i-Quotes
Online - Fast - Free
Stop Foreclosure
Behind on your Mortgage Payments? Stop the foreclosure process and save or sell your home.
Debt Consolidation / Debt Management
Consolidate your credit card and other bills into a single, low-interest payment plan to cut interest and pay-off debt sooner. No homeownership needed.
Refinancing / Home Equity Loans
Find the lowest refinance rates by comparing hundreds of lenders and getting the 4 best quotes.
Credit Repair
Credit Repair is a must for anyone who needs to improve their credit score to meet the new tougher lending guidelines. Credit Repair services include credit bureau disputes, debt validation, and comprehensive counseling services.
Reverse Mortgage
Learn how Senior homeowners get paid money every month from the bank.
Prevent Identity Theft
Find out how you can prevent
identity theft.
Get Your Home Loan Quote Online Fast
Good or Bad Credit is OK!Get fast quotes from America's leading home loan providers.
Apply securely right online.
It's easy, fast, and can save you time and money!
More and more lenders are offering home equity loans and mortgage refinancing online. Cash-out the equity in your home, or refinance your mortgage to lower your monthly payments. More cash in your pocket for use when and how you please, at an interest rate that is relatively low. You may even be able to deduct the interest because the debt is secured by your home. Compare several lenders for the best home loans.
It's hard to imagine, but most homeowners have still not reaped the benefits of home equity/refinance loans. If you're one of the millions of homeowners who haven't, maybe NOW is the time, before interst rates head back up. Compare home equity loan and mortgage refinance lenders -- FREE quotes, Good or Bad Credit okay!
Home Loan Refinancing
Over the past ten years, millions of homeowners have taken advantage of lower mortgage interest rates and higher home values by using refinance mortgage loans. For many, their decision to refinance mortgage was motivated by a desire to reduce their monthly mortgage payments, either by obtaining a lower interest rate or by extending the maturity of their mortgage. According to the University of Michigan's Surveys of Consumers, most homeowners who did a refinance mortgage did lower their mortgage rates, and a significant proportion also borrowed additional funds by taking out a refinance mortgage that was larger than the outstanding balance on their former mortgage plus closing costs. A large proportion of homeowners who refinance mortgage on their homes used the extra funds for home improvement or the repayment of other debts. This boom in cash-out refinance mortgage activity has helped many with their financial situations.
If you are a homeowner who was lucky enough to buy when mortgage rates were very low, you may have no interest in refinancing your present loan. But perhaps you bought your home when rates were higher. Or perhaps you have an adjustable-rate mortgage loan and would like to obtain different terms.
Mortgage Refinancing might be a good idea for homeowners who:
1.) want to get out of a higher interest rate mortgage to take advantage of a lower rate mortgage.
2.) have an ARM (adjustable-rate mortgage) but want a fixed-rate mortgage to know the exact amount the mortgage payment will be for the life of the loan.
3.) want to switch to an ARM with a lower interest rate than the ARM they currently have.
4.) want to build up equity in a home more quickly by changing to a loan with a shorter loan term.
5.) want to draw on the home equity built up in their house to get cash to pay-off major bills, pay college tuition, or even take a vacation.
Mortgage Refinance TipsConsider refinancing your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and if you plan to keep the new mortgage for several years. When comparing refinance mortgages, don't forget to include any fees you may have to pay for the new mortgage.
Taxpayers who refinance their homes may be eligible to deduct some costs associated with their loans. If part of the refinance mortgage money is used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Also, if a homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off.
What are HOME EQUITY LOANS?
Consumers now realize the benefits of borrowing on their homes' equity. They can pay for college costs, home improvements, bill consolidations, cars and financing new businesses or second homes at a lower cost than with other types of consumer loans. Home equity loans are a type of home loans in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their home equity loans for major items such as paying-off medical bills, credit cards or debt consolidation. Home equity loans may provide certain tax advantages that are not available with other kinds of credit.
With recent federal rates cuts, current home equity loans interest rates are more attractive than ever. The time to get a home equity loan is NOW, before interest rates go back up!Home Equity Loans cash-out the equity in your home to use for:- Debt consolidation, paying-off high interest credit cards.
- Refinance mortgage and lowering your monthly mortgage payments.
- Home improvements.
- Pay-off car or buy a new one.
- Dream vacations.
- College tuition.
- Funding your own business
- Paying-off medical bills
- and more!
Home equity is the difference between the fair market value of your home and the amount that you owe on the mortgage.
It is the amount of money that you have invested in the house. With Home Equity Loans, you will be approved for a specific amount of credit -- your credit limit, the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity loan by taking a percentage (say, 75 percent) of the home's appraised value and subtracting from that the balance owed on the existing mortgage.
For example:
Appraised value of home = $100,000
75% of appraised value = $75,000
Less balance owed on mortgage - $ 40,000
Potential credit = $35,000
Consolidate DebtHaving trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You're not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn't have to go from bad to worse. If you're in financial hot water, you may want to consider debt consolidation.
A plan to consolidate debt allows you to make just one payment to the consolidator, instead of numerous smaller payments to several creditors.
Debt Consolidation lowers your cost of credit through a loan. Certain loans to consolidate debt may provide certain tax advantages that are not available with other kinds of credit.
Debt Consolidation providers and brokers work with consumers with multiple debts who are experiencing difficulty in meeting their repayments. They consolidate debt by consolidating existing bills (these may include store cards, credit cards, personal loans, car loans and home loans) into a single account. This 'new' debt consolidation may be a personal loan or a home loan. Generally, debt consolidation management plans consolidate debt by negotiating with creditors to get lower rates and fees and then serve as a middleman between creditors and consumers.
Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.
Questions for Home Loan lenders:
1. What are the home loan monthly payments?
2. What is the (APR) Annual Percentage Rate for the home loan? (the cost of credit expressed as a yearly rate; includes the interest rate, points, broker fees, and other credit charges)
3. What is the home loan interest rate? (the cost of borrowing money expressed as a percentage rate)
4. Will the home loan interest rate change?
5. When?
6. How often?
7. By how much?
8. What will you have to pay in points?
9. What will you have to pay in fees?
10. What is the home loan application or loan processing fee?
11. What is the home loan origination or underwriting fee?
12. What is the home loan lender or funding fee?
13. What is the home loan appraisal fee?
14. What is the document preparation and recording fees?
15. What is the home loan broker fees?
16. Are there any other fees?
17. Are any of the application fees refundable if you don’t get the home loan?
18. How many years will you have to repay the home loan?
19. Is this an installment home loan or a home line of credit?
20. Is there a balloon payment?
21. What are the total closing costs?
22. What is the penalty for late or missed payments?
23. What is the penalty if you pay off or refinance the home loan early?
24. Does the home loan include optional credit insurance? (you don’t have to accept optional credit insurance to get your home loan. If you want optional credit insurance, ask about paying for it monthly instead of financing the premiums as part of your home loan)
25. Can you afford this home loan?
 Home equity loan and Refinance loans are offered by some of America's leading providers, such as Bank of America, Bank One Home Loan, Chase Mortgage, Citicorp, E-loan, GE Capital Mortgage, Greenpoint Mortgage, HSBC, Wachovia, Washington Mutual Bank, Wells Fargo Bank, and more! Apply with one form, securely right online. It's easy, fast, and can save you money!
|
Did you know that Refinancing your home mortgage can really save you money. You might be able to pay less interest, lower your monthly payment, or convert a 30-year loan to a 15-year loan, building your home's equity much faster.Refinancing can be a very good idea for homeowners who:
- want to get out of a high interest rate loan to take advantage of
lower rates.
- have an adjustable-rate mortgage (ARM) and want a fixed-rate loan
to have the certainty of knowing exactly what the mortgage payment
will be for the life of the loan.
- want to convert to an ARM with a lower interest rate or more
protective features (such as a better rate and payment caps) than
the ARM they currently have.
- want to build up equity more quickly by converting to a loan with a
shorter term.
- want to take advantage of a credit rating that has improved since getting their first mortgage.
- want to draw on the equity built up in their house to get cash for
a major purchase or for their children's education.
Refinancing Your HomeTaxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid.
For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made over the life of the loan. This information is usually available from lenders. Taxpayers may deduct points only for those payments made in the tax year.
However, if part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Also, if a homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off.
Additionally, the amount of Adjusted Gross Income can affect the amount of deductions that can be taken.
Home Loan Terms- Annual Percentage Rate (APR): calculated by using a standard formula, the APR shows the cost of a home loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with home loans.
- Application: the first step in the official home loan approval process; this form is used to record important information about the potential borrower necessary to the lending process.
- Appraisal: a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before the home loan approval to ensure that the home loan amount is not more than the value of the property.
- Borrower: a person who has been approved to receive a home loan and is then obligated to repay it and any additional fees according to the home loan terms.
- Closing costs: are fees paid at the closing, such as preparing and filing the mortgage, taxes, title search and insurance papers.
- Conventional loan: a private sector home loan, one that is not guaranteed or insured by the U.S. government.
- Home Equity: an owner's financial interest in a home; calculated by subtracting the amount still owed on the mortgage loan(s)from the fair market value of the home.
- Homeowner's insurance: an insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.
- Interest: a fee charged for borrowing money.
- Origination fee: the charge for originating a loan; is usually calculated in the form of points.
- Principal: the amount borrowed from a lender; doesn't include interest or additional fees.
- Refinance: paying off one home loan by obtaining another; refinancing is generally done to secure better home loan terms (like a lower interest rate).
- Underwriting: the process of analyzing a home loan application to determine the amount of risk involved in making the loan; it may include a review of the potential borrower's credit history and a judgment of the property value.
The Prime Rate for Large Banks (the base rate on corporate loans posted by at least 75% of the nation's 30 largest Banks) is reported in the Wall Street Journal on the first day of the month. Lenders add points to this rate (depending on your credit score) to determine the amount of interest you pay on a home loan. Homeowners are using cash-out refinancing because current 30-year mortgage rates near are below home equity rates, linked to the prime rate. People with adjustable-rate mortgages might also be refinancing into lower-rate fixed-rate loans.
Current Home Loan Rates Averages:
Home Equity Loan Rates:
$30k = 7.64%
$50k = 7.49%
Refinance Mortgage Rates:
30-yr fixed = 5.65%
15-yr fixed = 5.23%
"Refinance applications continue to increase as mortgage rates have declined to their lowest levels since the beginning of the year," says Mike Fratantoni, Mortgage Bankers Association's senior director, single-family research and economics.
Home Equity Loans use your home's equity (the cash you would have if you sold your house and paid off your mortgage loans). Compare home equity loans offered by at least four reputable lending institutions. Consider the interest rate on the loan and the annual percentage rate (APR), which includes other costs, such as origination fees, discount points, mortgage insurance, and other fees. Ask if the rate changes, and if so, how it is calculated and how frequently, as this will affect the amount of your monthly payments.
Tips for Getting the Best Equity Loans PossibleHome equity loans can either be a revolving line of credit or a one-time, closed-end cash-out loan. Revolving credit lets you choose when and how often to borrow against the equity in your home. In a closed-end loan, you receive a lump sum for a particular purpose, such as remodeling or tuition. Once you choose which one of these home equity loans are right for you, make sure you get the best deal on the loan.
First, Know your credit rating and credit score. Sometimes people who have good credit are charged higher rates and fees for home equity loans because they don't know that their credit is good. Getting your credit report may help you negotiate the best home equity loans for you so you don't pay more than you should have to. You'll want to look for any mistakes in your credit report and take steps to correct them. You can get your credit reports quickly, the high-tech way on the Internet. Most credit scores range from 300-850, and the higher the score, the better your credit. Most lenders consider scores over 700 as "good" to "excellent" scores.
Home equity loans used to consolidate credit card debts should have good terms so you won't run up another credit card.
Shop around. Get several offers and pick the loan that's best for you. Compare offers from several home equity loans lenders. Start with banks, savings and loans, credit unions, and mortgage home loan companies, that will give you home equity loans quotes right on the internet.
Ask all home equity loans lenders to explain in detail the loan plan they have for you. Pay close attention to all the details.
Close your home loan deal carefully. Once you've chosen one of the home equity loans you've compared, make sure you follow these steps: read the loan papers carefully before you sign and be sure you understand exactly what the home equity loans lender is offering, and what you're going to pay.
Home equity loans are best used for a one-time goal, like paying off credit-card debts or home improvement.
Negotiate with more than one home equity loan lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know that you’re shopping for the best deal. Ask each lender to lower the points, fees or the interest rate. And ask each to meet – or beat – the terms of the other home equity loan lenders.Refinance Mortgage NewsMortgage Refinancing For Undertaking Home Improvements!
In a current scenario you can request a refinance mortgage loan of $95000, use $70000 to repay the previous loan and keep $25000 for other purposes.
Why Now is a Good Time to Refinance Your ARM Loan
With gas prices in a state of constant change, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start skyrocketing. Many homeowners with high-risk loans whose rates will adjust upward in the next year or two won't be able to refinance to a lower, fixed-rate loan if they wait too long.
Refinance Both Your Mortgage and Home Equity Loan
Now, if you have a mortgage loan and a home equity loan, you can refinance both loans and get a single loan and a single monthly payment.
Facing Pre-Foreclosure or Foreclosure? Consider Refinancing your home.
Lenders are now becoming more flexible in helping customers avoid foreclosure by offering creative financing solutions.
Lower Mortgage Rates Prompt Refinancing
The Mortgage Banker's Association (MBA) says decreasing mortgage rates are leading to increases in mortgage refinance loan applications.
Get Quotes For Home Loans From Lenders In:
Alaska | Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Washington DC | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming
|
