ml asked:


When I first got my auto in March 2006 my interest rate was 17.9% I refinance in September 2006 with E-loan for a rate of 11.04% we recently bought a home and our finally establishing some credit. So I think its time to refinance again. Does anyone recommend a great place to get a great rate?
Thanks I really appreciate it!

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Antonio Easter asked:


Less than six years ago people flooded the doors of Banks and Mortgage Broker’s looking for a lower rate, payment, and cash out. This was the time to refinance your home because rates were at what many called an all time low. At this time many new loan products were introduced, and some of the much more exclusive loan product’s now became available to the “Average Joe” with a 620 or better credit score. Things were great, families were happy, new cars, new vacations, and in most cases a loan could be done with no out of pocket cost to the home owners.

As the seasons changed, the cold crept in, news papers adorned themselves with story after story, statistic after statistic, of the over whelming number of families who found their lives gripped by foreclosure, and spun out in the winds of what is slowly becoming the majority of American Families.

Now that Christmas, and the holiday season has passed, banks and Mortgage Broker’s are again being bombarded with families desiring to refinance and pull cash out to take care of the holiday spending.

So, the question becomes, is it a good time to refinance?

YES!

Here are a few good reason’s to refinance now.

#1 If you are currently in any Adjustable, or Variable Rate Mortgage. This is any other Mortgage Loan that is not a Fixed Rate Mortgage. Below are two examples of adjustable or variable rate mortgages.

Option Arm - This loan gives you four monthly payment options. The first option is your minimum payment, the second is your interest only payment, third is your 30 or 40 year fully amortized payment, and the fourth and final payment option is your 15 or 20 year fully amortized payment.

Interest Only - This loan allows you to pay the interest alone, without paying on the principal balance of the loan, creating a lower payment.

#2 If your credit score has improved and you will qualify for a lower interest rate than the one you currently have.

#3 If the interest rate that you currently have is one that you qualified for because you went stated on your last refinance which resulted in a higher interest rate. Going stated, could have cost you as little as ¼ percent of a interest rate up to 1 ½ percent of an interest rate.

#4 If you need cash out for any reason at all.

Antonio Easter is a Mortgage Professional who has helped families make the best and most effective decision regarding their Mortgage. Antonio is known for making the Home Owners refinance process painless, and smooth while keeping them actively informed through out the complete process. Antonio Easter prides himself on being available when needed for his clients who he considers family.



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Big Joe asked:


Someone told me that it’s possible to refinance a car. But North Carolina State destroys your title until it’s paid off. Can I refinance my car without my title?

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Marlon Baugh asked:


This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in today’s market for a refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale - which is the process you would go thru if you are trying to sell but you owe more than the house is worth. Now the Short Refinance - is the process you would go thru if you want to keep you home, but you need a better loan program that will be more affordable and you owe more than your house is worth so you can’t do a regular refinance. Similar to the short sale, the short refinance is a negotiation with your current lender to reduce the amount you owe to facilitate a refinance with a new lender.

Not to be confused with a loan modification. With a loan modification you will stay with your current lender and just renegotiate the terms of you loan, with the short refinance you are getting the lender to reduce the pay off, so you can get a loan with a completely new lender.

Now with any loss mitigation process, including loan modification, short sale, and short refinance, they are all on a case by case basis and the lender has the final say. So don’t expect to get the same results as your neighbor or family member received. Any company out there that offers you a guarantee that you will be approved for any of these loss mitigation options or tell you to stop making payment, you should stay clear of……and I mean run.

Now it is important to note, that you don’t have to be behind on payments or in Foreclosure to qualify for a short refinance, although majority of the people that get approved are normally in foreclosure. Today, with lenders having an abundance of non performing loans on their books has caused them to be more flexible when working with home owners to come to win win agreement for both borrower and lenders.

Also South Florida home owners in such areas as Fort Lauderdale and Miami that have found themselves with either an adjustable rate mortgage or have found themselves upside down on their homes, which has prevented them from doing a regular refinance, now have this option, that if approved, can refinance into a more affordable fixed rate mortgage and avoid foreclosure Because of the increase demand for loss mitigation, it has been taking most lenders a minimum of 45 days and up to 90 days to complete the process.

Normally when a homeowner finds themselves in foreclosure, they would only hear about 2 options either file bankruptcy or try and sell. Lately, loan modifications have become more popular, but that still doesn’t mean that is best solution for most homeowners. Here’s why, we offer the lender a short-refinance offer first and if for any reason it is not successful, then we will proceed with an offer to negotiate a loan modification for the client.

A short-refinance can basically create equity in a property, as we are getting the amounted owed to the lender reduced. It reduces the mortgage to the current market value, while eliminating the upside-down loan. While A loan modification can keep the homeowner’s interest rate down to a comfortable level and put them into a fixed rate loan, while also placing any arrearages back into the loan.

But if the property is upside-down and by the adding the arrearages back into the loan, it could be in worse shape than before. Now don’t get me wrong, if the homeowner’s intentions are to keep the property long enough for the market to turn around, then this is a win win situation for both lender and homeowner. The main purpose of a short-refinance or a loan modification is that the home owner is allowed to stay in their home.

A lot of Fort Lauderdale and Miami homeowners are realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A short-refinance gives homeowners’ hope, that they can get themselves from an upside-down mortgage problem, and in some cases can save their home from foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives as the possibility of foreclosure in now behind them.

While Loss Mitigation may not be for everyone, it is important to work with an expert in the field that can analyze your situation and help you determine the best loss mitigation for you and your family.



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AccessNational asked:


If you are looking to upgrade your home and you have some equity, then you have a great tool available to you, the cash-out refinance for home improvement.

Benefiting from your home equity

Why is owning a home better than renting? Because of the accumulation of equity which you can use later. You can build equity over time in one of two ways — by paying down the principal on your loan or by benefiting from the increase in value in your market.

If you own your home long enough you will eventually grow enough equity that you will be able to tap into it through a cash refinance. This can be a major amount of money that you can put toward big expenses, including home improvement.

Cash-out refinance for home improvement is somewhat different than other cash refinance because it can be based on the future value of your home. Using a cash refinance to improve your home often will increase its value. If the value of your home does go up when you add additional space or another improvement, you may be able to qualify for the projected new value of your home after the cash-out refinance for home improvement instead of your home’s current value.

More Options of a Cash-Out Refinance For Home Improvement

For home owners with a lot of equity or other plans for improvement, a cash-out refinance for home improvement is a beneficial product. And, since it is flexible, potential borrowers should see what else they would be able to do for their financial position with the loan. Such as;

*Securing better interest rates

* Lowering their monthly payments

* Lowering their loan terms in years

* Getting additional cash to pay for debts, college, vacation or other expenses

Cashing Out with your FHA or VA loan

Veterans can also benefit from the cash-out refinance for home improvement and tap into all the advantages of transforming

their loan into a VA loan, where they can find many more advantages through the VA refinance programs.

FHA home loan holders may also refinance with an eye to better terms and rates. There is are some limitations within the FHA refinance products. But the FHA does allow cash out refinance options like the reverse mortgages, which can be a boon to seniors with a lot of equity, which can be used for their living expenses.

Lenders can help with the process of getting these cash-out and cash-out refinance for home improvement loans into the hands of customers. Cashing out equity is a tool, as lenders and home owners know, but it is only effective when a borrower chooses to use it in such as a way as the cash-out refinance for home improvement can provide.



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Kevin Clark asked:


It has become fairly easy nowadays to buy a vehicle for your needs. But for a bad credit borrower, it can still be somewhat difficult to do so. The bad credit may come in the way of purchasing the car through loans but with Bad credit car refinance it is not that complex.

With bad credit car refinance, the bad credit borrower can take up loan amounts to pay for the new car that he wants to buy. The car can be of the choice of the borrower and he can pay the cost of the car as a lump sum amount with the help of bad credit car refinance.

Bad credit car refinance asks for some basic criteria to be fulfilled for its approval. They are basic pre-requisites like citizenship of US with an age of 18 years. The borrower should have a monthly income of more than $1500 in his household. He should not have a history of car loan repossession in the last 12 months.

The borrower can take up bad credit car refinance in two forms of secured and unsecured option. This asset is usually the car of the borrower which is being bought through the refinance. Through the secured way, the borrower can achieve a lower rate of interest on the car refinance. The time or repayment of bad credit car refinance is 5-7 years.

Through the unsecured option of bad credit car refinance, the borrower can take up the refinance without pledging the collateral. The rate of interest is slightly higher than the secured refinance option but affordable rates can be obtained through proper research.

Online research helps the borrowers in comparing the quotes that are sent in by the numerous lenders present in the online market. Due to stiff competition in the online market, the lenders lower their rates of interest and thus the borrowers can benefit from this situation by choosing the lowest rates.

With bad credit car refinance, it has now become easier for borrowers with bad credit history to purchase a new car and build an asset for them.



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Randal Lahey asked:


The best refinance options are just around the corner, you just need to know how to go out and get the best available refinance. You can save literally thousands of dollars just by applying some of these simple tips; the best thing is your bank does not want you to know about them.

I have worked in the refinance business and the mortgage business for over 16 years and I can literally remember every customer that said they do not know why they signed their mortgage deal. I have dealt with brokers and banks and know that the banks can issue better mortgages whenever they chose as I have seen the mortgage papers. The one thing they can remember is that their bank officer, mortgage manager or broker all told them that this was the best deal possible and they took their word for it.

So why does the banks, your broker and your mortgage specialist tell you this?

The reason they tell you that this is the best deal is because the number 1 priority for them is to make money. I have seen the exact same mortgage sold 3 different ways to 3 different clients and know it’s all about making money. When you are searching for the best refinance or mortgage you are looking for the best deal to save you money. So the only thing holding you back if you do get into a bad mortgage is foreclosure. So this is nothing to sweat over right, wrong.

You have the right to get the best possible refinance deal possible. It should not matter what your credit score is and how much money you want to put down, everybody should get the same treatment. In the real world this does not happen. If you have money then the bank wants you to have even more while the poor person has to fight for every dollar. I am going to give you some simple tips so you can fight back against the banks and have the knowledge to win.

How to get a lower interest rate

The only way to really lock in your rate is to find the best mortgage rate and sign the papers. Although this may be quick thinking you need to look at the mortgage rate trends and decide which the best rate is. If you are already locked into a high interest rate then this will be easy, sign the papers. Avoid your brokers or banks decision to let the rate float until it gets better as this will only end up hurting you.

Prepayment penalties

Most people that refinance their mortgage are not even aware that they will have to pay a penalty should they decide to leave. Some banks will charge atrocious penalty amounts just because the client left. Make sure that when you are refinancing that your bank does not try and charge this penalty.

There are several other options that are available to you that can save you time and money on a low mortgage rate refinance. To take advantage of the lowest mortgage refinance rates you need to visit http://www.lowmortgageraterefinance.us - a popular website that specializes in providing the latest information in mortgage refinance.



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REBECCA L asked:


Are there certain financal requirements that must be met in order to refinance without a co-signer?
But what are the tipical lender requirements?

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Keef asked:


Wife and I purchased the home a year ago for 475,000 and currently owe 423,000. I **** to say but because of a devorce we have to do something about the house. Is there any way to refinance the house to get a lower payment so the wife can handle the payments on her own? House prices have droped so much in our area that I’m not even sure if we owe more than what the house would now appraise for. Thanks for your help.

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Amber Smith asked:


The process of repaying one or more loans with the help of another loan with low interest rates and longer terms is generally known as refinancing. Student refinance loans are taken to reduce the monthly payment amount. College going youngsters can relax after acquiring consolidation loan amount that settles all their small loan amounts.

Refinance Student Loans

Students go for consolidation of loans for 3 main reasons:

1. Interest Rates: Student loans have varying interest rates. Monthly payments are affected by fluctuating interest rates. Fixed refinance loans are convenient and constant.

2. Convenience: It is easy to handle one simple loan amount than 2 or 3 loan payments every month.

3. Pay off Periods: Standard payoff periods like 15, 20 or 30 years could be chosen by the borrower so that there is no problem in monthly payments.

Students should consider some points before acquiring refinance loans. Many of the college students have private as well as federal loans, and it is advisable to refinance them disjointedly. Otherwise they shall end up paying high interest rates on the joint amount. All federal loans should come under federal refinance loan scheme.

Some Points to Consider

As a student, you have to literally shop around for cheap refinance packages. There are thousands of financial institutions who are reputable and offer competitive price rates. Private refinance consolidators check out on credit ratings of students before offering loan amount. So, it is best to keep a check on your bank credit ratings as a student. However, federal refinance student loan interest rates are subject to change once in a year.

Students can always acquire government student loans, if they do not obtain necessary loan amount from private lending institutions. Government grants like Pell and Stafford help college students to obtain funds for educational studies.

The drawback of consolidation loans is that you end up paying more money due to the longer repayment term period of 20 or more years. Initially, refinance loans may seem to be the best economical solution for less monthly payments, but in the long run it is not a good bargain.

Refinance student loans are sanctioned to students on the basis of their past repayment records. Many finance companies offer consolidation services to college students who have a decent credit record.

Consolidation student loan refinance can make you lose your grace period. Federal refinancing schemes value a grace period; you can scour the internet for more information on grace periods and refinance packages. When interest rates are low, students should exploit the situation and apply for a college loan consolidation. Refinancing rates are usually offered at 1 or 2 percent lower interest rates than the original loan rates.



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