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Showing posts from August, 2015
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15 YEARS vs. 30 YEARS MORTGAGE
Whenever you buy a home in the US, you get a bank loan that has to be paid back either over a period of 15 or 30 years. When it comes to choosing from the two options available, it is always advised to take the 15-year loan if you can easily afford the house you want to buy with a 15-year loan. On the other hand, the interest rates are going to be at least 4% higher, and your prospects for investing will not be that hot either. You should take the 30-year loan plan if the interest rate if very low, or atleast lower than 4%, or if you’re getting a good rate on your investment, 6.5% or higher for instance, and are going to invest the money you save because of the lower monthly payments on the 30 vs. the 15. People should also choose the 30-year option if people are unable to afford the 15-year loan plan, which makes the 30-year loan the best choice. For example, if you refinance a loan amount of $200,000 at a fixed 30-year rate of 4%, you would make 360 mo…
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TYPES OF MORTGAGE LOANS FOR
MANUFACTURED HOME

Most homebuyers usually consider a site-built single family home, but there is another option. Mobile homes provide the homeowner with one big advantage, which is that they have lots of space, and include many amenities for the money you spend. So, what are the types of mortgage loans for these mobile homes? The following is going to be a quick rundown of your options.
TYPES OF MORTGAGE LOANS FOR MOBILE HOMES When it comes to mobile home mortgages, there are mainly two types- FHA loans and Conventional and Chattel loans.
FHA LOANS With the FHA loan, the mortgage is basically insured by the FHA. The borrower then has to pay for mortgage insurance which provides protection for the lender in case the borrower defaults on the payments of their mortgage. FHA facilitated loans offer attractive interest rates and they also offer flexibility when it comes to qualifying for the loan. One thing to consider with the FHA loan is that the borrower’s …
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TOP REASONS TO REFINANCE YOUR
MANUFACTURED HOMES NOW










Mobile homes can be extremely cost effective, which is one of the reasons why quite a few people opt for living in a mobile or manufactured home. While there can be many reasons for one to refinance their mobile home, the following are the five:

GET A LOWERED INTEREST RATESince loan rates have been falling for the past few years, many homeowners who have had a loan for a few years or more may be paying higher interest rates. Another reason to refinance your manufactured home is if your credit rating has improved. In that case, you may not be able to quality for the lowered rate which was set when the loan was initially taken.
MAKE LOWER MONTHLY PAYMENTSYou can quality for a lowered monthly payment by getting a lower interest rate, which will automatically make the monthly payments go down. Another way of getting a lowered monthly payment is if you extend the length of the loan when you refinance. This will typically decrease the month…
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MANUFACTURED HOME CAN BE ONE OF THE MOST AFFORDABLE WAYS TO OWN










It is no secret that buying a mobile home can be an easy way to own your own home, but only if you do it the right way. Loans for personal property, also called chattel loans, usually have a much higher interest rate than a mortgage, which is one of the reasons why owners of mobile homes can refinance chattel loans into mortgages to reduce their monthly housing expenses. The following are some of the reasons why mobile home refinancing is right for you.
The first reason is that you will be getting a lower mortgage interest rate for your mobile home. This works well for most homeowners who are on a budget since they will not only get to lower their monthly mobile home mortgage payments, but they will also get to pay a lot less in future.
The second reason is to switch from an adjustable rate to a fixed rate mobile home mortgage. This works out well for the home owners because the fixed rate can be locked in for the entire…
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Have you been thinking of refinancing your mortgage but are still waiting to see if rates will drop even further? 
Rates are still very low but the consensus is the Fed will raise rates sooner rather than later. It might be time to refinance your note and it also might be time to pull out a little cash in the process. Pulling out equity in the form of cash is what the industry calls a “cash out” refinance and allows you to put some money in your pocket while refinancing your existing mortgage. Borrowers typically refinance for three different reasons—lower the rate, adjust the loan term or change from a fixed to a hybrid or a hybrid to a fixed. During that process, you can also pull out cash to do with whatever you wish.
Want to pay off your credit card debt or your automobile loan? Compare your monthly payments on your credit balances and installment loans with your new mortgage payment. Let’s say you’re refinancing a $300,000 mortgage but you also want to pay off your automobile loan…
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You Might Be Eligible for HARP and Not Even Know It
That’s right, the Home Affordable Refinance Program, or HARP was originally introduced back in
2009 as a way for homeowners to take advantage of lower interest rates that wouldn’t otherwise qualify, primarily due to the property value being too low compared to the amount owed on the home. With a traditional refinance, there needs to be at least a 10% equity position. On a home valued at $100,000, the refinanced loan cannot be greater than 90% of that value, or $90,000. HARP took care of that, at least for some, by allowing the refinanced loan to be no greater than 125% of the current market value.

That certainly helped millions of borrowers but there were several million more who were turned down or otherwise couldn’t qualify. Why? Their homes were way, way underwater. Far beyond the 125% mark. Still many other borrowers didn’t meet the lender’s credit score requirements. Yet Congress knew that lowering the monthly payment on someo…
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Have you been thinking of refinancing your mortgage but are still waiting to see if rates will drop even further? 


Rates are still very low but the consensus is the Fed will raise rates sooner rather than later.  It might be time to refinance your note and it also might be time to pull out a little cash in the process. Pulling out equity in the form of cash is what the industry calls a “cash out” refinance and allows you to put some money in your pocket while refinancing your existing mortgage. Borrowers typically refinance for three different reasons—lower the rate, adjust the loan term or change from a fixed to a hybrid or a hybrid to a fixed. During that process, you can also pull out cash to do with whatever you wish.
Want to pay off your credit card debt or your automobile loan? Compare your monthly payments on your credit balances and installment loans with your new mortgage payment. Let’s say you’re refinancing a $300,000 mortgage but you also want to pay off your automobile lo…