http://www.independent.com/weblogs/mariamsele/2013/feb/16/refinancing-your-mortgage-loan-in-arizona-the-vari/
-Hunter Financial Group
Monday, February 25, 2013
Tips for Getting a Lower Mortgage Interest Rate...
Great article from Yahoo with some quick tips on getting a low mortgage rate:
http://homes.yahoo.com/news/get-low-interest-rate-040301682.html
Remember, Hunter Financial Group has some of the lowest rates available and our quick in-house turn times gets your loan closed quickly.
HFG
http://homes.yahoo.com/news/get-low-interest-rate-040301682.html
Remember, Hunter Financial Group has some of the lowest rates available and our quick in-house turn times gets your loan closed quickly.
HFG
Sunday, February 17, 2013
Refinancing a home loan with poor credit – Is this really possible in Arizona?
The mortgage lenders and banks in Arizona are offering low rate of interest mortgage refinancing so that they may balance the struggling homeowners who are facing difficulty to pay down their loan payments. Many homeowners who have poor credit are afraid of refinancing because they think that they will not be able to gain benefit from it. The truth is that homeowners do not require having a good credit score to get money saving refinance. The hunter financial group makes it possible for the homeowners to opt for mortgage refinance even when they have bad credit. Read on to know how homeowners in Arizona can get the approval for mortgage refinance even with low credit score.
Gather the necessary documents –Homeowners should gather the essential documents. Get copies of credit card statements, bank statements, loan statements for your home, car, and any other that you may have. Homeowners who have these documents ready with them will be taken seriously by the lenders and the banks. They can also be used as evidence that a homeowner is facing financial crisis due to which his credit score has deteriorated. Although this may not provide any kind of assurance, it will definitely provide some kind of help. This will also make the lender or bank take less time to do the paperwork and, in turn, provide them more time on finding a suitable refinancing term.
Compare between several banks and lenders – Before choosing any particular lender or bank for refinancing in Arizona, homeowners should make it a point to compare between several banks and lenders. You need to know that different banks and mortgage lenders have different costs and interest rate when handling homeowners who have poor credit score. As such, make sure you shop around thoroughly and do compare so as to get the best possible mortgage refinancing for your situation.
Explain your past and future plans – Homeowners in Arizona will have to explain why their credit score is in poor condition, what they are doing to improve it and what they are doing for mortgage refinancing approval. For example, if you had medical bills to repay or were unemployed, and have taken care of the issues, the lender or bank will believe that you’ll be able to make the monthly payments after refinancing. If you’ve poor credit due to non payment, make it a point to pay off your debts soon. Making the minimum payment is enough as long as you make the payments on time. Thus, the sooner you may boost your credit score, the better it will be for you to get approval for home loan refinance.
Homeowners who have a credit score below 620 will find it difficult to get a lender or a bank who will think that you are worth of taking the risk. As such, some homeowners will be restricted on the loan amount or the interest rate due to low credit rating. With little hard-work and carefulness, you will be able to get approval for mortgage refinancing.
Remember, the mortgage professionals at Hunter Financial Group are here to help you at any time in your decision making process.
Saturday, February 16, 2013
4 Important questions you need to ask when refinancing your mortgageloan in Arizona
With reduction in the rate of interest and homeowners wish to save their hard-earned bucks, mortgage refinancing has become an important factor. However, there are various financial circumstances that will point out as to when a homeowner in Arizona should opt for home loan refinance or if they should opt for it at all. If you are planning to opt for mortgage refinancing, you may choose hunter financial group who will enable you to refinance your mortgage at a reasonable interest rate.
Check out 4 essential questions that every homeowner in Arizona should ask when they decide to go for mortgage refinancing.
What is your present financial condition?
This is one of the most important questions that every homeowner needs to focus when they opt for mortgage refinance. Has your credit score deteriorated since you’ve purchased your valuable home? Have the value of your home declined due to poor housing market? Do you want to reduce the monthly payments or trying to pay down the mortgage sooner? These are some of the important questions that every homeowner should ask themselves before they take any action. The answers to these questions will help them narrow down their options and make sure that they take the right decision.
What is the term period of the new loan?
You need to ask yourself the question whether or not the interest rate charged on your new loan is better than the previous one. Make it a point to know the term period of the new loan so that you can ay off the loan within the specified time. Do check out if it is a fixed rate mortgage or an adjustable rate mortgage loan and take out one according to your convenience.
Do you require buying private mortgage insurance?
Being a resident of Arizona, if you’re amongst them who want to obtain cash out of the refinancing from the equity built in their home or have seen losing home’s value, then you may require buying PMI (Private Mortgage Insurance). Usually, this is required when loan to value ratio of a home is 80% or more than that and it will add up to the costs of home loan refinancing.
What are the fees and costs involved in mortgage refinancing?
If you’re planning to refinance your present mortgage, you need to know that there’ll be fees and costs involved in it. You will have to pay fees to your attorney, documentation fees and other closing costs fee. As such, make sure you’re aware about the various fees and costs involved in mortgage refinancing before you may decide to choose this option.
Thus, these are some of the important questions every home owner needs to ask themselves before they may decide to opt for mortgage refinancing in Arizona.
You can always contact a mortgage professional at Hunter Financial Group to help you answer these questions.
Check out 4 essential questions that every homeowner in Arizona should ask when they decide to go for mortgage refinancing.
What is your present financial condition?
This is one of the most important questions that every homeowner needs to focus when they opt for mortgage refinance. Has your credit score deteriorated since you’ve purchased your valuable home? Have the value of your home declined due to poor housing market? Do you want to reduce the monthly payments or trying to pay down the mortgage sooner? These are some of the important questions that every homeowner should ask themselves before they take any action. The answers to these questions will help them narrow down their options and make sure that they take the right decision.
What is the term period of the new loan?
You need to ask yourself the question whether or not the interest rate charged on your new loan is better than the previous one. Make it a point to know the term period of the new loan so that you can ay off the loan within the specified time. Do check out if it is a fixed rate mortgage or an adjustable rate mortgage loan and take out one according to your convenience.
Do you require buying private mortgage insurance?
Being a resident of Arizona, if you’re amongst them who want to obtain cash out of the refinancing from the equity built in their home or have seen losing home’s value, then you may require buying PMI (Private Mortgage Insurance). Usually, this is required when loan to value ratio of a home is 80% or more than that and it will add up to the costs of home loan refinancing.
What are the fees and costs involved in mortgage refinancing?
If you’re planning to refinance your present mortgage, you need to know that there’ll be fees and costs involved in it. You will have to pay fees to your attorney, documentation fees and other closing costs fee. As such, make sure you’re aware about the various fees and costs involved in mortgage refinancing before you may decide to choose this option.
Thus, these are some of the important questions every home owner needs to ask themselves before they may decide to opt for mortgage refinancing in Arizona.
You can always contact a mortgage professional at Hunter Financial Group to help you answer these questions.
Wednesday, February 13, 2013
Mortgage Mess Still Mires Housing Recovery
President Obama says he wants more Americans to be able to save money by refinancing their mortgages. The trouble is that mortgage rates are rising, now at their highest level since September of last year, before the Federal Reserveannounced it would buy more agency mortgage-backed securities in order to drive rates down. Last week applications to refinance fell 6 percent from the previous week, according to the Mortgage Bankers Association.
"The banking industry has largely refinanced most prime customers in portfolio. For 2012, Q3/4 looks like the peak for industry mortgage banking revenue. The industry is expecting lower volumes in 2013," says Christopher Whalen of Carrington Investment Services. "New loan originations will hopefully rise a bit this year to offset lower refinancing activity."
But that has not been the case so far.
Mortgage applications to purchase a home dropped more dramatically than did refinances, down 10 percent from the previous week. While one week does not a trend make, rising mortgage rates, coupled with severe inventory shortages, are not the mix needed for a healthy spring housing market.
"Many homeowners may simply be deciding to play the market and wait for their home to appreciate before putting it up for sale. Despite the drop in applications, we have seen anecdotal evidence of homes selling very quickly after entering the market," says Bob Walters, chief economist at Quicken.
Days on market are shrinking across the nation, but only because supplies are so low. It's not just the former boom to bust to boom markets, like Phoenix and Las Vegas; local Realtor associations show inventories are down dramatically from a year ago in Charlotte (-29 percent), Dallas (-19 percent), Minneapolis (-32 percent), and Washington, DC (-36 percent) to name a few.
"The low and negative equity of a large number of mortgage holders has kept significant inventory off the market, and many would-be sellers with adequate equity feed into the problem by holding off until they find something to buy," says Jonathan Miller of CEO of Miller Samuel Inc. "I believe the chronic low inventory phenomenon we are seeing has little to do with lack of consumer confidence and more to do with reasonable access to mortgage financing."
President Obama echoed that sentiment in his State of the Union address Tuesday night.
"Overlapping regulations keep responsible young families from buying their first home," Mr. Obama said. Not exactly a new sentiment, as the Chairman of the Federal Reserve, Ben Bernanke, has said the same thing several times, as have other federal regulators.
Rising mortgage rates and tight credit standards keep first time-home buyers out, while falling inventories make it more difficult for existing home buyers to move up. The housing market is therefore still largely in the hands of all-cash investors, looking for distressed properties to buy and then rent out. Ironically, perhaps for now, more distressed properties coming to market will be what keeps home sales afloat.
By Diana Olick
http://finance.yahoo.com/news/mortgage-mess-still-mires-housing-172138628.html
Friday, February 8, 2013
Homeowner Refinancing Act Resubmitted...
Two U.S. Senators have reintroduced legislation to help homeowners refinance into lower interest mortgages. The bill,The Responsible Homeowner Refinancing Act of 2013, removes the barriers preventing the Fannie Mae and Freddie Mac borrowers from refinancing their loans at the lowest rate possible.
The legislation, introduced by Robert Menendez (D-NJ) and Barbara Boxer (D-CA) had failed to pass the 112thCongress. If passed it would direct the GSEs to require the same streamlined underwriting and associated representations and warranties under the Home Affordable Refinancing Program (HARP) to new servicers who now face stricter underwriting guidelines fear greater risk from putbacks and loan repurchases than do the current servicers who already have the risk. This would level the playing field and unlock competition between banks for borrowers' business.
When FHFA recently expanded HARP eligibility to underwater borrowers, they continued to require lenders to distinguish between borrowers with less than 20 percent equity and greater than 20 percent equity in ways that left higher equity borrowers with greater costs and administrative burden. Although the GSEs lowered up-front fees for HARP loans with less than 20 percent equity, they left them in place for those with more equity. This created the economically indefensible situation in which borrowers with significant equity in their homes and presenting lower risk could face steeper costs in refinancing than borrowers with no equity whatsoever and therefore higher risk. These additional fees can be as high as two percent of the loan amount, or an extra $4,000 on a $200,000 loan.
This bill prohibits the GSEs from charging up-front fees to refinance any loan they already guarantee, which is also in the best financial interests of the GSEs and taxpayers.
GSEs use Automated Valuation Models to determine home values without the need for slow and costly manual appraisals. However, borrowers who happen to live in communities without a significant number of recent home sales often cannot use these models and are forced instead to pay hundreds of dollars for a manual appraisal for a HARP refinance.
This bill requires the GSEs to develop additional streamlined alternatives to manual appraisals, eliminating a significant barrier and reducing cost and time for borrowers and lenders alike, especially in rural areas.
HARP already restricts participation to borrowers who are current on their loans and have demonstrated a commitment to making their payments on time - even in the face of loss of income or employment. There is thus no reason to require proof of employment or income for these loans, particularly given that the GSEs already retain the risk which will only diminish with lower interest rates. This bill eliminates employment and income verification requirements, further streamlining the refinancing process and removing unnecessary costs and hassle for lenders and borrowers alike.
According to the CBO, the bill pays for itself through reduced default rates on GSE loans, which saves taxpayers money.
Finally, the bill extends the HARP program for one additional year beyond its scheduled expiration of December 31, 2013.
Under HARP an average homeowner saves about $2,500 per year. This bill would increase the amount they could save and expand refinancing opportunities for millions of eligible borrowers.
BY JANN SWANSON
http://www.mortgagenewsdaily.com/02072013_refinancing_harp.asp
Hunter Financial Group
Subscribe to:
Posts (Atom)