Refinance Interest Only

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LeahCoss.ca Hi, everyone, how are you? It’s Leah Coss with The Mortgage Center. I’ve had a few of you out there ask me recently if you can wrap up your loans into your mortgage, ie maybe you have student loans, and you’re like, “I’m going to buy a house or I already have one. Can I just wrap up this loan into my home, so that now I don’t have my student loans? Or my car loan, or anything like that. I just want to wrap it up into my mortgage.” And I think that wrapping up term is really confusing a few of you into understanding exactly how that works. You’re not actually wrapping your loans up into your mortgage. What you’re doing is you’re consolidating, and a bank won’t look at the value of your home and the value of your car and add them together and say, “Oh, that’s the full amount, and so we will loan you X amount of percentage based on those two collaterals together.” They don’t do that. A mortgage is a mortgage and loan is a loan, and those are two separate things, and they’re all based on different collaterals. Some loans are even based on no collateral. They’re just given to you on goodwill. That is absolutely not what a mortgage is about. So, when you say, “Can I wrap up these loans?”, the only thing I can say is you can consolidate, but you can only consolidate for as much equity as you already have in your home. So for those of you who’ve bought a home with five percent down, you cannot consolidate anything. It is government mandate. You must have five percent …

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Read the Transcript: to.pbs.org The Federal Reserve announced Tuesday that it expects to keep its key interest rate near zero for the next two years, where it’s been since December 2008. Judy Woodruff discusses how the markets reacted to the announcement with Mesirow Financial’s Diane Swonk and Neil Irwin of The Washington Post.

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The process of obtaining a refinance loan is a little better than if you were applying for a loan to purchase a home. The reason is that you already have the home, which is collateral, and most of the time the goal is to get a better rate or cash out.

The exact credit score that you need to qualify for a home loan varies. The reason I say this is due to the fact that it is not the only factor in determining if you will qualify. You have other things the bank looks at such as the value of your home compared to how much you owe on it, your income as well as your assets.

You can have a credit score of “580″ but if you only have $50,000 left to pay on your home and it is worth $200,000 you should be able to find banks willing to approve you for a loan as long as you have a decent income.

By having such a low score you will get approved but probably not at the best rate possible so you may want to consider raising your credit score before you apply for the refinance loan.

There are a number of ways to increase your credit scores and it all depends on your credit situation. For example, if you have a lot of credit cards that are near the limit, paying them down will positively impact your credit scores.

On the other hand if you have a number of collection accounts on your credit report, you want to try settling them or challenging them with the credit bureaus to have them deleted from your credit report.

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Obama’s government has come up with home refinance stimulus package and loan modification programs to help all the needy owners in avoiding foreclosure. This program is designed specifically for all the borrowers who are facing financial hardships as they are not in a condition to repay the loan. The home refinance stimulus package and loan modification would cover as much as 9 million mortgages and the government would spend $75 billion for helping the homeowners.

Obama’s Stimulus Package has 2 main components:

1. Refinance

2. Loan Modification

Let us discuss each one of these components in detail:

1. Home Refinance Stimulus Package

· In this program the two most powerful mortgage lending agencies of the government Fannie Mae and Freddie Mac would refinance the home loans of all the owners who owe much more amount to the bank than the actual value of the house. The only condition for this package is that the mortgage must be a guaranteed one by Fannie Mae and Freddie Mac, and then even if you are strong enough to pay the entire extra amount, you can gain advantage of the program.

· But there is one major condition joined with refinance stimulus package and that is; the offer is only valid for the properties which are used for residential purpose. Any property which is lying like a building and no one is living inside, will not qualify for Obama’s home refinance stimulus package.

2. Loan Modification Stimulus Package

· There have been special incentives that Obama’s government is going to provide to all the lenders for doing loan modification on the existing home loans of the borrowers. According to this program, the homeowners can get rid of foreclosure by getting it done. The main features of this program would be; interest rate would be reduced and it can go down to 2% only, tenure of the loan would be increased to reduce monthly payment amount and borrowers will get waiver of late fees.

· With loan modification, lender will also take care of the total monthly payments that a borrower is making and it would not increase than 31% of the total monthly gross income.

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