Q:  Why should i consider refinancing my current home loan?

A:  There are several different reasons to refinance your home.  The most popular is to lower your monthly payments and saving on interest expense.  Another is to tap in to the equity of your home with a cash back refinance.  Everyone situation is different.  We’ll tell you whether or not it makes good economic sense for you to refinance.  The numbers wont lie, see for yourself!

Q:  How do i calcualte my monthly payments?

A:  Use our mortgage calculator.  Fill in the blanks with accurate data and click “calculate”.  Find out what your proposed monthly payment is in seconds.  Depending on where you are purchasing will dictate things like property taxes and insurance.  Consult with a good realtor for more information about the property taxes in your area. 

Q:  What is the minimum credit score needed to qualify for a home loan?

A:  The answer to this question has changed frequently over the past year.  FHA loans typically require a minimum FICO score of 620.  There are instances to where you can go down to a 580 with compensating factors.  Conventional conforming loans differ depending on down payment.  A 720 credit score is what you will need with a 5% down payment.  Before you apply for a home loan get a free credit report and see where you stand.

Q:  What can i do with my home equity loan funds?

A:  Anything you want to.  Consolidate higher interest rate debts for lower total monthly payments.  Make home improvements.  Take advantage of potential tax deductibility on the mortgage interest you pay.  Consult your tax advisor to make sure you qualify for interest deduction.

http://www.4bestrate.com Home Loan Education, Mortgage Calculator, Premium credit monitoring with Free Credit Report offers.

This entry was posted on Tuesday, September 22nd, 2009 at 10:17 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.