Refinancing Home Mortgage Loan » Home Mortgage Loan

Mortgage rates bounce back – Evaluating the factors that influence the interest rate

Bob W. Flaxton — Fri, 08 Jul 2011 14:48:34 +0000

According to recent reports, mortgage rates bumped up in the first week of July, 2011, as the investors set aside their concerns over the grave Greek debt disaster and became more confident about the US housing market. The 30 year mortgage loan rose 5 basis points to 4.71%, as per the [...]

The Problems with Home Mortgage Refinancing

Bob W. Flaxton — Fri, 01 Apr 2011 14:19:20 +0000

Refinancing your home may seem like an attractive option. Enticing rates on the television or radio can spark the urge for homeowners to consider refinancing their mortgage loans. Before you commit to anything you need to read about the problems with home mortgage refinancing. Yes, there are potential problems associated with refinancing your home loan. [...]

Should you choose a long or a short repayment term for your mortgage?

Bob W. Flaxton — Fri, 26 Mar 2010 23:54:42 +0000

You probably think you don’t have choice between a long or a short repayment term with your mortgage because you want to afford your monthly payments and you must you choose to spread your loan payments over a longer term of time, say 20, 30 years or more.

Of course, a mortgage with a short [...]

Benefit from Low Mortgage Rates

Bob W. Flaxton — Sun, 11 Oct 2009 18:25:10 +0000

When financial institutions have all published their rates in 2008 and 2009, everybody known they would be at an historical low rate! For example, one can find a fixed closed mortgage rate for one year at only 3.90%.

With those cuts in interest rates, there is nothing comparable since 1980.

If you look to 5 years [...]

Wrong Popularity of Fixed Mortgage Rates

Bob W. Flaxton — Sat, 10 Oct 2009 20:28:27 +0000

When interest rates go down, it encourage house buyers to choose fixed rate mortgages. If you read previous articles about fixed or varying rate mortgage loan, you already know that varying rates remains a winning strategy for the foreseeable future.

Moreover, according to economists, varying rate will be the best option over the next few [...]

Fixed or Varying Rates for Mortgage Loans?

Bob W. Flaxton — Fri, 09 Oct 2009 23:40:45 +0000

If you compare for the same term, the varying mortgage loan rates is lower than the fixed loan because its rate is guarantee to remain unchanged for the duration of the loan. It could be tempting, but this strategy implies some hazards…

Varying home mortgage rates

This option is more interesting when, over the entire [...]

Why Weekly Mortgage Repayment is Better?

Bob W. Flaxton — Fri, 09 Oct 2009 01:17:49 +0000

In the previous articles, we saw that weekly mortgage repayment could save you more money than if you pay every month. Why? The explanation is simple and doesn’t change anything in the amount you have to pay.

Given that there is less time between each payment (every week instead of every month), a portion of [...]

Are you better to repay your mortgage every week or every month?

Bob W. Flaxton — Wed, 07 Oct 2009 19:13:38 +0000

Have you ever hear that it is better to repay your mortgage every week or every two weeks? Is that true that this strategy could save you a lot of money in interest fees?

In order to understand this strategy, we have to define two different weekly payment options. The first one is the accelerated [...]

Humorous mortgage and loans problem solving flowchart

Bob W. Flaxton — Wed, 07 Oct 2009 16:56:27 +0000

Here is a way to take problems with a little humor, especially if they are related to subjects as important as home mortgage or loans…

Mortgage and loans problem solving flowchart

Is it Good to get an Open Home Mortgage Loan?

Bob W. Flaxton — Tue, 06 Oct 2009 22:29:40 +0000

In the previous article, we explain how works open home mortgages in relation with closed ones. We also discussed interest rates of that kind of mortgages. In this article, we will see examples to illustrate the difference.

1. Imagine you decide to take an open home mortgage of $100,000 and you think you will be [...]

Open home mortgage: A good strategy for one year

Bob W. Flaxton — Tue, 06 Oct 2009 20:40:48 +0000

The only home mortgage that is repayable at any time without penalty is the open mortgage. And most of these have variable interest rates.

Of course, some open mortgage have a fixed interest rate for 5 years, but this rate is very much higher. So, it might be not useful for you to get fixed [...]

How Cut Drastically the Amortization Term of your Home Mortgage?

Bob W. Flaxton — Tue, 06 Oct 2009 00:06:53 +0000

The secrets we are about to reveal you in the article could literally change your financial life in making you save thousands of dollars! Is it possible to shorten the amortization term of a 35-years home mortgage loan at 20 or even 10 or 15 years, often without paying more every year? Yes!

OK. You [...]

The best term for your home mortgage

Bob W. Flaxton — Mon, 05 Oct 2009 22:13:52 +0000

Today, when you borrow a home mortgage loan, there is flexibility in the amortization periods that are available. Some banks have even created customized strategies.

Some banks let you repay on a longer term than 25, say, 30 and even 35 years.

But don’t forget, longer is the term of your home mortgage, higher is [...]

Negotiate your Home Mortgage Loan is Profitable

Bob W. Flaxton — Sun, 04 Oct 2009 17:48:56 +0000

Very few people can buy their home cash… It is the reason why borrowing through a home mortgage loan is inevitable. And in order not to have too high monthly payments, you must assess your ability to borrow before shopping for your future beautiful house.

A house can be very expensive. And you have to [...]

Home Mortgage Credit Line: Protect yourself from banks!

Bob W. Flaxton — Sun, 04 Oct 2009 17:17:26 +0000

As said the English philosopher Francis Bacon: “The real power is knowledge”. It is the main reason why our website is giving you information and advices to avoid problems and bad experiences related to personal finance (loans, home mortgage, insurance, etc.) The more you know, the better you choose…

Thus, a third interesting point to [...]

Renegotiate Interest Rates of your Home Mortgage

Bob W. Flaxton — Sat, 03 Oct 2009 16:59:33 +0000

Another important point to consideris the renegotiation of your mortgage interest rates.

Imagine you want to renegotiate your home mortgage loan in order to benefit from lower interest rates. Here is a common scenario: you meet the consultant at your bank. After reviewing your financial situation, he goes to see his supervisor he returned to [...]

Taxes Account and your Home Mortgage

Bob W. Flaxton — Sat, 03 Oct 2009 16:24:54 +0000

There are often problems when you talk with home mortgage representatives from banks. Even if they do not seem to work for you, other banks would probably offer the same poor service…

Ordinary people could often think they do not earn enough money to get good service: they are often disappointed.

Here is the first [...]

Down Payment: a Home Mortgage problem?

Bob W. Flaxton — Fri, 25 Sep 2009 21:55:08 +0000

As we saw in the previous article, there are several ways to save enough money to get a good amount to pay on your home mortgage loan as down payment. Here is an example to save $35,000 for your down payment.

OK. You decided to set aside $35,000 for your down payment, and you allow 5 [...]

How Down Payment is related to Home Mortgage Loan

Bob W. Flaxton — Fri, 25 Sep 2009 21:31:18 +0000

In this article, we will talk about the best way to buy a new house and manage your down payment in order to pay less on your home mortgage loan and mortgage insurance.

First thing to remember: the higher your down payment will be and the lower your home will cost you in the long [...]

Mortgage Insurance and Down Payment

Bob W. Flaxton — Fri, 25 Sep 2009 19:39:39 +0000

As we talked about in the previous article, depending on your down payment, you could have to take an insurance. How much will you pay for this protection if your down payment is too low? It is simple to calculate.

Greater is the difference between your home mortgage loan and the price of your new [...]

The down payment on your home mortgage loan

Bob W. Flaxton — Fri, 25 Sep 2009 01:40:29 +0000

Home mortgage loan is probably a topic that affects many of us. After all, buying a home is complex and important and it is logical that it arouses emotions!

Few years ago, you had to have 25% down payment to qualify for a conventional home mortgage loan.

Then, federal government decided to encourage purchase of houses [...]

Additional Costs with Home Mortgage Loan

Bob W. Flaxton — Thu, 24 Sep 2009 22:08:41 +0000

In the previous article, we saw that there are several fees you have to pay in addition to your home mortgage loan when you buy a new house and every month. Let’s continue on this subject.

Here is a universal trick in order to avoid bad surprises when you will buy a house: [...]

Home Mortgage Loan: Beware of Additional Costs

Bob W. Flaxton — Thu, 24 Sep 2009 21:46:50 +0000

Besides your home mortgage loan, several costs are to be expected when you want to buy a house. It is the reason why prospective homeowners who are about to buy their first home should not forget fees associated with a new house.

Before to start looking for the perfect house, you should first take into [...]

Costs to Pay in Addition to Home Mortgage Loan

Bob W. Flaxton — Thu, 24 Sep 2009 16:18:23 +0000

The purchase of a home is usually the largest expense you will make in your life and your home mortgage loan will be your biggest debt.

Even if you spent the time you need to calculate how much it will cost to pay off your house, many other expenses are related to the purchase of [...]

Home Mortgage Loan Buyer’s Guide: More Glossary

Bob W. Flaxton — Thu, 24 Sep 2009 15:01:43 +0000

Here is the following words of our little real estate and home mortgage loan glossary.

Open home mortgage loan: Allows partial payment or total repayment of all borrowed money at any time without incurring penalties.

Renewal: Renegotiation of the home mortgage loan at the end of its validity period for a further period.

Interest rate: [...]

Glossary about Home Mortgage

Bob W. Flaxton — Thu, 24 Sep 2009 14:38:33 +0000

To complete this little guide, here is a glossary about more useful words you must understand in order to make a good deal when you will buy a house.

Closed Home Mortgage Loan: Type of loan that requires a strict repayment timetable. A penalty is charged if you repay your home loan in full before [...]

Calculate your Home Mortgage Repayment

Bob W. Flaxton — Wed, 23 Sep 2009 22:11:34 +0000

What do you have to do when you are about to purchase your new house with your home mortgage loan? Here follow several points to consider in order to get a smooth agreement with your seller and the bank that lend home mortgage loan.

The cash down payment must cover ideally 10% of the total [...]

More Advices about Home Mortgage Loan

Bob W. Flaxton — Wed, 23 Sep 2009 20:23:37 +0000

Here follow other advices for people who will buy a new house and get a home mortgage loan.

1. If you are a tenant, give the landlord a written notice that you quit and ask him to repay any deposit you paid in the past.

2. At your new house, be sure gas and electricity, [...]

Advices about Home Mortgage Loan

Bob W. Flaxton — Wed, 23 Sep 2009 15:30:29 +0000

In order to help you when you buy a house and get a home mortgage loan, here is a list of advices to could be useful for you.

Make a complete house inspection before to buy a home

The inspection of your new home by a qualified inspector will help you to confirm you have [...]

Make an offer for Home Mortgage

Bob W. Flaxton — Wed, 23 Sep 2009 15:08:47 +0000

When time comes to make an offer the house of your dreams, your real estate agent can give you information about the current housing market.

The real estate agent could also help you prepare your offer and communicate it to the seller. Sometimes, the house seller receives more than one offer at the same time. [...]

Analyze your house offer

Bob W. Flaxton — Tue, 22 Sep 2009 18:50:06 +0000

That’s it! You pre-approved your home mortgage loan, you shop and found the house of your dreams. It is time to make an offer. Here follow different important parameters to consider when you make an offer.

The deposit: The deposit shows your strong intention to purchase the house and will be deducted from the purchase [...]

Home Purchasing Process and Mortgage Loan

Bob W. Flaxton — Tue, 22 Sep 2009 15:56:59 +0000

We prepared this guide in order to present you useful information about the purchasing process that you follow during your search for the ideal home. In this article, we will talk more thoroughly about home mortgage loan.

When you shop for a new house, it is useful to get a pre-approved mortgage . By being [...]

Housing Market and Mortgage Loan

Bob W. Flaxton — Tue, 22 Sep 2009 15:29:54 +0000

When you want to buy a house and get a home mortgage loan, you also have to consider housing market that often changes. You are better to understand the influence of those market conditions in your situation of buyer.

Keep reading this website and read some other good information source about housing market to understand [...]

Home Mortgage Loan you can Afford

Bob W. Flaxton — Tue, 22 Sep 2009 14:50:14 +0000

How Much can you Afford to Pay for your Home Mortgage Loan?

When you are looking to buy a house, you have to identify first the amount you will be able to pay in addition to monthly expenses.

The higher amount you will have to pay on your home is the down payment, which represent [...]

Home Mortgage Brokers Work for Customers or Lenders?

Bob W. Flaxton — Tue, 22 Sep 2009 01:04:14 +0000

When it is time to negotiate your home mortgage loan, two kinds of people have opposite need: the borrower (you) and the bank… As you want to pay as less interest as possible, banks wants to make profit lending you a home mortgage loan.

The mortgage broker plays a special role in this relationship. He [...]

Credit History and Rating for Home Mortgage Loan

Bob W. Flaxton — Mon, 21 Sep 2009 23:26:13 +0000

If you ask a lender about the ability of people to repay their home mortgage loan, he could tell you that, before to loan $200,000 to a person, he want to know if that person could pay a debt as low as $2000…

This show the importance of your credit history when you want to [...]

Calculate your Mortgage Repayment Ability

Bob W. Flaxton — Mon, 21 Sep 2009 22:48:54 +0000

That’s it! You decide to buy a house! So, you have to consider that a home mortgage loan is a commitment to pay your house’s value over a long term. The most important question you have to ask: Do I will be able to make such payments?

When you will ask your bank to get [...]

Debt Ratio is important to refinance home

Bob W. Flaxton — Sun, 20 Sep 2009 20:09:26 +0000

The major problem with debt is that it is extremely easy to fall in and much more difficult and long to escape from it. As we saw in previous posts, home mortgage refinancing could be a very useful way to repay your debts if you are a home owner.

So, if you want to clear [...]

Benefits of Debt Consolidation Refinancing Home

Bob W. Flaxton — Sun, 20 Sep 2009 19:21:12 +0000

After having consolidated your debts refinancing your home mortgage loan or other means, you can forget all the different former debts repayments you had to do. You do not have to rack your brain anymore about how to manage multiple loans repayments.

Consolidate your debts is clearly a better choice than no pay your debts [...]

Refinancing Home and Debt Consolidation

Bob W. Flaxton — Sun, 20 Sep 2009 18:26:05 +0000

If you suffer from many debts and ask yourself if you can improve your situation and if it is a good idea to look for debt consolidation through home mortgage refinancing or other options, the answer is yes.

Debt consolidation helps you to combine your debts and repay them with a lower interest rate with [...]

Renegotiate your home mortgage loan is refinancing it

Bob W. Flaxton — Sun, 20 Sep 2009 17:29:13 +0000

As interest rates are going lower and lower, a lot of people want to know if they can break the mortgage agreement they have with their bank to renegotiate.

Yes, it is possible to renegotiate your home mortgage loan: it is called “Home Mortgage Refinancing” !

The first thing you must know, it that “renegotiating [...]

Find Online Home Mortgage Loans

Bob W. Flaxton — Fri, 18 Sep 2009 00:08:07 +0000

For more than a decade now, Internet has led the emergence of numerous online finance offers for home mortgage loans. Thus, if you are looking for this financial information, it could be a good place to begin with!

The home mortgage market online today is worth hundred million dollars and it continues to grow. The most [...]

Bridging Loan: Repay Home Mortgage for a new House

Bob W. Flaxton — Wed, 16 Sep 2009 21:34:27 +0000

The name “bridging loans” means to bridge a gap between the sale of your current home and purchase of a new one. This kind of loans is for short term and has higher interest rate.

Bridging loans are in the category of secured loans. Thus, you need to be very cautious regarding the repayment of [...]

Debt Ratio for Home Mortgage Refinancing

Bob W. Flaxton — Wed, 16 Sep 2009 18:59:16 +0000

In this article, we would like to help you to calculate your debt ratio in order to know, even if home mortgage refinancing would be a good idea to consolidate your debts, if banks would think it is a good idea too…

1. Your total income before taxes: Take your monthly pay before tax or [...]

Calculate your debt ratio before refinance home

Bob W. Flaxton — Wed, 16 Sep 2009 18:26:13 +0000

Maybe, as a lot of people, you have too much debt and you are thinking about home mortgage refinancing to consolidate them. But before to ask your bank, you can look your credit rating allows you to estimate the quality of your financial condition.

Of course, you already know that debts could be a problem [...]

Refinance Home to Consolidate Debts: Pros and Cons

Bob W. Flaxton — Tue, 15 Sep 2009 19:11:28 +0000

When you want to consolidate all your high interest rate debts, it is good to consider home mortgage refinancing. Here the benefits and disadvantages to choose this option.

Pro: The interest rate from a bank of other financial institution on a home mortgage after refinancing is usually lower than rates of credit cards or other [...]

Advices for Debt Consolidation with Refinancing Home Mortgage

Bob W. Flaxton — Tue, 15 Sep 2009 18:50:15 +0000

You own a house and your have too much high interest rate debts? Home mortgage refinancing could be your solution! But before to meet the loan officer of your bank, begin to list of all your current debts in order to determine the total amount and interest you pay.

When you will visit your bank [...]

Consolidate your Debts with Mortgage Refinancing

Bob W. Flaxton — Tue, 15 Sep 2009 18:06:30 +0000

In order to qualify yourself for home mortgage refinancing, you must have an acceptable credit rating. You must also have an income that demonstrates your ability to manage this new mortgage.

The reason is that you must demonstrate your ability to pay the monthly bills for this debt after consolidation in addition to paying your [...]

Refinance home for debt consolidation

Bob W. Flaxton — Tue, 15 Sep 2009 17:42:56 +0000

Home mortgage refinancing is a loan that consolidates your debts under one single general loan from a bank or another financial institution. The best type of loan to consolidate your debts is probably this one.

This strategy usually allows you to repay all your creditors into one payment, your new loan after consolidation. After home mortgage [...]

Banks analyze Home Mortgage Application?

Bob W. Flaxton — Sun, 13 Sep 2009 21:27:22 +0000

In this article, you will learn the basic principles used by most banks to analyze your home mortgage loan application. Of course, other lenders analyze risk differently with less rigour, but what follows is used by many important banks.

First of all, remember that the interest rate banks request for your home mortgage is partly [...]