Monday, March 05, 2007
Mortgages Refinance Loan Article Review
5 Things You May Be Surprised To Know That Help You Get Approved or a Lower Rate For a Mortgage Loan
By C.L. Haehl
Buy Life Insurance - Although life insurance is not a requirement for most mortgage lenders, it is definitely something that many lenders will take into consideration when evaluating your mortgage application. By demonstrating that you have enough life insurance to cover the mortgage, there is a higher likelihood that they will approve your application, because they know there is less of a chance they��ll have to go through the difficult process of handling your mortgage if you were to suddenly pass away.
Don't Close Any Accounts During the Mortgage Process - Since lenders are evaluating your present financial situation, the closing or canceling of any existing accounts, regardless of balance, may trigger a red flag with the lender. If you want to close any accounts or cancel any contracts, do this either before or after the mortgage application has been approved.
Request That Credit Bureaus DO NOT Accept Unauthorized Credit Checks - If you��re like many average Americans, you receive countless ��pre-approved�� credit card solicitations and loan ads in your mailbox every day. This is because these companies have software that scans consumer credit reports based on criteria that they feel will result in a list of good potential new customers. Although these inquiries may not directly lower your credit score, it does show up when a mortgage company pulls a copy of your report. Your best option is to prevent these companies from accessing your credit report altogether.
Don't Move Your Money From One Bank Account To Another - Any transfer of money from one account to another generates a paper trail that will require further explanation when the mortgage company receives copies of your account statements. Even if the transfers are within your own accounts, try to avoid moving the money if at all possible. This is especially true when moving money from a savings account to a checking account because it may appear to the lender that you��re preparing to use that money.
Avoid Using ��Credit Repair�� Services - Many people with credit that is less than perfect are attracted to organizations that offer to fix your credit in record time and improve your overall score. This is not always the case. When lenders see on your credit report that you are working with a consumer debt counseling company they actually look less favorably upon such notations. To the lender, the only way to interpret this information is to assume the borrower cannot pay the existing bills, therefore how could they possibly afford a mortgage payment? Your best bet is to work directly with the credit card or loan companies to arrange a repayment plan.
See 25 Tips That Might Surprise You - Ways To Get Approved or Get a Better Interest Rate on Your Next Mortgage Loan.
Article Source: http://EzineArticles.com/?expert=C.L._Haehlhttp://EzineArticles.com/?5-Things-You-May-Be-Surprised-To-Know-That-Help-You-Get-Approved-or-a-Lower-Rate-For-a-Mortgage-Loan&id=441718
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Friday, March 02, 2007
What You Should Know About Mortgages Refinance Loan
Home Mortgage Refinance Loan - Choose a Loan, Not a Lender, When Refinancing
By Louie Latour
You can count on the fact that your mortgage loan will be sold because mortgage lenders make the majority of their profits selling loans on the secondary market. There is no brand loyalty from consumers with mortgage loans; nor should there be. Mortgage companies and brokers routinely exploit their borrowers to make a buck, which is why you should shop for a loan, not a lender when mortgage refinancing.
Many homeowners think that once they��ve closed on a mortgage loan, the lender patiently sits back and collects interest on the loan. Mortgage lenders actually make the majority of their profits selling mortgage loans on the secondary market to insurance companies and investors. Mortgage brokers and bankers are in the business of originating mortgage loans; meaning that they make money from origination fees and retail markup of your interest rate.
Not only can you count on the fact that your mortgage lender will sell your loan, but you actually gave permission for them to do this when you signed your loan contract. There is an obscure passage in every mortgage contract that addresses the ��Servicing Rights�� for that loan. Mortgage companies are required by law to disclose the fact that they will sell your loan along with the percentage of loans they sold last year. When you sign the loan contract you are in fact acknowledging that the lender told you that they would do this and you gave permission for them to sell the loan.
The bad news for you is that when the lender sells your mortgage, you could lose benefits that were promised to you by the old lender. Banks are notorious for offering a slew of benefits to sweeten the deal with their customers. You could potentially get free accounts, safe deposit boxes, notary services, and reduced fees for many bank services by taking out a mortgage loan. What happens when the bank sells your mortgage loan?
You guessed it; all the perks your bank used to butter you up when taking out that mortgage loan evaporate. This isn��t of course the only reason to avoid your bank when mortgage refinancing. Banks routinely charge Service Release Premium with their mortgage interest rates. Similar to Yield Spread Premium, if you agree to pay this unnecessary markup of your mortgage interest rate you will overpay thousands of dollars every year for that loan.
You can learn more about mortgage refinancing while avoiding costly mistakes with a free, six-part mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com
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Article Source: http://EzineArticles.com/?expert=Louie_Latourhttp://EzineArticles.com/?Home-Mortgage-Refinance-Loan---Choose-a-Loan,-Not-a-Lender,-When-Refinancing&id=425272
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Thursday, March 01, 2007
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Wednesday, February 28, 2007
Mortgages Refinance Loan Article Review
Be Benefited With Refinance Car Loans
By Rusty Ryan
Refinance car loans are the best ways to lower car payments. It helps you to save money. Actually these loans are similar to refinancing a home loan. The loan lending process is very simple and easy compared to other prevailing loan in the market. Let us see how these loans work, how to access these and how these loans are beneficial for you.
Under refinance car loans, car owners generally apply for a new car loan to replace the existing one. Now the new lender will pay off the old loan of the borrower. Subsequently the borrower will start making monthly payments to the lenders.
Before applying for refinance car loans, a borrower should do certain homework. He should contact his present lender and should ask him about the balance of his current car loan. Again he should be aware of where to send the payment. All these workings will ultimately help a borrower to utilize refinance car loans in all of its benefits.
Refinance car loan is open for all types of borrowers and is easily accessible through online method. By applying online you can save your time and money. The loan lenders who are available through online remain ready to offer you refinance car loan at attractive loan terms. You can find several online quotations also which are available at free of cost. Moreover online method demand less information from you and here the loaned amount is sanctioned within a few days. With all such facilities refinance car loans are indeed a sound loan available in the loan market.
Rusty Ryan is an author who can certainly identify your kind of loan. He is proficient in the credit market because of a degree in finance from the esteemed University of Oxford. Refinance Car Loans always ensure that our customers know exactly what they are getting into. To find refinance car loans, bad credit refinance car loan, bad credit car loans, car loans, unsecured car loans visit http://www.refinance-car-loans.co.uk
Article Source: http://EzineArticles.com/?expert=Rusty_Ryanhttp://EzineArticles.com/?Be-Benefited-With-Refinance-Car-Loans&id=427030
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Tuesday, February 27, 2007
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Refinance Your Mortgage Without Closing Costs
By Richard Cunninghamm There are certain factors that come into play with a no closing cost refinance. Sometimes, this can mean that you have no additional expenses when you refinance your mortgage, but it can also mean that you pay a higher interest rate. There are two types of programs that lenders have for a no closing cost refinance. These are a yield spread premium and a roll in your cost program. With the yield spread offer for a no closing cost refinance, the lender will pay all of the closing costs associated with refinancing your mortgage. You can choose to have only the true costs of the transaction included or the costs of the insurance and taxes added to it. If the taxes and insurance are prepaid, you will get a refund for that amount within 30 days of closing. Although the interest rate you pay with this program of no closing cost refinance, you can use this method to lower your current interest rate. If you can lower the interest rate on your mortgage by 2 points and still walk away with no out of pocket expenses, this is a very good way to lower your mortgage payments and cut years off the term of the mortgage. Under the roll in the costs program, you can have a no closing cost refinance if you have equity built up in your home. With this option, all the closing costs are included in the total amount you borrow. The advantage of this method is that you still qualify for the current interest rate. If you intend to remain in the home for at least five years before you sell, this is an affordable option in refinancing. The amount of the closing costs only adds a very small amount to the mortgage total and will play a small part in the amount of your monthly payment. However, you do need to check around with various lenders because there are some who really mean what they say when they advertise no closing cost refinance. A no cost program should be able to lower your interest rate at absolutely no closing cost to you. Closing costs typically include the cost of getting title searches and credit reports. If you deal with your regular lender and have been making your payments regularly, they won��t need to request a credit report. Since the title search was already done when you bought the home, this is already on file, so there is no need for another. If you have equity built up in your home through the increasing value of real estate or through improvements you made, you might walk away from the no cost closing refinance with money in your pocket to spend as you wish. If you have a FRM that is at least 0.5% above the current interest rate, you can benefit from checking out the possibilities of refinancing your home. If you can afford to pay off a portion of the mortgage when you refinance, it will help you cut years off the term. Richard Cunningham is a successful entrepreneur and publisher of several profitable websites on Homeowner Insurance, Mortgage Refinancing, and Apartments for Rent Article Source: http://EzineArticles.com/?expert=Richard_Cunninghammhttp://EzineArticles.com/?Refinance-Your-Mortgage-Without-Closing-Costs&id=417704 refinance homes mortgage loans | school loans | refinance loan
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The Things You Should Know About Mortgages Refinance Loan