Mortgage Loans For Nurses » Mortgage Loan Refinancing

Can You Still Get Refinancing?

Carol — Tue, 30 Dec 2008 16:30:31 +0000

Six out of ten mortgage applications this year have been for refinancing. There are some compelling reasons to refinance beyond lower interest rates.

1 – 2.2 million homeowners have jumbo loans or ARMs that are due to adjust. Refinancing to a 30-year-fixed rate loan now can prevent years of increasing mortgage rates. Rates for jumbo loans may stabilize due to new legistation. And the uncertainty of ARMs is just not for everyone.

2- If home prices are falling in your area (like they are in most areas), it may be harder to refinance. You typically need 10-20% equity to be approved for refinancing. Subtract your loan balance from your home’s assessed value to calculate your home equity. You’ll also need a good credit rating to get a competitive mortgage rate. If you can get a good mortgage rate now, lock it in. Holding out for a better rate is usually not worth the extra stress.

refinancing?

Carol — Fri, 26 Dec 2008 21:02:49 +0000

once again i am looking at refinancing. whats the best way to find out who is honest in financing and not ripping you off with a high interest rate., my credit is so so but not bad. i am going through a divorce and have gotten stuck with all major debts. help. what is the best rate for someone half way decent with thier credit?

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Reverse Mortgages For Nurses

Carol — Sun, 30 Nov 2008 13:08:59 +0000

mortgage loans for nurses stress

A few years ago, my mom and dad (both nurses) were in a tough spot financially. Living off of a small pension and an even smaller Social Security Check, they were having trouble keeping up with their bills.

They were still paying off their mortgage and a home equity loan they had taken out for some much-needed repairs. Faced with expensive trips to the doctor, a half dozen prescriptions between them, a rising cost of living, and outrageous New Jersey property taxes, they were deep in the red and falling deeper every month.

I wanted them to sell the house and move to a smaller condo or even a retirement community, but they refused. They’d say, “This is our house and this is where we’re staying!”

The problem was that their monthly expenses were more than their income, and we had already cut their expenses every way we could think of.

But then we stumbled on a program that could solve my parents’ cash flow problems: a reverse mortgage.

If you’ve never heard of a reverse mortgage you’re not alone. They are not designed for the average person. But they are perfect for people like my parents.

Basically they are designed to help older homeowners with low incomes stay in a house they have lived in for years but for which the property tax has risen more than they can afford.

A reverse mortgage allows a homeowner to cash out part of the equity in their home without having to pay it back until they sell the house, permanently move out, or die.

The amount you can borrow depends on your age, the value of your home, your current equity, and the current interest rates.

You can take the money as a lump sum payment, a monthly payment, a credit line, or any combination of the three. My parents took a lump sum payment to pay off all of their outstanding debt and then kept a line of credit in case of emergency. Now that they are free of the old mortgage, home equity loan, and credit card debt, their modest pension and Social Security money is enough for them to live on.

Of course there is a downside. They no longer have as much equity in the house as they once did. That hurts after they spent so many years paying for it. I know they also feel bad that there will be less left for me and my sister when they pass, but I don’t care about an inheritance. I’d rather they live comfortably now than have to struggle just to get by.

Mortgage Loans For Nurses

Refinancing Your Mortgage Loan To Save Money

Carol — Sat, 01 Nov 2008 19:09:20 +0000

Refinancing mortgage loans for nurses allows you to save money on interest rates, extend the amount of time that you have to repay the loan, and even receive better loan repayment options than the ones that you currently have available.

To learn if loan refinancing is right for you, you need to understand exactly what refinancing is. Loan refinancing involves a second loan to be taken out, which covers the remaining balance of the original loan. The first mortgage loan is paid in full, with the new loan replacing it. Hopefully, the new loan has a lower interest rate and requires a lower monthly payment than the original loan. Sometimes refinancing loans can also allow you to borrow an additional amount which is used to cover other expenses, or consolidate several smaller loans into one monthly payment.

Of course, when you refinance a mortgage loan, you want to save money and this is often accomplished through lower interest rates. Depending on the remaining amount to be repaid on the original loan, the difference in the amount being borrowed can result in a significantly lower monthly payment and a lower amount of interest accrued over the term of the 2nd loan.

If you search for the most cost effective refinance lender, you can get the lowest rates and combine the savings to cut your loan expenses dramatically.

To find the right lender to refinance your mortgage loan, you have to shop around to get several quotes. You don’t have to refinance a loan through the original lender because it’s an entirely new mortgage loan.

There are a variety of choices - considering banks, finance companies, loan offices, and even online lenders will give you many options. Requesting refinance loan quotes from different lenders will tell you which lenders will offer you the best interest rates and lending terms for your current needs.

Take the time to carefully compare the different loan offers that you’ve received. Look carefully at the interest rates and repayment terms of each mortgage loan offer until you’ve found the best one for your needs.

The interest rate alone should not be the only determining factor in your decision… after all, you’re looking for the best mortgage loan for nurses, not only the best interest rate.

When you have found the most well-balanced quote to suit your needs, that’s when you should apply for your refinance loan.