Welcome to Home Mortgage
Pay Option Loan California Home Mortgage Refinance Interest Article
This is a selection made from among articles on Pay Option Loan California Home Mortgage Refinance Interest. For a permanent link to this article, or to bookmark it for future reading, click here.
Refinance Your Home Mortgage Online
from: Jim EdwardsCopyright 2005 Jim Edwards
The largest financial obligation most people ever take on couldn’t escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.
To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people just called a few banks and went with the lender that seemed to offer the lowest rate for the least discount points.
Now borrowers can access up-to-the-minute financial information and economic indicators online. Comparing rates and fees between lenders takes only the click of a mouse. Loan programs and mortgage calculators quickly figure the best strategy for everything from which loan represents the lowest cost over time to how much money a borrower could save by prepaying their mortgage on a monthly or bi-weekly basis. Financial tools available online truly empower any borrower with Internet access.
Though the Internet represents a faster and more hassle-free way to refinance your first or second mortgage, remember these important facts:
Loan Programs – Just because the Internet makes the loan process easier doesn’t mean you should abandon common sense. Take the time to analyze which loan program best meets your needs based on the big picture of how long you’ll live in the house, the payment you can handle comfortably, and how much cash or equity the lender requires.
Fees – All lenders don’t charge equally. Many offer a lower interest rate, but make up the discount in fees and charges. Analyze costs between lenders by obtaining a list of all associated loan fees known as a “Good Faith Estimate”.
Service – Obtaining a loan online won’t do you a bit of good if you run into a problem and need to speak with a live human. Make sure your online lender maintains offline customer service.
Rate Lock-in – The lender’s website should clearly explain their interest rate lock-in period and policy. Don’t get lured in by a lender offering a lower rate and points only to find out the hard way that your interest rate lock expires before you can get the loan closed.
Loan Commitment – Find out from the lender’s site what legally binding documentation they provide to document the loan commitment once you get loan approval.
Though many borrowers use the Internet purely for research, record numbers now go online to apply and complete the entire mortgage process on the Web, while saving significant money and time in the process.
About the Author
Jim Edwards is a consultant specializing in internet mortgage refinance strategies and consumer home loan information. He is the author of "The TEN Dirty Little Secrets Of Mortgage Financing" at http://www.mortgageloantips.com/info.html and offers a free mortgage e-course at http://www.mortgageloantips.com/eclass.htm
Pay Option Loan California Home Mortgage Refinance Interest News
Wells Fargo Announces Details of Agreements with State Attorneys General and ... - MarketWatch (press release)
Wells Fargo Announces Details of Agreements with State Attorneys General and ... MarketWatch (press release) Refinance Program: For qualified borrowers with little or negative equity in their home and a loan owned and serviced by Wells Fargo, an expanded first-lien refinance program estimated to provide $900 million of aggregate payment relief over the life ... |
Tennessee joins agreement with financial institutions - TriCities.com
 USA TODAY | Tennessee joins agreement with financial institutions TriCities.com Homeowners need the help now and an orderly resolution of these claims is in everyone's interests.ā€¯ Under the agreement, certain Tennessee homeowners who are current on their loans with the settling servicers but have not been able to refinance at ... Federal Government and State Attorneys General Reach $25 Billion Agreement ... |
Iowa's unlikely duo working to save American homes - DesMoinesRegister.com
 Business Insider | Iowa's unlikely duo working to save American homes DesMoinesRegister.com Cash payments to people who lost their homes and can show mistakes were made in the foreclosure process. A new set of standards for loan servicing and foreclosure. The five largest banks that service mortgages would be released from legal claims on ... Feds, States, Banks Agree To $25 Billion Mortgage Fraud Settlement |
Wells Fargo Announces Details of Agreements with State Attorneys General and ... - Business Wire (press release)
Wells Fargo Announces Details of Agreements with State Attorneys General and ... Business Wire (press release) Refinance Program: For qualified borrowers with little or negative equity in their home and a loan owned and serviced by Wells Fargo, an expanded first-lien refinance program estimated to provide $900 million of aggregate payment relief over the life ... |
Vail Daily column: More on the Making Home Affordable Act - Vail Daily News
Vail Daily column: More on the Making Home Affordable Act Vail Daily News In the first part of this series we identified the Making Home Affordable Act, the Obama Administration's initiative to help struggling homeowners get mortgage relief through mortgage modifications, interest rate reductions, refinancing, ... |
Q&A: President's plan unlikely to fix housing crisis - Belleville News Democrat
Q&A: President's plan unlikely to fix housing crisis Belleville News Democrat In this latest initiative, the homeowner must be current on his or her payments and can only refinance the mortgage as long as the loan is no more than 40 percent underwater. Later, if there is a foreclosure on the new loan, the federal government will ... |