February 8th, 2010
Adjusted summary of articles by Mable Vandenberg
Are you a car owner? Because if your car loan is almost paid off, there is little benefit to be had from refinancing. Refinancing basically means that you are switching to a new loan. By switching from one high interest loan to another low interest loan, you save money!
But what if you have bad credit? Can you still get approved for a car loan refinancing? For home refinancing, appraisal is required. But that’s not true for car refinancing.
car loan
If you can provide evidence of stable income, you will eventually find a lender willing to refinance your car loan for you.
When you have bad credit, be prepared to come up with evidence of employment and income so that your lender will know you can pay him his money back. If you are a car owner, you may want to look at the option of having your car refinanced.
The same is true for refinancing your used car loan. If you have bad credit and you want to refinance your car, then you’re going to have to deal with a lender. If your credit score is very bad, then this tells the lender that you are likely to default on your used car loan payments.
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Tags: bad credit, car loan, refinance car, refinancing
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February 5th, 2010
Adjusted summary of articles by Matthew Couch and Jim Honeyman
Today’s mortgage rates continue to hover at all time record lows and this along with government incentives has made a refinance mortgage more financially attractive than any other time in history. Currently the interest rate on a 30 yr fixed mortgage is 5.12%.
today rates
How do you know if now’s the time to pull the trigger on a refinance mortgage? If it’s more than 105 percent, you’d have to pay down your mortgage balance with cash to refinance. Because mortgage refinance rates come with closing costs, you don’t start saving money on that lower payment until you’ve repaid the upfront costs of the loan.
Also, when estimating closing costs, remember to account for any prepayment penalties on your existing mortgage. A mortgage loan officer will analyze your current mortgage and give you a cost benefit analysis so you are able to fully evaluate whether a refinance mortgage is a wise financial decision.
If you want to take advantage of the lowest mortgage rates in history and refinance your mortgage then it would behoove you to get several quotes from various lenders so you are able to compare lenders and go with the one you feel most comfortable with. The mortgage professionals will then help you further explore whether or not refinancing at today’s mortgage rates is a wise financial decision for your situation.
Tags: mortgage, rates, today rates
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February 2nd, 2010
Adjusted summary of articles by Ray Heinson and Nick Adama
If you are trying to reduce your monthly expenses, then debt consolidation and/or debt settlement are each excellent methods of reducing your unsecured debt payments. But getting a mortgage modification can also reduce your mortgage payment. A mortgage modification is when your mortgage servicer or lender lessens the loan payment by reducing your interest rate, lowering the balance, and/or extending the term of the loan.
house loan
A mortgage modification can greatly reduce your mortgage payment and has helped 10,000’s of homeowners stop foreclosure. If you are trying to stop foreclosure, or if you want to get a mortgage modification, you need to begin by contacting your lender or mortgage servicer and asking for assistance. By employing a professional mortgage negotiator, you will know that your loan modification has the best chance of success.
Remember this advice when attempting to get a mortgage modification:
Always send your lender a complete loan mod package; incomplete documentation is the number one reason loan modifications are rejected.
If your family has faced a hardship that has reduced your income or may cause you to face foreclosure, then a loan modification will help. Take action immediately by contacting your lender to begin your modification.
You are not alone if you are seeking ways to reduce your home loan payment and stay in your home. You may qualify for a home loan modification through a program offered by the US government. Homeowners should understand that lenders are not required to provide borrowers home loan modification.
Tags: debt settlement, house loan, mortgage modification, payment
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