South Carolina | Home Loan | Mortgage | Refinance

Archive for May, 2010

The US government under Obama’s leadership have produced a stimulus package for mortgage refinancing programs designed to assist people who are facing foreclosure on their homes. The loan modifications incentive is primarily geared towards people who are struggling with mortgages on their homes and is not really intended to help out people who have houses sitting empty.

There are 2 options available, providing the criteria for qualifying for the packages are met.

Mortgage Refinancing

This is where an existing mortgage that is owned or guaranteed by one of the two large lending agencies Fannie Mae (Federal National Mortgage Association or Freddie Mac (Federal Home Mortgage Corporation)can be refinanced to take advantage of lower rates of interest. The qualifying criteria: -

The loan is not more than 105% of the house valuation

You are up to date with your repayments

Your circumstances have not changed to the extent you will not be able to afford the lower payments e.g. you still have an income that is enough to meet the payments

Loan Modifications

This is where you change the terms of your current loan (mortgage) through your existing mortgage company providing that they are participating in the program and that you meet the qualifying criteria: -

Your total payment that includes interest, taxes and insurance is more than 31% of your gross income.

The mortgage must be on your principal family home where you are currently living

Your mortgage balance is not greater than $729,750

You got your mortgage before the beginning of 2009 i.e. not on or after the 1st January 2009.

You will also be required to make the modified payments over a trial period of 3 months to prove you can finance the new deal

To find out more about mortgage refinancing or loan modification visit Need Mortgage Refinance

Article Directory: EzineArticles http://ezinearticles.com

TIME TO REFINANCE? Mortgage rates have been inching closer to a record low. Rates dip: Mortgage rates fell last week to the lowest level of the year as European turmoil caused investors to pour money into the safety of U.S. Treasury bonds. Near record low: The average rate on a 30-year fixed-rate …
Go to Source

… recent article in the Toronto Star by Stanley Taube, a former political science lecturer at the University of Toronto, has high lighted the fact that Canada Mortgage and Housing Corporation … the benefits of having CMHC insure the mortgage …
Go to Source

One controversial way to help close the budget gap is to get rid of the mortgage interest deduction that $40 million taxpayers take advantage of annually, with Mark Calabria, Cato and Lawrence Yun, National Association of Realtors.
Go to Source

Mortgage interest rates are at 50-year lows and could drop even lower. If you’re thinking of taking advantage of these low rates, TODAY financial editor Jean Chatzky has some advice for you. (Today Show) Mortgage – Refinancing – Business – Interest rate – Financial Services
Go to Source

Can bankruptcy stop foreclosure? The general answer to this is yes it can. Filing Chapter 13 bankruptcy can stop creditors from trying to collect any money from you. This includes foreclosure proceedings. But you have to make sure you do it right and keep up with your bankruptcy payments.

Banks are not in the real estate business – they do not want your home. Because of the large number of potential foreclosures right now, banks are doing everything that they can to keep a house out of foreclosure. If you are only a couple of months behind on your mortgage payments, talk to your lender immediately to try and work out a plan before any action is taken. Once your mortgage becomes more than 90 days past due, it is harder for a traditional lender to work out a solution for you.

If your mortgage is further past-due than this, and foreclosure proceedings have been started, there are still other options besides bankruptcy. After talking to a professional, if you feel that bankruptcy is your only option, go about it with a clear conscience. A lot of times people don’t file because they feel it is wrong. But if you want to keep your house bankruptcy can stop foreclosure.

How can bankruptcy stop foreclosure? When you file you are telling the courts that you are willing to work out a payment plan to pay off the arrears of your mortgage. This can also work for an automobile that is in danger of being repossessed or has been repossessed. Chapter 13 allows you the opportunity and the time to get back on track. Basically you will be making payments to the court to pay off the arrears separate from your mortgage payments. The payments to the court are stretched over five years normally, so the monthly amount is usually manageable.

Don’t wait until the last minute and lose your house. Contact a lawyer for more information. Keep the lines of communication open with your lender. You may be surprised how anxious they are to work things out.

At Real Estate – In The Know, we can direct you to more information about how can bankruptcy stop foreclosure. Get In The Know now about how to stop foreclosure, refinancing, different mortgage types and other real estate information. The Know

Article Directory: Article Dashboard http://www.articledashboard.com

For months now, you have been looking at houses and home brochures and you have finally found it — the house that’s just right. So now, you’re feeling anxious to buy your new home, move in, and get settled. But this is not where your search ends. You still have one more important task to do and that is getting a home mortgage.

Contrary to popular belief, getting a home mortgage is quite simple. All you need in order to make the right decision is to who where to look, what to look for, and what takes place when you apply for a home mortgage. Knowing what to expect, especially if you are a first-time homebuyer, may make it easier for you to get through the process.

Where to Shop

Some people may think that once they have found the house of their choice, their shopping days are over. Actually, choosing the house is only the first phase of the whole process. The next step is to find a home mortgage with payment terms that fit your budget. Thus, where you shop and what to look for are very important in this stage of home buying.

The first logical place you might want to look for home mortgages is at the bank where you have your checking or savings account. However, this shouldn’t be the only place you ought to look. There is a wide variety of lending institutions that offer home mortgage loans, including savings and loan associations, commercial banks, mutual savings banks, and mortgage companies. The lesson therefore is never limit yourself to just one option when you can have several.

Home mortgages may vary in features depending on the lending institution. One way to find the creditor with the most attractively priced loan is to look in your local newspaper and check to see if it publishes a shoppers’ guide to home mortgage credit. These shoppers’ guides are widely available and may be used to identify the lenders with low rates. However, basically, the way to find the best loan is to shop around.

What to Look For

When shopping for home mortgage loans, you should have a basic idea on what to look for in a loan. Keep in mind a few things that would serve as your eligibility criteria for a home mortgage. For example, what types of loans are available from a given institution? Does the lender make privately or federally insured or guaranteed loans? Some mortgage loans may be backed by a federal agency, such as the Federal Housing Administration (FHA loans) or the Department of Veterans Affairs (VA loans). Loans that aren’t insured by the government are called conventional mortgages. The government-insured loans may be more attractive in terms of low down payment requirements but they may be more restrictive.