rita s asked:


I am trying to refinance my Mazda car and currently, I am making a payment of $300 a month. What company has the lowest auto loan refinance interest rate? Needs to be available to Florida residents and it does not matter if it is an online company only. Thank you.

Larry

Jayson Due Dec 29th! asked:


I have had my truck for little over a year and the payments are now too much to afford. (when I got the truck I had more than enough to cover the payments. but because of failing construction my husbands good job is now gone)
Is it too soon to refinance to get a lower payment?

Robert

John Thompson asked:


VA Streamline Refinance often the best option in declining real estate market

The VA loan streamline refinance program called the Interest Rate Reduction Refinancing Loan (IRRRL) is one of the last great opportunities for borrowers in declining value market areas. While only borrowers with a current VA loan are eligible, many still do not know about it.

he streamline refinance does not take into consideration a sinking real estate market. Every week the big banks are cutting back loan availability in the numerous real estate markets which have suffered declining values. One of the best remaining opportunities to take advantage of lower rates is for borrowers who happened to have a VA guaranteed loan.

Any veteran or active duty serviceman should consider a VA loan when purchasing a house. And if they did obtain a VA loan over the last few years, chances are their current interest rate is higher than what is prevalent in the first half of 2008.

here are several reasons why someone should take a good look at the VA streamline refinance option.



1) There is no appraisal. So even if the house lost some value, the borrower is still eligible.



2) There is very little underwriting. There is no need to go through the regular process of proving income, assets, and credit worthiness.



3) Get a low fixed in interest rate. If the borrower originally received an adjustable rate mortgage when you bought your house, you can secure your payment stability by converting it to a 30 year fixed loan with most likely a similar or lower interest rate.





The closing costs on a streamline refinance are very reasonable as well. While it can vary from lender to lender, often times you can get a fixed rate with no out of pocket costs. The fees that are involved are relatively low compared to a traditional refinance. Also, if the veteran has any service related disabilities they would be exempt from the funding fee on a streamline refinance.

If a VA borrower is in a declining home value market this is the only reasonable way to take advantage of the mini-refinance boom that is going on at the time of this article’s publication.



Diane

covina asked:

i got a student loan about a month ago…i am making payments on just the interest right now but the rate fluctuates so much that the payments are different each time. When can I refinance and lock in a fixed or lower interest rate?

Ben

AccessNational asked:


For qualified borrowers, the FHA Streamline Refinance program’s benefits are very good. There are some restrictions involved in the loan product and who is qualified. If you have an FHA loan and want to improve your terms, it is worth talking to a FHA lender about the FHA

Streamline refinance program.

FHA Streamline Refinance program benefits

The FHA Streamline Refinance Program will developed in the 1980s to get borrowers access to a home mortgage refinance without dropping the security of an FHA loan. The FHA Streamline Refinance program gives you a faster way to refinance with less paperwork and better terms. Those aren’t the only benefits, however, the FHA Streamline Refinance helps borrowers is other ways, too:

* Lower interest rates, monthly payments and upfront costs

* No underwriting fees and out-of-pocket costs

* The option of lower terms from 30 to 15 years

* Closing costs that can be included in the loan

* Increased equity for the owner

The simplified FHA Streamline Refinance Program also helps on the administrative end, by cutting out paperwork, like:

* Less required information for the FHA Streamline Information

* Little paperwork

* Often no appraisal needed

* No information checks required for the FHA Streamline Refinance, like income or employment verification

This means the FHA Streamline benefits give you speed and efficiency the loan will be closed quicker and the saving will get to you sooner.

Restrictions and Requirements of the FHA Streamline Refinance Program

There are some minor requirements of the FHA Streamline Refinance you must meet in order to get the benefits of the FHA Streamline Refinance programs. These requirements for an FHA Streamline Refinance are similar to other refinance restrictions of typical programs. FHA Streamline Refinance provisions are actually far less than others. The

restrictions include:

* The loan must be in good standing, not in default and paid up to date

* The loan must be FHA insured and the refinance must result in lower payments and better terms for the borrower

One of the few drawbacks of the FHA Streamline Refinance is that borrower can not take cash out as a result of their refinance. Since many borrowers look at the FHA Streamline refinance as a place to get cash, many can be disappointed by their notice. However, with the FHA Streamline Refinance, borrowers may not be able to get cashout, but they improve their monthly payments and decrease their loan-to-value ratios. With such benefits, owners may get access to other credit in which to reach their cashout goals, while keeping a more manageable home loan.

Advice for getting an FHA Streamline Refinance

The best place for more information and advice for a FHA Streamline Refinance is a qualified and reputable FHA lender. An FHA lender can look at your current loan and how the FHA Streamline Refinance will benefit you. The way the FHA has made their Streamline Refinance program, you should benefit greatly. Get your FHA Streamline Refinance information, like what your current terms and payments are, and call an FHA lender to see what the FHA Streamline program will do for you.



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Marlon Baugh asked:


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

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

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

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

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

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

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

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

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

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



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Jacqueline W asked:


I just locked-in a rate of 5.99% for a new home. If interest rates fall to an all time low, how long must I have a loan before I can refinance? I realize that 5.99% is alreay pretty low (considering the rates were increasing this week), but what if they continue to fall?

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Penny asked:


I filed for bankruptcy in 2004 and I have been paying on it for so long now that I have a chance to pay it on out. I have about a year left to go if I don’t pay it on out. I want to refinance my house. If I pay my bankruptcy and my case is discharged, how long shall I wait before applying for a loan to refinance my home?

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