Payday Loan Fairy

In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal - is it any wonder why the economy and the worlds banking system is where it is at today?

May be this site can help you
http://www.thetechnology.net

2008-08-19 09:41:19 by Cnn S

I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you

yes you can but the correct answer is...you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi's cashouts, and it depends on the COUNTY limits...not the state limits. They have county limits....not state limits.

Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.

2007-09-03 07:56:59 by KEVIN Z

Refinancing is basically paying off one loan with the proceeds from a new loan secured by the same property. In other words, you’re taking a loan to pay off another loan and securing it with your property.

It’s often done to reduce interest costs (by refinancing to a lower mortgage rate, changing the length of a mortgage (going from 30year to 15year for example), to pay off other debts (especially makes sense if you can pay off high-interest debt that isn't tax deductible - such as credit card debt), and to change loan types (for example, going from variable-rate to fixed-rate).

Hope this helps and if you have any questions, feel free to send me a message through my profile.

2007-08-09 02:11:23 by Peter T

Try this, Its good

http://mortgagerefinancingatlowrate.blogspot.com/

2007-06-20 09:46:36 by N8

intrest rate went up but having difficulty making payments and lowering my credit score

It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.

There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.

Best wishes!

Me2Me2Me3@yahoo.com

2007-07-11 11:16:53 by dhsbc/net

I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

Right now rates are LOW, I would just refi instead of the HELOC that might cost you 7% on up. Why pay for 2 transactions.

2008-01-30 15:26:46 by michael o