Is it possible to receive a $50,000 home loan when you have a bankruptcy only 6 mths old?
Saturday, July 25th, 2009
Posts Tagged ‘Home Loan’
when is it okay to refinance your home loan?
Thursday, June 18th, 2009
Christina B asked:
we bought our house a month ago and has just been approached by a company? to that b / c my ADO is a veteran who could? masters get an interest rate? sm? s low. Is it acceptable to fund early again?
Marlene
we bought our house a month ago and has just been approached by a company? to that b / c my ADO is a veteran who could? masters get an interest rate? sm? s low. Is it acceptable to fund early again?
Marlene
How long do you have to wait to refinance on a home loan?
Thursday, June 18th, 2009
jason m asked:
Achieve? lied to and screwed over when you buy? my house three months ago. I need to refi soon. How long should I wait? I live in Nevada if it matter is.
Michele
Achieve? lied to and screwed over when you buy? my house three months ago. I need to refi soon. How long should I wait? I live in Nevada if it matter is.
Michele
Can my new husband refinance his home loan without adding me on the loan?
Friday, May 29th, 2009
Linda asked:
We live in Washington state; he has great credit, but mine is lousy and I don’t want it to affect the rate.
Ann
We live in Washington state; he has great credit, but mine is lousy and I don’t want it to affect the rate.
Ann
Can my new husband refinance his home loan without adding me on the loan?
Sunday, May 24th, 2009
Linda asked:
We live in Washington state; he has great credit, but mine is lousy and I don’t want it to affect the rate.
April
We live in Washington state; he has great credit, but mine is lousy and I don’t want it to affect the rate.
April
Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?
Tuesday, March 24th, 2009
Itsme asked:
I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
“Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.
Scott
I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
“Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.
Scott
How do you know whether the bank classes your home loan as a “subprime” loan?
Wednesday, March 18th, 2009
Mr. Vincent Van Jessup asked:
My loan is fixed rate, my monthly payment is fairly low, and I put down a large downpayment. But it was my first home, and I find myself wondering if I had a “bad risk” loan or a normal home loan, after hearing constant talk about “the subprime lending debacle”. Any info you can offer will be appreciated.
Yolanda
My loan is fixed rate, my monthly payment is fairly low, and I put down a large downpayment. But it was my first home, and I find myself wondering if I had a “bad risk” loan or a normal home loan, after hearing constant talk about “the subprime lending debacle”. Any info you can offer will be appreciated.
Yolanda
What is a good company where your sure to get a loan approved?
Friday, March 13th, 2009
•?Jennifer?• asked:
what is a good home loan company where you can aply for a loan and most of the time your loan gets approved. And i’m talking about a home loan.
Harold
what is a good home loan company where you can aply for a loan and most of the time your loan gets approved. And i’m talking about a home loan.
Harold
Is it a good idea to refinance my mortgage?
Saturday, February 14th, 2009
D’s Mom asked:
I’m in financial ruin and I think my only and last option is to refinance my home loan. I need the extra money to catch up on bills after changing jobs and unexpected medical expenses. (I didn’t have insurance for 6 months from changing jobs and then I was sick and had big bills) I am about to lose my home if I don’t do something quick. I believe I’ve exhausted all other options. You opionion and ideas would be great. Thanks
Caffeinated Content
I’m in financial ruin and I think my only and last option is to refinance my home loan. I need the extra money to catch up on bills after changing jobs and unexpected medical expenses. (I didn’t have insurance for 6 months from changing jobs and then I was sick and had big bills) I am about to lose my home if I don’t do something quick. I believe I’ve exhausted all other options. You opionion and ideas would be great. Thanks
Caffeinated Content
Importance of Interest Rate on Refinance Loans
Wednesday, January 14th, 2009
Melissa Kellett asked:
The interest rate is an issue that should never be bypassed when it comes to refinance home loans. Its importance is crucial as it will determine whether you benefit from refinancing or not. Though other loan terms like loan length, loan amount, and other less important clauses should also be considered, the interest rate should be your main concern.
To simplify comparisons you should (on the many rates that may be thrown to you) concentrate on the APR. The Annual Percentage Rate will provide you with the best figure to know which loan is best for you. This figure takes into account not only the interest payable over the term of the loan but also any other related charges or fees. As such it is the best measure for comparing the cost of borrowing from one lender to another.
Risk And Rate
Since refinance loans are secured loans, they carry rather low interest rates. However, your credit score will still modify the interest rate you will be charged for your loan. Thus, a good credit score applicant will get significantly lower interest rates than a bad one. Risk and rate are directly related and whenever you represent a higher risk, this is unavoidably translated into higher interest rates.
There are also other loan terms that modify the risk implied in the financial transaction and thus modify the interest rate you will have to pay for the refinance loan. Insurance, loan length, interest rate type, etc. are some examples of these terms. You can always discuss with the lender these subjects so as to get a competitive rate by modifying loan terms.
Different Loans, Different Rates
Different kinds of loans carry different rates. The interest rate charged for a 10 years home loan will be lower than the rate charged for a 20 years or 30 years home loan. Also, the interest rate charged for home loans with fixed rates tends to be higher than that of variable rate. However, variable rates can rise to new heights changing the original ratio.
Cash out refinance loans tend to carry higher rates than plain refinance loans. This is because the costs of cash out refinance loans include additional charges, more insurance, etc. It all adds up to the fact that the loan terms will determine the interest rate and that little variation on the loan terms can result in raises or reductions on the interest rate.
Huge Savings
Thus, the key to refinancing is to agree with the lender the loan terms in order to obtain a lower interest rate. This can be boosted by requesting a refinance home loan with a shorter loan length. The main benefit of refinancing is that by obtaining a lower interest rate you can get huge savings over the whole life of the loan.
For example: If you have an outstanding mortgage of $50,000 with 10 years more of repayment at an 8% APR, You will end up paying $40,000 on interests by the end of the loan term. If you refinance at a 7% APR, you will end up paying $35,000 on interests which represents savings of $5,000.
Jesus
The interest rate is an issue that should never be bypassed when it comes to refinance home loans. Its importance is crucial as it will determine whether you benefit from refinancing or not. Though other loan terms like loan length, loan amount, and other less important clauses should also be considered, the interest rate should be your main concern.
To simplify comparisons you should (on the many rates that may be thrown to you) concentrate on the APR. The Annual Percentage Rate will provide you with the best figure to know which loan is best for you. This figure takes into account not only the interest payable over the term of the loan but also any other related charges or fees. As such it is the best measure for comparing the cost of borrowing from one lender to another.
Risk And Rate
Since refinance loans are secured loans, they carry rather low interest rates. However, your credit score will still modify the interest rate you will be charged for your loan. Thus, a good credit score applicant will get significantly lower interest rates than a bad one. Risk and rate are directly related and whenever you represent a higher risk, this is unavoidably translated into higher interest rates.
There are also other loan terms that modify the risk implied in the financial transaction and thus modify the interest rate you will have to pay for the refinance loan. Insurance, loan length, interest rate type, etc. are some examples of these terms. You can always discuss with the lender these subjects so as to get a competitive rate by modifying loan terms.
Different Loans, Different Rates
Different kinds of loans carry different rates. The interest rate charged for a 10 years home loan will be lower than the rate charged for a 20 years or 30 years home loan. Also, the interest rate charged for home loans with fixed rates tends to be higher than that of variable rate. However, variable rates can rise to new heights changing the original ratio.
Cash out refinance loans tend to carry higher rates than plain refinance loans. This is because the costs of cash out refinance loans include additional charges, more insurance, etc. It all adds up to the fact that the loan terms will determine the interest rate and that little variation on the loan terms can result in raises or reductions on the interest rate.
Huge Savings
Thus, the key to refinancing is to agree with the lender the loan terms in order to obtain a lower interest rate. This can be boosted by requesting a refinance home loan with a shorter loan length. The main benefit of refinancing is that by obtaining a lower interest rate you can get huge savings over the whole life of the loan.
For example: If you have an outstanding mortgage of $50,000 with 10 years more of repayment at an 8% APR, You will end up paying $40,000 on interests by the end of the loan term. If you refinance at a 7% APR, you will end up paying $35,000 on interests which represents savings of $5,000.
Jesus