allhomerefinance.com - Refinance Source & Information

Is The Time Right To Refinance?

Between the housing slump and the credit crunch, mortgage lenders last year were as underworked as the Maytag repairman. But now business has picked up nicely, thanks to rates that recently dipped to around 5% on a 30-year fixed-rate mortgage. If you currently have a loan with a rate higher than, say, 6% or an adjustable-rate mortgage ready to reset, this could be the time to refinance.

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Is It The Right Time To Buy?

Many would agree that now is the right time to buy a real estate property. With the current slump of the housing market and the toughening of credit standards by lenders, it is a great opportunity to find bargains in the housing industry. Today, you may find a number of properties that a few years ago may have been out of your reach are now within your price range. So, how can you take advantage of the present housing market and own your dream home without losing your shirt?

.You Can Avoid Foreclosure!

home refinance Whether you're in foreclosure now or worried about it in the future, we have information that can help. Don't wait till the last minute. Take steps now to secure your future. Read More

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Refinance scams Avoid SCAMS!

Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home.If you’re falling behind on your mortgage, others may know it, too — including con artists and scam artists. Read More

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SHORT SALE?

A short sale in real estate is not always a pleasant transaction.

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

Step 1

Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property.
Step 2

Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), call a local title company or real estate attorney and ask, as a seller, what the closing costs will be.
Step 3

Determine the amount owed against the property. This will be the total of all loans against the property.
Step 4

Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
Step 5

Contact the lender or lenders. Read More.

5 Key Mortgage Refinancing Steps

Before you refinance your mortgage, it's a good idea to make sure you understand all the in's and out's of the process.That the whole aim of this site - to get you up to speed on refinancing with good unbiased information. This is the by far the best way to make sure you get the best deal and have a happy home refinance.

Step 1: Should you refinance your mortgage?

There are many situations where home loan refinancing can be a benefit to you. From saving thousands, consolidating debt to tapping into your home equity, refinancing could be the solution to your problems. Read our article Should I Refinance My Mortgage to see if refinancing your home loan is for you. You can also use our Refinance Loan Calculator to see if the numbers add up and it is in your best interest to refinance.

Step 2: Be aware of the dangers of mortgage refinancing

As in any industry there are some bad eggs in the mortgage broker community. These dishonest brokers put their personal profit before your financial well being. To make sure you don't get ripped off make sure you read our article Dangers of Mortgage Refinancing and become aware of the how to avoid this potential pitfall.

Step 3: Learn how to pick the best mortgage broker

To get the best mortgage refinancing deal you need to deal with an honest broker that genuinely has your best interest in mind. These brokers usually follow certain practices when dealing with their customers. Read our article How to Pick the Best Mortgage Broker to find out what these practices are.

Step 4: Understand the different mortgage loan types

Home loans come in many shapes and sizes. What loan is best for you depends on your situation, and the reasons why your refinancing your mortgage. Flexibility and having the option to repay your mortgage faster might be more important then having stability of your repayments.

Step 5: Find a mortgage broker

Armed with this essential home refinance information you can now safely find a broker to refinance your home loan. If you want, feel free to take advantage our Refinancing Right team's hard work and use one of our Recommended Brokers.

Top Five Myths About Loan Modification

by Ralph Roberts

DETROIT--(BUSINESS WIRE)-- Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, today released a list dispelling the top five myths about loan modification. Intended to better educate homeowners facing the prospect of losing their home in foreclosure, the following list demystifies the most common misconceptions surrounding the loan modification process.

MYTH #1: My bank wants me out of my house. My bank wants my home. Banks and other lending institutions do not want to foreclose. They earn more money if you can make your payments. When they foreclose, they not only lose your monthly payments, but they also have the expense of foreclosing (attorney fees), rehabbing the home, and then selling it (agent commissions). In today's market, there's a good chance they'll have to sell the home at a loss. This is all good news for you – it means the bank is highly motivated to make a deal with you.

MYTH #2: My credit score is bad so I won't qualify. Unlike the option of refinancing out of trouble, which requires you to apply for a new loan, loan modification simply adjusts the terms and perhaps reduces the balance of a loan you already have. Your credit score is much less of a factor in determining whether you qualify for a loan modification. In addition, a successful loan modification can actually improve your credit score over time, especially if it prevents you from ending up in foreclosure or bankruptcy.Read More About Loan Modification