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Okay, you’ve decided to refinance your mortgage. How do you know you will qualify? What does a lender look for from you? Can you pass all the tests? These are questions that cause lots of anxiety with potential refinancing candidates. Let’s look at these in more detail.

Lenders will normally allow the buyer to cash out at 90% of the value of the house. Monthly mortgage insurance is usually not required on cash out refinance or for any type of VA home refinancing because the government guarantees the loan to the bank so the risk to the bank is eliminated. Lenders will consider the co-signer’s existing credit. The co-signer essentially ‘vouches’ for you while you build credit.

Lenders are increasingly engaged in risk-based pricing. If properly quantified, the additional credit risk taken when originating high LTV mortgage can be compensated by higher interest rate charged to customers. Lenders and mortgage companies may charge a much higher interest rate or mortgage rate for your secondary mortgage because second mortgages and home equity loans can be a higher risk for them. This is just one of the reasons why it’s important to shop around to receive the best mortgage quote you can. Lenders are more comfortable approving a second loan when secured by a piece of property. Because second mortgages are secured by the home and if a person were to default on the payment; the lender may foreclose on the property.

Lender want to see that you pay your bills every month on time, as agreed. Second mortgage lenders are always concerned about past bankruptcies, collections and various delinquencies that the credit bureaus are reporting on your credit report. The only snag is the higher rates but when you need the money – who cares about higher interest rates. Lenders charge an administrative fee of about $250 along with an appraisal fee that lies between $300 and $400 for a standard owner occupied single family residence. They also demand fee for obtaining and checking the credit reports. Lenders typically require a 20% down payment to ensure that the borrower would not default on the loan.

Hopefully you will pass all these tests, but if you are having trouble take your time. When the time is right, you should know. Don’t force the issue. That is the best way to get into trouble and make a big mistake that can cost lots of money.

Good luck!

Peter Richard Johnson is webmaster for www.refinancingamortgage.net. This site has lots of information about refinancing and mortgage information.

Article Source:http://www.articlesbase.com/mortgage-articles/can-you-pass-the-test-for-refinancing-a-mortgage-1745064.html

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President Obamas “Making Home Affordable” plan allows millions of homeowners the chance to get a 2% mortgage interest rate through new refinancing options. This housing stimulus plan is designed to prevent people from losing their homes, and save them money. Here are some of the biggest benefits of using President Obamas stimulus plan for yourself.

Homeowners with bad credit, financial hardships, bad debts, or other related problems can now easily get help refinancing a mortgage. These new refinancing options are provided through the economic stimulus plan that President Obamas administration enacted last year. Over $75 billion is being used to help homeowners and keep mortgage interest rates low for everyone.

This money is being given to mortgage lenders and banks as well. Every time they approve a mortgage refinancing that helps a struggling homeowner and complies with Obamas stimulus, they lender or bank will receive a cash incentive. This money is the key reason why mortgage lenders and banks can offer new mortgage refinancing options to nearly any homeowner. That means that homeowners who have been denied before, or believe their financial situation is to bad to get help, can now easily get approved for a mortgage refinancing, save money, and prevent their home from being lost.

This program is designed to help over 8 million people. Never before has such a program been enacted by the Government that can help so many individual homeowners, and entire neighborhoods. If you need to save money, are paying too much in interest rates, or need to prevent your home from being lost, use this Obama economic stimulus plan now. Take action and start saving some money, secure your financial future, and prevent losing your home.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/easy-mortgage-refinancing-with-the-housing-stimulus-plan-from-president-obamaf-1734066.html

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Mortgage refinancing options now exist for nearly every homeowner who is struggling to make their monthly mortgage payments. This is all because of a $75 billion stimulus program from President Obama called the “Making Home Affordable” plan. This housing stimulus plan enables millions of people to easily get approved for a mortgage refinancing or modification that will lower their monthly home loan payments, save money, or prevent their home from being lost. Here is how this plan works.

This plan is designed to help homeowners regain some of their financial security, save money, and save homes from being lost to foreclosure or mortgage default. Never before has the Government gotten this involved in helping homeowners. The new mortgage refinancing and modification stimulus plan is funded by over $75 billion in Government money that keeps interest rates low, and allows millions of people to get help refinancing or modifying a home loan.

The benefits of this stimulus program are huge and the key to how homeowners will get help. Some of the biggest benefits include:

-Low 2% mortgage interest rates for homeowners, who are barely able, or unable to, pay their mortgage. This rate decrease will save many people a lot of money and allow them to have a better control of their finances and expenses.

-Very easy qualification requirements for struggling homeowners looking to get approved for a mortgage refinancing or modification. Bad credit, upside down mortgages and other financial hardships will not disqualify a homeowner from getting help.

-Monthly mortgage payments will not be larger than 31% of a homeowner’s gross s monthly income. This will be a big reduction in payment amount for many people.

Millions of people can, or are, getting help by refinancing or mortgage modification with Obamas stimulus plan. Take action now and save yourself some money, and your home. Do not let your situation get worse without trying to help it. Contact a mortgage lender or bank today and see what options may exist for you.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/get-2-mortgage-rates-with-new-mortgage-refinancing-options-from-obamas-stimulus-1730352.html

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Many people considering a mortgage refinance should not wait too much longer to do so. That is because right now interest rates are near all time lows, and I predict that will change. Here are my mortgage interest rate predictions for 2010 and how I made them.

I predict that starting in April of 2010, home interest rates will start to rise. I think that ultimately, by the end of 2010, mortgage interest rates will have risen by 1.75%. The increase will be in smaller amounts throughout they year. Expect bi monthly increases of anywhere between .25% and .75%. While this does not seem like an enormous set back if you are planning a refinance, it actually is. This small interest rate increase adds up to a lot of money quickly when it is applied to a large loan over a long period of time. This will also make mortgage refinancing a not good deal for some people due to the increased expenses.

I think that mortgage rates will rise do to an improved economy, and a better, more stable, housing market. This means that less people will be losing their homes, and property values will stabilize or rise. While the recovery may be slow, it will be a recovery. While this is good news overall, it is bad news for homeowners who are looking to refinance a mortgage. This will lead to the predicted mortgage rate increase, and cost anyone looking to refinance more money. This does not mean that refinancing wont be a good move, it just means it will be more expensive, regardless of your financial situation.

Homeowners should take action now and refinance a mortgage today at the near record low interest rates. Odds are, the longer you wait, the more it will cost you. Do not wait any longer and take advantage of the offers available now.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-interest-rates-predicted-to-rise-in-2010-1724834.html

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Mortgage refinancing is extremely popular right now due to near record low mortgage interest rates and new Government housing bailout programs. Millions of people will benefit by refinancing now and avoiding the mortgage rate increase I predict to happen later in 2010. Here are my mortgage interest rate forecasts and predictions for 2010, and how I made them.

Right now the housing market is in terrible shape and over $75 billion from Obamas stimulus plan is being used to keep interest rates low and provide mortgage refinancing options to nearly every homeowner. These mortgage refinancing options are available to homeowners with bad financial problems and are designed to lower the monthly home loan payment to an affordable level. This means that a lot of the stimulus plan is being used to keep mortgage rates low in general, and this makes refinancing a mortgage for anyone a very good thing to consider.

Also, since the housing market is in such bad shape, interest rates had to stay low to provide some market stability. Now though, I believe that the housing market has seen its worst days, and things will get better in 2010. This means that mortgage rates will rise. I think that around April mortgage interest rates will rise, and continue to do so throughout the year. I predict that when all is said and done, mortgage interest rates will be around 6.70% as opposed to the 5% they are now for a typical 30 year mortgage.

A small 1.70% rate increase seems insignificant, but in reality it will eliminate the benefits that refinancing a mortgage will have for some people. This rate increase also means that anyone who does refinance will end up paying more for their home than if they were to refinance now, regardless of their financial situation.

Homeowners should refinance a mortgage now and avoid the possible rate increases I predict will happen. Do not let the rates rise before you take action, save yourself money and refinance now.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/2010-mortgage-interest-rate-forecast-and-prediction-1717409.html

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