Welcome to Home Mortgage Guide
California Home Mortgage Refinance Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Home Mortgage Refinance Applications
from:Many homeowners find themselves in the position that may call for a home mortgage refinance loan. This prospect may be a little overwhelming for anyone who remembers the initial process they had to endure when applying for their first mortgage. However, being well prepared in this endeavor will make the application process run very smoothly.
Pre-Approval
Applying for pre-approval with a number of different home mortgage refinance lenders is a great way to ensure that you can get approval without taking too much time in the process. This also offers the other great benefit of having more than one option.
Shopping around for the right refinancing loan is always a good idea. Different companies will have different requirements and programs. You may find that you have access to a few outstanding packages if you take time to shop around. Having pre-approval is a fantastic way to weigh your options.
One word of caution is necessary. If you choose to apply for pre-approval, it is necessary to make sure that these companies are not pulling your credit history from a credit bureau. Each time someone pulls your credit report, your score drops slightly.
Even though the drop in score is minimal, it can have a profound impact on your ability to get a great rate. This is especially true if you are applying to a number of different agencies that each accesses this information. These numbers can add up very quickly.
The only companies that should pull your credit history are ones that have made you a fantastic offer including the best home mortgage refinance rate. In essence, only one or two requests for your credit score should be made. This increases your chances of getting a great deal.
Pre-Pay Penalties
This may be hard to believe but some companies charge you for paying off your loan too quickly. Make certain that your current mortgage lender does not charge pre-pay penalties. Some of the penalties can cost as much as six month’s worth of interest. If you still want to opt for a home refinance loan, you will need to have these funds available.
Interest Rates and Closing Costs
Other considerations include interest rates and closing costs. You may find that a home refinance loan could turn out to be very expensive if these figures are not calculated in the process. The monthly payment may be appealing. However, high closing costs and interest rates can ruin the deal
There are many things to consider in a home refinance loan. Knowing the basics is a great first step in the endeavor.
California Home Mortgage Refinance Specific links
California Home Mortgage Refinance News
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) California Refinancing Expert Jason Richardson explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. |
Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales - FreeRateUpdate.com
 Eastern Morning Herald | Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales FreeRateUpdate.com HARP 2.0 for refinancing underwater mortgages is available for borrowers who have current mortgages that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009. For the best results when applying for Harp, submitting minimal personal information ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again When Does It Make Sense to Refinance? |
How 7 REITs Could See A Buying Frenzy Soon - Seeking Alpha
How 7 REITs Could See A Buying Frenzy Soon Seeking Alpha As anybody who has tried to get one knows, it is still extremely difficult to get a home refinanced. Lenders are still gun-shy because of the mortgage crisis, so they're putting anybody trying to get refinance through the wringer. |
React & Act: What is second-mortgage debt? - California Watch
 California Watch | React & Act: What is second-mortgage debt? California Watch Michael Short/California Watch Oscar Trejo lives in this San Jose home. Heritage Pacific Financial sued Trejo to keep a bankruptcy judge from erasing an $88000 second-mortgage note against a house Trejo lost through foreclosure in 2008. |
Homeowner Refinance Bill Moves into Committee - C-SPAN
 C-SPAN | Homeowner Refinance Bill Moves into Committee C-SPAN On Thursday, the Senate Banking Committee will discuss a measure to help homeowners with government-backed loans refinance to lower interest rates. Democratic Senators Bob Menendez (D-NJ) and Barbara Boxer (D-CA) introduced the bill, ... |