Posts Tagged ‘Home Values’

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Florida Home Equity Loans – Refinancing a Home Equity Loan

April 14th, 2010



During the last five years, Florida home values have practically doubled in cities like Orlando, Miami, Tampa, Ft. Lauderdale, Clearwater, and Sarasota. Many homeowners reaped the benefits during this time and borrowed from the equity in their home. If you are part of this crowd, now may be a good time to consider refinancing your Florida home equity loan. While refinancing may not be right for everyone, it can be very beneficial to some. Good reasons to refinance include:

Better Interest Rates

Interest rates in the state of Florida are constantly changing. If you took out a fixed rate home equity loan while rates were high, or if you now have better credit, refinancing your Florida home equity loan could save you a lot of money. You’ll have to be very careful though. Lower monthly payments may not offset closing cost fees. For example, if your closing costs come to $3,000 and you save $100 per month, it will take you 30 months to break even.

Avoid a Balloon Payment

Taking on a Florida home equity loan that has a balloon payment can save you money in the beginning of the loan term, but coming up with that final balloon payment can be difficult. Refinancing your home equity loan will allow you to avoid the balloon payment altogether.

Extract More Equity Cash

When dipping into your equity, it can be very hard to determine how much money to borrow. If you didn’t take out enough the first time around, refinancing your Florida home equity loan will provide all of the benefits mentioned above and allow you to extract a bit more cash from your equity.

By: Jane Hale

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2009 Obama Stimulus Plan For Mortgage Refinancing and Home Loan Modification

March 28th, 2010



Homeowners who are having a hard time paying their monthly mortgage payment, are facing “Financial Hardships”, are facing foreclosure, or want to save money every month should take advantage of President Obamas “Making Home Affordable” plan. This recently enacted plan allows homeowners to get 2% fixed rate home mortgages through refinancing or loan modification. Here is how you can take advantage:

To take advantage of President Obamas plan for yourself, you must meet these guidelines and eligibility requirements:

-Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.

-The home which is to be refinanced using this “Making Home Affordable” plan needs to be lived in as a primary residence by the actual homeowner. Homes used as investment, or second properties are not covered under this Government backed housing bailout program.

-With such a bad housing market and economy, homeowners can now refinance or get a home loan modification even if they owe as much as 105% of their homes actual market value. This will assist a lot of homeowners who have been making their payments, yet have seen their home values drop as a result of the tough economy.

-Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments.

This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure. Refinancing and loan modification are now easier and more beneficial for a homeowner than they have ever been before. If you need to save money to save your home, or pay off other mounting debts, use this plan now and start seeing the huge savings every month. You at least should look into the potential savings that you may be able to get by talking to a mortgage lender or bank. Do yourself a favor and act now before it is too late and you lose your home, or this program is gone.

By: Michael Petrone

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Oklahoma Refinance Loans – 3 Reasons to Refinance Now

March 18th, 2010



The decision to get an Oklahoma refinance loan is a big one. It may also be one of the best things a homeowner could do for their finances. Still many people wait so long to refinance that they miss out on a wonderful opportunity. Here are three reasons to quit sitting on the sidelines and refinance now:

Great Deals on Interest Rates

Though interest rates in Oklahoma are slightly higher than they were a year or two ago, they are still at a historical low. Current rates on 15-year loans and 30-years refinance loans in Oklahoma average 5.1 and 5.76 percent respectively. Refinancing now before rates get any higher could allow you to lock in at a fair interest rate that will provide you with immediate savings, as well as savings over the life of your mortgage loan.

Debt Can Be Overwhelming

If you are having debt issues, refinancing now before your debt gets too far out of control could be very beneficial. Taking advantage of an Oklahoma refinance loan could prove to be the path you need to take to get things turned around. Whether you are behind on your mortgage payments or struggling under high interest credit card debt, refinancing can get you out of your financial jam.

Use Equity to Your Advantage

Home values in Oklahoma have risen steadily over the last five years. With an Oklahoma refinance loan, you can get withdraw some of that equity and get cash at closing. Just think of the things your home could buy you—a college education, home improvements, a new car, a new business, the dream vacation you have always wanted to take…the list goes on and on.

By: Jane A. Hale

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