Mortgage Closing Costs What Can You Reasonably Expect to Pay?

Taking out a mortgage loan can be an expensive process and if youre not careful you can easily overpay thousands of dollars. Careful comparison shopping of mortgage interest rates, lender fees and closing costs will ensure you do not overpay. Here are several tips to help you recognize fair lender fees and closing to avoid making costly mortgage mistakes.

When comparison shopping for a mortgage loan it is important to compare the interest rate and all fees associated with the loan offers. Pay close attention to the origination fees, processing fees, and closing costs found on the Good Faith Estimate. Mortgage lenders will usually provide you a copy of the Good Faith Estimate if you ask for one. This document is critical for comparison shopping because the Annual Percentage Rate does not give enough information to make an informed decision as to which loan is best.

Before you consider closing costs, look at the origination fee found on your Good Faith Estimate. Make sure this origination fee is not greater than 1.5% of the loan amount for a home you occupy. The processing fee on the Good Faith Estimate should not be more than $400. If either of these fees is higher consider finding another mortgage company before looking at closing costs.

What are Mortgage Closing Costs?

Closing costs are the expenses you pay that cover the costs of finalizing your mortgage loan. Closing costs vary widely from one mortgage lender to the next and many lenders mortgage refinancing and inflate these expenses. You can reasonably expect to pay as much as 3% of your loan amount in closing costs.

There are two types of mortgage closing costs. The fees are either non-recurring or recurring fees. Non-recurring fees are one time expenses you pay like the origination fee or discount points. Other non-recurring fees include the title search, survey, appraisal fee, and the cost of credit refinancing mortgage Recurring fees and those you pay at closing and every year after that. These fees include mortgage interest, taxes, and insurance. To avoid overpaying these different closing costs it is important to carefully review the Good Faith Statements to find out what is being charged and who the fee is paid to.

You can learn more about your mortgage options, including costly mistakes to avoid by registering for a free mortgage tutorial.

To get your free mortgage tutorial visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Mortgage Refinancing Information

Loan Modification - Frequently Asked Questions

What is a loan modification?

A loan modification is a fixed and permanent change to one or more terms of a mortgage, resulting in more favorable interest rate and payment requirements for the borrower.

Is it different from "refinancing"?

Yes, refinancing a home loan requires the expenditure of closing costs, appraisal fees, origination, documentation and other junk fees. A modification simply changes the rate and mortgage payments of your existing loan.

Do I need an attorney?

In order to consummate a modification, you have to have a willing lender. Loss mitigation divisions of banks have their hands full with the downward spiraling real estate market and distressed properties. You will have a much better chance of getting the attention of a bank representative if you are represented by an attorney. Most lending institutions won't even talk to you until you're two or three months delinquent in payments, at which point it's often too late to salvage the home. Going it alone or enlisting one of the many "loan modification mills" proliferating throughout the internet are a far inferior means to a desirable end.

How does predatory lending fit into the equation?

If you are a victim of unfair lending practices, whether perceived or actual, an attorney can use that as leverage in negotiating a modification. An attorney mortgage refinancing what predatory lending is and will be able to identify evidence of it in your loan documents. He or she also knows what the applicable penalties are.

For instance, in many states, including Nevada, an unscrupulous lender may be liable to the borrower in an amount equal to the sum of three times the amount of any actual damages sustained by the borrower, plus the borrower's attorney's fees. A lender may also be forced to forfeit interest, disgorge interest previously paid or even suffer cancellation of its deed of trust.

What if I can't afford to refinancing mortgage an attorney?

In skillfully negotiating a loan modification, all terms are on the table and actual attorney's fees paid may be capitalized into the modified principal balance.

Garrett Sutton, Esq. is a corporate attorney and is the author of "Own Your Own Corporation" and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com

To get a FREE copy of Garrett's book, "What to Know Before you Incorporate" log onto http://www.corporatedirect.com

Interest Rate Predictions

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Second Mortgage Loans Made Easy

There are many occasions in which you require large amount of money. The reason can be anything like maintaining refinancing mortgage home, refurnishing the interior of the home mortgage refinancing even for a holiday vacation on a good tourist location. Mostly you will not be having the required amount in your wallet to fulfill the dream. How can you arrange such a huge amount within a short period of time? The best way for getting such an amount is going for a second mortgage loan if you already own a house. These loans works on the equity on your existing property.

The mortgage loan amount purely depends on the equity of your home. Equity means the balance amount getting after subtracting the liability of the home from actual worth of it. A percentage of this amount will be disbursed as second mortgage loan. This loan takes the first mortgage loan as the collateral security. You may have to go for more insurance coverage if total mortgage loan exceeds the insured policy amount of your home.

These loans in general have the same interest rate as that of the first mortgage loans. It is always better and comfortable to have the second mortgage loan in the same bank or lender from where the first mortgage loan was availed. If you have the first mortgage loan from a government agency, you have the option to take the this loan from a private lender as well. These loans are very popular and all lending agencies have competition each other to issue second mortgage loan to the potential home owners. Some people have wrong impression that second motivates loans are highly expensive as they carry high interest rates. Second mortgage loans are not at all expensive than first mortgage loan, these loans are in all ways equivalent to first mortgage loans.

Nowadays getting these loans are very easy as many companies offer online facilities for registering with them. To claim a second mortgage loan in general, you require a good credit balance. Especially this is true for the case when you go with Government agencies like banks and other financial institutions. But there are many private lenders who are very much willing to offer these loans to those who do not have good credit balance or have only bad credit history.

To have a best deal on these loans you have to be little attentive. In the present day scenario, the online website of the lenders gives you all the required information about second mortgage loans within minutes. It is advisable to have the details of the second mortgage loan providers, their conditions and the interest rate they offer from their online website. You have to compare the interest rate between the companies and check whether they are having any hidden charges like processing charges, evaluation charges etc. Also make sure that you are entering in to a deal only with a reputed second mortgage loan offering company.

Jon Elton owns and operates a Car Home Life Insurance Quotes website to help while making decision about insurance. He also operates a Cheap Car Auto Insurance site to help taking decision about auto Insurance.

Maine Mortgage Loan Brokers

The state of Maine is a big and confusing and often can be a marketplace for Maine mortgage loans and it could be quite overwhelming mortgage refinancing go out on your own without professional financial help. The sensible thing to do is to hire a Maine mortgage loan broker to help you with your needs.

Because it is the Maine mortgage loan broker's job to find the lowest mortgage rates and are often experts on the details of the business, they are the most suitable people to hire if you are planning on a acquiring a Maine mortgage loan. Over eighty five percent of Maine mortgage loans are transacted by mortgage mortgage brokers working for consumers. Because of their vast experience, they have the ability to mortgage refinancing all options to find the most appropriate mortgage for you.

When you are looking for a Maine mortgage loan broker, one characteristic that you should look for is truthfulness largely because it deals with money. Your Maine broker should stay true to their word and should meet all promises made to you. Always try to read the fine print before contracting with any broker. Try to also make sure that your broker has your best interest in mind and does not force programs or other deals onto you that you do not really need. A suitable broker will assest you in your financial circumstances and put you in a proper program. It may also be in your best interest to compare rates of other brokers and find out if their fees are rational.

Fees can differ widely depending on terms, rate of the loan, conditions and more. Most banks and brokers also may profit in several ways. It could often be categorized into three catergories: front end fees, back end rate and the combination of the two of them. Simply put, some brokers charge at the start of the mortgage loan, sometimes commission basis, and some do both. It is in your best interest to be clear about all terms and fees before hiring a broker for a Maine mortgage loan.

We hope you enjoy this article: http://www.mainerefinance.org

Cash Out Refinance

If you have owned your home for a period of time long enough to obtain some equity through your monthly mortgage payments and appreciation, you may be considering borrowing off the equity you have established in your home.

This can be known as cash out refinancing, where you basically refinance your home and get some cash back in the way of a lump sum at the closing table.

Borrowing off of the equity in your home is done by many people and used for many different things.

Such as, home improvement projects, new cars, college expenses, family vacations, etc.

Of course, just like everything else in life, the process isnt one of the easiest of things to do in the world. But if you take your time, do your homework, and find the right lender and mortgage refinancing officer, the task in front of you will be a lot less painful.

The mortgage industry is a very competitive one, so be sure to shop around and look for the deal that is best for you.

If you are not interested in doing the shopping around yourself, consider finding a mortgage broker to do the shopping for you.

A mortgage broker is a person who works as a liaison between the customer and the lender. It is the job of the mortgage broker to shop lenders for the consumer to find the mortgage program that best fits their needs and budget.

Allow for a few brokers to assess your situation, than base your decision on the one that best fits your needs and budget.

Keep in mind, most cash out refinances are tax deductible, so be sure to run it by your mortgage refinancing at tax time.

Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

Mortgage Acceleration Secrets That Reveals the Fortune That Lies Hidden in Your Home

What is Mortgage Acceleration?

Mortgage acceleration is the method of applying basic math techniques to eliminate or reduce the total balance on a mortgage loan in quick time beyond the natural maturity schedule.

It means that you can payoff your loans much faster than normal, in some cases 10 to 15 years faster.

Mortgage acceleration helps you take advantage of a little-known technique which your interest is dramatically reduced, saving thousands of dollars.

Mortgages can be totally paid off in half of the time without any changes to your budget or lifestyle.

How Does Mortgage Acceleration Work?

Any mortgage loan can be paid off quickly with the help of a debt payoff calculator. The mortgage loan principal is calculated along with the expected simple interest to come to a total, final payoff amount.

You can annoy the banks by making payments in advance, avoiding significant interest added to your account.

Using some basic math methods, you can gain the upper edge, paying much less in interest and applying these savings directly to your mortgage balance.

Mortgage loan acceleration programs reward you for what you are already doing: paying your loan payments and receiving interest on your bank accounts.

This "secret" is taking the American marketplace by storm.

Homeowners are taking the bull by the horns, refusing to allow the banks to take advantage of them any longer. Once you find out the secrets techniques, you will ask yourself why you never thought of it before!

What Mortgage Acceleration Does Not Involve?

Mortgage loan acceleration does not require you to participate in a bi-weekly payment plan. You will not make any extra payments on your home, nor must you add $50 to your monthly payment schedule.

It is not necessary to invest your savings or create an adjustable rate mortgage. You will not need to purchase budgeting software or attend informational seminars.

You are not required to spend any more money than what you are currently spending. Mortgage acceleration does not involve miracle cures, fancy solutions, farfetched ideas, or too-good-to-be-true sales refinancing mortgage The details are all in the simple math behind this.

What are the Benefits of Mortgage Acceleration?

Mortgage acceleration, when executed appropriately, will effectively allow you to completely payoff your loan or mortgage and, in many cases, pay off all of your other debts in half of the time.

The first step of mortgage acceleration plans utilizes a debt payoff calculator to determine how quickly your loan can be paid refinancing mortgage The calculator gives homeowners greater flexibility in terms of accessing your equity and repayment options.

Homeowners who use mortgage acceleration programs and the related debt payoff calculator eliminate several common risk factors of carrying a high mortgage balance such as inability to sell, inability to refinance, and foreclosure.

Homeowners are taking the bull by the horns, refusing to allow the banks to take advantage of them any longer. Once you find out the secrets techniques, you will ask yourself why you never thought of it before!

What Mortgage Acceleration Does Not Involve?

Mortgage loan acceleration does not require you to participate in a bi-weekly payment plan. You will not make any extra payments on your home, nor must you add $50 to your monthly payment schedule.

It is not necessary to invest your savings or create an adjustable rate mortgage. You will not need to purchase budgeting software or attend informational seminars.

You are not required to spend any more money than what you are currently spending. Mortgage acceleration does not involve miracle cures, fancy solutions, farfetched ideas, or too-good-to-be-true sales methods. The details are all in the simple math behind this.

What are the Benefits of Mortgage Acceleration?

Mortgage acceleration, when executed appropriately, will effectively allow you to completely payoff your loan or mortgage and, in many cases, pay off all of your other debts in half of the time.

The first step of mortgage acceleration plans utilizes a debt payoff calculator to determine how quickly your loan can be paid off. The calculator gives homeowners greater flexibility in terms of accessing your equity and repayment options.

Homeowners who use mortgage acceleration programs and the related debt payoff calculator eliminate several common risk factors of carrying a high mortgage balance such as inability to sell, inability to refinance, and foreclosure.

To find how fast you can eliminate your debt and retire early, please go directly to http://www.eqxl.com enter your information directly into the free mortgage pay off calculator and within 4 seconds you will find out exactly what this system can do for your situation.

And we will give you a valuable guide to help you implement this program so that you can be on your way to being debt free today.

Do I Need a House Short Sale? Analyze the Situation of Your Upside Down Mortgage

"Do I really need a short sale?" That's the first question you should ask yourself. If your not familiar refinancing mortgage all the options, click on over to this page,"What are My Options?" and educate yourself. If none of the alternatives seem right for you, and you want to avoid foreclosure, read on! Keep in mind, I'm not in the real estate or mortgage business, I'm just an investor who got caught up in the same situation your in now. Here's how I determined my positions:

1) Find a Realtor: I'm using a realtor. I called a bunch of places that claimed they specialized in short sales, but most of them were referral services. My CPA advised me to run, if anyone asked me for money up front, and a bunch of them did. That seemed like sound advice, and I found that to be the general consensus among the professional community. I consulted my CPA, and my real estate attorney, and both of them advised me that a realtor would be the best person to handle my short sales. Besides, they're used to talking with lenders. I chose to go with a real estate agent who is also happens to be a broker. I feel safe in using a person like this, because she has a "fiduciary duty" to look out for my best interests, and even more so because she is a broker. That's in the real estate laws!

2) Price It: The first step is of course, to determine just how much trouble your in. The worse the situation, the better your chances of a successful short sale. Most realtors will help give you a current fair market value for your house, and what the short sale price should be. refinancing mortgage waste you money on an appraisal, they won't do you any good here! Be realistic, and be aggressive in lowering the price. Don't let emotional attachment to the house set the price. You'll be even more emotional if you can't sell it! The goal is to be relieved of the debt with a successful short sale.

3) Now Do Some Figuring: Here's where I figured out if I needed a short sale. Follow along with your numbers:

* Take your total loan amount, and subtract the present value of the house. Not what it's worth, but how much you can get for it TODAY. This is how much your "Upside Down" in the loan.

* Then, figure your annual expenses including a year's worth of payments, taxes, insurance, maintenance, and repairs. This is your "Yearly Cost to Keep the House."

* Now, take the amount your upside down and mulitply it by 8%. We will assume the best case scenario. In a FAST appreciating market, this is how much your house value would go up each year, if the housing bubble was over today. (yeah right!) We'll call this number: "Appreciation per Year."

* Finally, divide the "Upside Down Amount", by "Appreciation per Year." This is how many years it will take just to break even with the amount you owe on your loan. No profit, no realized appreciation.

* Now look at your "Yearly Cost to Keep the House." Is it worth it to keep it for that many years?

Here's an example: A house was purchased with a $800,000 loan. In one year it has depreciated drastically and will sell for only $600,000. (these are real California scenarios!). Should the owner short sell the house?

Upside Down: $800,000 - $600,000 = $200,000

Annual Costs: Includes all yearly expenses = $60,000

Appreciation: Assuming a booming market = $200,000 x .08 = $16,000

Conclusion for the example:

* It will take 12.5 years of appreciation at 8% per year, just to regain the depreciation or loss of the original value.

* It will cost $60,000 for 12.5 years to break even.

* Most of the accruing interest still won't have been paid off and full ownership won't be any closer after 12.5 years of suffering.

* In 12.5 years, $750,000 will have been paid in mortgage payments and expenses, just get back to the original loan value.

So in this example, the choice is not a difficult one. There comes a point to where hanging on, just doesn't make good sense. As most experienced traders say, "Know when to say quit, so you can live to trade another day."

My name is Randy Chang, and I'm not selling anything, I'm just a regular guy that wants to share some information with others in this unfortunate situation. I've been investing successfully in houses for about 10 years now. Now, I have multiple properties that I'm underwater in. So check out my blog and follow my progress at http://houseshortsale.org

See also http://protectiontalk.com for financial and personal security tips too!

President Barack Obama's Mortgage Modification Or Refinance Stimulus Plan

President Barack Obama is well aware that the current economic situation in the country leaves a lot of homeowners struggling. Housing prices refinancing mortgage crashed and the all time high number of foreclosures does not help that at all, lowering surrounding homes values by as much as 9%. Home and property values have dropped so far that many homeowners now owe more on their mortgage than their home is actually worth. Due to these problems, the Obama administration has introduced the housing and homeowner stimulus plan. This plan was announced in February and has started this month. Most people no longer have 20% equity in their homes, which is typically required for traditional mortgage refinancing, due to the dropping home prices. The stimulus plan from President Obama is going to make it easier for homeowners to modify or refinance their current home mortgage and have more manageable monthly payments and avoid a possible foreclosure. The goal of this home mortgage stimulus plan is to help over 5 million homeowners stay in their homes and avoid foreclosure or defaulting on their loan. This is done by giving incentives to mortgage lenders to use their new guidelines for approving a mortgage refinance. So with more incentives and less risk to mortgage lenders are going to be more flexible on who can refinance, how much they can save, and finding financially affordable monthly mortgage payments.

Homeowners looking to refinance or modify their current mortgages will refinancing mortgage their loans restructured by mortgage lenders. With this plan, the maximum allowable monthly mortgage payment can not exceed 38% of the homeowners gross monthly income. Mortgage lenders will also get a dollars for dollar incentive from the government to further lower the monthly payments to 31% of the homeowners gross monthly income. This is great news for a lot of homeowners who are out of work or just struggling to make their monthly mortgage payment. A lot of homeowners currently pay 40% or even 50% of their income towards their mortgage. A 20% reduction would add up to a lot of saved money every month.

The Treasury of the United States has an exact series of guidelines for mortgage lenders and banks to complete when refinancing or modifying a home mortgage loan. In the past for example, mortgage loans have been refinanced or modified by adding on missed payments to the loans principal which basically did nothing to reduce the monthly payment. The housing mortgage refinance stimulus plan announced by Obama will mean a great amount of savings for millions of homeowners.

Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn how to properly refinancing a home mortgage and walk away happy and with more money.

The Difference Between Loan Modifications and Refinancing

If you are behind on your mortgage payments, or simply are having difficulty staying current with your payments, you may have either considered refinancing your payment plan in lieu of short selling or letting your house go to foreclosure. What many homeowners do not realize is how difficult it is in this economy to actually refinance a mortgage mortgage refinancing you have close to perfect credit.

Mortgage companies are now starting to stop foreclosure sales as a result of the Government taking over Freddie and Fanny. mortgage refinancing banks are sending short sales back to the homeowners to attempt to first modify their loans so to allow them to keep their home irrespective of their failure to pay their mortgage payments. Therefore, debtors will begin to see an order of process for homeowners to fight to keep their homes in these unprecedented times of financial suffering.

A loan modification will be likely the first step for homeowners to consider. A loan modification is simply a homeowner asking the mortgage company to modify the current terms of their mortgage. Homeowners will ask a mortgage company to modify their mortgage because of being late on payments, variable interest rates, too high of monthly mortgage payments and etc. Homeowners can seek this relief on their own directly with the mortgage company.

There are many aspects to modifying your payment terms that differentiate refinancing a mortgage to modifying mortgage. When refinancing, you may or may not move into a fixed interest rate. You may or may not decrease your payments. The biggest benefit to refinancing is often the ability to pull out equity in order to pay other bills. As stated earlier, you will need to have very high credit in this market to refinance.

A loan modification is generally considered a short term refinance, in order to help you get back on your feet, or to wait out this uncertain real estate market. You will be moved into a lower fixed interest rate, for five or ten years. The most significant benefits of a loan modification is that your credit score does not come into play. An attorney will negotiate with the bank on your behalf based upon your hardship. As such, your credit is not affected with the change. There are no closings needed in a loan modification, as such, there are no closing cost, no points being paid, no new title insurance fees, no application fees, or any other fees typically incurred in a traditional mortgage transaction.

Homeowners can seek this relief on their own directly with the mortgage company. However, the process is very time consuming and often frustrating for a homeowner. It recommended that you hire a law firm to help get you through the process.

The foregoing article was drafted by Michael Goldstein of The Law Office of Goldstein and Clegg, LLC. A Massachusetts Debt Relief Agency

Should I Refinance My House?

The question 'Should I refinance my house?' is a classic one asked by many homeowners over the years. It is not always an easy question to answer and should be looked at with careful consideration. Here are some things to think about, and some reasons that people usually decide to refinance a mortgage.

Think about your current mortgage situation. If your loan is an adjustable rate mortgage, you may be wiser choosing a low fixed rate loan. An ARM is usually only advantageous in a higher rate environment because it offers a low rate at the time. In a favorable rate environment, locking in a low rate will be mortgage refinancing for you over the life of the loan, since you will still have a great rate when rates go up. If you have a balloon payment coming due, mortgage refinancing may be the best choice.

If you have an interest rate that is significantly higher than the current market rates, refinancing may also be a good option for you. Keep in mind that most loans will require you to pay closing costs similar to the ones you paid when you took out your current mortgage. It is important to calculate how long it would take you to recoup those fees with the amount of money you would be saving each month on your new loan.

If you are planning on moving in the next couple of years, refinancing may not be the best choice for you. In addition to not being able to get back what you paid in closing costs on a refinance, you should also consider whether your new loan would have a pre-payment penalty. Most mortgage loans have a pre-payment penalty of some sort. They average around two to five years. These penalties can be significant and you may end up losing money in the end if the savings is not more than the money you would be shelling out.

If you are not planning on moving in the near future, there are a couple other things to think about when answering the question 'should I refinance my house?'. Find out whether you can get a lower rate than you are currently paying. Even a quarter of a percent on a large amount over thirty years can be a significant savings.

It is important to think about what your new payment would be. If you are taking advantage of a cash out option, your new loan will be a larger amount than your old mortgage loan. As a result, your payment may be higher. If your new rate is much lower than your old rate, your payment may go down. Overall, you should make sure that your loan payment will fit comfortably into your budget.

Refinancing your home can have distinct advantages, but if you refinance at the wrong time it can be very detrimental to your financial health. Make sure you use a good mortgage calculator to see if refinancing will better your situation. If the numbers all make sense, make sure you choose a reputable lender who offers a great rate.

To learn more about a house refinance visit http://www.home-mortgage-refinancing-loan.com , a website devoted to helping consumers make smart financial decisions. You'll also learn other ways to lower your monthly payments such as a debt consolidation refinance.

Obama's Housing Affordability Plan - Mortgage Refinance at 2%

President Obama and his administration have recently announced details of their home affordability stimulus plan, which should help mortgage refinancing many as 1 out of every 9 homeowners avoid foreclosure or more easily refinance even if the amount owed on the mortgage is more than the home is worth.

This housing stimulus announcement came just 2 weeks after President Obama stated that $75 billion dollars would be spent on housing and mortgage problems out of a $787 billion dollar economic and financial-bailout stimulus plan.

This housing affordability stimulus plan from Obama had to be carefully laid out and implemented due to the Obama administration not wanting to look as if though they are rewarding homeowners who were greedy or reckless during the housing boom times. Therefore the first step of this plan is to help homeowners who have remained current on their mortgage payments for at least 12 months. Although, regardless of payment history, there is other refinancing options available.

The administrations outlined estimates say that this stimulus plan will benefit as many as 9 million current mortgage holders, and has 2 main components to it.

First, mortgage lenders, banks, and other financial services offering mortgage refinancing will be offered incentives and other subsidies from the government to loosen up the refinancing requirements for homeowners who are having financial difficulties that are so bad that losing their home is a serious risk. These borrowers will have to sign financial hardship affidavits to this effect detailing their hardships. For doing this, homeowners can see their current interest rates drop to as little as 2%, their mortgage lengthened, or other methods to bring down the monthly mortgage payment to 31% of the homeowners gross monthly income. This stimulus plan will be limited though to first lien mortgages only with mortgage amounts that do not exceed $729,000 for a single family home.

Mortgage lenders, banks, and other home loan providers will also get up to $3500 from the government to participate in this program as refinancing mortgage as matching portions of the mortgage lenders or banks costs dollar for dollar in some circumstances. Homeowners are also eligible to get up to $5,000 in federal money to help reduce or pay off other outstanding balances as a way to ensure they do not lose their home later down the road. Also noted by Obama administration officials was the fact that people who purchased homes as investments and not primary residences are not eligible.

Second, this plan calls for government backed mortgage lenders Freddie Mac and Fannie Mae, to allow home refinancing for literally millions of current homeowners who owe more on their existing mortgage than their home is actually worth, even if they are not having problems making monthly mortgage payments. There is no limit to the amount these mortgages can be for either. However, the mortgage must be backed by Freddie Mac or Fannie Mae and can the borrower can not owe more than 105% of the total value of their home.

Refinancing a home mortgage now with the help of President Obamas "Home Affordability Plan" will save millions of homeowners hundreds of dollars every month. Get in touch with your mortgage lender or a potential lender today and see what kind of assistance you can get through this housing stimulus plan.

Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn how to properly refinancing a home mortgage and walk away happy and with more money.

5 Mortgage Refinance Tips - Take Advantage of Low Mortgage Rates

Everyone wants/needs to save money. I have never met a person who likes spending more money than necessary refinancing mortgage bills. Lately, with mortgage rates at record lows, a home mortgage refinance is becoming more mortgage refinancing more popular. Depending on your personal financial situation, a home mortgage refinance may be the answer to saving you hundreds of dollars per month in unnecessary payments. Here are 5 tips that will help you in the refinancing process and to help ensure you get the best rate possible.

Points or No Points
You will need to figure out the benefits of paying points up front or having the low low interest rates available. Depending on how long you plan to keep the mortgage, you may end up paying a lot more. This needs to be taken into consideration to see if it is even worth your time and money to refinance.

Playing Games With Interest Rates
Unless you have a specific detailed plan of escape, do not fall prey to the advertised 0% apr. There are brokers who will lure you in with crazy low rate offers only to raise the rates way up within a few years of the refinance.

Hidden Fees and Costs
When something seems to be too good to be true, it probably is. If your mortgage rate seems insanely low than odds are you are paying for that somewhere else. Make sure to ask questions regarding all of the associated fees and costs and your options to pay them. You do not want to get stuck paying interest on these associated fees for up to 30 years.

Good Faith Estimate
Legally, you have the right to a good fate estimate. You should request and get one from any potential lender before moving forward with them. Go over this document very carefully, read and reread until you are confident you understand what you are paying for, how much, and for how long.

Let The Clock Begin.
You must consider how long you plan on staying in your house versus how much you are looking to save through refinancing a home mortgage. Do not ever forget to add closing costs and fees into your totals when doing the math.

Right now across the country mortgage rates can be found for under 5%. Although it is not the right choice for everyone, a lot of people can save a lot of money through a simple home mortgage refinance. Do not forget you have the choice of lenders, you can start with your current lender and shop that quote around to others. Once you get a quote you like, shop that one around still. Many lenders will lower their closing costs or find another way to match the offer you bring them. This allows you even more freedom in choosing the correct lender for you.

-M Petrone
RefinancingCondo.com

Insider tips on mortgage refinance are exposed daily for free at my site. http://www.refinancingcondo.com.

It Contains plenty of good helpful articles and tips to ensure you get the best refinance deal possible.

Get Mortgage Rates at 3%

Freddie Mac reported drop in 20 year fixed mortgage for the 10th consecutive week refinancing mortgage a new low of 5.01%. This is the lowest rate reported since Freddie Mac started to report average rates in 1971.

Mortgage rates pushed sharply down as The Federal Reserve purchased mortgage backed securities in its goal of lowering mortgage rates. Success has been slightly reported thus far and the traditional rate difference between 10 year treasury and the 30 year fixed rates is gone, as 10 year Treasury bond did not move to new lows.

If the yields on 30 year fixed and 10 year treasury are re-established with we may see mortgage rates at 3.0%.

Another round of $350 billion of TARP money is expected to be released during first week of Obama's presidency. This time it will be more controlled than previous amounts under Bush's administration. TARTP money was used to help banks to start lending again, however; no set rules were given to any bank which resulted in banks buying other banks and not lending to consumers.

If new round of financing is released, it can help overall real estate economy to gain some ground and 10 year Treasury bond should re-establish itself and lower mortgage rates even further.

Darker side of very low interest rates is that it may take a longer time for US economy to grow again. This however; will spread out a huge refinance time again, in most cases bigger than ever before, however; real estate growth will slow down.

In today's market we can clearly see that many jobs are offered at low hourly salaries as many applicants are competing. What used to be $15/hour job may turn out to be in low $10/hour job. Employers see this as opportunity to lay off current workers and hire new workers for less hourly pay.

To grow back to $15/hour will take some time; even years and employer will prosper during this time.

There is "no crystal ball" to see where rates might be headed, with hopes that congress will take control of economy and stabilize market.

Finding out if refinancing is the right move can be as simple task. With an easy calculation you can calculate your monthly savings and compare it to refinancing fee. Many people are waiting as public believes that rates might drop even further. But can you wait?

People are very rate-curious as a huge demand in refinancing is already under way. With a current mortgage rate of close to refinancing mortgage for 30 year fixed mortgage, mortgage refinance will bring a huge savings.

Even if rates drop to low 3%, you can always refinance again as it will make sense for almost for anyone to refinance and save on fees as well.

One of the biggest challenges that many homeowners are facing are low real estate values. With prediction of 20 percent decline in 2009, many borrowers will again miss a great refinance opportunity if they keep waiting for the next best rate.

If you have a very little equity and keep waiting until rates will go even lower, your property value may depreciate even further. On the other hand, if you have plenty of equity, you can take your time to see how markets will perform in next few months.

Current mortgage rates may not come back for a long time.

John Weise represents RateTake Refinance Rate marketplace. RateTake matches consumers with multiple lenders offering low mortgage rate quotes. Visit free Mortgage Quote marketplace to get your current mortgage rates.

VA Mortgage Loans - 100% Home Financing Options For Veterans

Veterans can obtain cost-effective home financing with VA mortgage loans that enable purchasing and refinancing up mortgage refinancing 100% loan to value. In order for veterans to qualify and benefit from VA home loans it is important to understand the loan eligibility requirements, the VA entitlement and various loan types allowed with VA mortgages. Clearly, military veterans should understand the differences, advantages and disadvantges when comparing VA mortgage loans to conforming home loans.

First and foremost, VA is not a mortgage lender. The Department of Veterans Affairs does not make loans, but VA does guaranty the VA mortgage loans that traditional lenders make. The Veteran Administration does provide any lending services but they do guarantee that the qualified vets repay of the loan or they will pay the insurance portion of the mortgage that poses the most significant risk for mortgage lenders. Because of the government guarantee reduces the risk of payment default, vets can benefit from low interest rates whether they are buying or refinancing a home.

When applying for a VA loan you must have your certificate of eligibility and the VA mortgage lender will likely access your credit report and request income documentation like pay-stubs and W2's.

There is an automated certificate of eligibility that enables borrowers or lenders to access when submitting a VA mortgage Loan into process. The Veterans Affairs Dept. recommends working with a credit counselor in an effort to repair your credit if needed. Like FHA loans, VA mortgage loans are more flexible and understanding with credit. Credit scores are not the driving factor for VA qualifications, but income and debt to income ratios are important factors for getting a VA loan approved. The VA guaranty is only available if your income and monthly expenses suggest that you can afford a new home loan.

The most obvious advantage with VA mortgage loans is that they are offered up to 100% loan to value for buying or refinancing. That means you will not be required to put money down in a purchase transaction or need any equity to refinance for a better mortgage payment. Again, No down payments are needed if you can get approved for a VA mortgage loan. Since there is a government guarantee to the mortgage lender provided by the VA, additional private mortgage insurance is not required. The VA mortgage rates are low with 30-year fixed interest rates and the VA mortgage refinancing fee is only.5%.

P. Proffitt suggests visiting the following mortgage websites: VA mortgage loans and the following home loan blog FHA Loan Blog.

Paul is an experienced licensed loan officer who has published many mortgage articles for several popular blogs online. Mr. Proffitt has extensive experience with trusted mortgage lenders like Ditech, GMAC, Nationwide and Community First Bank.

Mortgage Loan Modification - Is it For You?

You can't turn on your TV or surf the web without seeing something about mortgage loan modifications, right know. The reason--they are in high demand due to the mortgage crisis that this country is facing at the current time.

A loan modification is mortgage refinancing method of altering the terms of the current mortgage loan to make it easier for you to fulfill your mortgage obligation. A loan modification may not be the same in all cases. The end result is to come up with a solution that is acceptable to the lender and is going to make it so that you can make your monthly payment as defined in the new terms of the loan.

The lender may agree to add past due payments to the end of your loan. Another option is to reduce your interest rate or even reduce the amount of loan and as a result you payments will be lower. It is not in anybody's best interest for your house to be foreclosed on and with today's economy in most cases, if the lender can help, they will.

It is important that you present a strong case to your lender as to why it would benefit both of you to modify your existing mortgage loan. Your lender will want to be confident that you are going to be able to mortgage refinancing the new terms of your loan. A mortgage loan modification is something that can save your home from foreclosure.

It is best to start with your current mortgage lender, but they are not the only place that you can have a mortgage modified. There are many third party companies that also offer mortgage modification alternatives. The thing that you need to watch for with these companies is unscrupulous business people. When people are desperate for help, it is easy to make decisions without fully researching the people you are doing business with and this can sometimes lead to trouble.

It best to look for solutions at the earliest sign of trouble and make sure you know who you are doing business with before signing on the dotted line. Because so many people are in desperate need of mortgage loan help, more resources are becoming available to help these people with the answers to their questions.

If you are considering a mortgage loan modification, you need a plan. You lender will want to know how you are going to pay for your home and what is going to make things different than before. Get all your facts together and then call your lender or a reputable loan modification company.

Are you considering a mortgage loan modification? Find out how a mortgage loan modification can help you avoid foreclosure and keep you in your home.

Commercial Mortgages

Commercial mortgages are available through banks, commercial mortgage companies and private lenders. Rates vary as widely as residential mortgage rates. Traditional banks offer some very low rates. However, due to their restrictive lending criteria, they are prevented from making mortgages for many kinds of commercial properties. Gas stations, with or without convenience stores, for example, can be difficult to obtain mortgages for. Commercial mortgages can also be difficult to obtain from traditional banks if mortgage refinancing don't have excellent personal and business credit scores.

Hard money commercial mortgages are also available through private lenders. Unlike traditional banks, private lenders have more flexible lending criteria. Also known as hard money lenders, private commercial mortgage companies focus more on the current value of a commercial property than on your personal financial package.

Private lenders are often able to fund a commercial mortgage if there is a clear picture of how the loan will be paid back. When determining whether to fund a mortgage, private lenders will often look at the ratio of income to operating expenses. Unless a borrower has repeated defaults and bankruptcies, private lenders are not as concerned if the borrower has less than perfect credit.

When applying for a commercial mortgage, be prepared to provide your mortgage company, be it a bank or a hard money private commercial mortgage lender, with the following:

A completed standard commercial mortgage loan application, which includes a personal and business balance sheet

A description of the use of proceeds of the mortgage you are seeking

A description of the property

The current value/purchase price of the property

The cost of improvements you will make to the property

An estimate of the property's value after improvements

A repayment plan for the mortgage/hard money loan

For a hard money loan, provide an exit strategy for the mortgage - will you refinance this mortgage with a traditional bank after making improvements or alterations to the existing property or some other scenario?

Owners considering a commercial mortgage refinance will find many unique loan programs. As specialists of commercial mortgage refinancing we offer some of the best loan options available, most of which your local bank simply does not have. Refinancing your commercial mortgage is not an act exclusively reserved for the time your mortgage matures. There are some great reasons for refinancing your mortgage prior to this (see the article "Why a Commercial Equity Loan").

Now, given the current the state of the capital markets its more important than ever to work with seasoned professionals. Lender guidelines and underwriting parameters are changing rapidly as banks try to protect themselves. Options for commercial mortgage refinances, though still broad, are getting harder to determine and close. Just as important it is key to know not only which lenders are offering the lowest rate and fees but which are still actively funding loans. We know who these lenders are. Call now to discuss your loan scenario.

Visit http://www.donnasmortgages.com for more information on our services or to contact me.

Donna Lewczuk