www.nimtopia.com


 
 





< HOMEPAGE





Refinance Second Mortgages

Refinance Second Mortgages - refinance second mortgages ... Refinance Your Second Mortgage With A Fixed Equity Loan And Save Money!

Read full post here. (c)

Refinance second mortgage

Refinance second mortgage. Refinance second mortgage. One way to refinance your second mortgage is to combine is with your first mortgage.

Read full post here. (c)

Is the FHA Hope For Home Owners Program a Bad Deal For Home Owners?

Actually this FHA Hope Program may prove to be HOPELESS, for both home owner's and lenders.....Let me explain.....

The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program was implemented on October 1, 2008.

Let's start with the lenders perspective with participating in the Hope Program: To do this transaction the lender will have to reduce the loan to 90% of the current value of the home, so that means if the original loan was $300,000 and the current market value has dropped to $200,000, and then the lender has to reduce the loan to $180,000 that's 60% of the original loan amount. The property must also be the principal residence and the homeowner cannot own more than one property.

Now if the lender did a modification of the original loan amount they wouldn't necessarily have to reduce the loan amount, but instead just reduce the interest rate and extend the period of the loan to make it affordable. Now this may seem as a good deal for the home owner....but keep reading. The new loan will be at today's current rate, versus with loan modifications interest rates can be negotiated way below today's rates, sometimes as low as 2%. In addition the new FHA Loan will come with upfront mortgage insurance and it will be a 30 year fixed, while with the loan modification they can extend the loan up to 40 years with out mortgage insurance. Not to mention all the other closing cost associated with getting a new loan.

While in the HOPE Program, the homeowner cannot get any second mortgages for the first 5 years of the FHA hope Loan and when you think it couldn't get worst, well....if the house appreciates in the future, the home owner will have to share that equity with the government. This shared equity starts at 100% to FHA during the first year and will remain at a minimum of 50% to FHA from five years throughout the duration of the mortgage. For the current lender, it will make more sense to modify the loans themselves than to participate in the FHA Hope For Home Owners Program. And for the home owner they will have more flexibility in rates and terms and they won't have to share they built up equity with the government.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com or Call 954-678-5796

NAVIGATION

FHA Refinancing - Need a Home Improvement Loan?

Things You Need to Do to Get Your Home Loan Approved

Will Home Values Quiet the Refinance Mortgage Boom?

Have You Considered Home Loan Modification Hardship Assistance

When Refinancing Your Home Mortgage May Not Be the Answer

Loan Modification - Frequently Asked Questions

Home Improvement Financing 101

Loan Modification - Streamlined Modification Program Help

When Should You Refinance Your Home Mortgage?

Mortgages, Just a Question of Punching in Numbers on a Calculator?

Getting Mortgage Refinancing After Bankruptcy

Reverse Mortgage What You Should Know

Understanding the Advantages of FHA Refinance Loans

What Are the Different Home Financing Options Available?

Special Considerations for Mortgage Refinancing

Mortgage Stimulus Plan From Obama Allows 4.5% Refinancing

Christian Mortgage

How to Choose the Right Mortgage Lender When Refinancing

Private Mortgage Insurance Tax Deductible

Mortgage Rates Prediction

Fixed Rate Mortgages: Back To Basics

The Four Most Important Questions to Ask Before Refinancing Your Mortgage

Loan Modification Hardship Letter Template

What You Need to Know Before Getting a Mortgage

Applying For A Reverse Mortgage - Things You Need To Know

FHA Refinance

FHA Home Loan Options For Refinance Or Purchase

Mobile Home Refinancing Tips - Should You Refinance Your Mobile Home Loan?

Is the FHA Hope For Home Owners Program a Bad Deal For Home Owners?

FHA Home Loan Options For Refinance Or Purchase

Refinancing - To Pay Off Your Existing Debts

Car Loan - How to Re-finance Or Pay Off Early?

Myths About Student Loan Refinancing Dispelled

Florida Refinance Mortgage Rate

Home-Equity Debt Consolidation - 3 Processes to Consolidate Your Debt With Your Home-Equity

A Brief Guide to Mortgage Refinance

Introduction to Home Mortgage Refinancing

Relevancy Is the Key to Success With Google AdWords - Part 3

Government Aid For Refinancing Home Loans

Refinance Your Loan

Car Loan - How to Re-finance Or Pay Off Early?

Renegotiate Your Mortgage Terms - Think It's Impossible, Think Again?

Wells Fargo Loan Modification Help - Tips to Apply

New Mortgage and Mortgage Refinance Tips For 2009

When Can I Refinance My Home?

2nd Mortgage Interest Rates

Myths on Mortgage Refinancing Now Debunked

80-10-10 Mortgage Loan Programs - How Do They Work?

How to Refinance Home Loans

Best Mortgage Master

Should I File Bankruptcy? Eliminate Every Alternative First

How to Refinance Home Loans

Mortgage Refinance - Pay Less Lender Fees

Things You Should Know About Refinancing Your Home Mortgage

Applying For A Reverse Mortgage - Things You Need To Know

Mortgage Rates Forecast

Save Money by Refinancing Your Loans

You And Your Mortgage - When To Refinance, When To Hold Tight

What You Need to Know About Refinancing

California Refinance Mortgage Loans - What to Expect?

When is it Worth it to Refinance?

2nd Mortgage Interest Rates

Be Careful When Comparing Mortgage Rates

Explain Refinancing a Mortgage - Refinancing is As Clear As Mud

Mortgage Refinancing Help

Mortgages After Foreclosure - The 101 Guide

Government Aid For Refinancing Home Loans

Home-Equity Debt Consolidation - 3 Processes to Consolidate Your Debt With Your Home-Equity

Refinancing Homes - Things You Can Do to Get the Best Deal

It is Always Better to Obtain Car Finance Through a Local Dealership

Interest-Only Mobile Home Loans

Don't Miss This Great VA Loan Benefit - No Penalty For Prepayment

Current Mortgage Rate Predictions

Mortgage Rates Forecast

Refinance Your Loan

A 2nd Mortgage Loan - Potential Benefits

Mortgage Refinancing

Home Mortgage Refinancing - Choosing the Best Type

6 Tips to Qualify For the Lowest Mortgage Refinances Rates

Fixed Rate Mortgages: Back To Basics

Home Mortgage Refinance Booming - But Do the Math Carefully

Government Mortgage Relief Program

FHA Loan Basic Requirements

Save Money by Refinancing Your Car

Florida Refinance Mortgage Rate

Compare FHA Lender Mortgage Rates and Closing Costs

As Interest Rates Plummet, Refinancing Becomes Popular

Tips on Home Refinancing and Its Benefits

Refinancing A Home Mortgage Can Be A Great Way To Realign Your Resources

Are You Upside Down on Your Car?

Home Improvement Financing 101

No Equity Loans - Refinancing Your Mortgage With No Equity

Obama Stimulus Money For Homeowners

How Can I Get a Lower Interest Rate on My Mortgage?

Can't Pay Your Mortgage - Here's What to Do

How to Get the Lowest Mortgage Rate

Unsecured Loan Debt Consolidation

Relevancy Is the Key to Success With Google AdWords - Part 2

VA Streamline Refinance With No Credit Check

The Refinance Trap of Debt Consolidation

© 2010