Clive Davis Remembers Whitney Houston, Tony Bennett Demands…
Bobby Brown Breaks Down On Stage Over Whitney's Death
Lenders have tightened their standards and are requiring higher credit scores for conventional mortgages. In these troubling economic times stellar credit is difficult for the majority of folks needing to refinance. If you don't have an unblemished credit record there is still hope. Recently the Federal government increased the loan limits on FHA loans for people living in high priced metropolitan areas like Washington DC, San Francisco and New York to a maximum of 729,750. Unlike conventional mortgages FHA loans don't rely on credit scoring for qualification and individuals can refinance up to 97% of their home's value. Mortgage brokers are starting to see their refinancing business increase as a result of these changes and the government hopes their actions will help to ease the housing crisis.
Here are some refinancing tips for you to consider. ...
1. Understand your options
Visit www.fha.gov to learn about FHA mortgages and understand your options.
2. Contact your lender
You need to determine if you can refinance your existing loan to an FHA loan.
3. Avoid the scam artists
These punks will promise you they can change your situation if you pay them.
You do not have to pay for foreclosure counseling. Contact a HUD approved housing counselor at http://www.hud.gov/foreclosure/index.cfm
If you are at risk of losing your home the worst thing you can do is nothing. Hoping for the best is not a strategy.
Deborah Owens is author of Nickel and Dime Your Way to Wealth and host Real Money personal finance talk show on NPR affiliate WEAA 88.9fm. www.deborahowens.com
Forclosure Crisis
People demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)
AP
Joseph Barratt, 55, and others demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)
AP
LAGUNA HILLS, CA - MARCH 28: A foreclosure sign stands in the yard of a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)
Getty Images
LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)
Getty Images
LAGUNA HILLS, CA - MARCH 28: An Orange County Sheriff eviction notice hangs on a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)
Getty Images
LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)
Getty Images
LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)
Getty Images
A crowd of protesters hold up anti-war signs Friday March 28, 2008, in Freehold Township, N.J., as one of the presidential helicopters lands near a company where President Bush was visiting to spotlight the administration's efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the "Hope Now" alliance. (AP Photo/Mel Evans)
AP
Bill Suky, right, points out the arriving helicopter of President Bush Friday March 28, 2008, in Freehold Township, N.J., to wife, Dolores Suky, second right, Lucille Cerbini, left and Francine Jordan, second left, as they stand with a gathering of Bush supporters. President Bush was visiting New Jersey to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)
AP
Diane Beeny holds up an anti-war sign as she stands with a large crowd of protesters Friday March 28, 2008, in Freehold Township, N.J., near a company where President Bush was visiting to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)
AP
Comments: (11)
Add a comment
By: Jay on 4/17/2008 3:09PM
I think the key here is to really avoid the scam artists and keep a clear head.
Reply to this Comment | Report This
By: acie earl on 4/22/2008 12:54PM
a person has to use the banks for their own good and have them compete for your loans and re-fi's, dont sit around and have a bank hold you hostage, get out there and shop around
Reply to this Comment | Report This
By: laura miller on 6/26/2008 4:10AM
Before refinancing, count all costs and profits of remortgages you are going to take. For instance, your interest rate can't increase more than 2 percentage points a year in most cases. But sometimes, remortgages rate hike can be as high as 5 percent. You also should get information on what your lifetime interest cap is on your loan. For most loans, your rate can't increase more than 6 percent over its lifetime.
Reply to this Comment | Report This
By: claire johnson on 6/26/2008 4:15AM
Also don't forget to check your credit reports to ensure that there are no errors. If somehow you find any mistakes, then fix them before you go securing your remortgage ( more tips here http://www.badcredit-mortgages.org.uk/bad_credit_remortgages.php ) for home refinancing. You obviously don’t want any surprises on your credit report that will impact your ability to get the best rate on remortgages for home refinance.
Reply to this Comment | Report This
By: steven on 7/16/2008 7:49PM
I would like to offer a way to create weatlth. I have a program where you can payoff your mortgage and your credit card debt without refinancing and no chances to your current lifestyle. check out www.u1stfinancial.net/stevesilva watch 15 minute video.
Reply to this Comment | Report This
By: Tommy Martin on 9/15/2008 9:15PM
Whatever you donot pay a company to negotiate a repayment plan, you can do that yourself.
Reply to this Comment | Report This
By: Patday Loan Advocate on 9/18/2008 7:11AM
Mortgage crisis is very common these days. Instead of saying "hey everyone the so-called subprime market was usury and fraud and soon it will all collapse and we will pay and pay and pay," they said that there was "increasing concern" about the "dip" in the "subprime market" and that foreclosures were occurring. Also, big time Democratic Senator Dodd was intoning that we must save the American homeowner and punish "predatory lending" since he had just discovered the other day that the mortgage business was being run by actual burglar-type criminals.
Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/
Reply to this Comment | Report This
By: Patday Loan Advocate on 9/17/2008 2:41AM
Mortgage crisis is very common these days. Instead of saying "hey everyone the so-called subprime market was usury and fraud and soon it will all collapse and we will pay and pay and pay," they said that there was "increasing concern" about the "dip" in the "subprime market" and that foreclosures were occurring. Also, big time Democratic Senator Dodd was intoning that we must save the American homeowner and punish "predatory lending" since he had just discovered the other day that the mortgage business was being run by actual burglar-type criminals.
Reply to this Comment | Report This
By: yanni raz on 9/26/2008 7:55PM
News! You Can Refinance and Consolidate Your Debt Again
If you want to refinance your home and consolidate debt, now it’s the time. A group of private investors in los angeles California loan money to homeowners and real estate investors. These private investors also called hard money lenders are the bank.
Many of you tried to refinance with your local bank or a mortgage company in your area, but with no success. Now it’s possible again, but you have to know the conditions to qualify. You don’t need excellent credit score or great income documentation, but you do need a lot of equity in your property.
Hard money lenders have been around for a long time, but no body ever heard about them. Real estate investors and brokers were working with them for years, but homeowners didn’t know they exist. Today for many of us hard money lenders are the only hope to get a real estate mortgage.
Where can you find a hard money lender?
Many mortgage brokers and real estate agents are already in contact with one or two investors because of the fact that they just need them. If you will go online and look for a hard money lender, you will probably find a 100 private investors or more. You don’t need to get fanatic about it, you just need to know what they’re talking about.
How do you know who is the right investor for you?
Normally of course you need to go with gut feeling, but in this case you need to be a little more careful then that. There are many hard money lenders that you don’t want to work with. So what do you do? You ask questions. Here are some questions you will need to ask private investors when you call them:
1. The name of the company.
2. How long they’ve been in business.
3. Get some name of people they’ve worked with.
4. What are the interest rates they’re offering?
5. How many points they charge you.
6. Do they charge any due diligence fees, or any money upfront?
7. Are there any other fees included?
8. You want everything in writing from them, it’s very important.
You have to understand that you don’t deal with big corporations. Hard money lenders are individual like you and me, but they have few millions dollars in their bank account. They would love to help you as long as you offer your real estate as collateral.
Reply to this Comment | Report This
By: Fais on 3/17/2009 9:07AM
Credit unions in portions of the country have experienced high loan demand, resulting from competitors tightening their underwriting standards, participation in the Invest in America auto lending program, or the refinancing boom that began when the Federal Reserve slashed rates back in December. Such credit unions continue to aggressively loan, and must fund these loans with an influx of deposits or borrowings
-----------
Stuart
Home Loans
Reply to this Comment | Report This