Earlier in the week President Obama revealed his home mortgage foreclosure stimulus plan that will help current homeowners refinance their mortgage at 4.5% and first time home buyers be able to also get a 4.5% mortgage rate.

Here are some key elements to the proposed Obama housing stimulus plan:
*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.
*Make it easier for current borrowers to modify home loans loans.
*Keep and control interest rates at a low ideally 4.5%.
*Provide no help for market speculators and those who profit on peoples financial downfalls.
*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 4.5%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 4.5% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 4.5% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

The recent announcement by President Obama about his mortgage refinance stimulus plan is great news for millions of homeowners who are struggling to make their monthly mortgage payment. The stimulus plan will make it easier for homeowners to refinance or modify their existing home mortgage loans into a better one which will ideally free up more money for them every month. This will help further stimulate the economy as a whole and not just the housing market.

Here are some of the main points of this stimulus:
-To help current homeowners who's property value has decrease by 15% or more reduce their monthly mortgage. This provides a lot of help to those hardest hit by the steep drop in property and home values.

-Make home loans for existing homeowners easier to modify or refinance regardless of the financial situation or type of loan you are currently in.

-Keep the home mortgage interest rates relatively low and under control.

-Provide no assistance from the government to speculators who profit on peoples financial downfalls.

-Provide assistance to the homeowner before foreclosure becomes the only option left. This saves both the homeowner and lender who is backing their loan.

This plan comes at a perfect time considering the amount of financial hardships the country is facing.
Millions of responsible homeowners who have been having a tough time making their monthly mortgage payments on time and in full will be able to more easily refinance and be rewarded for their good borrowing practices. With millions of homeowners who have lost or had their spouse lose a job this should make financial problems easier to handle. Also, with property values dropping all over the place this will help raise the home values and property prices again to more normal levels. With more homes being bought and sold and less fear of losing money on them the property values will inevitably rise. While the stimulus plan will guarantee millions of homeowners some financial relief not all homeowners will qualify. Check and compare different mortgage lenders and see what their quotes are. Get the cheapest and best one written on paper and compare it to different mortgage lenders to get the best value.

-M Petrone
www.RefinancingCondo.com

Finding a good honest mortgage lender when looking to refinance can be just as important as the mortgage you actually choose. To make the right selection when choosing the right mortgage lender for a refinance here are 4 things you should know or do. These will help ensure you get the best refinancing as possible on your home mortgage.

1)Know why you are looking to refinance a home mortgage.

Looking to lower your interest rate? Need to refinance into a stable fixed rate loan and are in an ARM (Adjusted rate mortgage) now? Looking to get cash back from your homes equity? Maybe thinking about shortening the mortgage length? The most popular reason is to save money every month on mortgage payments. Refinancing into a new mortgage that is just 2% or more lower than your current mortgage loan can save you a lot of money. If you have seen the mortgage rates go up in your ARM loan then a stable fixed rate loan is the right choice. Even more so due to mortgage rates being at near all time lows across the country. Want to take advantage of these low rates and have some extra cash? Then you may want to shorten the length of your loan. You might be able to shorten the loan and still pay the same every month just due to savings from a better interest rate. The mortgage lender you choose will want to know your reason behind refinancing so they can assist you in choosing the proper loan type to meet your needs and expectations. Also, be aware of your credit score and the terms, conditions, and rates of your current mortgage.

2)Understand the different mortgage loan types and the different mortgage lenders.

These days there a number of mortgage lenders more than qualified to handle your home refinancing such as banks, credit unions, and mortgage companies. Also, for an extra fee of course, there are mortgage brokers who will shop a variety of lenders for you using your personal financial situation and goals as the basis of choosing a lender and loan type. Be aware though that sometimes even the deal the broker finds you may not be the best deal you can get. Research typical terms and vocabulary that is used in mortgage refinancing. Terms such as, arm, points, refinance, and pre-payment penalties. Also, be sure to start checking the daily mortgage rates that are posted online and in different newspapers. This way you are accustomed to most of what you will be dealing with before diving into it.

3)Comparison shop refinance quotes between different lenders.
Refinancing lenders have become plentiful with online firms as well as traditional brick and mortar companies growing yearly. This means you will have plenty of mortgage lenders that you can choose from who will be able to actually help you refinance the right way and save money. Start with your current mortgage lender and then pick other companies from there. You can start your search online using sites like mine to find different mortgage lenders and banks. Once you get a good refinance quote from a mortgage lender you like you must get it in writing and shop it around. That means taking the quote you got on paper to other potential lenders. Often they will meet or beat the loan quote you bring in to them in order to get your business.

4)Negotiate the best mortgage refinance you can that will meet your needs.

A lot of times the terms you get from a mortgage lender is dependent upon the type of loan and your personal financial situation. Be sure to have a comparison list of things you want and will be able to get from each specific lender. If you have a problem with the cost of something or the rate ask the potential why it is or what can be done to change that. You hold the final decision and if you do not shop around to different lenders you may pay a lot more for a refinance than you need to.

Refinancing a home mortgage is a very serious thing and should not be done without a little prior knowledge and some simple research. Otherwise you are risking your home for something that you could have been more knowledgeable about with just a few hours of reading and research. Do not ever be afraid to ask questions or walk away from a mortgage lender. Its your home, its your loan, and you have to pay it every month so always be sure you are satisfied with what your refinance deal is before signing anything.

-M Petrone
www.RefinancingCondo.com

With foreclosures at an all time high and home sales at an all time low President Obama announced his housing stimulus plan early this week. The proposed housing stimulus plan means that the lending industry is set to launch Obamas $75 billion dollar foreclosure prevention plan as early as late May or early April. The final details should be released Wednesday but basically homeowners with debts from car loans, credit cards, and bad mortgages will be able to modify or refinance their home mortgage loan to get lower monthly payments, regardless if they are in default on their loan or not. Even borrowers who owe up to 105% of their mortgage will be able to modify or refinance their home loan if their mortgage is held by Freddie Mac or Fannie Mae. Simultaneously homeowners who owe up to 50% more than their current home value will be able to modify their loans as well. This helps a lot of home owners who seen the value of their home or property drastically drop sue to the housing crisis. Lenders believe that the number of refinance applications will pour in as more homeowners realize that they are eligible for this stimulus plan. Hopefully, the housing market can see conditions get better as soon as April of this year. A lot of the mortgage industry strongly opposed and temporarily won by not letting the House pass the other part of the stimulus bill that would allow homeowners who do not have large debts, easier refinancing. The mortgage industry argued that it would force them to reduce the principal and interest rates for people who can afford their current mortgages, and that they would lose to much money. The $75 billion housing stimulus bill by Obama will help as many as 4 million homeowners who are currently facing foreclosure. This plan should also help property and home values rise as well as more homes are bought and less are foreclosed on.

-M Petrone
www.RefinancingCondo.com

In the past month, there has been a drastic increase in the number of homeowners applying for mortgage refinancing. A lot of homeowners are attracted to refinancing their home now due to the Obama stimulus plan and low mortgage rates all across the country. Others are hoping to hold out for a bit more and see if the interest rates get even lower in a few more months. Still some are digging in and not considering a refinance. Whatever you choose to do, make sure before refinancing a home mortgage to determine if you would even save money with a mortgage refinance. Also make sure your finances are in order and see if you would even qualify for a mortgage refinance. Lately, as a response for the loose lending practices that got us into this housing mess, lenders have tightened up borrowing and require much more of potential borrowers now. So even though the refinance applications are at near all time highs, the actual number of approved requests is actually less than in prior years. Now, with President Obamas housing stimulus plan homeowners may have a easier time getting into a new mortgage. The plan is to help homeowners who have been responsible and have been making their payments on time and in full, refinance into a new mortgage with a lower rate. Ideally, this should mean less foreclosures and saving money every month due to having lower interest payments. Property values would rise as homes are bought and sold without so much fear from the seller or buyer. The extra money can be used to pay down other bills, do home repairs or improvements, pay off a car loan, or for whatever you wish. This should help stimulate the economy and no matter what will help millions of struggling homeowners. Obamas stimulus plan also calls for easier loan modifications for homeowners who owe more than their home is worth. This is especially helpful for homeowners who have been hardest hit from property and home values nosediving. Overall this stimulus plan Obama provides us should be the ticket to help start turning the economy around. Millions of homes will not be foreclosed on, and even more homeowners will actually see monthly savings through refinancing their current mortgage. Banks will start getting their mortgage payments on time and start to lend out money with more confidence and with better terms and conditions. Millions of homeowners are looking for some type of relief and this housing stimulus package from Obama will provide just that for a lot of people. If you have not done so yet, start getting your financial papers in order and research potential mortgage lenders now. Once you find a lender you like who can give you a good quote get it written down on paper. With that quote you have on paper, shop it around to other potential lenders and often they will meet or beat the quote you have brought them.

-M Petrone
www.RefinancingCondo.com

President Obamas recent announcement of his housing stimulus plan may be great news for many struggling homeowners. President Obamas aim is to help responsible homeowners and homeowners who are unable to refinance due to owing more than their home is worth. Now the stimulus package that has been passed will help millions of homeowners who will automatically qualify for mortgage refinancing now if they feel it necessary to do so. Ideally this extra money homeowners have from getting a better mortgage will be used to help improve and stimulate the economy, as well as bolster home and property values. The values of homes should go up as less homes are foreclosed on and more are bought up as mortgage rates are finally at a manageable rate. This stimulus package from Obama also makes it easier for homeowners who have been hardest hit from declining property values to refinance into a better mortgage. Some homeowners since purchasing their house have seen the value of their home sharply decline in only a few years leaving many owing more than their home is worth. This housing stimulus plan from Obama should strengthen the housing market and the overall confidence in all markets. Hopefully it is in time to save the millions of homeowners who for whatever reason are facing foreclosure.

Are you having a hard time making monthly mortgage payments? In an APR mortgage loan and seen it go up in recent months? Looking to free up some extra cash to pay other bills, take a vacation, improve your home, or for anything else? Than refinancing your home mortgage may be the right decision for you. Of course only if it is done right.

So, what does refinancing a mortgage mean?
Kinda like the name, it means to re-finance a prior loan, ideally at better rates or with better terms and conditions. Homeowners tap into the equity they have built up in their home and pay down the principal on their mortgage. This is the reason that sometimes refinancing can be called a home equity loan.

What is equity in your home? How do you get that?
That means that your home is worth more than you owe on the mortgage. For example if your home is worth $100,000 on the market but you only owe $75,000 on your mortgage, you have $25,000 in equity in your home. There are many mortgage lenders who will work with you especially if you have equity in your home. Sometimes homeowners may choose to use that equity in their refinance and get cash out from that when they refinance their mortgage. Also, the most common reason to refinance is still to get better mortgage rates. It is likely that since you bought your home your credit has improved as you paid your mortgage payments on time and in full every month. It is likely that with the current near record low mortgage rates, you will get much better interest rates on your home mortgage through refinancing. This means lower payments every month that could save you hundreds of dollars to do with whatever you want. Also, getting into a mortgage with better terms, conditions, switching from an adjusted mortgage to a fixed rate mortgage , or better customer service is another pretty common reason, Overall the savings can total thousands and thousands of dollars over the length of the mortgage loan. For a lot of homeowners refinancing now could be a great financial relief as extra money could be used to pay other bills, home improvements, repairs, or just for saving. However not all homeowners will benefit from a home refinance. Do your research and calculations to get a good rough idea before going any further into refinancing. Research potential mortgage lenders and get a good quote written down on paper. Shop that quote around to different mortgage lenders and they will usually meet or beat the quote you bring in. Make sure you practice patience and do the right research in regards to potential mortgage lenders. If you refinance the right way you will save thousands of dollars, if not it can be a very costly decision.

Obama mortgage refinance stimulus plan will help millions of homeowners.
Main Points:
-Help home owners who have seen their property value decrease by 15% or more reduce their monthly mortgage

-Make home loans easier to modify or change.

-Keep the interest rates relatively low.

-No help is provided for market speculators.

-Help the homeowner before having to default on their loan.

A quick summary of the Homeowner Affordability and Stability Plan..

With so many different financial hardships homeowners across the country are scraping by to make their mortgage payments.
-Millions oh responsible homeowners who have been struggling to make their payments in full and on time have seen their property values fall and are now unable to refinance into a lower mortgage rate.

-Millions of jobs and hours have been cut back from average workers across the country. Many homeowners feel this effect in one way or another and can barely keep up with an unemployed spouse. Nearly 6 million jobless people are facing foreclosure on their home.

-Property values have sunk to record lows as each home that is foreclosed on lowers surrounding buildings worth nearly 8%..

This Homeowner Affordability and Stability plan is part of Obamas strategy to get the rough ailing economy back on the right track. Overall this plan should help between 7 to 9 million homeowners refinance their home mortgage into a better one to avoid foreclosure. This helps responsible homeowners from defaulting and stabilizes the overall housing market.

Check with your lender or research my other articles for more information.

Many current homeowners stand to benefit financially from Obamas new housing stimulus plan. Whether you have a bad loan and wish to refinance into a better one, or are limited in your options due to owing more on your mortgage than your home is worth this stimulus plan may be the answer you have been looking for. This mortgage stimulus plan for homeowners aims to relieve homeowners of falling housing prices and bad mortgages. This will help them pay off other bills, improve their homes, repair their homes, save, all things that will help the economy overall. This will also save a lot of homes from being foreclosed on due to mortgage payments getting smaller after refinancing. This plan will cover the bulk of homeowners including but not limited to homeowners who: have their mortgage backed by Fannie Mae or Freddie Mac, Owe between 80%-105% of their mortgage and have little to no equity. This alone will make millions of homeowners automatically qualify for this new stimulus package from Obama. Refinancing now that the stimulus will be in effect could save a homeowner hundreds of dollars every month. Get in touch with a mortgage lender or even your current lender and see if the new Obama stimulus housing plan will help you refinance into a better home loan.

Today President Barack Obama announced his Mortgage Interest Deduction Plan. This plan would limit the tax rate of high income taxpayers itemized deductions to 28%. The plan would raise $318 billion dollars in the next 10 years.

According to WSJ.com
“Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments…The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible expenses. A taxpayer in the top bracket paying $1,000 of mortgage interest, for example, would see a tax break worth $350 reduced to $280.”

Check back soon for more Obama stimulus plan news and how it can help you refinance or get into a new mortgage.

President Barack Obamas recent announcement of a "Homeowner Affordability and Stability Plan" or a housing stimulus plan could mean great news for all current and potential homeowners. This $275 billion dollar housing stimulus package primary focus is helping the hardest hit areas from the housing crisis and the declining property values. The first people to see help from this proposed stimulus plan from Barack Obama would be responsible homeowners who have made their payments full and on time yet are struggling to do so and for one reason or another can not refinance. Obamas stimulus plan would let homeowners refinance into a new loan at a 4.5% mortgage rate. This is an extremely low rate and will save these homeowners hundreds monthly that they can use to pay off bills and better their financial situations. Also, this plan would help a lot of potential homes being lost due to foreclosure. This way homeowners have a chance to be able to afford their home and pay off other living expenses as well. Over 9 million homeowners are expected to be able to save hundreds per month due to this proposed stimulus plan from Obama. This extra money would be spent on other things, or bills and help stimulate the economy even further. If President Barack Obama gets this passed on March 4th there will be a long line to refinance. Make sure you get your paperwork together ahead of time and research and talk to potential mortgage lenders. This will help ease the refinancing process and leave you to focus on the deal itself and the rates and terms that come with it.

Earlier this week President Obama announced a housing stimulus plan that would help millions of homeowners and potential home buyers. The proposed housing stimulus plan would let current homeowners refinance into a low 4.5% fixed rate mortgage even if they are unable to refinance now due to not having enough equity in their home. Refinancing would help homeowners save money every month and pay off other bills. This would stimulate the whole economy and not just the housing sector. Also, as homes are not foreclosed on and people are more likely to buy, property values will nbo doubt go up as well. If this proposed mortgage refinance stimulus plan goes through homeowners could save hundreds every month on their mortgage payments.

President Barack Obamas has recently announced of his potential housing stimulus plan which is great news for homeowners looking to refinance or for first time home buyers. The plan would call for every new homeowner to have access to a 4.5% mortgage rate and further measures include that same 4.5% interest rate being available to homeowners looking to refinance. With the record number of foreclosures looming on the horizon this would be a great help to existing homeowners who find their finances stretched to the limit, and allow them the chance to refinance and have smaller mortgage payments every month. Obamas stimulus plan will make it easier for homeowners to refinance into that great low rate regardless of their financial situation. This will spur savings and help new home sales. It could also raise home values as homes would start selling again at a good pace. Refinancing with President Obamas plan could help millions of homeowners save billions of dollars that can be used to spur the economy. Start researching refinancing or purchasing a home now and beat the rush

Under a new mortgage stimulus plan announced by Obama current homeowners would be able to refinance their mortgage info a new 4.5% fixed rate loan. Also, new home buyers would be able to get a 4.5% rate on their mortgages as well. Primarily this stimulus bill proposed by Obama is to help struggling homeowners who have kept up to date with their mortgage payments but can not refinance due to low equity in their home. This would allow homeowners to refinance into a low low 4.5% mortgage rate and save hundreds and avoid foreclosure on their home. Also property values would see a rise as less homes are foreclosed on and more homes are bought. Homeowners should begin getting their papaerwork and researching potential mortgage lenders now as to not get lost in the herd when the Obama stimulus plan is announced. Refinance the right way and wait until the stimulus and save a low of money in 2009.

Recently President Barack Obama announced his 2009 stimulus plan package. Also called the homeowner affordability and stability plan, which is another word for a housing stimulus plan. This stimulus plan proposed by Barack Obama would help homeowners who are having a hard time paying their mortgage and avoid foreclosure on their home. This plan would first try to help homeowners who are struggling with their monthly mortgage payment but have kept up with it but can not refinance to a decreased home value or not enough equity in their home. The plan Obama proposed would also help homeowners who have been laid off or out of work to due the ailing economy, refinance into a low 4.5% fixed rate mortgage saving them hundreds monthly. The Obama stimulus plan would also raise property values as more homes are bought and less homes go into foreclosure. Hopefully the Obama stimulus plan helps the overall economy and things start to stabilize. Homeowners now should start getting their paperwork together and research potential mortgage lenders in anticipation of the Obama Stimulus Plan.

President Barack Obama wants every homeowner in the USA to have the chance to refinance their mortgage into a fixed 4.5% mortgage rate. Also, new homeowners would have a chance to purchase their home at this same 4.5% rate. This could mean a lot of good news for homeowners who are having a hard time making their monthly mortgage payments. Now, that same homeowner will have a chance to refinance their mortgage, regardless of their personal financial history. The extra money that will be saved will be used by millions of homeowners to pay off other bills or to raise their standard of living. President Obamas stimulus refinance plan will mean a lot of extra expendable cash in the economy which will help with overall growth. Also, property values are expected to rise should this mortgage stimulus plan proposed by Obama goes through. People would not be afraid to buy and home values would start to rise to the levels they were at a few years ago. Also the potential new home buyer will be more likely to get themselves into a 4.5% fixed rate than the loan options typically available. Hopefully congress passes this proposed stimulus bill from Obama.

www.RefinancingCondo.com

President Barack Obama announced a stimulus plan that could mean thousands of dollars in savings for homeowners and potential home buyers. Obamas proposed stimulus plan means that new homeowners would be able to get a fixed rate mortgage at 4.5% and existing homeowners will be able to refinance their mortgage into the same 4.5% home loan. This would mean nearly half of all existing homeowners would qualify for mortgage refinancing under the plans terms. That would equal hundreds of dollars in savings per month for the average homeowner. This money would then help boost the economy at a ground level. Furthermore this stimulus plan could help raise the value of homes by increasing market activity and raising the prices. Homeowners who are looking to refinance their home should hold out for further announcement from Obama. Talk to and research potential mortgage lenders so that if this bill goes through as proposed by Obama, you will not be behind the herds of people trying to take advantage of this Obama stimulus plan.

President Barack Obamas proposed stimulus plan is no doubt initially geared towards loosening the credit that is available to allow homeowners and potential homeowners to get or refinance a home at a mortgage rate of 4.5%. While current mortgage rates are near all time lows across the country this 4.5% mortgage rate proposed by Obama will have many beneficial side affects. Mortgage foreclosures would fall and home values would go up as homes in the neighborhood will be bought and sold faster. Also, this plan trys to put more emphasis on helping homeowners who have been responsible with their payments first. If you have been on time with your payments and they have been in full you will have first chance to refinance into this 4.5% proposed mortgage rate. However, other measures in the propsed stimulus package would include a chance for nearly 50% of current homeowners to refinance their mortgage into this same 4.5% mortgage rate. Obama will make a case to congress tonight about the state of the economy. In 2 more days the budget blueprint will be presented which will give us more insight into what President Barack Obamas stimulus plan will bring potential and current homeowners.

The recent announcement of President Obama and his housing stimulus plan is simply amazing news for potential homeowners or homeowners who are looking to refinance their home mortgage. President Obamas housing stimulus plan would mean that every single homeowner in the USA would have access to a fixed rate 4.5% mortgage rate. Also, their are other measures in the stimulus package to allow nearly 50% of all current homeowners to refinance into this low 4.5% fixed interest mortgage rate. The number of foreclosures is on the rise and will inevitably go up if something does not happen. The 4.5% mortgage stimulus plan Obama announced would have tremendous effects on the housing market by spurring new home sales and increasing property values. Not to mention giving relief to homeowners who are having a hard time making their mortgage payment. Ideally, these homeowners would have extra cash every month, still own their home, and help stimulate the economy. The housing stimulus plan announced by Obama could be just the answer we need to kick start the economy.

Earlier this week President Barack Obama shared his housing stimulus plan with the country which is aimed to help homeowners who are current in their monthly mortgage payments, be eligible to refinance into a 4.5% fixed rate mortgage loan. Upon Obamas announcement applications for mortgage refinancing spiked as homeowners looked to take advantage of this stimulus package. All totaled the daily applications for refinance quotes surged over 50% on the day over yearly February averages. The economy has homeowners struggling to keep up to sate on their bills and mortgage payments and this stimulus package Obama announced could allow those homeowners to keep their homes and have a little extra money to stimulate the economy with. With waves of refinancing applications coming in there is confusion as to who exactly will qualify for this stimulus plan. Mainly, this refinance stimulus plan announced by Obama is aimed at responsible homeowners who have been making full timely mortgage payments but are unable to refinance due to not having a 20% equity stake in their current home. I have also included the following list of things that will help you qualify for this stumulus package proposed by Obama:

To take full advantage of Barack Obamas housing and refinancing stimulus plan a homeowner must:

-Owe a total amount of 80% - 105% on their current home mortgage.
This means about 26% of current homeowners will qualify for the Obama refinance package. About another 25% of all homeowners would not qualify under this stimulus as it is currently proposed due to owing more than 105% of their current homes market value. This is most true in the places hardest hit by the housing bust such as California or Florida and parts of the Northeast where home values have dropped as much as 40% in some areas.

-Have mortgage loans backed by Freddie Mac or Fannie Mae
Almost 60% of homeowners mortgages are backed by Freddie Mac or Freddie Mae, regardless of who your lender or bank is, odds are your loan is ultimately funded and secured by one of these two giants. If you are not sure whether or not your mortgage is backed by one of these two call your current mortgage lender and ask. Im sure they have been asked this a lot recently.

-Have a conforming home mortgage loan.
A conforming loan is just a loan that conforms to GSE guidelines. This means mortgage loans under $417,000 in most areas and as high as $625,000 in high cost of living areas like Boston, Washington DC, San Francisco, New York, and Los Angeles. However the average home price in say San Francisco is over $720,000 so many people have non-conforming home loans.

Exact details will be available on March 4th when the full refinance stimulus plan is rolled out by Obama. Meanwhile the best thing you can do to prepare to take advantage of this is start researching potential lenders and contact your lender to start the leg work of a mortgage refinance.

-M Petrone
www.RefinancingCondo.com

A few days ago President Barack Obama announced his plan to stimulate the economy. This plan, if approved, would allow potential new homeowners to purchase a home with a 4.5% mortgage rate. Also called for is the chance for current homeowners to refinance at that same 4.5% mortgage rate. I have included some key points that effect homeowners below. This plan would:

-Allow homeowners who bought their home at a higher mortgage rate to refinance into a low 4.5% rate and save money every month on mortgage payments.

-Make modifying existing and new loans easier to do for all homeowners.

-Keep interest rates locked in at a rate of 4.5% which is very low.

-Not offer and take away and existing help or government assistance to mortgage market speculators who profit on the financial hardships of homeowners.

-Save the housing market by letting homeowners refinance at this 4.5% rate instead of face a costly foreclosure.

Responsible homeowners who make their payments on time and in full are having a harder time paying their mortgage every month. Giving these homeowners a chance to refinance their mortgage at the proposed by Barack Obama a low 4.5% mortgage rate. A lot of people have also recently gone through layoff at their jobs and the Barack Obama stimulus plan could help them. This would increase their standard of living and decrease the chance of foreclosure. Also, property values could go up as more homes are bought or sold.

Earlier this week President Obama unveiled his mortgage foreclosure stimulus plan that will help existing homeowners refinance their mortgage at 4.5% and new homeowners be able to obtain a 4.5% mortgage rate.
Here are some key elements to Obamas stimulus plan:
*help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments.
*make it easier for borrowers to modify home loans loans.
*keep interest rates low ideally 4.5%.
*no help for speculators and those who profit on peoples downfalls.
*help homeowners before they default by allowing them to refinance at 4.5%

The current economy is making it harder and harder for responsible mortgage payers to make their payments every month in full and on time. Hopefully allowing them a chance to refinance at a 4.5% interest rate will lower their costs enough to increase their standard of living. Also, millions of people have lost their jobs or have had their hours reduced adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are struggling, a 4.5% interest rate would most likely raise home values as property values also rise.

President Barack Obamas recent announcement of his housing stimulus plan is great news for homeowners looking to refinance for for new potential homeowners. The plan would call for every new homeowner to have access to a 4.5% mortgage rate and further measures include that same 4.5% interest rate being available to homeowners looking to refinance. With the record number of foreclosures looming on the horizon this would be a great help to ease existing homeowners burdens and allow them to have smaller monthly mortgage payments. Obamas stimulus plan will make it easier for homeowners to refinance into that great low rate regardless of their financial situation. This will spur savings and help new home sales. It could also raise home values as homes would start selling again at a good pace. Refinancing with President Obamas plan could help millions of homeowners save billions of dollars that can be used to spur the economy.

The economy in the United States has been going through a recession as of late. The rate of consumer spending which represents around 70% of economic activity, has dropped very significantly along with homeowners facing all time high foreclosure rates. According to a lot of experts, this economic downturn we are currently in is the worst shape the economy has been in since the great depression of the 1930s. With that said, the home market may have been hardest hit with the largest downturn of home sales over 20 years. However with the recent victory of President Barack Obama, financial planners and advisors have grown a little optimistic. President Obamas campaign was based on large part that taxes would be cut and increasing of government spending to subsidize homeowners who are in over their heads. Currently, this recession has resulted in tightened credit lines, increased foreclosures, and a big gain in unemployment. New home permit applications have plummeted to low record rates, adding problems for the developers. However, President Obamas economic stimulus plan if appropriately applied to the mortgage industry will create a huge economic stimulus for the markets. The plan Obama has is pretty simple. It is based around everyone having access to a 30 year fixed rate mortgage at 4.5%, and homeowners can refinance their home mortgaegs into this same 4.5% rate. By having a fixed 4.5% interest rate available to current and potential homeowners the housing market could stabilize rather quickly. This plan would allow homeowners to have more money for monthly expenses and the amount of home owners would sharply increase. This could even raise property values as homes are bought up at these low rates. This plans overall goal to stimulate the market by offering crazy low 4.5% interest rates should be a big enough jolt to stimulate spending and get the economy rolling again.

-M Petrone
www.RefinancingCondo.com

The most important factor that is considered when a borrower chooses a lender is the mortgage rate. Potential borrowers will likely utilize the ease of connecting with different lenders and they know this. Therefore they most likely will offer up the lowest mortgage rate they can give you straight away, especially if you make it known you are shopping around. The lower the mortgage rate you can get compared to your current rate the more you stand to save. Generally it is recommended to refinance at 2% or more lower than your current rate is to truly start to see the savings add up. If your goal is finding the lowest possible mortgage refinancing rates, then here is a list of 4 things you can do to help qualify for those.

Selecting The Correct Mortgage
The best way to help ensure the lowest possible mortgage rates for your mortgage is to make sure you pick the proper mortgage for your specific needs. Sometimes the wrong mortgage can be attractive with a lower rate but in the long run will not save you nearly as much. Make sure you choose the proper mortgage with good rates, terms, conditions, and length.

Be sure to compare the rates for different types of Mortgages.
To make the best and most accurate decision make sure you are looking at different mortgage refinance quotes in comparison to each other. Sometimes one quote will have a marginally lower rate but extreme closing costs. Sometimes a little higher interest rate is better than thousands in unnecessary fees or other costs.

ARM Loans (Adjustable Rate Mortgage)
These type of home mortgage loans have an interest rate which according to market conditions and that specific lenders financial position, will raise or fall. Usually they raise and never go back to any kind of average level. While they often have fixed periods at the beginning of the loan these are often for less than a 1 year period. Sometimes an ARM loan is a good choice, especially if you do not think you will be living in the home for much longer. However, it is generally recommended to get yourself into a fixed rate loan which offers stability and long term financial planning.

Fixed Rate Mortgages
If you want a stable fixed rate mortgage where your payments will never fluctuate then this is the right mortgage for you. Usually they have higher interest rates than ARM loans but the long term financial stability is definitely worth it. The loans and their terms are usually rigid and allow very little wiggle room for late payments without fines or fees. This needs to be taken into consideration when calculating overall costs. Sometimes these loans require a balloon payment at the end but the savings you get through refinancing should be able to cover this as well.

These are a few tips to help get you started. Patience and research are the true keys to be sure you are refinancing a mortgage the right way. Check my site for tons of links to quality mortgage lenders who are happy to work with you no matter what your financial position is.

www.refinancingcondo.com



Chicago Traders Make Fun Of Obamas Stimulus Plan For Homeowners Again!
Rick Santelli is shown on the video with traders at the CBOE expressing outrage over President Obamas plan that in essence would force good loyal mortgage payers to help pay peoples mortgages who have not kept up.

Recently, President Obama has announced a housing plan as part of his overall stimulus package. This plans idea is to allow current homeowners who have kept up their monthly mortgage payments, to refinance easier and take advantage of the near record low rates across the country. Following President Obamas announcement, refinance applications surged over 50% on the day. With over half of those applications asking just for quotes. This means there are a lot of homeowners who can take advantage of this plan. However, there is confusion as to who exactly qualifies for this plan. This plan is aimed at homeowners deemed “responsible” by making on time and full mortgage payments every month yet can not easily refinance due to not having a 20% equity stake in their home.

Obamas refinance plan would cover homeowners who qualify under these guidelines:
-Owe between 80% - 105% of their mortgage.
The stats show that over 25% of mortgage holders in the US fall into this category alone, that is over 14 million home owners. Another 24% of homeowners actually owe more than 105% of the value of their home. This hold especially true in parts of the country where home prices have fallen the most.

-Loans which are backed by Freddie Mac or Fannie Mae
Well over half of all mortgages are ultimately backed by one of these 2 powerhouses. Sometimes a homeowner may not be aware of this due to not knowing where the money for their mortgage actually originated from.

-If you have a conforming loan which is higher than average
That means that if you have a loan higher than the median value of homes in your area. However, a lot of times especially in bigger more expensive cities, the home is worth more on the market than the actual appraisal value or loan appraisal of the home. This means that a lot of homeowners whether they know or not, have a conforming loan higher than the limit.

There will be more details on Obamas plan to help homeowners who have been following the rules refinance. More information will be available on March 4 when the plan is actually rolled out. There is also a second part to his housing plan which will allow homeowners who have fallen behind in payments or facing foreclosure to more easily refinance. Now however it would be best to contact potential lenders in anticipation of the March 4th announcement.

-M Petrone
www.RefinancingCondo.com

When you are applying for a loan or looking into refinancing your mortgage most likely your potential lender will bring up the importance of your FICO score. Insurance policies, new mortgages, and credit cards, all take both your FICO and credit score into account. There are a lot of FAQ about FICO scores you can usually find on lenders or banks sites which will detail how your FICO score is calculated. I have also included some questions and answers that help give you a better idea of what a FICO score is and how to improve it.

So, What is a FICO score?
A FICO score is a measure of the risk potential lenders are taking by borrowing money to you. Your FICO score helps lenders estimate how much of a credit risk you are and how likely you are to pay back debts. Developed by Fair Isaac and Company in the 1950s, this credit scoring system has been accepted and used by a majority of lenders as well as having approval from the FTC.

So what things determine my FICO score?
For the most part any potential lender will look at your credit history and information. Factors in your credit report, both good and bad, effect your FICO score. There are 5 categories of credit information lenders look at which are, payment history, length of credit history, new credit applications, type of credit used, and outstanding debts. Improving any of those 5 things will help your FICO score as well as credit rating.

So how can I make my credit and FICO score better?
Due to the fact that FICO scores play big off of your credit rating, and we know that credit ratings can be approved, it is possible to drastically improve your FICO score in a short time. Make sure to pay bills off on time, cancel unnecessary credit cards, try to maintain low balances on your remaining credit cards, and do not apply for new lines of credit unless necessary. Get a copy of your credit report and make sure everything in it is accurate. Make sure your credit is checked only if necessary.

Fico and credit scores represent a measure that is calculated by the type of credit risk you pose potential lenders. Generally credit scores for homeowners are between 600-800 while the range of the entire credit rating scores are 300-900.

The term FICO comes from the Fair Isacc Corporation, who were the inventors of this type of credit scoring system.

Mortgage refinancing applications are skyrocketing across the country. Recently mortgage rates have dropped to near record lows all over the country. The huge increase in refinance applications is just the rush of homeowners trying to take advantage and save themselves some money. By locking in a lower interest rate than you currently have and practicing a little patience a home mortgage refinance may be the right thing for you to do.

1)Not getting your mortgage refinance quote on paper.
Make sure to get any quote that is appealing to you on paper in writing signed by the lender. Although there are trustworthy lenders you can not rely only on word of mouth. With a written quote there is no way that last minute changes can effect anything or drive up costs. Ideally you would get the quote printed on letterhead from the lender or bank and signed.

2)Getting a home appraisal if not needed.
Typically the mortgage lender will have appraisers they use who will take all your homes details like square footage, number of bathrooms, bedrooms, etc., and compare them to the details of recently sold homes in the neighborhood. Generally you are not going to be asked to get a second appraisal which is independent of the mortgage lenders appraisal. So unless there is a big difference between the appraised value and what you think the value is getting a second home appraisal may be a waste of money.

3)Running up your credit before refinancing your mortgage.
Extending your credit to its limits before refinancing is a red flag to potential mortgage lenders and banks that your refinance is not to save money but to get cash back and spend it unwisely. They see that as spending money you do not know you will get and that is a sign of a potential problem down the line. A lot of different mortgage lenders have policies against this which will cost you more. If you stretch your credit to its max just prior to refinancing, it will be much harder to do.

4)Using the assumed value of your home as appraised by the tax assessor.
County tax assessors only calculate rough value for properties in given neighborhoods
and these are not exactly a good estimate of your homes actual market value. There usually is a sizable difference between the amount they come up with for tax purposes and the markets going rate for your home. Upon sale of a home though a tax assessor will always redo the quote for the tax assessment from the information obtained from the sale.

5)Refinancing while having a second home mortgage.
Generally lenders will examine both loans you have separately and offer to refinance them individually. Ask any potential mortgage lenders if having a second mortgage will seriously reduce your chances at savings through refinancing.

Always make sure to practice patience when looking for the best refinance deal. Ask plenty of questions of any potential mortgage lenders and get comfortable with the terms and conditions of any loan before signing. Get quotes and compares them to each other. Often lenders will meet or beat their competitions quotes.

-M Petrone
www.RefinancingCondo.com

Making a mistake when refinancing your home mortgage can cost you a lot of money. Often these costly mistakes could have been easily avoided had the homeowner had done a minimal amount of research to avoid these money grabbing mistakes. Do not make predictions about where the rates will go and what to do when they hit that point. You must make a refinancing decision based on the best rates available today. Use the internet to research different mortgage rates and fees available from different mortgage lenders. Find the best deals and further research these potential mortgage lenders. Make sure to compare all aspects of each lenders offer, not just the actual mortgage rate. Sometimes a low rate comes with stricter terms and conditions. Here I have a list of 3 common things that you an avoid that will help your refinance go smoothly.

Avoid: Waiting For An Even Lower Interest Rate.
The mortgage industry is very unpredictable and tomorrows lows can be todays highs. There is no person that can tell whether rates will be rising or falling, people claim they know but they are guessing. So instead of waiting for the great rates to drop even further than they have already you should focus on getting the lowest rates that are available now. You can use the internet to quickly compare different lenders, their quotes, and their fees. Note the potential savings that can be had through refinancing and make your decision as to if it would be worth it.

Avoid: Not Checking Each Mortgage Lenders Going Mortgage Rates.
A lot of people will focus on one mortgage price for the sake of news reports or articles. In reality this is just a national average and in your area rates may be different. Plus, lenders themselves offer different rates and have their own check list for determining the interest rate. That is the reason that when you see interest rate numbers they may vary from source to source. Also, a mortgage lender takes into account your credit to give you a mortgage rate. So you should always ask for a loan estimate which includes all closing costs.

Avoid: Thinking That Just a Lower Interest Rate Will Save You Money
Just because you are able to refinance at a marginally lower interest rate than you currently have does not mean a refinance is going to save you money. You need in general to get at least 2% lower interest rates to start to see savings. Even then with closing costs added in you may not break even for up to 4 years. It is best to not refinance if it will take more than 4 years to break in.

Make sure you understand fully the expenses, fees, and costs associated with a mortgage refinance before signing anything. Make sure it is clear exactly how much your mortgage payments will be and when you can expect to break even after refinancing and start to see real savings.

-M Petrone
www.RefinancingCondo.com

A home mortgage refinance can save you a lot of extra money that you can use to pay bills, home improvements, or whatever you want. Refinancing a home mortgage can also help you save your home if you have missed some payments and are looking at losing your home. The money savings that can be has through a refinance should allow you to start to claw your way out of debt. Remember though that refinancing a home loan is a serious deal and can be a costly mistake if it is done wrong. I have included 3 of the most common and expensive mistakes that are most often made. You should try your hardest to not make these mistakes.

First Mistake: Refinancing into too high of a mortgage rate.
Carefully look over and consider the interest rates when refinancing your home. If the offered interest rate is the same as your current rate it may not be a good tie to refinance as you will not save too much. However, if the rate is 1% or more lower than your current rate, you could be in for good size savings. Never refinance your home at a higher interest rate unless there is no other option.

Second Mistake: Borrowing too much money.
Commonly when people refinance they borrow too much money. Always remember that the more you borrow the more you pay, and everything needs to be paid back. Think about this before you refinance for more money than is actually required to cover the mortgage. Do not put your home at risk because you borrowed a few thousand dollars when you refinanced.

Third Mistake: Do not ever forget about closing costs and fees.
There will always be some kind of closing cost or fee when you refinance your home. The amount of these costs varies from lender to lender but you should expect to pay a few thousand dollars in closing fees. If this is not going to make refinancing a financially sound thing to do you may want to look into a home equity loan. Home equity loans have no closing costs or fees.

www.refinancingcondo.com

Refinancing a home mortgage can be a great financial decision for a homeowner who purchased when mortgage rates were higher than they are now, or those in an ARM (Adjustable rate mortgage). In both of these cases refinancing into a loan with a better interest rate or a stable fixed rate will lower your monthly mortgage payment. Fixed rate mortgages are financially sound and great due to their stability and you knowing exactly what your payment will be every month for the entire length of the mortgage.
Heres 4 frequently asked questions that will help you along the way in your mortgage refinance.

Question: So, When do I Refinance?
Answer: For a almost a year now mortgage rates have been extremely low. As the rates started to go down, homeowners took advantage and refinanced their mortgage to get lower payments. That does not mean though that refinancing a home mortgage is the right answer for everyone. Generally, it is recommended that you should look into refinancing when mortgage rates are 2% or more lower than your current mortgage rate. Refinancing into a mortgage for less of a interest savings then that is not generally worth the time or upfront costs, and more often not even a good deal at all.

Question: So is it worthwhile to refinance my mortgage?
Answer: Mortgage lenders have different policies among themselves. Sometimes the lenders quotes or good faith estimates do not include closing costs or associated closing fees. It is always best to ask for a detailed break down of all fees and closing costs, from each potential lender, before signing anything. Sometimes refinancing will only give minimal results in which case it may not be a good idea to refinance unless you are going to live in the home for a long time.

Question: Can I compare different mortgage lenders refinance quotes?
Answer: When refinancing a home mortgage you should get in touch with your current lender first. A lot of times they will waive some associated mortgage refinance fees and cost . However, your mortgage lender may not have the best rates terms or conditions and therefore it is best to shop around for the best mortgage refinance package you can get. Use the internet to apply and compare a variety of mortgage quotes from known and reputable lenders.

Question: How much equity do I need to have in my home in order to refinance?
Answer: A good lender and refinance loan will require you to have enough equity in your current home. Generally the suggested time to wait before refinancing is 24 months. This should be enough time for the property to increase in value and you to gain more equity in your home.

-M Petrone
www.RefinancingCondo.com

Everyone faces a hard time where they need more money but have tapped into all available resources they can think of. Your credit is maxed and your scraping by to pay your mortgage. What should you do? Consider refinancing your mortgage, thats what.

Generally refinancing a mortgage is the best and often only choice you have to get into a better mortgage and pay less monthly for your home. Mortgage rates are at a near record low all across the country. Refinancing your current mortgage into one with better terms rates or conditions can save you hundreds per month. Also, if you want you can shorten the extend the length of your mortgage and use that extra cash to pay other bills.

Below I have listed some things you can do to ensure you get the best mortgage rates, terms and conditions available when you refinance your home mortgage. Doing any one of these things will help save even more money through refinancing.

1)There are often hidden costs and fees associated with a mortgage refinance. These are necessary and can cost a few thousand dollars. Make sure to limit your home refinance to about 30% or so of your homes equity. This way you can avoid paying for private mortgage insurance, which can be costly. Also, make sure all costs are clear and outlined before signing anything.

2)Close any credit cards you can. Credit card bills and interest fees can be a great burden on your monthly expenses. Aside from having to deal with the dreaded bill collectors when you miss a payment you will also have to add on huge interest payments. That is why unless it is super necessary close whatever cards you can, at least temporarily. Once you have made a major portion of your credit card debt go away you can then have 1 or 2 cards to use. Also, this improves your credit rating which will allow you even bigger savings when refinancing a home mortgage.

3)Be sure to check your credit report. Also considered is your FICO score. These two things are the base of your mortgage refinancing. Most likely, if you have bad scores on these you will not be able to get the lowest mortgage rates available compared to those with better credit. Make sure to check the reports for inaccuracies or any questionable activity. Make sure to fix any errors prior to applying for refinancing as it will be hard to convince a lender it is an error.

Be sure to research any potential mortgage lenders and compare the quotes from a variety of lenders to make sure you refinance the right way and save as much as possible.

-M Petrone
www.RefinancingCondo.com

The biggest reason a borrower chooses a lender is usually the mortgage rate. With everything else considered the biggest factor in picking a mortgage lender is the mortgage rates they give you. The lower the rate is the more you will save in the long run. Here are some tips I have included to help you get a refinance at the best mortgage rate possible.

Choose the Correct Mortgage
The right mortgage for your particular needs is often the best route to the lowest rates possible. Getting the wrong mortgage can also save you money but maybe not so much in the long run, or worse can end up costing you a lot more. If you choose an incorrect loan type for your personal financial situation it is likely you will end up taking another mortgage out to make up for the mistakes you made.

Compare Different Types of Mortgage Rates.
You must be sure to compare potential lenders offers to each other. Take into account not just the interest rate but also the terms conditions and length of the loan. Make sure the monthly payments are able to be paid in full every month before signing anything.

ARM (Adjustable Rate Mortgage) Loans
Commonly referred to as an ARM, this type of loan has interest rates that vary. It can be a good choice if you want to take full advantage of the really low interest rates available now but are sure that when the rates rise you can still make the payment. A lot of different types of ARM loans are available including but not limited too graduated payment mortgage, two-step mortgages, amortizing loans negatively, and a buy down mortgage.

Fixed Rate Mortgages
A fixed rate mortgage gives you assurance as to what your monthly mortgage payment will be every single month. The interest rates are fixed and therefore no matter what your or the markets financial situation is your payments, terms, and rates are the same. However, usually a fixed rate mortgage is very strict and does not allow much wiggle room should you come into problems in the future. Often changing a particular term or condition of a fixed rate mortgage will require a creditors approval first then maybe you will get what you wish for. Generally a fixed term mortgage is long term over the course of 30 years. Sometimes they have a balloon payment at the end but with these low rates available you should be able to save enough to make that balloon payment at the end.

Conventional Loan Options
The only reason these are different the mortgages is due to their source. A conventional loan is usually offered by big well established companies and have very strict guidelines they follow as set by the Federal National Mortgage Association. Requirements for conventional loan types are usually what you would face getting a bank loan. You need to provide proof of income, proof of down payment, credit history, and proof of assets among other things. To help ensure you get the lowest rate make sure you compare different lenders of your situation. Do not ever be afraid to ask questions.

An Interest Only Loan
An interest only loan sometimes has a fixed rate or a variable rate but are especially unique due to letting borrowers pay only interest payments for a determined length of time. Usually when the time is up the borrower will have an option to either pay off the rest of the loan, refinance the loan, or make monthly payments which include some interest.

Always make sure to do good research on any and all potential mortgage lenders. Show patience and do some research your self on commonly used terms that you will hear when facing a refinance. It pays to be an educated borrower. Often, the stricter a mortgage lender is the better terms, conditions , or rates you can get. However this is not always true.

-M Petrone
www.RefinancingCondo.com

Home refinancing is a serious financial decision. If it is done the right way you can save hundreds of dollars every month on your mortgage. If not you can lose thousands in unnecessary costs and interest rates. Below I have included some important things to do to help ensure you refinance a home mortgage the correct way.

1)Know your current mortgage terms and conditions.
Be sure to know the conditions, terms, and rates of your current mortgage first. Look to see if there any early pay off or prepayment penalties in your current loan. A lot of people may be unaware that there is a term in their current mortgage that adds a fee for paying off your mortgage early. With this in mind make sure to check and ten see if it is still worth it to refinance. Take any of these prepayment fees into account when adding up the total cost of refinancing.

2)Get quotes from different lenders, but carefully.
It is best to apply for some kind of pre-approval from a variety of different lenders in order to ensure you are getting the best mortgage rates, terms and conditions you can. Be sure however that the potential mortgage lender is not going to run your credit history during an initial approval application. Too many searches on your credit may look bad and make it harder to refinance at a good rate. Also, take potential lenders closing costs and fees along with terms and conditions of the loan into consideration as well as the interest rate. A low interest rate is wasted with bad terms or conditions.

3)Make sure to choose the correct mortgage lender or bank.
When you have found a offer you like from a potential lender you will need to let them pull your credit history. Next, you should get the rates terms and conditions of the loan and closing costs and feeds written down and signed. This way you will know in advance what you need to pay, do, or can expect

If you are considering refinancing your home mortgage make sure you take all of your options into account before doing anything. Your ultimate goal should be owning your home. Take your time and practice patience. Patience and good research on potential mortgage lenders or banks will make you refinance the right way and that way will save you thousands of dollars.

-M Petrone
RefinancingCondo.com

If you have a bad credit rating and are looking to refinance your home mortgage the refinancing process may not be as easy as it could be. However, these days there are a lot of mortgage lenders who cater to people with bad credit scores. That means that even with your bad credit you can still refinance into a better mortgage rate, or even perform a cash out refinance. There are a lot of good dedicated lenders and banks who will do their best to help you refinance into a much better mortgage, regardless of your credit rating. Do not let bad credit prevent you from saving money through refinancing. Although it may cost a little more and require more patience and research it is definitely possible. You are not the only homeowner with bad credit who needs to refinance. If you can refinance at just a 1% lower mortgage rate (hopefully more) you most likely can save money. This money can be used for anything you want but obviously should be used to better your financial future and credit rating. You can also use the equity you have built up in your home and do a cash out refinance. For example, if you owe $50,000 on your mortgage in 10 years and your home is worth $150,000 you can refinance into a mortgage that is worth $80,000 over 20 years and pocket the difference. This should only be done if it is properly researched and you take your financial future into serious consideration. Owning your home should always be the number one goal you have. Most likely, your home mortgage is the most expensive payment you have. Refinancing it can be a huge money saving thing to do if you do it properly. However, if you refinance wrong you may lose thousands of dollars. Research potential bad credit mortgage lenders, and companies that specialize in bad credit mortgage refinancing. Once you get a mortgage quote you like shop it around to other potential mortgage lenders. This increases your odds dramatically of that lender meeting or beating the quote you showed them. Especially when refinancing with bad credit be sure to take your time and be patient. It is very likely if you do research and make sure you comparison shop mortgage quotes you will save money every month on your mortgage.

-M Petrone
RefinancingCondo.com

If you have a bad credit rating and are looking to refinance your home mortgage the refinancing process may not be as easy as it could be. However, these days there are a lot of mortgage lenders who cater to people with bad credit scores. That means that even with your bad credit you can still refinance into a better mortgage rate, or even perform a cash out refinance. There are a lot of good dedicated lenders and banks who will do their best to help you refinance into a much better mortgage, regardless of your credit rating. Do not let bad credit prevent you from saving money through refinancing. Although it may cost a little more and require more patience and research it is definitely possible. You are not the only homeowner with bad credit who needs to refinance. If you can refinance at just a 1% lower mortgage rate (hopefully more) you most likely can save money. This money can be used for anything you want but obviously should be used to better your financial future and credit rating. You can also use the equity you have built up in your home and do a cash out refinance. For example, if you owe $50,000 on your mortgage in 10 years and your home is worth $150,000 you can refinance into a mortgage that is worth $80,000 over 20 years and pocket the difference. This should only be done if it is properly researched and you take your financial future into serious consideration. Owning your home should always be the number one goal you have. Most likely, your home mortgage is the most expensive payment you have. Refinancing it can be a huge money saving thing to do if you do it properly. However, if you refinance wrong you may lose thousands of dollars. Research potential bad credit mortgage lenders, and companies that specialize in bad credit mortgage refinancing. Once you get a mortgage quote you like shop it around to other potential mortgage lenders. This increases your odds dramatically of that lender meeting or beating the quote you showed them. Especially when refinancing with bad credit be sure to take your time and be patient. It is very likely if you do research and make sure you comparison shop mortgage quotes you will save money every month on your mortgage.

-M Petrone
RefinancingCondo.com

Tonight Only!!! The Very Last Chance To Get My 27 page mortgage refinance ebook. This ebook contains everything you need to know to refinance your home mortgage the right way. Get it here.

Refinancing a home mortgage can be one of the best financial decisions you make in your life. Will that in mind there are some things that you need to do to make sure that the mortgage refinance process goes as easy as possible and most importantly to ensure you save money. First, you should find a qualified expert that can help advise you on refinancing your home mortgage. Make sure you research the potential advisor before using their services. Sometimes a financial planner may also help you with realizing the risks of refinancing your home as well as the advantages. Always take your whole financial future into account when making important decisions such as refinancing a home mortgage. Refinancing a home mortgage can be especially helpful if you are having a hard time keeping up with your mortgage payments, or need the extra cash. Check your credit rating and make sure it is accurate. If your credit is the same or has improved since you initially bought your home chances are high that you will be able to refinance and save a lot of money. With mortgage rates at near record lows you are almost assured a refinance rate that is much lower than your current mortgage rate. This allows you to save money every single month on interest payments. You will be surprised at the mortgage refinance options available to you. Especially if your credit has stayed the same or improved. If you are facing foreclosure on your home make sure to make that a big point when speaking with a potential mortgage lender. Banks would rather refinance you at a lower rate than foreclose on your home. Mortgage refinancing is a serious decision and can be a very costly one if it is done wrong. Make sure to do proper research before refinancing a home mortgage. Once you find lenders you like get a written quote from them. Comparison shop between different lenders and use that quote as a base. If the quote the other potential lenders give you is higher than yours then show them your quote you got in writing. Often a mortgage lender or bank will meet or beat a loan quote you show them in some way. Make sure to do good research and practice patience when refinancing a home mortgage.

-M Petrone
www.refinancingcondo.com

There is only a few hours left to download my 27 page ebook on how to refinance your home mortgage the right way. Refinancing a mortgage can be very beneficial if it is done correctly but if done wrong it will be a costly decision.`Get my ebook now check my older posts for the download link.

Refinancing a home mortgage could be a great way to avoid foreclosure on your home. As you read this thousands of homeowners are frantically looking for a way to avoid foreclosure. However, if you are in this situation yourself do not worry too much. Recently with the huge number of homeowners facing foreclosure lenders and banks are under pressure to be flexible in allowing people to refinance their home mortgage and avoid a foreclosure which is costly to everyone involved. Combine that with the recent drop in mortgage rates and a home mortgage refinance could be the solution you need to save money every month and avoid foreclosure on your home. This is in contrast to just a few years ago when banks would only refinance a select group of people. But these days with the banks struggling to stay in business they would rather settle for a smaller profit than a potential loss and are more likely to refinance homeowners who they would not have refinanced before. A home mortgage refinance can save you money monthly by reducing the rate on interest your loan is at. This extra money and lower monthly mortgage payment could be key to avoiding a foreclosure. Refinancing works even better if you have missed a mortgage payment or have been late a few times. This way your bank knows that this is a serious situation and you are pushed to your financial limits. Mortgage lenders want to refinance and help you, you just have to make the effort to contact them. Call your current mortgage lender or research potential ones on the internet. Explain your situation and desires to them and see what they offer. If it is good enough get a written estimate signed by the lender. Make sure this quote includes any and all fees or costs related to the mortgage refinance included in it. Shop the written quote to different lenders and often they will beat or meet the quote you bring them.

-M Petrone
www.RefinancingCondo.com

The biggest fear homeowners have when refinancing their home mortgage is being ripped off. Many homeowners are convinced that the best way to avoid being ripped off in a mortgage refinance is to search for the best mortgage rate quotes they can find. One of the best ways to quickly find a good mortgage rate is to use the services of a mortgage broker. However, here is where I want to caution you about the biggest secret in the mortgage refinancing industry. The secret no broker or bankers want you to know.

So, What is this secret that desperately needs to be exposed that can save you thousands?
On a daily basis, homeowners are being ripped off from mortgage brokers, lenders, and banks without even realizing it. How? By being ripped off by the mortgage lender and paying extremely high closing costs compared to what your costs should be or are compared to other homeowners in the same situation.

So what makes these closing costs so high... and why?
Sometimes mortgage lenders or brokers get together with their lawyers and then charge higher fees based on a lawyers time as well. These lawyer fees end up being passed on to you even though the lawyer was not necessary for most or all of the time. This is more of a red flag if the potential lender or broker offered you their service for “free”. When the word free is used to describe closing costs it just means the lender is making money off you in other ways. A lot of unethical mortgage lenders will grab your attention with these free or low cost refinance options. Sometimes, they will even give you cash when you refinance with them because they know the money will be coming back to them eventually. They will always work it so that you are paying more for this “free” or reduced cost closing than you expected. They will stack the deck in their favor.

Who else will be able to use this kind of scam on me?
You need to be cautious of anyone you are dealing with not only your mortgage lender or bank. Your real estate can just as easily perform the same sort of under handed scheming to you. That is why it is very important to do proper research on any potential mortgage lenders or banks. Know your estimated costs up front. Demand every single fee or related cost is estimated and quoted before the closing is set to take place. This way you can review the fees and ask any questions before signing off on the new loan. Mortgage lenders with long histories are often more stable and financially secure than fly by night mortgage companies. Usually the big lenders do not pull these cheap and greedy scams but be aware none the less. Practice patience and find the perfect lender, terms, rates, and conditions for your home mortgage refinance.

-M Petrone
www.RefinancingCondo.com

The desire to refinance a home mortgage happens a lot to a homeowner. Recently however with mortgage rates at near record lows, the rush to refinance is on as homeowners look to to take advantage of the low interest rates. A lot of homeowners are facing foreclosure and will lose their way of life if something along the lines of a mortgage refinance doesn't happen soon. Regardless of the market you live in, mortgage rates have dropped for nearly everyone interested. Most homeowners purchased their home years ago when mortgage rates were much much higher. Other times the homeowners credit was worse when they bought their home and it has since improved. Combine the improved credit score with the amazingly low mortgage rates and that will equal big time savings. Refinancing into a better loan with better rates can be a great financial decision.

Know Your Mortgage Refinance Options.
You should have a reason to refinance. Whether it is to have lower monthly payments, shortening the length of the loan, extending the loan, a cash back refinance, or to refinance out of an ARM (Adjustable rate mortgage) loan and into a stable fixed rate mortgage. Make sure you do research on potential mortgage lenders and know what they are all about. Know how long they have been in business and if they have a local office close to you. Use the internet and websites like mine to find potential mortgage lenders with credibility. Once you get a quote from a potential lender make sure to shop that quote around. Most of the time a mortgage lender will beat or meet the loan quote you bring in.

Account For Any Fees Or Closing Costs Associated With
Mortgage Refinancing.
Make sure to include any closing costs or related fees into your calculations. The expenses will quickly add up if you allow them to get out of control. A good mortgage lender will provide you a detailed quote with itemized costs. Most of the mortgage lenders offering no or free closing cost refinance deals are going to make up for that in the interest rate they give you. Also, be sure to pay all or as much of the closing costs you can instead of adding them to the loan. This way you do not have to pay interest on these fees over the course of the loan.

Do the proper research regarding mortgage lenders and the terms used in refinancing a home mortgage. The more prepared you are the better off you will be and this process will be much easier. Be aware of shady fly by night mortgage lenders and try to stick with financial powerhouses or at least mortgage lenders dealing with big banks.

-M Petrone
RefinancingCondo.com

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The proposed stimulus plan presented by President Obama would include hundreds of millions of dollars to help homeowners facing foreclosure. This would not be a hand out rather a chance for mortgage lenders to refinance a home to a rate the homeowners could afford instead of foreclose on the mortgage which is costly for both the lender and the homeowner. This money would be available to mortgage lenders at greatly reduced interest rates so they can have more leverage room in their accounts and offer more people refinancing chances. Obama has even said before that everyone should have access to 30 year fixed rate mortgages at 4.5%. This would be remarkable for current homeowners as well allowing them to refinance into a much lower rate and save money or possibly their home from foreclosure.

Refinancing a new home or purchasing a new one is a big important decision to make. Most likely a home is the most expensive thing you will ever own. For these reasons it is very important to do thorough research and investigate any potential mortgage lender. Check their history, track record with customer service, financial status. You may see low rates of offers to refinance your home all over the place but it is often better to do business with a lender who uses reputable banks and has a good rating in their business standings. See how many clients a lender has and their track record with them. See how long they have been in refinancing. Usually the longer a company has existed the more stability there is. After all you will be trusting and relying in potential lenders to help you make the biggest purchase of your life. Most of the time when people do start considering mortgage lenders they choose just by the lowest advertised rate that they see in their advertisements. However, it is not the best financial decision to choose a lender based purely on rates. Often other mortgage lenders may have slightly higher rates but offer more flexible terms, conditions, or loan types which can be even more profitable for you than a purely low mortgage rate. Usually if a deal seems to good to be true it is. Make sure to re read any documents and loan papers before you sign anything. Often, especially with smaller mortgage lenders, there are huge closing costs or other fees added on at the last minute. A lot of lenders websites have a mortgage calculator like the one on my site. This will give you a rough idea of how much money you stand to save by refinancing a home mortgage. Mortgage refinancing can save you thousands of dollars if it is done correctly. However, if a greedy mortgage lender gets a hold of an uninformed homeowner looking to refinance it could quickly turn into a very costly mistake. Do plenty of research and never be afraid to walk away from a lender, there are literally hundreds of lenders that you can work with.

-M Petrone
RefinancingCondo.com

Only 1 day left to get your copy of my 27 page ebook which contains a lot of useful information that will help you save thousands on a home mortgage refinance. I will only be putting this book up for free download for 1 more day as to not get the people mad who paid for it prior to this special offer. Mortgage refinancing can be a tricky thing and greedy mortgage lenders dont help. Make sure you refinance the right way and dont get taken for thousands.

I have a 27 page ebook that covers nearly everything you need to know regarding home mortgage refinancing. This ebook is in pdf form and will be given away free to visitors of my site. Nothing to sign up for or buy. For your copy click here. This guide could save you thousands of dollars by helping you refinance a home mortgage the right way.

Mortgage refinancing is at an all time high due to homeowners looking to take advantage of the near all time low mortgage rates that are sweeping the country. Here I have included a free pdf file with mortgage refinancing basics summed up. Totally free it is 27 pages worth of great home mortgage refinancing information that could save you thousands. Updated for 2009.

Get your copy here. Refinancing the right way will save you thousands and refinancing the wrong will cost you thousands. Make sure you refinance the right way.

One of the most confusing things about home mortgage loans is calculating the interest rate. It may seem hard to compare one loan which may have terms such as compounding interest, rates, terms, and other conditions with another loan. Comparing a 30 year fixed rate mortgage at 7% interest with one point to a 15 year flat rate mortgage at 6.75% with 1.5 points can look difficult. Besides just interest payments depending on your financial situation there may be other costs or ways to save. Add the confusing mortgage rates with any closing fees or costs associated with home mortgage refinance and it looks even harder to be able to calculate a true payment. Luckily for you there is the Federal Truth in Lending Act which requires all mortgage lenders to clearly give you the percentage rate as well as the total amount of the financing in dollars.
Getting the APR (Annual percentage rate) of a loan is a great way to truly compare the actual costs of different loans. An APR is figured out by taking the average finance charge which typically includes any fees or other loan costs and dividing it by the amount borrowed. It is shown as a number which is the annual percentage rate. Often an APR is a little higher than the mortgage rate because it includes all costs or expenses related to refinancing a home mortgage. Be sure to compare the APR when looking at other potential offers from mortgage lenders. Also be sure to know what fees are included in the quote and how much if anything the remainder of the fees will cost. Most of the time the APR quote will include all costs that are associated with a home mortgage refinance. A lot of homeowners can save thousands of dollars by simply refinancing their home. Mortgage rates are at record lows across many parts of the country. As homeowners look to take advantage of these low rates refinancing applications have gone through the roof. Be sure to exercise patience when refinancing and ask questions even if you think they may sound dumb. Do not be afraid to walk out on a lender and never sign anything you do not fully understand. Compare refinance quotes from a variety of lenders for the best deal possible.

-M Petrone
RefinancingCondo.com

If you have already purchased a home for yourself then you most likely know what financing is. Im sure you also know what refinancing is. If not basically refinancing is getting a new loan with better rates terms or conditions and using it to pay off your existing loan. The savings that can be had can add up to the thousands of dollars, especially with mortgage rates at record low rates as they are now across the country. Even just being able to get a new rate that is only 1% (Hopefully more) lower than your current loan can save you a lot every month on your mortgage payment. The true amount you will save depends on your personal financial situation but especially with rates as low as they are now it is very probable you will save money. The money you save can be used for anything you wish. Home repairs or improvements are always good ideas but paying off other debts, tuitions, bills, car loans, or just saving whatever you want to use the money for is your choice. Here are some great benefits to refinancing a home mortgage loan:

-Lower Interest Rates.
This is the most obvious reason and the most popular reason to refinance. Always try to get the lowest rates possible but in general just a 1% lower interest rate will save you a lot of cash.

-Lower Monthly Mortgage Payments.
As a result of getting lower interest rates you will get lower monthly payments as well. This means that you will be spending less every month on your mortgage and you can use this money as you wish. The lower interest rate you get the lower the payment will be monthly for your home loan.

-Changing the Terms of Your Current Mortgage.
Rather than lowering the monthly mortgage payment of your home, some choose to shorten the overall length of their loan and still pay the same amount they are paying now. The new interest rate that you get from refinancing will allow this by saving a lot on interest payments. This is a smart long term financial decision.

-Chance to Change Mortgage Lenders.
A lot of first time homeowners basically went with whoever approved them first with decent terms. Often the decision was made with no regard for customer service from a potential mortgage lender. When you refinance you have the choice to choose a mortgage lender based on your own criteria. You know what to look for and what you do not like from your current lender and can make sure those will not be potential problems with a new lender.

-Debt Consolidation. Refinancing a home mortgage is a good way to consolidate all of your debts and bills. Paying off bills which carry high interest rates will save you even more money, especially long term. If you can improve your credit and pay off unnecessary debts which carry interest you will be in line to save a lot of money.

-Fast Results and Closing Times. Home mortgage refinancing is easily to apply and be approved for. Of course this depends on your financial situation and how qualified you are. If all goes well though and it often does you can be approved for refinancing within 1 week.

Refinancing a home mortgage right now is a pretty good decision for a lot of homeowners who are looking to take advantage of the low mortgage rates. Refinancing a mortgage is a very important decision and should not be rushed in to. Make sure you have patience and refinance the right way.

-M Petrone
RefinancingCondo.com

Usually refinancing a home mortgage is done to obtain a lower interest rate in order to make your monthly payments smaller or to increase the loan length to have a lower mortgage payment. Sometimes people choose to shorten their mortgage to save on interest. A cash out refinance is yet another option. This is where you refinance for more than you owe on your mortgage but less than the home is worth and pocket the difference in cash. Generally it is best to use this money for home improvements or repairs. These things increase the value of your home. Refinancing a mortgage is a good way to regain some control of your money. Refinancing out of an ARM (Adjusted rate mortgage) into a more stable fixed rate mortgage is popular. A lot of people got lured into an ARM loan with super low rates and low or sometimes even no money down plans for owning a home. Now, the low rate period has expired on a lot of those loans and the rates have skyrocketed. The homeowners stuck with an ARM loan are at the mercy of the mortgage lender. Right now mortgage rates across the country are at or near all time lows and refinancing into a fixed rate mortgage is a good idea for a lot of homeowners. Sometimes a homeowner faces a huge financial burden and needs to do a cash out refinance. An example of this is if you owe $25,000 in 10 years on your mortgage and refinance into a $50,000 loan and pay it off in 20 years, you will pocket the $25,000 difference.

A lot of homeowners can save a lot of money every month on their mortgage payments by refinancing. Of course it is dependent on your personal financial situation that will effect the results of a mortgage refinance. The rush to refinance is on and applications for refinancing are at an all time high. Do a lot of research on any potential mortgage lenders before doing anything and feel comfortable with the terms. A lot of lenders have mortgage calculators like the one on my site which will give you a good idea of how much you can anticipate to save. Once a potential mortgage lender gives you a refinance quote get it in writing and have it signed. Give that quote to other lenders and most of the time they will match or beat it in some way. Whether they give you a better mortgage rate, terms, or conditions often times they will beat it somehow. This gives you even more flexibility in making sure you refinance the right way. Closing costs can be a few thousand dollars and it is suggested to pay all of as much as possible of these fees upfront. Paying interest on these fees for the length of the loan is a waste of money.

-M Petrone
RefinancingCondo.com

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