Do NOT Refinance Your Mortgage, Obtain a Second Mortgage or Consolidate Credit Card Debt Until You Finish Reading This Page!!
The FREE information at this site could lower YOUR credit card rates by as much as 17% and reduce YOUR monthly payments by 50% or MORE!
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Dear Friend,
Do you feel stretched by credit card bills, loans, mortgages or their high-interest payments? Are looking around the internet for a better mortgage rate to refinance your existing mortgage or combine your mortgages into one new loan with one simple and easy to manage payment? Are you self-employed or in sales and can't prove income? Do you have bad credit and were turn down by your bank?
Perhaps you would like to stop renting and purchase your new home at the lowest rates on the market with or without a down-payment. Whatever your needs - you will benefit greatly by reading this page!
At this site you'll discover the most up to date ideas, "clever little" tips, insider secrets and key techniques for successful debt consolidating, credit repair and new mortgage loan hunting.
We have been connecting consumers with lenders since 1998. There is no need to take time of work for appointments with your banker or a loan officer - your loan is just a click away!
Here are just some of the benefits:
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SEE LIST OF UP TO 4 LENDERS Who Will Compete For Your Loan |
The first thing you need to do is add this site to your bookmarks. We update the information at this site daily. This way you can repeatedly take advantage of new products and the great information found here - avoiding mistakes and disastrous situations & learning tips and secrets others only wish they knew!
Get one payment, save hundreds, manage your budget and breath easier...
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Let's Get Started...
We are not sure how much you know about obtaining new mortgage financing on the Internet, but we need to assume that you know very little and this page will provide you with information so you can be better prepared when applying for your new mortgage or loan.
Shopping for a mortgage can be quite an overwhelming experience. Especially if you are a first time home buyer and have little to no knowledge about the loan process. If you have shopped online you have already found hundreds of mortgage sites quoting low ball rates for every loan term under the sun. One would think that if you just spend a few hours online you will find the lowest rate available and receive the best deal. This is not rarely the case. Don't play the interest rate game without a load of information, Read this first!
Not all low rates are considered equal...
There is a lot more to the cost of a loan than the interest rate. Many lenders will set the interest rate as low as possible and then hike up the number of points and/or fees attached to the loan once you have applied. Most online mortgage lenders will post the number of points next to the interest rate for your consideration. One point is equal to one percent of the total loan amount.
To ensure the best deal, compare the Annual Percentage Rate (APR) of the loan which includes the interest rate, points/fees and closing costs. If you compare companies using this percentage you will find that a lot of the low rate lenders are not the best deal in town. To compare quotes accurately, ask for the APR instead of the interest rate.
The most important thing to learn about mortgages is that rates are based on your individual needs and financial situation. The rates quoted over the phone and/or online are not always accurate representations of what you will qualify to receive. Most rates quoted are applicable only for individuals with perfect credit, a low debt to income ratio and either a large down payment or a lot of equity in their house. These qualifying factors are crucial elements to be aware of before shopping for a loan.
Next... we strongly suggest that you obtain your own credit report with a FICO score before you even apply for your next loan or mortgage. Get Your Equifax Credit Report Now! 
You can also get a Free-Trial of TransUnion Credit Monitoring 
A credit score is a statistical formula that translates personal information from your credit report and other sources into a three-digit score from 350 to 850.
Your credit score is an important indicator of your creditworthiness. In general, the higher your score, the lower the probability that you will become delinquent on credit extended to you. Lenders use your credit score to determine if you are a good candidate for credit and likely to pay your bills.
Because your credit report is updated every day, your bureau score is recalculated continuously. So your credit score from a month ago is probably not the same score today.
What is used to calculate your score?
- Payment history - Indicates whether you have made your credit card payments, loan payments and other payments on time
- Amounts owed - Compares how much you owe to your credit limits with various lenders
- Length of time in file - Indicates how long you have had credit accounts
- New credit - Shows how often you are looking for new credit and how you handle accounts you have recently opened
- Type of credit - Considers the type of loans you have - car loans, lines of credit, credit card balances
To improve your credit score you need to pay all of your bills on time. Paying late, or having your account sent to a collection agency has a negative impact on your credit score. Try not to run your balances up to your credit limit. Keeping your account balances below 75% of your available credit may also help your score.
It is your responsibility to check your credit at least once a year. Over 60% of credit reports contain some type of incorrect information. When you obtain your credit before applying for a loan or mortgage, you will have the opportunity to correct the wrong information thus increase your credit score which in turn could result in lower interest rate on your next loan.
You can also obtain your  Free Credit Report , but you should make sure that you get the one with the FICO score. To obtain your credit report with FICO score.
You never know which credit bureau will your lender check? If you wish to see all 3 credit bureaus, click on the link below.
Get an Equifax 3-in-1 Credit Report Now! 
Now that you know your credit score, you will have a better idea which one of the mortgage refinancing and debt consolidation options listed here you can apply for.
If you are like most Americans, you are carrying credit card debt and paying it off should be your top financial priority for these two important reasons:
- First, it gives you a guaranteed rate of return of as much as 28.8%, depending on the rate charged by the credit card issuer. So paying off $2,500 at 17.5% yields a 17.5% return on that money
- Second, paying off debt gives you flexibility. If you're stretched to the limit on your credit cards, you have no margin for error; no room to maneuver if you have an emergency.
Most of us have money problems. Some are simply quirks that do not cause any real financial woes. Some are early warnings which are usually ignored and others are severe money problems which must be solved as an essential first step to getting out of debt and onto a sound financial footing.
Some people make huge mistakes in their lives, mistakes for which they pay for many years to come. One such mistake is ignoring cash flow problems. If you can't meet your credit card, loans, mortgage or tax payments then you have a cash flow problem. If you are not saving few hundred dollars each month then you are having a cash flow problem.
Hopefully that is not your situation. You may be simply looking to better your interest rate to replace your existing mortgage. Maybe you need cash to do some home improvements or perhaps you need combination of things. You don't show much income and/or you were declined by your bank.
If your situation is not as critical as the first example above you should seriously consider taking an advantage of these super low rates.
An old rule of thumb was that rates needed to drop 1.5-to-2 percentage points below your existing rate before refinancing paid off. A better measure, though, is to determine how much you'll save each month by refinancing, versus how much it's going to cost you. The larger your loan, the more important every percentage point becomes.
For example: If you have a 25 year loan for $170,000, lowering your rate from 7.00 percent to 5.4 percent will save you $162.92 a month and $48,872.96 in interest over the life of the loan. You will save even more if you are paying off additional $10,000 in credit card debt.
Refinancing replaces your existing mortgage loan with another lower interest rate loan for the same amount. This can save you tons of money when market interest rates drop 1 or more percentage points lower than your present rate.
Refinancing can be used to reduce your interest rate, change the term of your loan, or to consolidate your debts.
Refinance to Consolidate Debts:
With the equity in your home, refinancing is the smartest way to consolidate your debts. You can just throw your debts into the amount owed when you refinance. One monthly payment and one low interest rate. Refinancing is the best route to take because the interest rates are lower than any of your other consolidating options. If you have home equity and good to excellent credit, then this is your best option. (Home equity = home value less the balance of your existing mortgage financing)
Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage - in effect, tapping your home equity. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 7.5%, the payment on a $250,000, 25 year fixed rate mortgage is $1,828.89. But at 5.75%, that same payment lets you borrow $42,611.61 more.
The best use for the extra cash is to pay off any higher-rate loans you may have. Let's say that you are carrying a $20,000 car loan at 8% and making minimum payments on a $20,000 credit-card balance at 17.5%. Your monthly payments on those debts would total $1,087.04. Then assume you refinanced your mortgage, taking out the needed cash to pay off your car and credit-card loans. You would be saving about 13,000 a year just in your payments - that's $13,000 less you need to make next year!
We can connect you with multiple lenders in your area that quote rates based on your specific needs and financial situation. These lenders have competitive rates, can handle less than perfect credit and low down payments, and are ready to quote your mortgage within the next 48 hours. Request your FREE LOAN EVALUATION today!
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Cleaning Up Your Credit
If your credit history is less than sparkling, you might have to invest some time into cleaning up your  credit report before you apply for a home loan. Depending on your credit status, the process can be as easy as reviewing a copy of your credit report and reporting errors or as complex as hiring a professional credit counselor to get your financial house in order.
Get The Facts
Reviewing a copy of your credit report will give you a full understanding of exactly where you stand. You can order comprehensive reports online that will provide complete information from the three major credit reporting firms. If you notice a minor reporting error you can often have the problem fixed simply by sending a letter to the appropriate parties outlining the problem. More serious reporting errors may take a little more time and effort to remove, but the results will be well worth the effort if the bogus information on your report is preventing you from getting a loan. If your credit report is accurate, but shows a history of credit problems, or if your currently in debt over your head, you may have to invoke the services of a professional credit counselor.
Watch Where You Turn
If someone claims they can erase your credit problems quickly for a few hundred dollars, chances are they are not telling the truth. After paying the money, you will likely still be in credit trouble, perhaps even more so than you were before. The truth is that there is no such thing as a quick fix to complex credit problems. It takes years to get into credit trouble and it will take time to get out of it. The more you're in debt, the more time it will take. It could take several years. If you are deeply in debt, you won't be able to get a mortgage until you are out of it. A respectable credit counseling service can be your best way out. It will help you clean up your report in the process.
Reputable services would never offer any type of quick fix. Instead, they will set up a repayment schedule and contact the various creditors to make an agreement in everybody's favor. In some cases a credit agency can convince a creditor to lower the interest rate. Creditors will often agree to the lower rate, when the alternative is receiving no money at all.
Once the credit repair company has created an agreeable repayment schedule, you simply send a monthly check to the counseling services, which distributes the proper amount to the various creditors. However, it is important to point out that some companies, especially retail stores, will not work with credit agencies. They insist on dealing directly with the creditor.
After you are established in you debt repayment program, some creditors may be willing to have your accounts shown as current on your credit report. Once you've completed the program, the credit repair service will give letters of support to you stating what you have accomplished, which can help in the application process. To get more information about your options, call the National Foundation for Consumer Credit at 1-800-388-2227.
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Understanding Closing Costs
While calculating how much house you can afford, it's important to consider closing costs and the effect they have on the size of the loan you get and the interest rate you pay. Closing costs vary from lender to lender. The following guidelines will help you understand the different types of closing costs you may be required to pay.
Points
Points are typically the largest cost associated with getting a home mortgage. Each point represents one percent of the mortgage balance, or $1,000 for each $100,000 financed. Unlike other costs, points can not be financed into your payment and must be paid with cash at the close of escrow.The most common type of points are discount points. These are fees paid by the borrower to reduce the interest rate of the loan. The more points you agree to pay upfront, the lower your interest rate will be. Deciding whether or not to pay points depends on many factors including the amount of cash you have available after making the down payment, the amount of the discount and the length of time you plan on owning the house. You'll have to take a good look at the costs and payment schedule of different types of loans to decide which one is best for you. If you do not have extra cash to pay points, but still want to lower your interest rate, there's still hope. Some sellers are willing to pay the discount points or other closing costs in order to sell the property. It's worth asking, even if you have the money to pay. If you're being moved by your company, your relocation package may have a provision to help you reduce you monthly payment.
Origination Fees
Origination fees cover the lender's cost of processing the loan. The amount of the origination fees vary from lender to lender. Some lenders charge a flat fee, while others collect the fees as points.
Appraisal Fee
In order to fund the loan, the lender must verify the value of the home by comparing it to other houses that recently sold in the area. Appraisal fees are typically around $300, but can be higher depending on the lender.
Title Search
The lender will also require a title search to make sure the property belongs to the seller and he can rightfully sell it to you. Generally the buyer purchases title insurance for the lender to provide protection in the event of a legal challenge to the ownership of the property. Title search fees typically range from $300 to $1,000.
Other Fees
In addition to the fees above, you may also have to pay a number of other fees for signature notarization, government recording fees, transfer charges, property taxes and insurance fees. A reputable lender can give you a very close estimate as to what your closing costs will be before you start the loan process.
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Mortgage Loan Types
Fixed-Rate Mortgage Loans
If you plan to stay in your house for a long time, your mortgage rate is probably a big concern. Because your interest rate stays the same throughout the entire life of your loan, a fixed-rate loan ensures that there are no surprises. Fixed-rate mortgages are available in a variety of repayment terms, with 15, 20, and 30 years the most common.
• 30-Year Fixed-Rate Mortgage Loans
With the 30-year fixed-rate you will be able to keep your payments down by making them over an extended time period of 30 years. This loan is the easiest fixed-rate to qualify for and provides the maximum interest deduction for taxes. If you are planning to stay in your home for a long time & would like to have the extra money for other purposes this type of loan is your best bet.
• 20-Year Fixed-Rate Mortgage Loans
The benefit to the 20-year fixed-rate over the 30-year is that not only do you become debt free 10 years sooner but the interest rate is often much lower. This mortgage amortizes principal and interest over 20 years & may save a considerable amount of total interest in the long run but the monthly payments will overall be much higher than the 30-year fixed-rate.
• 15-Year Fixed-Rate Mortgage Loans
The 15-year fixed rate has the lowest interest out of the fixed-rates and will save you a significant amount of interest. Since you would be paying off the mortgage quicker than the other fixed-rate loans, you will build up equity in your home a lot sooner. This is an ideal loan for someone who is approaching other big expenses such as college tuition for their kids or their own retirement.
Adjustable-Rate Mortgage Loans
With an adjustable-rate loan (ARM), the interest rate adjusts periodically as the market rates change. This means that your monthly interest rate could go up or down depending on the market. These loans are attractive to consumers because they usually offer a lower initial interest rate than a fixed-rate loan. The other benefit to this is that many people qualify for larger loans due to this initially lower rate. The downside is that the rate can increase by quit a bit and some people can't handle the instability.
Who should consider an ARM?
• If you are confident that your income will rise enough in the upcoming years to support an increase in interest rate.
• If you plan to move in the next few years and therefore aren't concerned with an increase.
• If you need a lower initial rate to afford to buy the home you want.
Please note: There are "caps" or limits to the amount that your interest rate can increase. Each loan has two caps. One sets the most your interest rate can increase during each adjustment period and the other cap sets the absolute maximum amount of all interest rate adjustments throughout the life of the loan. These caps depend on the terms of your loan. Make sure that you can afford the payment when rates are at the highest cap mark before accepting the loan.
Government Loans
The following are three agencies that offer government-insured loans. The properties being purchased must meet certain standards to apply.
• Federal Housing Administration (FHA) Loans
An FHA loan allows you to put down a very low down payment on your home. (from 3-5% depending on the FHA appraisal value.) The maximum loan limit is based on the average cost of living in your area.
• U.S. Department of Veterans Affairs (VA) Loans
The VA loan allows qualified military veterans to buy a house with no down payment.
• Rural Housing Services (RHS)
The RHS offers low interest rate loans with no down payment to people with low to moderate income households who live in rural areas or small towns.
• State and Local Loan Programs
Many states and local housing agencies offer special programs for first-time home buyers. These programs typically offer mortgages with low down payments or lowered interest rates with specified income guidelines for first-time home buyers. Some of these agencies offer assistance with down payments and closing cost. Check with your local state housing authority for more information.
Balloon Loans
Balloon loans are attractive because they offer a lower interest rate for a short term financing period. (usually 5, 7 or 10 years) At the end of the term you will be required to either pay off the outstanding balance in one lump sum or you can refinance the loan. If you choose to get a balloon loan make sure that you know all the conditions that apply for refinancing. Most people who chose to get a balloon loan plan to sell or refinance their home within a few years and want a fixed, low payment. If you don't think you can meet the refinancing conditions or you think the balloon term may be up before you are ready to move, this is probably not the type of loan for you.
Affordable Housing Loans
These loans are for households of low to modest means. For qualifying families, Fannie Mae, in cooperation with housing providers, can help with high down payments, closing costs & housing expenses by offering flexible underwriting ratios that allow you to use more of your monthly income toward housing costs. These loans require a smaller down payment and a lower closing cost than normal mortgage loans. Generally, you are eligible if your household income is no more than 100% of your area median income.
• Fannie Mae's Community Home Buyer's Program ®
This program offers financing to low and moderate income home buyers with good credit but who may not qualify for home financing based on traditional lending criteria.
• 3/2 Option ®
This option makes it easier to accumulate funds for your down payment by offering a 3% down payment instead of 5% that is usually required. The remaining 2% can be supplied by a relative and/or nonprofit organization, state, federal or local government program.
• Fannie 97 ®
This type of loan is ideal for someone who has enough money for their monthly mortgage payments but doesn't have immediate access to cash for the down payment. It offers a 3% down payment and is available with either a 25-year or 30-year term. Closing costs can be supplied by a relative and/or nonprofit organization, state, federal or local government program.
• FannieNeighbors ®
FannieNeighbors removes the income limit if you are purchasing a home within a designated central city or eligible census tract.
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Government Resources
Fannie Mae - The nation's largest source of home mortgage funds.
Ginnie Mae - Reliable and timely information and communications resource for homebuyers, mortgage finance industry participants, and securities investors who rely on Ginnie Mae's services.
Economic Statistics Briefing Room - Access to current Federal economic indicators
Department of Treasury - Get the latest information on Money, Banking & Finance, Seized Property Auctions, etc. straight from Uncle Sam.
Federal Trade Commission - Consumer Protection, Antitrust/Competition, Business Guidance, and more. The FTC has the latest information.
FedWorld - Government databases from FAA Service, Training, and Regulatory Information to Tax Forms and Instructions?
Federal Deposit Insurance Corp. - Banking News, Laws and Regulations, Consumer News, etc.
General Services Administration - Consumer Information Center
Internal Revenue Service
National Credit Union Administration - The NCUA is an independent federal agency that supervises and insures 7,329 federal credit unions and insures 4,358 state-chartered credit unions.
USDA -- Rural Housing and Development Service
U.S. Government Online - Free Access to Electronic Government Information Products
U.S. Dept. of Housing and Urban Development (HUD) -
U.S. Department of Commerce
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Customize Your Loan!
There are so many lenders out there to choose from and with current interest ratespushing an historic low, it's easier than ever to customize your own loan terms. Below are a few of LoanWeb's suggestions to help save you money on your next loan:
• No Closing Cost Loans
This is a loan in which the lender pays all of your closing costs including title & escrow fees, appraisal, lender's fees, credit report fees and other expenses which are non-recurring. That way there is no immediate cost to you. No closing cost loans are easiest to get when refinancing, but not impossible when purchasing a new home. Their popularity stems from their ability to generate immediate interest rate & payment savings with no up front investment in closing costs. In a market where interest rates are continuing to decline, this is the best way to refinance your home because it enables you to refinance again soon, if you choose to, without having to bite the loss of the initial closing costs.
• Hybrid Loans
Perfect for someone looking for the security of a fixed-rate mortgage & the low interest rate of the adjustable rate mortgage (ARM). This type of loan secures a fixed rate for a certain period of time (usually 3,5,7 or 10 years). After that time is up it adjusts the rate based on the mortgage market and rolls over into another ARM. This cycle continues until the 30 year term is up. The benefit to a hybrid loan is that it requires a lower rate of interest and you can pick the time period that best matches the amount of time you will be in your home.
• ARM Teaser Rates
Many lenders offer a low introductory rate for the first six months to a year on adjustable rate mortgages. You can take advantage of this offer for the introductory period and then refinance before the rate goes up. This may seem risky, and works best with a no closing cost loan so that you can avoid paying closing costs every time you refinance. It is best to use this tactic only when your loan exceeds $200,000. This is because it is difficult to obtain a no closing cost loan below this amount. The biggest risk to this strategy is that the market rate may go up when it is time to refinance. However, rates don't go up overnight and the amount you can save up front in the meantime may outweigh the higher rate in the long run.
• Eliminating PMI
If your initial down payment was less than 20%, then you most likely are paying PMI - private mortgage insurance. As your home appreciates and/or your loan balance decreases, your equity will exceed 20%. At that time it is favorable to refinance to get rid of the PMI monthly payments. The savings on your PMI alone can often cover the cost of refinancing.
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How To Apply For Your Next Mortgage
Whether you are a first-time home buyer or an experienced borrower you will be connected with multiple lenders with the loan programs that best suit your needs.
Fast, simple, secure form matches you and your loan needs with up to 4 lenders. You see the names of the lenders before they call.
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