Peter Job (Realtor)
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The Realtor you can trust
Phone 480-626-5571
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Tips For Consumers Refinancing Their Home:
While it typically takes about 45 days from the time of application to get to closing, delays of two months or more can occur. Look for a lock-in that lasts for 60 days or more. There should be some lenders in your area willing to offer a 60 day "lock-in" for free.
Be careful, however. The loan officer may say the lock-in is free even when a fee or a higher rate is charged for the lock-in protection
If your deal turns sour at closing, consider starting over. You have three business days from the date of closing to mull it over. If you decide to reject the deal, you must notify the lender in writing within the three-day period. The lender then has 20 days to return your fees.
DON'T ASSUME YOU WON'T QUALIFY BECAUSE YOU HAVE LITTLE EQUITY IN YOUR HOME -- BUT CHECK YOUR COSTS CAREFULLY Many lenders require that you have at least 10 percent equity in your home (i.e., a loan-to-value (LTV) ratio of 90 percent or less). But we found at least one lender in every market that was willing to underwrite loans in which the borrower had only 5 percent equity in the home. Beware, however, that low equity loans can involve relatively high mortgage insurance costs. You may only qualify if your current loan is owned by Fannie Mae or Freddie Mac. You can find out if your loan is owned by these organizations by calling the company to whom you send your monthly payments. That company may not own the loan, but it can find out whether the secondary market agencies do by searching a computerized database.
MAKE "APPLES TO APPLES" INTEREST RATE COMPARISONS Make sure you compare interest rates using a constant number of points. An 8 percent rate tied to 2 points is a lot more expensive than an 8 percent rate tied to 0 points. When faced with the need to compare different rate/point combinations among lenders, consumers should first convert each quoted rate to one based on a constant number of points and then find the lender with the lowest rate. In making this conversion, consumers should use a traditional rule of thumb that equates each point to a 1/4 of 1 percent change in the interest rate. This would make an 8 percent loan with 0 points equivalent to a 7.75 percent loan with 1 point.
A cash-out refinance lets you tap your home equity to get the cash you need. It can be a great way to pay for home improvements, consolidate debt, or make a large purchase. How cash-out refinancing works A cash-out refinance replaces your current mortgage with a new loan for a higher balance. Your new mortgage pays off your old one, and you receive the remaining loan amount in cash. That cash comes out of the equity you've built in your home. Because it lets you borrow from your equity, a cash-out refinance is similar to a home equity loan. The major difference is that a home equity loan doesn't pay off your first mortgage it gives you just the cash you need, which you repay along with your mortgage. Learn about home equity loans and lines of credit
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