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Posts Tagged ‘mortgage’

Refinance Your Mobile Home

Wednesday, February 24th, 2010

Adjusted summary of articles by David Faulkner and Darin Sewell

mobile home

Mobile homes offer an affordable way to ownership for many people. When you refinance a mobile home you will generally be capped at 80% of the homes value and a purchase will require 5-10% down payment. Those requirements all to often make it hard for people to finance their mobile homes.

Lenders will require a higher credit score to finance a mobile home versus a standard home. Pre 1976 mobile homes do not meet current HUD guidelines and financing will be extremely hard to acquire for a pre 1976 mobile home.

Well, fortunately it is possible to refinance many mobile homes. The majority of lenders consider these manufactured and mobile homes to be exactly the same as a regular house, therefore they are willing to consider financing or refinancing your manufactured home.

Refinance simply means that you take out a new loan which will pay off your current loan, this is essentially how it works when refinancing your mobile home. You can normally get financing for your manufactured home whether it is built on a mobile home park, or on private land.

There’s not much difference when refinancing a manufactured home than when refinancing a conventional bricks and mortar home. you refinance a mobile home you will be given what is called a chattel mortgage.

Tags: mobile home, mortgage, refinance
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Finding the Best Home Equity Loan

Friday, February 19th, 2010

Adjusted summary by Elija James and Carrie Reeder

When looking for a home loan using equity as security or for a mortgage, you will really need to compare the options that are available to you so that you don’t end up on the losing end. First, get to know about the two different types:

• Fixed rate home equity loan
• Home equity lines of credit (HELOC)

home equity

What you need to understand is that when you compare home equity loan offers like these, you will see that the term of the home equity loan is fixed and not the rate. If you own a home, a home equity loan can be a perfect fix to financial problems.

Homeowners obtain home equity loans for a variety of purposes. Aside from the risks, home equity loans are extremely valuable. Furthermore, home equity loans can be used for investment purposes.

Even with a poor credit rating, you can get approved for a home equity loan. Of course, finding a low rate home equity loan may require effort. On average, home equity loans have fixed rate. However, it is possible to obtain a variable rate loan.

Typically, home equity loans have slightly higher interest rates than first mortgages. The internet offers the largest selection of home equity lenders, rates, and services. Each lender will quote a loan term, estimated monthly payment, etc.

Tags: best, home equity, loan, mortgage
Posted in loan | 1 Comment »

The Lowest Mortgage in the History

Friday, 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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