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Home Refinance
When
is the right time to refinance? ·
If you have
an · Debt
Consolidation: If refinancing will lower your over-all monthly
expenses, it may be a good idea to refinance.
You will have a much lower rate of interest than on your credit cards,
and your mortgage interest may be tax deductible (consult your tax advisor
for more details). Have A Plan: It
will do you no good to lower your expenses just so you can go out and run
them up again. Now that you have
eliminated your high interest credit cards, it's time to invest and save that
extra cash flow. ·
To improve
your home: Cash out for home improvement is most often a great idea. Not only is routine maintenance part of
owning a home, but also home improvements adds value (equity/profit) to your
home. Is
an ·
When
initially acquiring your home. Face
it, most of us do not have perfect credit when we apply for home loans, so
getting the best rates is not always an option. However, you can still buy your dream home
and keep your payments to a minimum while you build up your credit. As long as you pay your mortgage on time
and do not get deeply into debt, your credit will improve. Then, when the time is right you may
refinance into a better program and maybe even take some cash out. ·
Cash Flow:
Please be frugal with your extra cash.
You can use the extra funds to invest in your retirement and build
up your savings = financial security. In the meantime, while your loan is being processed you will
need to gather together a few items: ·
Proof of all monthly income: (check-stubs, statements, social security,
pension, etc.) ·
3 months bank statements (savings and checking) ·
W2’s or tax returns for last 2 years ·
Most recent statement on all asset accounts (401k, stocks, etc.) ·
If self employed, complete personal and business tax returns
(all schedules) from previous 2 years ·
Purchases Only: copy of fully
executed sales contract (if you have already made the offer), be sure to have
your agent include that the seller will be paying up to 3% closing costs;
prior to closing you will also have to obtain 1 years of homeowner insurance
(this is purely your responsibility and is not covered in your loan even with
100% financing); all purchases require the borrowing to make a personal
commitment of $500 (even with 100% financing) because lenders want borrowers
to have a vested interest and not just give them hundreds of thousands of
dollars without bringing something to the table. ·
Refinance Only: a) proof of
homeowner’s insurance b) copy of most recent mortgage statement ·
2 forms of ID (Driver’s License, Social Security Card, etc.) If you have already gathered the above
necessary items, you may expedite
your loan processing by faxing to: Attn: Nick Nelson 314-993-6463 Some
basic rules to observe during your loan approval: ·
DO NOT quit or change jobs ·
DO NOT stop paying your
bills on time ·
DO NOT STOP PAYING YOUR
MORTGAGE! ·
DO NOT make any major
purchases, co-sign on any loan, or open any new lines of credit ·
DO NOT allow anyone else to
pull your credit, too many inquiries may effect the outcome of any loan in process |
Properties for
Want to list a property in this
section? Send us an e-mail
with a link to pictures or provide basic information to be posted in this
section. Send us an e-mail Single Family Homes Asking Price: $199,500 Own this home for just
$1180 per month! Investment Properties 2 Family $145,500
Condo $150K 4 Fam $150K Contact
Seller Manufactured Homes Modular Home $50K ------------------------- |
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Market Conditions
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Mortgage Industry
Equity Composite National Mortgage News has compiled a Mortgage Industry
Equity Composite, intended to reflect developments in the mortgage industry. The
Composite includes stocks representing all major segments of the industry:
banks, thrifts, non-depository lenders, GSEs,
mortgage insurers, title insurers, technology vendors, commercial real estate
finance companies, builder-lenders, sub-prime and
high- |
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Being bombarded by mortgage companies and brokers can
become confusing, between interest rates, closing costs, points and
experience – How can a person make an intelligent decision? Advice: Key word “intelligent”. More often than not, most consumers make
there buying decision on who ever rubs them the right way. While this may do wonders for your ego, you
could end up paying for it – literally.
When making a financial decision, that decision should be based on the
numbers. But which numbers you
ask? Most mortgage brokers are in the
habit of “hiding” their fees – this is because most believe that customers
would throw a fit, and they usually do.
This comes from the fact that most customers have no idea what would
be considered a normal fee, therefore they can not intelligently determine if
they are being over-charged or not.
Let’s establish a few facts first.
First of all, the broker’s fee is a percentage of the loan. If you are
speaking with a Loan Officer who works for a Broker, that Loan Officer is
only getting a percentage of a percent typically 35 – 50%. That means the
higher the loan amount, the more money the broker should make. This percentage is often called points, 1
point = 1 percent. What is fair? On a $200,000 loan 2 points ($4000 out of
which your Loan Officer will make 35 – 50% or $1400 - $2000 far less than what a Real Estate Agent
would make: 3.5 – 7% in their pocket) would be considered
reasonable. Because this is a
percentage, the number of point you are charged most likely will be higher on
lower loan amounts and lower on higher loan amounts (the law limits this to
3% on conforming loans above 640 credit and 6% on non-conforming below 640
credit). Typically, you can expect
higher points if your loan is a difficult file or will require special
attention. Points are charged “up
front” and represents the total of your “Loan Origination Fee”, “Mortgage
Broker Fee” and sometimes hidden under the title “Loan Discount”. In addition, there are a number of third
party fees that all borrowers must pay no matter who you go through
(approximately $2500 before the broker has charged you a single penny!). So don’t let closing costs fool you. No matter what any broker or banker tells
you, trust me – you will pay these fees.
There is only one other way for your broker to get paid: “on that
back” through what is called Yield Spread Premium (YSP). This translates into a higher interest rate
for you and most likely will increase your monthly mortgage payments. This is completely hidden from the borrower
and difficult to determine. Most
brokers will use a combination of these: points and ysp. If your broker is fair, you should have
lower points with higher ysp and higher points with
lower ysp.
Unfortunately, a few brokers will max out both fees. I refer to this practice as
“head-busting”. So is it better to go
ahead and pay the fees up front or on the back? If
you plan to be in the home for more than 2 years it is always better to pay
the points; if you will be there less than 2 years or if you are making a
purchase and don’t have money for a down payment, it is better to pay on the
back. Always obtain a good faith estimate so that you may
identify these fees. Also, be aware that
brokers are not required to fully disclose this information on your Good
Faith (although they should!) and it can be difficult to determine if it is
just the old bait and switch. Beware
of any lender who claim “no points” or “no closing costs”, since they have to
get paid one way or another, you will be the one paying for it one way or
another. Save yourself a lot of hassle
and time by working with one of our professionals. Subject: Pay-Option ARMS There's a growing wave of refinances sweeping certain
segments of the business: payment-option ARMs. Too many consumers are opting to make only
the minimum payment on these loans to increase spending money without regard
to negative amortization. Advice: If you decide to take advantage
of the lower payment offered by a pay-option |
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| Refinance | Home Equity | Debt
Consolidation | Home Purchase
| Commercial
Property | |
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|
Tools | St Louis City Database
| St Louis County Database | St
Charles County Database | | Property
Values | Amnet Rates | ARM Indexes | Advantage Credit | Mortgage Calculators | | St
Louis Post Dispatch Listings | Craig’s
List | List
in Classified | Mortgage Leads
| Keywords
| | Google
Ad Words | Top Keywords
| Check Form Values | Email | |
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Links | Best
Quotes Free | Appraiser
| Financial Advisor | Graphic Design | Refinance Saint Louis | | Wanna
Network | |
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