Welcome to Mortgage Guide
Washington Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
What You Need To Refinance Mortgage Terms
from:If you are looking at a possible interest rate adjustment that will affect your monthly payment, you will want to look at possible ways to refinance mortgage terms to a fixed rate mortgage. There are a number of new issues in the housing market that may interfere with your ability to refinance mortgage terms to a more reasonable monthly payment. The lending market, for one, has gotten a whole lot pickier about mortgages on the whole. If your situation has changed for the worst with the loss of employment or new debt, you may also be staring at an uphill climb. Take a look at some of the issues that might determine how easily it will be to actually refinance mortgage terms soon enough to avoid the hike in your monthly payment.
Your Local Realty Market
The drop in housing prices in some areas is all over the news. States like California and Florida have been severely affected. Even if you are making your mortgage payments on time, but want to refinance mortgage terms instead of selling, the drop in prices can affect your ability to do so. The loss of equity with a slash in home prices will be reflected on any new mortgage loan you want to take out. You can no longer have zero equity to buy a home and most lenders are expected between 10 and 20% of the home’s value as an equity cushion. If you don’t have that there, you might even be asked to pay down the loan in order to refinance mortgage terms. That might be preferable, however, to not being able to refinance mortgage terms at all.
You may actually be blocked from refinancing if your house’s value has dropped so much that you find you owe more on the house than it is actually worth. That is the condition of being “upside-down” on your loan. When that happens, you won’t be able to refinance at all without making up the difference and then some, which most people can’t do. Even if you have a great income, and stellar credit, if you are upside-down on your mortgage, it will be near impossible to refinance your home loan.
Change In Circumstances
Along with depressed housing markets, many people tied to previously lucrative areas that rode the mortgage boom are now facing unemployment or a loss of income. If you are a realtor, a mortgage broker, a construction worker, or anyone involved in this area, you have probably had a tough time lately economically. This drop in income can affect your chances of getting your home refinanced, especially if you’ve missed bill payments and your FICO score has dropped significantly. The best time to refinance mortgage terms is when your credit score is high, your house is worth more than you owe, and you have stable and profitable employment you can verify.
Washington Mortgage Specific links
Washington Mortgage News
Washington mortgage delinquencies up, foreclosures down
Washington mortgage delinquencies up, foreclosures down Seattle Post-Intelligencer Copyright 2012 Seattle Post-Intelligencer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Published 02:28 p.m., Wednesday, May 16, 2012
Read more...Mortgage Rates At Record Lows As 30-yr At 3.79%
Mortgage rates hit record lows in the week ending May 17, with the 30-year fixed-rate mortgage average falling to 3.79% from 3.83% in the prior week, Freddie Mac said Thursday in its weekly report.
Read more...Housing Mortgage Market Reform Key to Housing Recovery
WASHINGTON, DC-- - A sustainable housing recovery requires that policymakers move forward with the difficult decisions regarding the future of the mortgage market. That's according to Federal Reserve Board ...
Read more...FINRA Fines Citigroup Global Markets $3.5 Million for Providing Inaccurate Performance Data Related to Subprime ...
The Financial Industry Regulatory Authority announced today that it has fined Citigroup Global Markets, Inc. $3.5 million for providing inaccurate mortgage performance info
Read more...FDIC sues big banks over mortgage securities
(05-21) 15:27 PDT WASHINGTON, (AP) -- The government has sued several big banks over toxic mortgage securities they issued that were bought by two small Illinois banks which failed in May 2009. The Federal Deposit...
Read more...