MORTGAGE REFINANCE

A mortgage refinance has always been dependent on a good credit score. In the past, people with solid credit histories have had nothing to worry about. However, recent actions taken by the credit card industry are affecting even credit-worthy people who’ve always played by the rules, casting doubt on their ability to get a mortgage refinance.

REFINANCE MORTGAGE LOAN

Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc. If this original loan had a fixed interest rate mortgage which has now declined considerably, then you would like to avail of a new loan at a more favorable interest rate.

REFINANCE OF MORTGAGE LOAN OPTIONS:

Typically home refinancing is done when you have a mortgage on your home and apply for a second loan to pay off the first one. While taking the decision to go for the home refinancing option, it is important to first determine whether the amount you save on interests balances the amount of fees payable during refinancing.

BENEFITS OF REFINANCING MORTGAGE LOAN:

A house is the largest asset you may ever own. Likewise, your mortgage payment may be the largest expense you’ll have in your monthly budget. Wouldn’t it be great to use this asset to reduce your monthly payment and put extra cash in your pocket? When you refinance your mortgage, you can take advantage of the equity in your home and enable this to take place.

Mortgage lenders is that word we use to lump together all the institutions and organizations who give money to people to buy their homes in the form of home equity loans. These are our lenders: banks, companies that have some sort of loan program, insurance providers and trust companies

Continue reading Mortgage Lenders What Are They

QUESTION

I am buying a house and mortgage is in my name only. I would like to add my registered domestic partner to the title after escrow closes. How is this done?

ANSWER

You will have to sign a quit claim deed  and add your partner to the property deed. Your name will be mentioned as the grantor of the property whereas both you and your partner’s name will be mentioned as grantee to the property.

Over the past couple of days, a new possible excuse for the recession has been coming up here and there and it’s called the mark-to-market accounting rule, and not a lot of people know what it is. I had to look it up myself, and I’ll try my best to explain what it’s about.

Continue reading Mark-to-Market and Mortgages

Basically, when you talk about a jumbo mortgage, this is essentially a mortgage with a larger amount than the normal limits set by industry standards. These standards are defined by our mortgage giants Freddie Mac and Fannie Mae.

Continue reading What is a Jumbo Mortgage?