Government Mortgage Relief Programs, mortgage assistance.#Mortgage #assistance


Government Mortgage Relief Programs

Government Mortgage Relief Programs

The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income. This is achieved by modifying one or more components of your mortgage:

  • Lowering the interest rate
  • Extending the life of the loan
  • Lowering the loan principle

Home Affordable Refinance Program (HARP)

Many homeowners pay their mortgages on time, but are not able to refinance to take advantage of today’s lower mortgage rates, mainly due to a significant decrease in the value of their home. A Home Affordable Refinance will help borrowers refinance their first mortgage even if the balance owed is more than 100% of the home value. For example, let’s say the amount you owe on your first mortgage is $500,000. You may be able to refinance even if the home value is now only $400,000.

Hardest Hit Fund (HHF) Programs

The US Treasury administers the Hardest Hit Fund, which provides aid to the states that were most impacted by the economic crisis. Each of these states have local agencies that help homeowners in various ways, including mortgage payment assistance for the unemployed, principal reduction, and transactional assistance. This helps people either afford the homes they’re in, or move to more affordable housing.

Home Affordable Unemployment Program (UP)

The Home Affordable Unemployment Program reduces or suspends mortgage payments for 12 months or more for homeowners who are unemployed. If you qualify, your mortgage payments may be reduced to 31% of your income or fully suspended.

Principal Reduction Alternative (PRA)

The Principal Reduction Alternative encourages your mortgage lender to reduce the amount of principal you owe. Currently there are over 100 loan servicers participating in this program.

FHA Home Affordable Modification Program (FHA-HAMP)

The Home Affordable Modification Program, or HAMP, has helped many homeowners lower their payments and save their homes from foreclosure. The Federal Housing Administration has a HAMP program targeted specifically for the loans they insure.

The Home Affordable Foreclosure Alternatives (HAFA) Program

The Home Affordable Foreclosure Alternatives (HAFA) program is for borrowers who, although eligible for the government Home Affordable Modification Program (HAMP), are not able to secure a permanent loan modification or cannot avoid foreclosure. HAFA provides protection and money to eligible borrowers who decide to do a Short Sale or a Deed-in-Lieu of Foreclosure.

Second Lien Modification Program (2MP)

The Second Lien Modification Program helps homeowners with a second mortgage on their home. This applies to properties where the first mortgage was modified under the Home Affordable Modification Program (HAMP).


Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Impacted by Projected


YahooFinance

Mortgage assistance

WASHINGTON , Oct. 6, 2017 /PRNewswire/ — In our ongoing efforts to support victims of natural disasters, Fannie Mae (OTC Bulletin Board: FNMA) is reminding those in areas impacted by projected and recent Hurricanes Nate, Maria, Irma, and Harvey of the options available for mortgage assistance.

Homeowners impacted by recent hurricanes are currently eligible to temporarily stop making monthly mortgage payments for three-month intervals (up to 12 months). At the end of this temporary payment break, homeowners:

  • Will not incur late fees.
  • Will not have delinquencies reported to the credit bureaus.
  • Will not be forced to catch up on all payments at once.
  • Can work with their servicer to resume making a mortgage payment that is similar to what was being paid before the disaster. Or, if homeowners need additional assistance, they can work with their servicer on options to keep their home.

Under Fannie Mae’s existing guidelines and extended relief flexibilities for all hurricanes occurring in the U.S. and its territories on or after August 25, 2017 and through the 2017 hurricane season:

  • Servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Additional payment forbearance of up to 12 months is available in many circumstances.
  • Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.
  • Lenders and servicers will be reimbursed for the costs associated with inspecting properties impacted by the storms.
  • Credit underwriting and appraisal documents can be up to 180 days old at time of closing.
  • Additional guidelines for mortgage assistance options can be found here.

“We want to ensure those in the path of these storms have peace of mind and time to focus on their safety. Fannie Mae and our lending and servicing partners are focused on ensuring assistance is offered to individuals and families in need,” said Carlos Perez , Senior Vice President and Chief Credit Officer at Fannie Mae.


Meridian Mortgage Solutions, The best mortgage rates in Indiana, mortgage rates indiana.#Mortgage #rates #indiana


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  • Mortgage rates indiana

    Get the best loan with the best mortgage rate in Indiana. Call Now: (317) 968-9500

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    MERIDIAN S CORE PRODUCTS

    Conventional Loan

    A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. Conventional loans are secured by Fannie Mae or Freddie Mac.

    VA Loan

    The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses

    FHA Loan

    An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan.

    USDA Loan

    USDA loans (also known as Rural Development loans) are designed to help low-income borrowers purchase homes in rural areas.

    Reverse Mortgage

    A Reverse Mortgage or home equity conversion mortgage allows homeowners to take out some or all of the equity from their home.

    Home equity line of credt

    A line of credit that uses the borrower’s home as collateral, providing a revolving line of credit that allowing for periodic borrowings and repayments.

    HARP 2.0 is now available

    Are you current on your mortgage but can t refinance at a better rate because you owe more on your home than it s worth? Was your current mortgage started before June 2009? Is your mortgage currently owned by Freddie Mac or Fannie Mae? if you can answer yes to these questions then HARP might be the answer you have been looking for. Call Now (317) 968-9500

    See our reviews on Angie s list

    Mortgage rates indiana

    Vendor Resources

    To offer additional service to our customers, Meridian Mortgage Solutions has gathered a list of useful websites and information. Please feel free to visit these sites for help with all your home buying needs.


  • Second Mortgages: Basics, Pros, and Cons, 2nd mortgage.#2nd #mortgage


    Second Mortgages – Advantages and Disadvantages

    2nd mortgage

    A second mortgage is a loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, also known as home equity lines of credit (HELOCs) are a way to put that asset towards other projects and goals.

    What is a Second Mortgage?

    A second mortgage is a loan that uses your home as collateral – similar to a loan you might have used to purchase your home.

    The loan is known as a “second” mortgage because your purchase loan is often the first loan that is secured by a lien on your home.

    Second mortgages tap into the equity in your home, which you might have built up with monthly payments or through market value increases.

    Loans can come in several different forms.

    Lump sum: a standard second mortgage is a one-time loan that provides a lump sum of money you can use for whatever you want. With that type of loan, you’ll repay the loan gradually over time, often with fixed monthly payments. With each payment, you pay a portion of the interest costs and a portion of your loan balance (this process is called amortization).

    Line of credit: it’s also possible to borrow using a line of credit, or a pool of money that you can draw from. With that type of loan, you don’t ever have to take any money – but you have the option to do so if you want to. You’ll get a maximum borrowing limit, and you can continue borrowing (multiple times) until you reach that maximum limit.

    Like a credit card, you can even repay and then borrow again.

    Rate choices: depending on the type of loan you use (and your preferences), your loan might come with a fixed interest rate that helps you plan your payments for years to come. Variable rate loans are also available and are the norm for lines of credit.

    Advantages of Second Mortgages

    Loan amount: second mortgages allow you to borrow a large amount. Because the loan is secured against your home (which is generally worth a lot of money), you have access to more than you could get without using your home as collateral. How much can you borrow? It depends on your lender, but you might expect to borrow (counting all of your loans – first and second mortgages) up to 80% of your home’s value.

    Interest rates: second mortgages often have lower interest rates than other types of debt. Again, securing the loan with your home helps you because it reduces the risk for your lender. Unlike unsecured personal loans like credit cards, second mortgage interest rates are commonly in the single digits.

    Tax benefits: in some cases, you’ll get a deduction for interest paid on a second mortgage. There are numerous technicalities to be aware of, so ask your tax preparer before you start taking deductions. For more information, learn about the mortgage interest deduction.

    Disadvantages of Second Mortgages

    Of course, life is full of tradeoffs. Be aware of the pitfalls of using a second mortgage. The costs and risks mean that these loans should be used wisely.

    Risk of foreclosure: one of the biggest problems with a second mortgage is that you have to put your home on the line.

    If you stop making payments, your lender will be able to take your home through foreclosure, which can cause serious problems for you and your family. For that reason, it rarely makes sense to use a second mortgage for “current consumption” costs such as entertainment and regular living expenses – it’s just not sustainable or worth the risk.

    Cost: second mortgages, like your purchase loan, can be expensive. You’ll need to pay numerous costs for things like credit checks, appraisals, origination fees, and more. Even if you’re promised a “no closing cost” loan, you’re still paying – you just won’t see those costs transparently.

    Interest costs: any time you borrow, you’re paying interest. Second mortgage rates are typically lower than credit card interest rates, but they’re often slightly higher than your first loan’s rate.

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    Second mortgage lenders take more risk than the lender who made your first loan. If you stop making payments, the second mortgage lender won’t get paid unless and until the first lender gets all of their money back.

    Common Uses of Second Mortgages

    Choose wisely how you use funds from your loan. It’s best to put that money towards something that will improve your net worth (or your home’s value) in the future – because you need to repay that loan.

    • Home improvements are a common choice because the assumption is that you’ll repay the loan when you sell your home with a higher sales price
    • Avoiding private mortgage insurance (PMI) might be possible with a combination of loans – just make sure it makes sense compared to paying – and then canceling – PMI
    • Debt consolidation: you can often get a lower rate, but you might be switching from unsecured loans to a loan that could cost you your house
    • Education: as with other situations, you’re creating a situation where you could face foreclosure. See if standard student loans are a better option

    Tips for Getting a Second Mortgage

    Shop around and get quotes from at least three different sources. Be sure to include the following in your search:

    Get prepared for the process by getting money into the right places and getting your documents ready. This will make the process much easier and less stressful.

    Beware of dangerous loan features. Most conventional loans do not have these problems, but it’s worth keeping an eye out for them:


    Mortgage Lenders for Refinance, Home Loans for All Credit, bankruptcy mortgage lenders.#Bankruptcy #mortgage #lenders


    Mortgage Lenders Offer Great Refinance and Home Loan Solutions for People with All Types of Credit

    BD Nationwide provides a site for competitive 1st and 2nd mortgage loans for cash out refinancing, consolidation, first time home buying and much more. Our lender partners offer exclusive programs featuring 15 and 30-year home loans for VA, FHA, second mortgage and purchase money transactions. Visit our online marketplace where consumers get matched with prime lenders that specialize in credit lines, equity loans, fixed rate refinancing and home buying mortgages.

    Bankruptcy mortgage lenders

    Bankruptcy mortgage lenders

    Bankruptcy mortgage lenders

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    Are you looking for mortgage lenders that offer competitive rates and great customer service? Let us connect you with lenders that can help you find the most attractive equity loans and home refinancing programs available. Find out how renters become homeowners from 100% financing and affordable purchase mortgages. It is still an excellent time to compare our lenders that recently introduced more aggressive guidelines on the first-time house buyer loans and mortgage refinance programs as well. Freddie Mac says, “the fixed 30-year rates may be a once in a life time opportunity to lock into a record low interest mortgage.” Rates on purchase, equity loans and mortgage refinancing may never be this low again. With house financing this affordable, it could be very risky to assume that interest rates will continue to fall any further. Standard mortgage refinancing with cash back options remain aggressive with home equity loans and credit lines. Ask your loan officer for specific product requirements, eligibility and FHA guidelines, limits and current rates).

    Get More Info on Mortgage Refinance and Home Equity Loans for All Types of Credit!

    BD Nationwide Mortgage has maintained its corporate headquarters in Southern California since 2001, but our lending partners have expanded to all 50 states to offer prime, jumbo, government and subprime mortgage loan services to consumers nationally. We recommend that homeowners take advantage of the Federal Reserve’s record low-rates for equity loans, credit lines, and second mortgage refinancing. If your property has lost some of its value, or you are having difficulty qualifying, ask one of our lending specialists about the latest underwater and second chance loan solutions. Whether you need a loan to purchase a new home or disclosures for secure mortgage refinancing with fixed interest rate, BD Nationwide can match you with lenders that have the experience you need when searching the best home mortgage loan online.

    Bankruptcy mortgage lenders

    BD Nationwide will unite you with experienced lenders that have assembled talented staffs in an effort to meet your financial needs. We provide outside of the box 1st and 2nd loan opportunities that maximize the best refinancing mortgages that are available with your credentials. Second When you are shopping online for home refinance loans then consider some of the new programs that may best your needs. We have found that most consumers are looking for mortgages that will not only save them money up-front but also on an annual basis as well.

    Many borrowers have significantly improved their financial state after refinancing their high interest revolving credit cards and consolidating their adjustable rate debt together into a reduced payment that is accompanied by a fixed, simple interest loan. So, submit your request for more information today and take advantage of BD Nationwide’s excellent customer service.

    We take great pride in introducing you to competitive mortgage lenders for refinance and home buying. Whether you need a no doc mortgage or a bad credit HELOC, we have the perfect system to match you with experienced lending professionals tailored best to meet your needs. Our goal is to always provide you with the best opportunities while meeting your needs with diverse lending products.

    Compare Competitive Mortgage Lender Quotes on No Cost Home Refinance Loans

    If you have a variable rate credit line, we recommend a 2nd mortgage refinance because the rate is fixed and each payment you make would go towards principal and interest rather than just interest like it is with HELOCs. According to Kevin Margulies, an IHE executive, Now more than ever, homeowners should seek the expert advice from the ‘Mortgage Lenders from BD Nationwide. Our affiliated lenders continue to post competitive home equity rates. Even if you have been denied a loan approval, we suggest you ask about mortgages for bad credit as new programs are released all the time. The hard money and subprime programs aren’t the only opportunities to see home loans for people with bad credit, as FHA continues to take risks.

    Bankruptcy mortgage lenders

    Check pricing now from trusted banks, lenders and brokers: Second Mortgage Rates, FHA Mortgage Rates Today


    How To Get Rid Of PMI – Private Mortgage Insurance, mortgage insurance companies.#Mortgage #insurance #companies


    How to get rid of PMI, or private mortgage insurance

    Mortgage insurance companies

    Jon Feingersh/Getty Images

    If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity.

    Private mortgage insurance is expensive, and you can remove it after you have met some conditions.

    How to get rid of PMI

    To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.

    Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan.

    Canceling PMI sooner

    Here are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position:

    • Refinance: If your home value has increased enough, the new lender won’t require mortgage insurance.
    • Get a new appraisal: Some lenders will consider a new appraisal instead of the original sales price or appraised value when deciding whether you meet the 20 percent equity threshold. An appraisal generally costs $450 to $600. Before spending the money on an appraisal, ask the lender if this tactic will work in the specific case of your loan.
    • Prepay on your loan: Even $50 a month can mean a dramatic drop in your loan balance over time.
    • Remodel: Add a room or a pool to increase your home’s market value. Then ask the lender to recalculate your loan-to-value ratio using the new value figure.

    Refinancing to get out of PMI

    When mortgage rates are low, as they are now, refinancing can allow you not only to get rid of PMI, but to reduce your monthly interest payments. It’s a double-whammy of savings.

    The refinancing tactic works if your home has gained substantial value since the last time you got a mortgage. For example, if you bought your house four years ago with a 10 percent down payment, and the home’s value has gone up 15 percent over that time, you now owe less than 80 percent of what the home is worth. Under these circumstances, you can refinance into a new loan without having to pay for PMI.

    Many loans have a “seasoning requirement” that requires you to wait at least two years before you can refinance to get rid of PMI. So if your loan is less than 2 years old, you can ask for a PMI-canceling refi, but you’re not guaranteed to get approval.

    What mortgage insurance is for

    Mortgage insurance reimburses the lender if you default on your home loan. You, the borrower, pay the premiums. When sold by a company, it’s known as private mortgage insurance, or PMI. The Federal Housing Administration, a government agency, sells mortgage insurance, too.

    Know your rights

    By law, your lender must tell you at closing how many years and months it will take you to pay down your loan sufficiently to cancel mortgage insurance.

    Mortgage servicers must give borrowers an annual statement that shows whom to call for information about canceling mortgage insurance.

    Getting down to 80% or 78%

    To calculate whether your loan balance has fallen to 80 percent or 78 percent of original value, divide the current loan balance (the amount you still owe) by the original appraised value (most likely, that’s the same as the purchase price).

    Formula: Current loan balance / Original appraised value

    Example: Dale owes $171,600 on a house that cost $220,000 several years ago.

    $171,600 / $220,000 = 0.78.

    That equals 78 percent, so it’s time for Dale’s mortgage insurance to be canceled.

    For a fuller explanation of the above formula, read this article about figuring the loan-to-value ratio to remove PMI.

    Other requirements to cancel PMI

    According to the Consumer Financial Protection Bureau, you have to meet certain requirements to remove PMI:

    • You must request PMI cancellation in writing.
    • You have to be current on your payments and have a good payment history.
    • You might have to prove that you don’t have any other liens on the home (for example, a home equity loan or home equity line of credit).
    • You might have to get an appraisal to demonstrate that your loan balance isn’t more than 80 percent of the home’s current value.

    Higher-risk properties

    Lenders can impose stricter rules for high-risk borrowers. You may fall into this high-risk category if you have missed mortgage payments, so make sure your payments are up to date before asking your lender to drop mortgage insurance. Lenders may require a higher equity percentage if the property has been converted to rental use.


    Mortgage Lenders for Refinance, Home Loans for All Credit, second mortgage loans.#Second #mortgage #loans


    Mortgage Lenders Offer Great Refinance and Home Loan Solutions for People with All Types of Credit

    BD Nationwide provides a site for competitive 1st and 2nd mortgage loans for cash out refinancing, consolidation, first time home buying and much more. Our lender partners offer exclusive programs featuring 15 and 30-year home loans for VA, FHA, second mortgage and purchase money transactions. Visit our online marketplace where consumers get matched with prime lenders that specialize in credit lines, equity loans, fixed rate refinancing and home buying mortgages.

    Second mortgage loans

    Second mortgage loans

    Second mortgage loans

    Second mortgage loans

    Are you looking for mortgage lenders that offer competitive rates and great customer service? Let us connect you with lenders that can help you find the most attractive equity loans and home refinancing programs available. Find out how renters become homeowners from 100% financing and affordable purchase mortgages. It is still an excellent time to compare our lenders that recently introduced more aggressive guidelines on the first-time house buyer loans and mortgage refinance programs as well. Freddie Mac says, “the fixed 30-year rates may be a once in a life time opportunity to lock into a record low interest mortgage.” Rates on purchase, equity loans and mortgage refinancing may never be this low again. With house financing this affordable, it could be very risky to assume that interest rates will continue to fall any further. Standard mortgage refinancing with cash back options remain aggressive with home equity loans and credit lines. Ask your loan officer for specific product requirements, eligibility and FHA guidelines, limits and current rates).

    Get More Info on Mortgage Refinance and Home Equity Loans for All Types of Credit!

    BD Nationwide Mortgage has maintained its corporate headquarters in Southern California since 2001, but our lending partners have expanded to all 50 states to offer prime, jumbo, government and subprime mortgage loan services to consumers nationally. We recommend that homeowners take advantage of the Federal Reserve’s record low-rates for equity loans, credit lines, and second mortgage refinancing. If your property has lost some of its value, or you are having difficulty qualifying, ask one of our lending specialists about the latest underwater and second chance loan solutions. Whether you need a loan to purchase a new home or disclosures for secure mortgage refinancing with fixed interest rate, BD Nationwide can match you with lenders that have the experience you need when searching the best home mortgage loan online.

    Second mortgage loans

    BD Nationwide will unite you with experienced lenders that have assembled talented staffs in an effort to meet your financial needs. We provide outside of the box 1st and 2nd loan opportunities that maximize the best refinancing mortgages that are available with your credentials. Second When you are shopping online for home refinance loans then consider some of the new programs that may best your needs. We have found that most consumers are looking for mortgages that will not only save them money up-front but also on an annual basis as well.

    Many borrowers have significantly improved their financial state after refinancing their high interest revolving credit cards and consolidating their adjustable rate debt together into a reduced payment that is accompanied by a fixed, simple interest loan. So, submit your request for more information today and take advantage of BD Nationwide’s excellent customer service.

    We take great pride in introducing you to competitive mortgage lenders for refinance and home buying. Whether you need a no doc mortgage or a bad credit HELOC, we have the perfect system to match you with experienced lending professionals tailored best to meet your needs. Our goal is to always provide you with the best opportunities while meeting your needs with diverse lending products.

    Compare Competitive Mortgage Lender Quotes on No Cost Home Refinance Loans

    If you have a variable rate credit line, we recommend a 2nd mortgage refinance because the rate is fixed and each payment you make would go towards principal and interest rather than just interest like it is with HELOCs. According to Kevin Margulies, an IHE executive, Now more than ever, homeowners should seek the expert advice from the ‘Mortgage Lenders from BD Nationwide. Our affiliated lenders continue to post competitive home equity rates. Even if you have been denied a loan approval, we suggest you ask about mortgages for bad credit as new programs are released all the time. The hard money and subprime programs aren’t the only opportunities to see home loans for people with bad credit, as FHA continues to take risks.

    Second mortgage loans

    Check pricing now from trusted banks, lenders and brokers: Second Mortgage Rates, FHA Mortgage Rates Today


    Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, 2nd mortgage.#2nd #mortgage


    Second Mortgage Home Loans – Lenders Rate Information

    A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

    Obtaining Financing

    Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

    Second Mortgage Rates

    There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

    Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

    1. When the interest rate can change
    2. How frequently the rate can change
    3. How high the rate can rise
    4. What the rate change is based on

    It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

    The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

    Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

    2nd mortgageCompare your options: calculate PMI vs a second mortgage. 2nd mortgage

    Term Lengths

    Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

    Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

    Where to Find a Second Mortgage

    There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

    It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

    Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

    The Best Time to Obtain Financing

    Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

    It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

    It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

    Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

    It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

    Benefits of a Second Mortgage

    Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

    Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

    There are a number of situations where a second mortgage may be beneficial. These include:

    1. Bypassing property mortgage insurance (PMI) requirements
    2. Debt consolidation
    3. Home Improvements
    4. Purchasing a new home
    5. Creating home equity

    Hidden Costs

    In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

    The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

    Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

    Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

    It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

    Associated Risks

    2nd mortgage

    The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

    Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

    The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


    FHA Mortgage Insurance Calculator, mortgage insurance companies.#Mortgage #insurance #companies


    FHA Mortgage Insurance

    FHA mortgage insurance lowered by .5% a year, starting Jan. 26th, 2015.

    Calculate your new lower FHA mortgage insurance payment with updated FHA mortgage insurance calculator. Learn more about mortgage insurance reduction below.

    FHA Mortgage Insurance Calculator – Calculate the up-front FHA mortgage insurance premium (FHA MIP or UFMIP) and the monthly FHA mortgage insurance (FHA MMI). View current FHA loan requirements based on loan amount, loan to value and mortgage amortization terms with this FHA mortgage insurance calculator based on must recent HUD mortgagee letter 2013-04 which updated FHA mortgage insurance on April 1, 2013. Updated HUD mortgagee letter 2015-1 – “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates”

    Mortgage insurance companies Mortgage Insurance Calculator Instructions

    Step 1: Select Loan Purpose

    Step 2: Enter Sales Price and FHA Mortgage Amount

    Step 3: Click “Calculate FHA Mortgage Insurance”

    | | | Mortgage insurance companies Add to Favorites | Mortgage insurance companies Email a Friend

    What is FHA Mortgage Insurance?

    The Federal Housing Administration (FHA) was created to help increase homeownership in America by allowing homebuyers to purchase a home with a low FHA downpayment of 3.5% vs. traditional 20% downpayment.

    In order to encourage banks and mortgage lenders to provide financing these low downpayment mortgages, FHA provides mortgage insurance to help protect the lenders from the average 3-9% of borrowers who default on mortgages where lenders are forced to foreclose.

    FHA mortgage insurance are fee’s collected upfront and/or monthly from borrowers which are used to help protect mortgage lenders (and bank depositors money) from serious financial losses due to defaults on these higher risk mortgages with down payments of less than 20%.

    If there was no FHA mortgage insurance it is very likely that most home buyers would be required to put a downpayment of 20% or more when buying a home and this would lower homeownership in America and lower home prices.

    Upfront FHA Mortgage Insurance Premium (FHA MIP)

    The Federal Housing Administration charges borrowers an upfront mortgage insurance premium (FHA MIP) on FHA mortgages. This upfront mortgage insurance premium is based on a percentage of the FHA loan amount and is dependant on the type of mortgage.

    • Purchase FHA loans and FHA refinance mortgages – the current FHA mortgage insurance premium requirement is 1.75% of the mortgage amount

    Calculate your upfront FHA mortgage insurance premium / FHA MIP using the above FHA MIP calculator or use our FHA mortgage payment calculator to calculate your full FHA monthly mortgage payment with principal, interest, taxes and insurance.

    FHA Monthly Mortgage Insurance (FHA MMI)

    Monthly mortgage insurance or MMI is a monthly prorated mortgage insurance which is included in FHA mortgage payments. The mortgage insurance is part of the PITI mortgage payment calculation for FHA loans.

    Below are some details of current monthly FHA mortgage insurance.

    • All FHA 30 year mortgages and FHA 15 year mortgage regardless of loan to value require FHA monthly mortgage insurance.

    Use our FHA mortgage calculator with taxes and insurance to calculate your exact monthly mortgage insurance premium and piti mortgage payment for either FHA 30 year mortgages or FHA 15 year mortgages.

    2015 FHA Mortgage Insurance Premium Chart

    Chart of current mortgage insurance rates for FHA loans updated on Jan 8th for all loans after Jan 29, 2015.


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