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What is a Cash Out Re-Finance? by Ivica Stolcic

A cash out re-finance basically enables the homeowner to re-finance their home for an amount greater than the balance of the exiting mortgage. The homeowners than repay the existing balance plus the additional amount over the course of the loan period and are given a check for the amount above and beyond the balance of the exiting mortgage. The homeowners can use this check for any purpose they choose now and repay the debt along with the rest of re-financed amount.

When is a Cash Out Re-Finance possible?

A cash out option is available when there is existing equity in the home. This is important because the lender is able to justify the practice of offering increased funds to the homeowner due to the value of the property. This is because the lender feels as though the security of having the home for collateral does not put them at a high risk for the homeowner defaulting on the loan.

Homeowners who wish to take advantage of a cash out re-finance offered by a lender should inquire as to whether or not the lender offers this type of re-financing. This is important because not all lenders offer this option. It should actually be one of the first questions the homeowner asks when inquiring about re-financing programs. Doing so will save homeowners, who are seeking a cash out re-finance, a great deal of time.

How Can the Cash be Used?

For many homeowners the most appealing aspect of cash out re-financing is that the additional funds can be used for any purpose desired by the homeowner. The homeowner does not even have to offer the lender an explanation of how the additional funds will be used. This is important because once the lender writes the check for the additional funds, he has no concern for how the money is used. This is because the amount of the additional funds is rolled into the re-financed mortgage. The lender simply focuses on the homeowner's ability to repay the mortgage and is not concerned with how the homeowner uses the funds which are released in the cash out.

While the purpose of a cash out re-finance does not have to be disclosed to the lender, the homeowner would be wise to use these funds in a judicious manner. This is because the homeowner will be responsible for repaying these funds to the lender. Some of the popular uses for funds collected from cash out re-financing include:

* Undertaking home improvement projects * Purchasing items for the home * Taking a dream vacation * Putting money in a child's tuition fund or * Purchasing a vehicle * Starting a small business

All of the reasons listed above are excellent uses of a cash out re-finance option. Homeowners who are considering this type of a re-financing option should also consider whether or not the deductions are tax deductible. Using the cash out option to make home improvements is jus one example of a situation where the funds can be tax deductible. Homeowners should consult their tax attorney on the matter to determine whether or not they are able to deduct the interest from the repayment of their re-financing loan.

Cash Out Re-Financing Example

The process of a cash out refinancing option is fairly easy to illustrate with a simple example. Consider a homeowner who purchases a $150,000 with a 7% interest. Now consider the homeowner has already repaid $50000 of the loan and would like to borrow an additional $20,000 to make a rather large purchase or invest in a small business. With this additional funding available the homeowners have the opportunity to use the equity in their home to make their dreams come true. In the example above the homeowner may refinance for a total of $120,000 at a lower interest rate such as 6.25%. This process allow the homeowner to take advantage of the existing equity in their home and also allows the homeowner to qualify for a substantial loan at a rate typically reserved for re-financing or home loans.http://knocker.ws/finance/

About the Author

My name is Ivica.I"m the owner and creator of knocker.ws website.My website is great tool for internet search and is full with great tips from area like cars,finance,travel,computer,shopping and video.Visit me: http://knocker.ws/

Sumner Home Mortgage - Don't Get It Before You Know This by James Will

A mortgage lender that is affiliated with a big bank like Seattle Bank is your assurance that you are dealing with a reputable mortgage lender in your locality. What else you need to know about Sumner Home Mortgage is HERE.

How to Qualify

If you are in Arizona, Alaska, California, Nevada, Oregon, Washington you can get a mortgage easily because ere the company is licensed to lend money in these areas. You can also visit the website that gives you access to downloadable forms and your secure information or transaction is held confidential.

Before you can get your hands on the money so to speak, from traditional lenders you have to prove that you have a good credit rating, verifiable source of income, and verifiable source for the down payment. With Sumners, you can get away with most of these if you belong to the self-employed group or to the poor credit rating cluster.

Sumner offers non-traditional loan so it does away with these requirements. However, there's a price tag that goes with it - higher interest rates. But this does not matter if you have the means to pay your monthly bills for 30 to 40 years.

Other Products from Sumner

Whether you are buying, selling or looking to refinance your home in any of the areas where the company is licensed to operate, you can get it. Other products offered are debt consolidation, zero down payment loans, FHA or VA and conventional loans. In their website, Sumner assures fast and free pre-qualifications and less paper work. Or the company brokers will help you shop around for the best deal in the market.

Refinancing with Sumner is also easier. Your interest rate can also be reduced and the company find ways to help you pay down the mortgage balance faster.

About the Author

Do you need a mortgage? Visit http://needa-mortgage.com/ to find out more about getting a mortgage loan.

Mortgage Rates in Texas More Attractive for Jumbo Refinancing by Mike Lesmeister

As many high-end Texas homeowners have found out recently, financing a new luxury home purchase or refinancing to a lower mortgage rate is not as easy as showing you make alot of money. Tightened credit standards, fewer lenders and higher rates have all conspired to create some class warfare among the refinancing public.

Rates on jumbo mortgages in Texas, those above the federal agency conforming maximum of $417,000, have historically been higher in order to compensate for limited liquidity. Agency loans can readily be sold to other lenders, packaged for investors, or sold to Fannie Mae or Freddie Mac. The market is far more limited for jumbo loans, and many originating lenders keep these loans for their own portfolio. The rate differential between 30-year fixed conforming and non-conforming jumbo loans reached a high in December of 1.96%, partially due to a number of lenders pulling out of the market amid the credit crunch. Recently, this spread has dropped significantly to 1.31% according to data compiled by BanxQuote. The average 30-year fixed rate jumbo mortgage loan stands at 6.18% nationally, but lower rates can be found by working with lenders who specialize in these products. Contrast this with rates in the 5% range available for conforming loans and you can see the dilemma.

Nevertheless, refinancing makes sense for many homeowners who were relegated to accepting adjustable rate loans over the past year when fixed rate financing became scarce. Even a modest rate reduction can make economic sense to a homeowner concerned about the risk of rising rates over the long-term. Furthermore, rates at or below 6% still represent a historic low, and just 1/8th of a percent on a $1 million mortgage amounts to thousands of dollars in interest savings over the life of a loan.

Some pitfalls borrowers should be aware of include the absensce of so-called "stated income" loans that many self-employed borrowers favored over the past several years. Borrowers who cannot substantiate sufficient income to cover their mortgage debt as well as other outstanding payments will be hard pressed to qualify. In addition, lenders are also seeking increased documentation of assets and requiring greater liquid reserves, some as much as 12 months. Lastly, expect your lender to look critically at your appraisal. In many parts of the country where housing prices are falling precipitously, two, and even three appraisals are being mandated. While the Texas housing market has largely avoided the crisis levels of Nevada, Michigan, and Florida, recent data indicate the high-end home markets locally are indeed being affected by the housing downturn. According to Crawford Realty Advisors, annual sales of homes valued at $500,000 or more in the Houston area dropped for the first time this decade. Lastly, financing a "cash-out" transaction can prove particualrly difficult as Texas has some unique laws limiting the amouny of cash a borrower can take out of their home when refinancing.

Three tips to keep in mind as you search for a lender to handle your refinance. First, choose a mortgage broker that mainatins a specialty in jumbo loan financing and has access to a number of different lenders. This may help you get the best rate and terms possible in the marketplace as your own bank's programs may be limited. Second, check our your broker. Make sure they display the Lending Integrity seal and are seasoned in the mortgage industry. A certification such as a Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) is a plus. Lastly, be mindful of fees. You might find a great rate, but multiple origination and discount points, coupled with miscellaneous fees can quickly wipe out the rate advantage of one lender over another.

Now is still a great time to refinance, you just need to know where to look.

About the Author

Mike Lesmeister is a licensed Texas Mortgage Broker and Partner with Home Loan Specialists, Inc. in Houston, TX. He assists luxury home buyers finance the acquisition of residential real estate and hleps existing homeowners refinance to a lower rate. Mike can be reached at MikeL@hlstx.com.

A Short Guide to VA Loans by Art Gib

In US VA Loans is known as Mortgage Loans by US Department of Veterans Affairs. If you are planning to buy a home discover how VA Loans are useful providing you VA Home Loans with low interest rates, and no private mortgage insurance (PMI).

You can experience how refinancing can lower your monthly payment and allow you to get back your cash with no credit check or income verification. The Veterans Affairs Mortgage Center provides you with different services from other service providers.

Up to 18 Million home loans have been insured by the Government. Because there is no private mortgage insurance (PMI) needed, the mortgage payment goes to the loan amount, which allows larger loans with the same amount of payment.

With lower rates of VA loans, veterans are able to get the best rates on mortgage loans than through any other source. These loans can be issued by qualified lenders and are a valuable source to provide long-term financing to the American veterans or to their surviving spouse.

The main objective of the Vetaran's Affairs home loan program is to contribute home financing to the available qualified veterans in particular areas generally where all private financing services are not available. Moreover, the purpose is to help veterans to purchase properties with no down payment.

VA Loans give 100% financing to the veterans without any private mortgage insurance or else 20% second mortgage. Veterans have to pay 0 to 3.3% of the total loan amount as a funding fee to the VA.

During purchase, Veterans can also borrow up to 100% of the Sale Price or else reasonable value of the home, whichever is less among both.

In the case of refinancing, veterans can borrow up to 90% of the reasonable value, or the highest amount that allowed according to state laws.

Veteran's Affairs loans permit Veterans to qualify for the loan amount bigger than traditional Fannie Mae or conforming loans.

As of the 1st of January, 2006, the maximum VA loan amount with no down payment is $417,000. This amount can even be up to $625,500 for particular high cost areas. The Department of Veteran's Affairs expects the seller to pay the entire closing cost as long as the cost does not exceed to 4% of the sale price of the home.

The government will only insure a mortgage where the monthly payment for the loan is no more than 41% of the veteran's gross monthly income as to avoid getting the person into debt. But the general rule is that a mortgage payment should never be higher than 33% of your monthly income.

At present, the Veterans Housing Benefits Improvement Act of 1978 has prolonged and greatly increased the number of benefits available to the millions of American veterans who have valiantly served our country.

About the Author

Low VA Rates (http://www.lowvarates.com) has great information on how to obtain a VA loan. VA Home loans are a great way for veterans to get the perfect home. Art Gib is a freelance writer.

Do It Yourself Loan Modification-Two Common Mistakes To Avoid by J. Pisicchio

The loan modification business is exploding. With interest rates at the lowest levels in history, many homeowners are taking advantage of the opportunity to negotiate a lower interest rate and better terms with their bank.

Doing a loan modification yourself is a much more economical, and many times a more effective option, than refinancing. For one thing, if you do it yourself it doesn't cost anything. Therefore, the only risk is your time. The rewards can be great if the bank approves your modification. Many times you can achieve the same or better results than if you had refinanced. However, many loan modification applications are denied because of simple mistakes that were made during the application process.

Here are the 2 top mistakes to avoid when preparing your loan modification:

1-Poor hardship letter- Your bank will require you to construct a detailed letter explaining the circumstances leading up to your hardship. Although it might sound simple, one mistake here will get your modification denied immediately. Here is an example of what not to say, 'I took out a loan to buy furniture, wallpaper, appliances, some landscaping and now the payments on that loan are making it difficult for me to keep up with my mortgage payments'. Now, I am not suggesting that you lie, but here is a better way to say the same thing. 'I recently took out a loan to make necessary home improvements and I am now finding myself struggling to keep up with the payments'. You are just presenting the same thing, but differently. The conclusion here is that if your bank thinks in any way that you went on a spending spree, you have blown your one chance for an incredible rate.

2-Overstating your expenses- As part of the loan modification process, you will be required to complete a monthly financial budget. Many people instinctively think that the worse off you present yourself to the bank, the better your chances are for help. Be careful, as this is not true and can actually hurt you. In this situation, the bank will conclude that even a loan modification is not going to help and it will only delay the inevitable, a foreclosure. As a result, you will be denied. All banks use a formula to determine your income and expense ratio. You must fall within the proper range to qualify.

You only have one chance to get it right when speaking to your bank. You can't go back and change the numbers or rewrite your letter. It is important to have a basic understanding of the process before you even begin to speak to anybody. A Do It Yourself Loan Modification guide will provide you with all the necessary information and help you through the process. Armed with these tools, you have the potential to significantly reduce your mortgage payments for good and get back on the right track.

To learn more about how to receive the Do It Yourself Modification Guide, visitwww.mortgageloanmodificationsecrets.com

About the Author

A finance professional with 20 years experience in lending & loan modification. Extensive experience in consumer finance & formally trained as corporate credit analyst. He has spend his entire career educating consumers so that they are constantly aware of the best financing options available. For more information on the do it yourself modification guide, visit www.mortgageloanmodificationsecrets.com