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For many homeowners who are on adjustable rate mortgages, this is the ideal time to refinance. An increasing number of ARM holders are opting for fixed rate mortgages as they will know exactly what their payments will be for the duration of the mortgage. Much of the current problems in the mortgage market stem from the resetting of rates from the initial low teaser rates to much higher rates. The most sensible approach for any ARM holders is to start the refinance process a long time before the rates actually reset. Don’t wait until the last minute, take action now and prepare, as rates could soar in the future. There are a few things to consider before making the decision to refinance

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It’s another day in the mortgage world. Yes, I’m still here. I haven’t left the business although alot of my colleagues have. There are still mortgages available it’s just the variety is not as good as it once was. There are still Jumbo mortgages out there but can you qualify for them? A jumbo loan is a loan over $417,000. It is not backed by Fannie Mae or Freddie Mac.

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Lenders do not simply approve mortgage loan applications. Lenders also want to make sure that the money they will be lending will be paid back. Naturally, lenders would check on the borrower credit worthiness by examining their credit report.

What is a credit report and why is it so important?

Your credit report is your very record that reflects all transactions that you have between banks, lending companies and other financial institutions. Your payment history is listed in detailed within your credit report. By the law, mortgage lenders can use this document to check on an individual’s background or credit worthiness. Thus, whether you have a good credit or bad credit can affect your mortgage loan application.

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If you are a homeowner swimming in credit card debt or you need to pay for a major expense, consider turning the equity in your home into cash with a home equity loan. But are home equity loans better then a standard mortgage refinance?

Using the equity in your home for cash can be a great financial tool for many people but it needs careful planning. Yo should be aware that there are positives and negatives to the different types of mortgage loans available for your refinance. You will want to be well informed so you can make the right decision about using your homes equity wisely.

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Get More Money for Your House Using Owner Financing:
It Just Ain’t So

Now that the sub prime market is vanishing, ‘gurus‘ are giving you misleading information that owner financing solves all your problems. For example, in today’s mail, I got two advertisements for seminars touting that you can get a higher price for your property using owner financing. THIS IS A MYTH.

I was reading with amazement how these “gurus” were telling you that if you had a house worth $150,000 that is not selling, you could use owner financing to get your price, and sell this property immediately. All because the buyers do not have to go through a bank to qualify.

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