Refinance Your Loan! Here are Some Ways – Part I

Okay we’ve talked a lot about Refinancing your loan. But how to do it? What are your options? In this first part, we’re going to show you what options you have when it comes to a refinance move. Your home mortgage will go a long way yet. 🙂

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Fixed mortgage rates down

April 30 (Bloomberg) — Fixed mortgage rates fell for a third consecutive week, matching the record low reached earlier this month, driven by Federal Reserve Chairman Ben S. Bernanke’s plan to buy home-loan securities to bolster the housing market.

The average rate of a 30-year mortgage dropped to 4.78 percent, the lowest in records dating to 1970, McLean, Virginia- based Freddie Mac said today in a statement. The rate hit that level the week of April 2. This week’s 15-year fixed rate was unchanged at 4.48 percent.
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SunTrust Mortgage: A Brief Review

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.

QA1: Should I Refinance?

Question: Should I Refinance? Our home mortgages remain both our biggest monthly bill and our greatest investment. With all the economic uncertainty, we still have very low interest rates between four and five percent for 15 year loans, and less than six percent for many 30 year loans. A question facing many families is: Should I refinance?

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Mark-to-Market and Mortgages

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.

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Interesting bits

Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.