Mortgage Refinancing Options, Citizens Bank, refinancing your mortgage.#Refinancing #your #mortgage


Mortgage Refinancing

Explore options for refinancing your loan.

If you re looking to lower your interest rate or shorten your loan term, refinancing your home loan may help you get into a better financial position for your changing life circumstances.

Another way to lower your interest rate.

If you’re refinancing and have a Citizens checking account you could save even more.

Fixed-Rate Mortgage Details

When you refinance into a fixed-rate mortgage, your interest and principal payments won’t change for the life of the loan. Fixed-rate mortgages offer more stability in monthly payments than an ARM. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Adjustable-Rate Mortgage (ARM)

When refinancing your home, our adjustable-rate mortgage (ARM) is ideal if you plan to stay in your home for a shorter period of time or have a higher tolerance for rate variability. ARMs generally offer initial interest rates that are lower than most fixed-rate mortgages. The initial interest rate on an ARM starts out fixed for a set number of years, then becomes variable. After that, the rate or payment will go up or down each year as the market index changes. To estimate your refinance rate. Use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Jumbo Mortgage

A jumbo mortgage is required if you need to borrow an amount that exceeds the conforming loan limits. The current limit for a single-family home in the U.S. is $424,100 in most places. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for portfolio jumbo refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

10-Year First Lien Position Home Equity Loan

You may qualify for an even lower home equity rate with a First Lien Position Home Equity Loan. This product is for borrowers with no other mortgages or liens on the property, or who intend to pay off an existing first mortgage with a new home equity loan. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

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  • Typically no closing costs
  • Close in about 30 to 45 days
  • Interest may be tax deductible; consult your tax advisor
  • Minimum loan amount of $50,000
  • Save 0.25 percentage points off your home equity interest rate with a Citizens Bank checking account **
  • Maximum loan-to-value (LTV) of 80%

Rates listed above include all discounts and are effective as of #ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and are subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below**.

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Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903 Refinancing your mortgageRefinancing your mortgage

Mortgages are offered and originated by Citizens Bank, N.A. All loans are subject to approval.

** First Lien Position : The following rates are our best rates for a 10-year term. As of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_date# , #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER# APR is available for qualifying properties in CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT ( #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR in NY) with a loan-to-value (LTV) of 80% or less for loans of $50,000 or more with auto-deduction from Citizens Bank consumer checking account and a 10-year term. An equity loan of $50,000 with a 10-year term at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR results in 120 monthly payments of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_REPAYMENT# . Payment examples do not include escrow for property related taxes and insurance that must be paid separately. Single family residence, condo, 2- to 4-unit multi-family homes, and primary/secondary vacation homes held in first lien position only. First lien position home equity loans are only available to customers who do not have an existing mortgage or equity loan on the property or are planning to pay off an existing mortgage or equity loan with this new loan. First lien position home equity loans are only available for a 10-year term. All Annual Percentage Rates (APRs) assume payment by auto-deduction from Citizens Bank consumer checking account. Rate and terms may change at any time. Offer subject to change without notice. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least ninety days prior to application. Property cannot be an investment property, co-op, mobile home or manufactured housing (mobile homes – including those on own land, on permanent foundation, and including single and double wide). Property insurance required. Flood insurance may be required. All accounts and services subject to individual approval. Consult your tax advisor regarding deductibility of interest.


4 Ways to Remove a Name from a Mortgage Without Refinancing, refinancing your mortgage.#Refinancing #your


How to Remove a Name from a Mortgage Without Refinancing

If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.

Steps Edit

Method One of Four:

Getting the Lender to Agree to Remove a Name From a Joint Mortgage Edit

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Method Two of Four:

Enlisting a Co-Signer to Add to the Mortgage Edit

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Refinancing your mortgage

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Method Three of Four:

Filing for Bankruptcy Edit

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage


10 Tips for Finding the Best Deal on Your Mortgage #loan #mortgage


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10 Tips for Finding the Best Deal on Your Mortgage

Your situation will dictate whether going to directly to a bank, a mortgage lender or a broker is best. (Getty Images)

Most people will need a mortgage to buy a home. That means that not only do you need to shop for a home. you need to shop for a home loan. But a survey of 2013 borrowers by the U.S. Consumer Financial Protection Bureau found that almost half of borrowers didn’t shop around before settling on a mortgage.

They should. In fact, you may find more loans to choose from than you do houses.

“Definitely shop around,” says Valentin Saportas, CEO and co-founder of MortgageHippo, a Chicago-based online mortgage application service that links buyers with mortgage brokers. “Don’t just go with the first option that you get. Being able to save even a little bit of money in your monthly payment definitely adds up.”

You should start looking for a mortgage professional before searching for a house. You want to make sure your credit is in order because mistakes can take months to correct. You also want to know how much house you can afford. You can run calculations online, but a good mortgage professional will better help you determine which loan is the best fit for you.

Finding the best deal on a mortgage can be a challenge because fees and rates change daily, sometimes more than once a day.

Whether you’ll get the best deal from going directly to a bank, a mortgage lender or a mortgage broker often depends on your situation, the mortgage pro handling your case and what’s being offered at the time. That means talking to actual people on the phone or in person, not just filling out an online form.

“There’s way too many variables in mortgage lending today to automate or streamline,” says Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage” and a mortgage broker in the San Francisco Bay Area. “The online piece is nothing but a lead generation tool, and they hand it off to a real mortgage lender. The money comes from the exact same place, and the same people are involved.”

You can buy a home with as little as 3 percent down – and nothing down if you’re a veteran. But if you put less than 20 percent down. you’ll need private mortgage insurance (or the Federal Housing Administration equivalent) in most cases, which can add roughly $100 to a monthly payment on a $100,000 home.

To find a mortgage professional, start by asking friends, colleagues, relatives and your real estate agent. You might also ask any finance professionals you work with, such as accountants or financial advisors. If you’re a member of a credit union, ask there. Some credit unions and local banks do their own mortgage lending and others contract with brokers. Call the banks where you have accounts.

In general, banks have the fewest options available because they offer only their own products, but they may be more flexible if they’re lending their own money – and they may make a deal if you have substantial assets. “You could get a really good offer, but you have to dangle the assets,” Fleming says.

Mortgage brokers offer the largest number of options, since they can shop your loan among many lenders. “If your loan can be done, a broker can find a place to do it,” Fleming says. “My opinion is to go to a really honest broker. Without doubt, they are going to have access to better pricing than anyone else.”

While the rates and fees offered by lenders are usually comparable, lenders that see a slowdown in business may offer better pricing, and a good broker will grab those deals.

The difficulty of the mortgage process, including the need to gather reams of paper documents, is one of the reasons for the growth of lending that occurs at least partly online. “Customer service doesn’t just happen on the phone or in person,” Saportas says. Once MortgageHippo links the borrower with a broker, the parties can decide how they want to communicate.

SoFi, a lender based in San Francisco, bills itself as the first lender to provide prequalification with any device. including a smartphone. “We believe that we are the only one able to offer a personalized quote within one minute on any device,” says Dan Macklin, co-founder and vice president of business development. “That’s proving popular with the younger generation.” Humans in California also are available if you prefer a phone consultation. “We like to think it’s automated but with a human touch when you need it,” he says.

Here are 10 tips for getting the best mortgage deal:

Compare apples to apples. When you get quotes from companies, don’t look at just the interest rate. Look at the rate and all the fees, including points, origination fees and any other fees charged by the lender. A “no-fee” loan just means the fees are included in the rates.

Ask to see the Good Faith Estimate worksheet, not just the GFE. Many people consider the current Good Faith Estimate, required by law, to be confusing, and it is being replaced August 1 with what consumer advocates hope will be a more useful document. Until then, ask for the complete worksheet, and make sure it itemizes all the fees.

Interview the actual person who will handle your loan. That could be a mortgage broker, a bank employee or a loan officer. Ask about experience and qualifications. Is the person licensed (required for brokers but not bank employees)? Does he or she belong to the National Association of Mortgage Professionals or your state’s mortgage professional association? Ask for references and look at reviews online. “The company does not matter as much as the originator,” Fleming says. “Even good companies hire really bad people.”

Plan for costs that are not charged by the lender. Additional costs include title insurance, real estate transfer taxes and required escrows for property taxes and homeowner insurance. In some states, shopping for closing agents can save several thousand dollars, while escrow or closing costs are minimal in other states.

Make sure the lender offers the program that is best for you. Not all lenders offer FHA, VA or USDA Rural Development loans. Down payment requirements, loan-to-value ratios and credit requirements also vary by lender.

Get your free credit report before you start. This will not allow you to put your feet up on the desk and demand the best terms, as one commercial suggests, but it will let you know where you stand. “Just because you have a 700 credit score doesn’t put the ball in your court,” says Donald Frommeyer, chief executive officer of the National Association of Mortgage Professionals and a loan originator at American Midwest Bank in Indianapolis.

Give the loan officer all details about your situation when asking for quotes. People who are self-employed, have suffered a foreclosure or recently changed careers especially need a good loan officer. “One of the toughest things for me is to tell a customer, ‘Hey, I really can’t help you,’ but I always have a potential solution,” Frommeyer says. “I don’t like to pull credit on somebody until I talk to them about what I can do.”

Do you want to pay more upfront or get a lower interest rate. If you’re planning to keep the loan for 30 years, it may make sense for you to pay more upfront to get a lower rate. If you plan to sell or are going to refinance in a few years, it may not.

Ask about what documents will be required. All mortgages require significantly more documentation these days. Find out what’s required, and be prepared to provide it.

Know who you’re dealing with when you fill out an online form asking for rates. Will you get phone calls from mortgage brokers trying to gain your business? Will you get quotes online or via email? Most online forms require you to provide significant personal information before giving you quotes (and no one can provide an accurate quote without knowing your credit store). Will the service pull your credit once you fill in the form or wait until after you have talked to someone? Both MortgageHippo’s and SoFi’s automated systems rejected our freelance writer with good credit with no explanation, while a human broker would likely have suggested making a larger down payment or choosing a less expensive home.


Streamline Refinance Your Mortgage #obama #mortgage


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Streamline Your FHA Mortgage

Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. Streamline refinance refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

The mortgage to be refinanced must already be FHA insured.

The mortgage to be refinanced must be current (not delinquent).

The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.

Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.

Lenders may offer streamline refinances in several ways. Some lenders offer no cost refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

Detailed instructions to the lenders are contained in HUD Handbook 4000.1, II.A.8.

Contact your lender to get started. You can find your lenders contact information by clicking on our List of approved lenders.


A Guide to Getting Your First Mortgage #reverse #mortgage


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A Guide to Getting Your First Mortgage

Before committing to a mortgage, make sure you meet with several lenders or brokers and weigh your loan options. (iStockPhoto)

To buy your first home. you likely will need a mortgage. In fact, before you even start looking at houses, you should look into your mortgage prospects.

If you have good credit, a healthy income and money in the bank, you’ll be able to secure mortgage preapproval quickly and proceed straight to the homebuying process. But if you have less-than-stellar credit, are self-employed or have little cash to bring to the table, you’ll want to start the process way before you look at houses – maybe more than a year before.

“You have to get a copy of your credit report,” says Don Frommeyer, chief executive officer of the National Association of Mortgage Professionals and a mortgage broker in Indianapolis. “You have to know what’s in there.”

The free credit report you can get annually, while it helps you identify problems, won’t show you the same credit score your mortgage officer will see. “The score is invariably higher than what you get when someone in the mortgage company runs it,” says Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage” and a mortgage broker in the San Francisco Bay Area.

That makes meeting with a mortgage officer (or two or three) at the start of the process crucial. In competitive markets, agents won’t even show homes to buyers without mortgage preapproval.

Be prepared to produce documents, and lots of them, starting with several years of tax returns and many months of bank statements. Lenders will want proof of your income, and they will want to know about all your debts. They also will want to know the source of any big deposits. If your parents give you money for a down payment, they will need to write a letter documenting that.

The other thing you’ll need, besides documents, is money – and lots of it. You’ll need money for your down payment, closing costs and more than a year’s worth of taxes and insurance payments, for a start. Lenders will also want to see that you have adequate reserves in case you lose your job or the furnace breaks down.

“What happens if you have to buy a new furnace?” Frommeyer says. “There are always added costs when you buy a house.”

Financial experts disagree over how much money you need for a down payment. While 20 percent is often considered a rule of thumb. you can buy a house with as little as 3.5 percent down with a Federal Housing Administration mortgage, 5 percent with a conventional mortgage or nothing down with a VA loan available to military veterans.

But the less you pay down, the bigger your monthly payment will be. Plus, if our down payment is less than 20 percent of the purchase price, you’ll have to pay private mortgage insurance or the FHA equivalent, known as mortgage insurance premium.

The PMI can add about $92 a month, for example, to $475 principal and interest payments on a $96,500 loan to buy a $100,000 house. With 20 percent down, the principal and interest payment on that house is only $373 a month, at 4.25 percent. FHA mortgages also require an upfront MIP payment equal to 1.75 percent of the purchase price.

You may also get a lower interest rate with a higher down payment. “The less you put down, the more expensive the mortgage insurance is and the higher the interest rate,” Fleming says.

Here are 12 things to know before getting your first mortgage:

Meet with a mortgage officer before looking at homes. This will help you determine whether you have credit problems that need to be solved first. It will also let you know how much house you can afford before you begin your search.

Pay off as much debt as you can first. This will help keep what’s known as your debt-to-income ratio down. Lenders look at your income and all your debts – student loans, car payments, credit card debt – to determine how much you can afford to borrow. If your total debt, with the new house payment, would be more than 43 percent of your income, you’re unlikely to get the loan. Some lenders may want a lower ratio.

Develop good credit habits way before you plan to buy. Missing payments on student loans or habitually paying your bills late will lower your credit score and make borrowing for a home impossible or more expensive. Once a bill goes into collections, it can take months or years to recover from the damage.

Consider consolidating or refinancing student loans. If you can’t pay off student loans before you buy a home, investigate whether you can lower your payments. You’ll have to decide whether it makes sense to stretch student loan payments over more years to buy a home sooner.

Show a solid work history. If you’ve just finished graduate school in engineering and gotten your first engineering job, a lender may not care that you don’t have two years of work history. But if you’ve just left graduate school and gone to work at Starbucks, you’ll have a hard time getting a mortgage until you’ve had that job for two years. That goes for part-time jobs, too. However, taking a part-time job on the side and using the money to pay down debt or add to your cash reserves may be helpful even if the lender isn’t willing to consider that income.

Be prepared to document everything. You’ll need tax returns, bank statements, brokerage statements and documents to verify the source of any money you plan to use. The lender will also verify your employment and income, once at the beginning of the process and again a day or two before closing.

Don’t buy anything on credit or apply for any credit while your loan is pending. You may be tempted to buy new furniture for your new home and put it on a credit card. Or, perhaps you realize you’ll have enough cash left for a down payment on a new car. “Once we start this process, don’t spend a dime that you don’t have, don’t put anything on credit cards, don’t apply for any credit,” Fleming warns. Otherwise, you may jeopardize the deal.

Talk to several lenders or mortgage brokers. Not all lenders offer the same loans, so it makes sense to shop around. Be careful that you’re comparing apples to apples. All lenders let you choose whether you’d like to pay more upfront, in the form of “points,” to get a lower interest rate. If a lender offers you a “no closing costs” loan, find out where you’re being charged extra to compensate for that.

Shop for closing agents. The actual closing costs, such as document preparation, legal fees and title insurance, vary considerably. In a state where those costs are high, you can save several thousand dollars on the transaction by choosing a different closing agent. Ask both your real estate agent and mortgage officer for recommendations, as well as friends and family.

Make sure you have enough cash to cover all your costs . In addition to closing costs charged by the lender and the closing agent, you’ll need to pay for a home inspection, an appraisal, a survey and city, county or state transfer taxes. Not only that, most lenders ask for at least a year’s worth of homeowners insurance and property taxes upfront.

If you’re self-employed, prepare to jump through more hoops. People who own small businesses often can’t qualify for a mortgage until they’ve been in business two years, though exceptions are likely for professionals, such as doctors, who leave a staff position and become self-employed in the same field. Most self-employed professionals write off enough expenses on their taxes to make their adjusted gross income much lower than their actual income. The lender will consider that lower number your income.

The house may also have to qualify. If you’re getting an FHA mortgage, the house has to meet certain standards. Lenders may also set standards for home conditions for conventional mortgages. Plus, the house has to be insurable.


6 Steps To Pay Off Your Mortgage Early #mortgage #broker #fees


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6 Steps To Pay Off Your Mortgage Early

Should you pay off your mortgage early?

It s a question personal finance experts have been debating for years. Some say it makes financial sense to invest that money in the stock market, while others say you won t ever regret being 100% debt free.

In 2010, I set a personal goal to pay off my mortgage by March 2015, my 30th birthday. Following the steps below, I reached my goal several years ahead of schedule. I got rid of my $86,000 mortgage just 2 years after buying a one-bedroom condo in Atlanta, Georgia.

Here are the 6 steps I followed to pay off my mortgage faster

Step 1: I BOUGHT A HOME I COULD AFFORD

If you want to finance a home, you ll need to get prequalified first. The bank will look at your overall financial picture and spit out an amount that you re likely to get a loan for. Some people use this number to set a housing budget, but not me. The bank is just guessing. I examined my monthly budget and determined what I wanted to spend on housing. It ended up being much less than what the bank told me I could afford.

Step 2: I GOT A 15-YEAR MORTGAGE

I decided to calculate the difference between a 15-year mortgage and a 30-year one. Of course, a 15-year mortgage will always cost you more per month. The advantage is that you ll save on interest charges because the term is shorter and the interest rate is lower. In my case, the interest rate for the 15-year loan was 0.75% lower than the 30-year mortgage.

Step 3: I SET A TARGET PAYOFF DATE

Shortly after moving into my new condo, I used an online mortgage payoff calculator to set a payoff goal that would be both challenging and attainable. I posted reminders of my goal around the condo and let my close family and friends know about it so they could help hold me accountable.

Step 4: I STARTED AUTOMATIC BIWEEKLY PAYMENTS

In order to speed up my mortgage payoff, I started automatic biweekly payments through my loan provider. I paid half of the monthly mortgage payment every 2 weeks. That s basically the same as 13 monthly payments a year. My bank got the ball rolling on this for free, but some loan providers charge a fee. Give yours a call to talk over your options. (If you are being charged a fee, you can easily set up your own accelerated mortgage plan at no cost. )

Step 5: I REDUCED EXPENSES AND INCREASED EARNINGS

I reviewed my budget from top to bottom to find ways to reduce expenses and increase my earnings. This is how I learned to sweat the small stuff because all of those credit and debit card purchases really add up!

Here are a few ways I saved:

  • Cut cable service Saved $600/year
  • Switched car insurance providers Saved $480/year
  • Packed my lunch Saved $1,000/year
  • Made coffee at home – Saved $500/year
  • Stopped buying new clothes Saved $1,200/year

I also volunteered for extra shifts at the office, waited tables part-time, and picked up pet sitting gigs on Craigslist to make more money. I used all of my extra income, including tax refunds and work bonuses, to prepay the mortgage.

Step 6: I REWARDED MY SUCCESS

I never felt deprived throughout the mortgage payoff process because I rewarded myself along the way. For every $5,000 I knocked off my mortgage, I allowed myself $100 to spend on whatever I wanted. Sometimes I didn t even use that money because I was so focused on reaching my goal. When I sent my final mortgage payment to the bank in December 2012, I booked a vacation to celebrate my freedom from debt.

FINAL THOUGHT

Whether you plan to pay off your mortgage early or not, some of these steps can be applied to other types of debt. It all boils down to hard work. As a middle-class professional, paying off my $86,000 mortgage in 2 years was not easy. It required discipline, organization and most importantly, the right attitude.


Financing Your Boat #mortgage #loan #amortization


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Financing Your Boat

Buying a boat isn’t as painful as you might think! Naturally, prices for new boats vary depending on size and make, but many boat manufacturers and dealers can put you in the captain’s chair for considerably less than a monthly new-car payment. In fact, monthly payments for many entry-level boats can be less than $250.

Boat buyers have many choices when it comes to paying for their purchase. Here are a few of the advantages of financing your purchase through your dealer with a National Marine Lenders Association (NMLA) marine lending specialist:

  • Lower down payments – the down payment is based on the age, type and price of the boat you are buying, as well as your own credit profile. In today’s market, marine lenders offer financing with down payments typically in the 10%–20% range, but often there are programs available through various manufacturers that could allow you to qualify for less, or zero-down on new boat specials.
  • Faster credit decisions – because you are working with professionals in the marine industry, those lenders understand boats and their buyers. You can apply for a loan and often be approved in 24 hours.
  • Longer financing terms – marine finance specialists recognize the value of a well-maintained boat, so terms generally will be more attractive than those not actively making boat loans.
  • Lower monthly payments – because marine lenders extend longer terms on boat loans than local banks and credit unions, your monthly payments are likely to be much lower than you have expected.
  • More electronics and extras – marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase.

By financing your boat purchase you can usually afford a newer, larger or more powerful boat, a better trailer and all the gear that it takes to make boating safer and more enjoyable!


How to refinance your underwater mortgage – CBS News #mortgage #calculator #free


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How to refinance your underwater mortgage

Underwater mortgages. or homes with negative equity, have been a major problem over the last several years. As recently as 2012, Zillow reported that 31.4 percent of homeowners with a mortgage (close to 16 million individuals) were underwater, owing $1.2 trillion more than the value of their homes.

Needless to say, borrowers in this situation are desperate to stay afloat.

There are several options available to homeowners who owe more on their mortgages than their properties are worth. If you are able to make your mortgage payments, but want to reduce them to a more affordable level, here is how to find out if you’re eligible to refinance your underwater mortgage and the steps you can take to obtain an affordable loan.

Is your mortgage underwater?

First, determine if you truly have an underwater mortgage. An underwater mortgage is defined as a loan for a home that is worth less than the current mortgage balance — also referred to as having negative equity. This occurs when a home loses value after it is purchased.

If your mortgage is, in fact, underwater and you want to refinance, you should be aware that it is no easy task.

The Home Affordable Refinance Program (HARP)

For underwater mortgage borrowers with a solid payment history, HARP, part of the Making Home Affordable Program. might help refinance an underwater mortgage. According to its website, some of the qualifications that must be met to refinance are:

  • You are the owner-occupant of a one- to four-unit home.
  • The loan is owned or guaranteed by Fannie Mae or Freddie Mac.
  • At the time you apply, you are current on your mortgage payments.
  • The amount you owe on your first lien mortgage does not exceed 125 percent of the current market value of your property.

This is really the only way to refinance an underwater mortgage. As explained in an article in The Washington Post, “The refinancing program targets borrowers who are not in trouble on their mortgages now but, because they are underwater, are at risk of falling into trouble later.”

This means you can only refinance if you’re up-to-date on payments. If you have defaulted on your mortgage already, refinancing with HARP is not an option.

Steps to refinancing under HARP

It is important to note this program does not decrease the amount you owe — it only refinances the loan in order to make interest rates and monthly payments more affordable. Until more principal reduction programs are made available, refinancing usually means paying more for your home than it’s worth.

If you decide this is the route you want to take, be sure you meet the HARP eligibility requirements. You can find out if your mortgage is backed by Fannie Mae by using the Loan Look Up or Freddie Mac with its Self-Service Look Up .

You can request a Home Affordable Modification on the Making Home Affordable website.


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McKinley Mortgage looks beyond the numbers and credit reports. McKinley Mortgage wants to give you the respect and credit you deserve. Call Today!

Refinancing and consolidating your debt with a McKinley Mortgage loan can lower the total amount you pay out each month. You can even arrange to have extra cash for the things you’ve always wanted to do.

Too much existing debt? Conventional lenders may turn you down. At McKinley Mortgage, our flexible lending standards let us look at you as an individual.

“Now is a great time to Purchase a New Home or Refinance your current Home”

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Remembering that competition is typically better for the consumer, I realized now why larger banks are trying to make things difficult for smaller, independent brokerage firms-To remove the competition. It is appalling to think that the fees I might have paid could have been used to squeeze out the competition and most importantly, end up costing me more money. Thank you. –Matthew G.

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Refinancing Your Mortgage

Options for Refinancing your Home

Due to the costs involved, refinancing is typically a benefit only if a borrower plans to stay in their home for a minimum of two to five years.

What are the benefits of refinancing?

Get a lower interest rate and lower payments.

A lower interest rate may be available due to changes in market conditions. A lower rate could lower the monthly principal and interest mortgage payment.

Get cash from the equity in your home.

Cash-Out Refinances may allow a borrower with sufficient equity in their property to refinance their mortgage for more than is currently owed and pocket the difference.

Change the mortgage length.

A decrease in the length of a mortgage term (say from a 30 yr loan to a 15 year) may increase the monthly P I payment, but the loan may be paid off sooner. Refinancing to a lower interest rate, with a longer term mortgage will likely provide a homeowner a lower monthly payment; however the total amount of interest paid in the longer term could be more.

Build equity more quickly.

With lower monthly payments, it may be feasible to make additional payments and build up equity in the property more quickly.

Convert an Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage

Interest rates for an ARM can increase or decrease. Some people are more comfortable switching to a Fixed-Rate Mortgage that has a steady interest rate and a steady principal interest monthly payment.

If you’re a homeowner and are thinking about refinancing your loan reach out to an On Q Financial Mortgage Consultant to find out if you benefit from a refinance.