In an effort to provide relief to homeowners who are struggling to pay their mortgages, or who are already considerably underwater with their mortgage-home valuations, the FHA has developed what is called Streamline Financing.

It’s an excellent deal if you qualify. One of the best things about FHA Streamline Financing is that your credit rating doesn’t matter, even if it’s bad. It also doesn’t matter how shaky your current position is with your home or how dire your employment situation.

FHA Streamline Financing does not require:

• Employment verification
• Income verification
• Credit score verification
• A home appraisal Continue reading

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If you are getting ready to refinance your home or existing mortgage, there are several requirements to meet before approval. Because there are several different loan types as well as specific criteria that you must meet, it is important to discuss all options with your lender.

Credit scoring
One of the most important things a lender looks at before you can be approved for refinancing is your credit or FICO score. This is considered a credit check and looks at your overall credit history, both past and present. The lender will run a credit report that displays all of your creditors, open accounts, closed accounts and revolving credit accounts. Information provided will include the amount of the debt, if it was paid on time and if it was turned over to collections or paid off successfully. Any type of negative information you may have on your credit report such as a collection account, high unpaid credit card balance, bankruptcy or judgment will affect your FICO score. Continue reading

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For people who are thinking about refinancing their mortgage loan, there are many questions they may have. One of the biggest questions is if they have to use the lender that they currently have. The answer is a big NO. You absolutely do not have to use the same lender that you have. A lot of people refinance specifically so that they can get a new lender. A new lender can offer you lower rates than they currently have and have different terms that you may like better. When refinancing, you typically will pay much less in interest than you would on your current loan. It is important to understand exactly what refinancing is. Basically, refinancing is where you get a new loan that replaced your old one.

There are many things that you will want to consider before you refinance your mortgage loan. The first thing you want to look at is the rate of the loan. You don’t want the interest rate being higher than the loan that you are trying to clear up. Another thing you want to look at in regards to the interest rate is that the rate is static, not fluctuating. If it’s not fluctuating that means the monthly payments will be different every month and can be a headache not knowing how much the bill is going to be. Continue reading

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It wasn’t all that long ago that FHA came up with the best “refinancing loan idea” to come down the pike in decades. It was called the FHA Streamline Refinance program and was met with smiles from tons of happy mortgage lenders who were FHA approved to handle the product. Now the VA has jumped onboard that same “Streamline Refinancing” train with a loan program that’s similar, but not an exact copy.

The VA streamline refinance (VA-RRRL) is currently on the front burner and available to Texas VA mortgage holders who are looking for a better interest rate than they currently have. Since rates have a tendency to be volatile and change without notice, they should consider hopping onboard the VA streamline refinance train while it’s still at the station. Continue reading

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There’s never been a better time in history to refinance your Dallas-Fort Worth home at a low fixed interest rate. Locking in your mortgage rate at a lower level allows you to drop the amount you make in monthly payments, save on expensive interest expenditures and build equity faster in your Dallas-Fort Worth home.

If you currently have an interest rate on your home mortgage that’s higher than the available rates right now, it’s advisable to readjust that rate by initiating a home refinancing. When you lock your home mortgage in at a lower rate, it drops your monthly payments and allows you to do other things with that extra money. You still have to pay off the original loan amount that you originally took out, but the drop in the interest rate lowers the amount of money you pay to the financial institution for lending you the money to buy your home. Obviously, this has many advantages for you the homeowner. Continue reading

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The real estate industry is a great way to gauge the economic health and recovery of the nation. Home ownership is one of the most expensive and biggest investments that people will make. The appreciation, depreciation, and transaction of these properties reflect other parameters of the economy such as job creation, unemployment, interest rates, and money being spent or invested. Existing home sales have declined, but prices have risen for the seventh consecutive month. This sends a mixed message and gives the bitter sweet notion of how things could be better, yet could be worse.

Home sales have decreased for seven consecutive months, however it is in the mist of a still overall economic recovery from years ago. Despite the recent decline, home sales are 11 percent higher than the same time last year in 2011. The sale of residential properties that include single-family homes, condos, town homes, duplexes, and co-ops are all included in the home sales. Continue reading

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Usually when financial times are tough like they are today in this country you don’t see much adversity in mortgage lending. Oh sure, the usual suspects, banks and credit unions will continue to have a tight reign on who the borrowers are and verification of the ever popular FICO scores required in order to avoid the calamity of previous years. But conventional loan refinances are still competitive and refinancing applications still trickle into many lenders. But it’s not the deluge they acknowledged in the past 24 months due mostly to the financial jargon called “cherry picking.” Ergo, if you’re not a member in good standing in the “cherry picking’ crowd, you’ll have to look elsewhere for your refinancing loan.

The fact remains that you can search online everyday and twice on Sunday for the best refinancing, and not come close to locating anything better than an FHA Streamline refinance loan. It’s an amazing loan loaded with a barrel-full of advantages for any current FHA mortgage holder. It’s the quickest way to reach “home base” if you’re still stranded on “3rd base” wishing to replace an existing FHA loan you’ve been suffering with for a year or two with an interest rate you don’t like. Continue reading

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Many homeowners who found themselves in foreclosure during 2008 – 2010 took a credit score hit that has made recovery of their creditworthiness a long process. An estimated 4 million foreclosures have occurred since 2007, according to the Federal Reserve Bank of San Francisco.

It is reasonable to assume that the broad spectrum of economic conditions, the unemployment rate remaining high, and house depreciation have continued to impact a borrower’s ability to obtain a mortgage, and their desire to return to the housing market.

In the past it was assumed that high pent-up demand for housing would create a market attractive to buyers, but the 4 million families rebounding from foreclosure will return very slowly and the supply of affordable mortgage money will determine the timing. The return for many families will depend on how tight the credit restrictions on mortgages are. Continue reading

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Low interest rates on home loans and mortgages and Texas have a very positive effect on the real estate market in Texas. Low interest provide an excellent chance for prospective home buyers to make their move and purchase the home that they truly want. The impacts of low home interest rates in Texas are many and people are beginning to buy homes with much more frequency in Texas due to the lower interest rates.

Today, our real estate and mortgage experts are going to talk about some of the impacts of low home interest rates in Texas!

More People Are Looking To Buy Homes In Texas

One of the many benefits of low home loan interest rates in Texas is that many people are looking to buy homes again. This is mainly due to fact that the low interest rates allow people to get mortgages with lower monthly payments and a lower overall interest amount that they have to pay on their mortgage loan.

With more people looking to buy homes in Texas, many home buyers, real estate investors and mortgage providers are seeing this as the precursor to a new real estate boom in Texas. Whether there is a real estate boom coming or not, there is no doubt that this is an excellent time to take a mortgage out, get a home loan or invest in real estate in Texas.

People Are Getting Excellent Home Loans In Texas Continue reading

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When you’re looking for conventional mortgage loans Houston, there are many things to consider before taking out your mortgage loan in or around Houston, Texas.

Today, our mortgage loan experts are going to talk about some of the things to consider before taking out a mortgage loan in Houston!

The Loan Terms

Conventional mortgage loans in Houston can be an excellent way to get the dream home that you’ve always wanted. Getting a loan for a mortgage can be a very exciting experience and buying a home can be a very exciting and life changing experience as well.

When looking for conventional mortgage loans in Texas, some of the most important things to consider are the terms of the mortgage loan. Decide how long you would like the loan for and what type of loan you would like.

Common types of mortgage loans include 30 year fixed loans, 15 year fixed loans, 1 year ARM loans and 5 year ARM loans. Decide which loan terms would be best for you and do research on all types of loan terms in order to make the best decision when it comes to your mortgage loan. Continue reading

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