Refinancing is when you get a loan (secured) to pay down an old loan. In this case, “mortgage refinancing” thus meaning to pay off your old mortgage.
This most often happens to get a lower rate of interest or to get some cash out to do other things with from the equity your home provides. There are a few steps that one goes through during the mortgage refinancing process.

1. You obtain and then complete the loan application that is in front of you.
   
2. You then are presented with loan offers from the loan consultant.
   
3. Once you choose what one you will go for, there will be some documentation that will be needed to start it.
   
4. After a brief period of time you will receive the various disclosures (legal information, terms etc) to which if your in agreement, you sign and return them to your loan consultant.
   
5. Upon the loan consultant receiving this information he or she will set up an appraisal company to contact you about appraising the value of your home. This must be done so that the loan is secured against the predetermined value of your home.
   
6. You sit back a little, as your loan consultant does the work to order the payoff of your old loan with the new one and a title search and processes the loan file.
   
7. The underwriters then obtain the information from the loan consultant and either approve it or request any additional information they may need. If they need more information, they will get a hold of your loan consultant to get in contact with you. Then if all goes well, the final approval is given and a closing date is scheduled.
   
8. The final document is sent off to the title company, notary public, or lawyer who is closing it. You then sign any final documents, provide id, etc.
   
9. During the next three days, you have the right to cancel your new loan agreement.
   
10. The mortgage refinance process is completed and you have successfully refinanced your mortgage.HOW TO REFINANCE UR MORTGAGE : Refinancing…

SunTrust Mortgage is the mortgage lending division of SunTrust Banks Inc., an American bank holding company with 1700 branches and offices throughout the southern United States. In its current form, SunTrust Banks Inc. is the result of the 1985 merger of the Trust Company of Georgia and Sun Banks Inc of Florida.

One of achievements of SunTrust Mortgage is that they helped underwrite the IPO of Coca Cola back in 1919 resulting to SunTrust Banks to hold 48 million shares of Coca Cola worth approximately $2 billion. SunTrust offers ten to forty year fixed rate mortgages with financing on up to 1035 of the property value.

They also offer a variety of ARM loans with cap on interest rate varying from year to year. SunTrust Mortgage also offers Jumbo loans, FHA, and VA mortgages, and special terms for loans on student condominiums. Florida foreclosures are up 70% over last year. Currently the state is behind only CA and Nevada in number of foreclosures. While many lenders have given lip service to the current loan crisis and the need for individual assistance, SunTrust is one of the few to actually make a commitment to refinance and write off some loan amount in order to keep Florida residents in their homes.

An in-depth review of SunTrust Mortgage and their holdings will be posted in the next couple of weeks.

Looks like the housing market is looking up….NOT. Housing prices are not recovering. This is horrible. Properties were once one of the best ways to get rich in America but this is not true anymore. According to a lot of articles that are coming out this week, the house is not your biggest asset anymore. You can be better off renting, at least you will be recession proof, or at least your net worth will not take a serious hit if your value of your property takes a hit. Mortgages are crazy these days. The interest rates have started to come up but the housing prices are not. How can people win in an economy like this? Bad credit mortgages can help you do that.

I think it will be easier to just move back in with your parents if you don’t have money to pay for your mortgage. Move in with the entire family, take your wife kids and second car back to mom. Save a lot of money that way by sharing in the utilities, sharing in the space, and paying no mortgage at all. More money for grand family vacations to Europe.

Seriously, if you don’t have work or are trying to find work or don’t think you’ll have any work in the near future, it will be crazy to keep an expensive mortgage. If you lose your job, you don’t have any protection at all and you could lose your house and the money that you already put into it. With housing prices totally depressed, you will lose money on the deal and will probably get no money back. Scary proposition right? Well, that’s the reality of the world these days, folks.

The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP), (3) providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP), and (4) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA).

Question:

I have a 100000 career as a Registered Nurse and have a foreclosure on my record from 2 1/2 years ago. My credit score is about 640. My boyfriend is self employed but has the option of getting a VA loan. He is in construction and has had to claim a loss on his taxes the last two years just to make it through. He has a credit score over 780. Is there anyone that will give us a mortgage loan under these circumstances?

Answer:

Several options comes to mind:

• FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
• Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
• Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.