid items. Lender fees are made up of origination, points, application, credit report and appraisal. Third party fees are made up of company closing costs, title, and title insurance. Pre-paid items are not really considered to be closing costs, these are items you pay if you refinance or not. They include your taxes and insurance of your property. As a whole closing costs typically range from two to six percent of your loan amount. As the process of the refinance has began you as a borrower can ask for a good faith estimate. This good faith explains all the costs and all fees. Also if there is enough home equity, the costs may be rolled into the loan. This would mean that at the time of the closing no out of the pocket money is required. Closing costs also fit into two categories; recurring fees and non-recurring fees. Recurring fees are your monthly payments, your taxes and insurance. Non-recurring fees are points, lender fees, and application fees.

Mortgage taxes are the property taxes that can be included the loan. Property taxes an annual local governmental tax on real property or personal property based on a tax rate. If a borrower decides they do not want to have the taxes included in the loan than there loan to value must be under eighty percent otherwise they are required to be included. In a mortgage you can also have your insurance included with the taxes and this is called an escrow account. Mortgage escrow accounts make sure that borrowers’ property taxes, fire and hazard insurance premiums, mortgage insurance premiums and other escrow items are paid on time. Mortgage taxes can be a hassle during the times that they are due, so an escrow account can be very beneficial to the client.

Mortgage PMI is private mortgage insurance. This private mortgage insurance is required by the lender if the borrower owes less than twenty percent of their home. PMI is strictly for the lender to be covered, just in case the borrower defaults on the loan. There are ways to get around PMI, one way is to own more than twenty percent of home and refinance it to get rid of the PMI. Another way not to get PMI is when buying a home put down twenty percent of the purchase price.

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