Refinancing Mortgages [mortgageprotectiontips.blogspot.com]
The recovering housing market means homeowners in some areas can finally get new loans with better terms, because their homes are worth more. Low interest rates spur Bay Area mortgage refinancing
www.refiadvisor.com Refinance Mortgage Rates - How to get the lowest possible rate when refinancing your home without paying junk fees.
mortgageprotectiontips.blogspot.com Refinance Mortgage Rates
There is just no predicting the future. Sometimes you think you can meet the expectations of your mortgage and pay off the entire mortgage when it is due. Perhaps you were expecting a higher source of income and you already planned on making full payment on your mortgages. However, a turn of events makes it impossible for you to carry out what you had originally planned and instead of finishing off your loan, you might have to restructure your entire financial planning and extending the term of your loan. When this happens, you would probably want to consider refinancing your mortgages to meet the payment requirements and to relieve yourself of the financial stress that suddenly comes upon you without warning.
Refinancing your mortgages need to be for the right reasons. If you are thinking of refinancing your home loans to be able to pay off your credit card debts, you need to think again. You need to understand that credit card debts are unsecured debts and by putting your home as collateral you are taking a big risk of actually losing your home if you are unable to pay your mortgage.
If you are looking to lower your interest rates so you are able to make lower monthly payments, refinancing your mortgages and home equity loans is a good feasible option. But you also have to remember that by lowering the interest rate you will also be extending your loan term. For example, in your original mortgage your loan term is 30 years and after 16 years you decide to refinance your mortgage and end up adding a few years more to your balance of 14 years. You also need to know if it is the right time for you to refinance your mortgages. If you only have a few years left on your mortgage, it is better to just stick with it and pay it off until the loan term ends. After that you will be free of debt.
Qualifying for a mortgage refinance is no different than qualifying for your first home loan. Lenders will still run credit checks to see if you have good or poor credit scores. The only difference is that your lender will appraise your house to see if the value is equivalent to the loan amount you are requesting. Depending on your loan-to-value ratio (LTV), they will determine whether they will approve your application or otherwise. So it is very important that you know the value of your house before you apply for a mortgage refinance.
Another important aspect that you need to familiarize yourself with is the costs incurred when applying for a mortgage refinance. The costs of refinancing will be different than when you were first applying for mortgages and home purchase loans. There will be several different fees you will need to be aware of such as application fee, appraisal fee, closing fee and sometimes survey fee. Be careful and wary when lenders offer you no-cost refinancing because it could probably just mean that they will distribute the cost into your monthly payments. So be sure to ask your lenders exactly what does the no-cost refinancing program entail.
It is also a good idea to talk to your current lender to see if you could get them to do the refinancing for you rather than going to a new lender. If you have very good credit scores, your current lender will be more than happy to keep your business and will probably give you better deals and options. Some might even give discounts or totally eliminate certain fees. So you will end up saving more money than you first intend to. Whatever you do, ask your lender to give the information you need in writing. If you do not understand anything you could always ask for a financial advisor or attorney’s advice.
Refinancing is a major decision that you simply cannot take lightly. Therefore it is crucial that you understand every single aspect because you do not want to take unnecessary risks and end up owing more than you originally did. Recommend Refinancing Mortgages Topics
Question by sammus: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job? I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I've been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months. The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address. I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don't need to borrow to pay debts. Best answer for Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?:
Answer by Keith A
If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to http://www.businessstarterpackage.com/articles.html and check out all of the articles on this very sort of thing. You can find all you need to know there.
Answer by Nanci T
I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.
Answer by Mortgage Planner
A lender wants to see a history of stable and continual employment and income and will consider - your debt-to-income ratio (debt divided by income) - the loan-to-value ratio (mortgage divided by appraised value) - your credit history. Based on what you have stated, as long as you continue to have stable employment and income, no increase in debt and maintain your credit score, your plans to start a business should have no impact on your ability refinance your mortgage.
Answer by ed m
i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!
