Mortgage Refinance Calculators Can Save You Time

It may seem that you are stuck in a fixed-rate mortgage, but suddenly the interest rates are dropping significantly and you are missing out. An adjustable-rate mortgage would have allowed you to benefit from lowering rates, but you are in a fixed-rate mortgage. You may want to benefit from those dropping interest rates. Refinancing would be the answer. But will it really mean saving your more money? That is why the use of mortgage refinance calculators is so extremely useful.



If you're looking for good mortgage refinance calculators you will have to look at what functions it has. Good mortgage refinance calculators have a comprehensive list of fields that you will need to fill in. These fields should consider all your present monthly payments and interest rates compared with those if you refinance. Additionally, it should include what costs will be incurred should you choose to refinance. Good mortgage refinance calculators are usually divided into two parts.



One part includes the savings you would gain if you decided to refinance. You have to fill in fields regarding your current monthly payment, the current interest rate, the balance left on your mortgage, year left on current mortgage plan, the new interest rate and finally the new loan term. This will accurately calculate what you could gain from refinancing. The current interest rate, compared to the new interest rate will calculate how much you would save if you made the decision to refinance.



The second part on good mortgage refinance calculators would be the fields considering what refinancing will cost you. If you only look at the savings, it may look quite attractive and may seem like the best option to refinance. Before making your decision consider how much it will cost you. There will be fees regarding application, an attorney for you as well as the lenders, title search and insurance, appraisal, taxes, transfers, inspections, document preparation and other local fees.



Also your points will cost something and a credit check needs to be considered. Just by looking at the fees involved, not only do you need to consider the costs, but also the time and paperwork you will need to spend doing. Refinancing does involve quite a bit of work. It is not just a simple switch over.

After finishing the second part on mortgage refinance calculators you will be in a position to make a well-informed decision. Before speaking to lenders or brokers or any other person, mortgage refinance calculators will aid you in making a solidly based decision.



Knowing the costs compared to the savings as well as the paperwork involved will help you make the best decision possible. Refinancing could end up being the best decision you ever made, but at the same time it could end up being the biggest waste of time you ever make. Therefore, make use of mortgage refinance calculators and sum up what the costs will be before making any final decisions. When you are looking to ensure that you are getting the best deals in refinancing do not sell yourself short and look for the best deals when it comes time to visit lenders or other financial institutions.

5 Ways to Avoid Foreclosure

Foreclosure on a house is something we never imagine will

happen to us but statistics show that many people do go into

mortgage foreclosure. If you see default payments as a

future issue then it is important to know how to avoid

foreclosure. If the proceedings have already begun, you can

get more tailored information by researching the foreclosure

timeline according to the state in which you reside. However

if the proceedings have not begun and you simply want to stay

ahead of the game then here are some tips to avoid foreclosure.



Investigate lenders...Whenever making a big purchase, do

research. Different lenders will offer different interest

rates. Know what you can afford and especially know

everything the loan entails. Always read and reread the fine

print. The key point to remember is before you commit to

taking a loan and signing the mortgage documents, or deed of

trusts know exactly what you are getting into. Get financial counseling...if you can. If meeting with an accountant is not

a fiscally feasible option, search the internet for tools to help keep your finances in good health.



There are many resources, like the National Association of Foreclosure Prevention Professionals

(NAFPP), agencies who serve to assist and educate you in finances.

The goal is to make payments on time and avoid default payments,

which can lead to foreclosure on your home.





Pay bills on time... Of course that is everyone's intent. Yet, we

are all human and late mortgage payments can happen to anyone.

Between taking care of the family and working 40+ hours it

becomes easy to miss one of the seven monthly dues.



The last

piece of mail you want to receive is a letter from your lender

saying you have defaulted on your home loan. Staying on top of

your finances is essential in avoiding foreclosure. Know exactly

how much you have in the bank, how much is going out to all bills

including credit cards, insurance, etc. Most banks give the

option of online banking which can be extremely helpful.





Get out before the storm hits...Many people who lose there home in

a foreclosure are completely unaware of their defaulted payments

until the foreclosure proceedings are in effect! Again, stay on

top of your finances and if you realize that you have gone in

over your head then find a way out of the mess.



Don't panic.

This does not mean pick up and leave your house. This means

talk to your lender, a local investor, or someone you know who

can help; whether you decide to sell your house, re-finance,

take another loan, etc.





Know your options...When you're behind on two mortgage payments,

it is easy to become overwhelmed and scared. If you foresee

financial struggles, know your options. When facing foreclosure

selling your home, refinancing, and secondary loans are all just

some of your options.



There are online resources which can guide

you in the right path, as well as local investors who solely

dedicate their work to helping people in foreclosure.





In order to maintain financial health and avoid foreclosure,

financial counseling, doing research and knowing your

options are all key elements. When you are financially

struggling, days become restless and it seems like life only

gets harder. Know that you are not alone. There are people in

your same situation and there are people who can help.



Reading

this article has already put you 5 steps ahead of the game.

Mortgage Leads, A Great Way To Advertise

One of the key essentials when it comes to making you and your mortgage business successful is advertising.



Unfortunately most of us cannot afford to advertise during the super bowl with commercials, or place digital signs along Times Square.



Beyond the mailers and business cards, there is another way to get your name and product circulating among the masses.



The best part of it is, it will cost you next to nothing, and your customer will be doing all of the work for you.



A personal story .



. .



When I was in the mortgage business, I found out by accident one of the best ways to advertise myself and my business.



I have always found it to be in good practice to show my appreciation to my customers by sending them a token of my appreciation by sending them a thank you gesture of some kind, once the loan was closed.



As time went on, and I began to make a little more money, I had a few extra bucks to spend on my high end customers to show them my appreciation for doing business with me.



Not that I was spending a fortune on my customers, just a few extra dollars on every loan closing, it only seemed fair.



Then something extraordinary happened.



I had a couple who had just settled on their first home. Around the time that they had just moved into their new home, I sent them both a gift basket to their respected places of employment.



When the gift baskets arrived, they were thrilled to death. Of course everyone in their office was curious and wanted to know where the gift basket came from and who sent it, and of course my customers were happy to tell them all about me, and all I had done for them.



This lead to many questions from the on lookers. A few of their co-workers just so happened to be in the market for a mortgage, and they asked if they could have my information, which was happily surrendered.

Think about it, when some at your office receives flowers, balloons, or a gift basket, aren't you curious to know who sent them? Most of us are.



From this one gesture alone, I ended up closing two more loans. And of course, when those two loans closed, I did the same thing with the gift basket, and it had the same effect.



It then dawned on me that I could really make this technique work for me.



Not only did I send my customers gift baskets upon the closing of their loan, I would send one when the loan was approved and when their appraisal came in. This gave me three attempts at getting the attention of their entire office.



Definitely think about doing something along these lines. There is no better, or cheaper way of getting the attention of a whole lot of people at once. Trust me, this technique works, it worked for me, and it can work for you!

Qualifying Criteria For Home Mortgage Refinancing and Loan Modification

Currently, the US Federal Government has produced a stimulus plan for home mortgage refinancing programs. These programs have been designed in order to help people who are about to have their homes foreclosed. This incentive program is primarily intended to help the American citizens who are having a struggle with their home mortgages. Unfortunately, it is not intended for helping people who have homes that are sitting empty.

There are two available options which can prove that the qualifying criteria for the stimulus packages are met.



The first option you can have is mortgage refinancing. This occurs when you have a current mortgage which is under, owned or has been guaranteed by either one of the two largest lending agencies which are Fannie Mae or Freddie Mac. Fannie Mae stands for Federal National Mortgage Association while Freddie Mac stands for Federal Home Mortgage Corporation. If you have an existing loan under one of these two agencies, it can be refinanced so you can take advantage of the lower interest rates.



But in order to do so, you must meet the qualifying criteria.

So that you can get a loan refinance, you must not have loan which is above 105% of the value of the house under discussion. Also, your payments need to be up to date. Lastly, your conditions have not changed up to a point that you cannot afford lower payments. This means that you still must have an income which can be sufficient to meet your payments.

The other option you can choose is a loan modification. This other option lets you simply change your current mortgage's terms by approaching the existing mortgage company your loan is under.



Also, you will need to meet the qualifying criteria they have required. Your whole payment including interest, insurance, and taxes must be more than 31% of the whole gross income you have. In addition, the mortgage should be on the principal family home which you are currently living in and using as your primary residence. The balance on your mortgage should also not be bigger than $729,750. Another criteria required is that the loan should have been gotten at the start of the year 2009 but not after January 1.



Lastly, you will need to make a modified payment for a trial period of up to three months so that you can prove to your lenders that you can pay the new deal.

Whatever option you choose to take, the important thing is you save your home. And through the help of a home mortgage refinancing or loan modification, your home can be saved.