Shop around for new insurance quotes Philadelphia Daily News, PA - Nov 19, 2008 Thanks to an interesting partnership between the city and several banks, homeowners in Philly with less-than-perfect credit can refinance their credit-card ...
House prices slow with consumer confidence MyFinances.co.uk, UK - If you?re going to be coming off your fixed rate in 2008 it comes as recommended to shop around and look at new mortgages now. ...
London property, through the looking glass International Herald Tribune, France - Nov 21, 2008 Thanks to a friend's personal financial adviser, we didn't even shop around for a good deal: The adviser did it, showing up ten days after we called him ...
Landmarks Commission slams Seaport project despite city support Downtown Express - Nov 20, 2008 GGP is considering declaring bankruptcy if it fails to refinance the portions of its $27 billion debt coming due. Other parts of the city administration ...
'No-cost mortgages' probably are too good to be true The Newark Advocate, OH - Nov 15, 2008 Remember also to shop around locally. I've heard too many horror stories of online deals gone bad. Brett Richards is with The Huntington Mortgage Group and ...
Recession Opportunities SavingAdvice.com, WA - Nov 20, 2008 You can shop around and get the best value for your cash. Don?t forget to check out the online banks while you are shopping. Speaking of banks, if you ...
Stocks down but dividends steady Chicago Sun-Times, United States - Nov 15, 2008 ... fortunate enough to have money to save, you could put it in a bank certificate of deposit and collect more than 3 percent for a year if you shop around. ...
Industry Troubles Cloud LA Car Show Consumer Affairs - Nov 21, 2008 Because my mortgage is not past due I can't refinance. Countrywide is the rogue mortgage holder. In the USA you must be a dead beat, gate(border)crasher, ...
Source: Google News
Recent News and Articles on the Keywords: refinance + 208,000 + plan Related to the article below (Last Update: 8/5/2008)
Collateral Damage: Refinancing Constraints and Regional Recessions. - A Caplin, C Freeman, J Tracy - Journal of Money, Credit & Banking, 1997 - questia.com ... In the current structure of the US residential mortgage market, a decrease in property
values may make it very difficult for ho@ to refinance their mortgages ...
- G Canner, K Dynan, W Passmore - Fed. Res. Bull., 2002 - HeinOnline ... In recent years, millions of homeowners in the United States have taken advantage
of relatively low interest rates and rising home values to refinance the mort ...
3 Bank loan maturity and priority when borrowers can refinance - DW DIAMOND - Capital Markets and Financial Intermediation, 1993 - books.google.com 3 Bank loan maturity and priority when borrowers can refinance DOUGLAS W. DIAMOND
1 Introduction This paper provides a theory of how highly levered borrowers ...
- PJ Brady, GB Canner, DM Maki - Fed. Res. Bull., 2000 - HeinOnline ... accumulated home equity into spendable funds have combined to provide millions of
homeowners with the opportunity and motivation to refinance the mortgage on ...
[PDF]Home is Where the Equity Is: Liquidity Constraints, Refinancing and Consumption - E Hurst, F Stafford - Journal of Money, Credit and Banking, 2004 - nber.org ... can be drawn between those refinancing their home mortgage to improve their wealth
position from those who had a consumption smoothing motivation to refinance. ...
[PDF]Risk or Race? Racial Disparities and the Subprime Refinance Market - C Bradford - Center for Community Change, 2002 - knowledgeplex.org ... the Subprime Refinance Market A Report of the Center for Community Change ... Risk or
Race? Racial Disparities and the Subprime Refinance Market Executive Summary ...
Source: Google Scholar
Plan To Refinance? Shop Around
Q I understand fixed-rate home loans are now around 8 percent, so it might be time for me to refinance my mortgage. What is the best way to go about getting the best rate and terms? I've heard mortgage brokers are pretty good. What do you think of them?
A: Today is a great time to refinance your home loan. But it pays to shop carefully. I call shopping for a home loan "dialing for dollars." To compare loan terms, consult at least two banks, two S&Ls and two mortgage brokers.
However, the lender with the lowest interest rate might not have the best terms. Be sure to ask about fees and required documentation. It's usually easiest to borrow from portfolio lenders who keep their mortgages rather than selling in the secondary mortgage market to tough Fannie Mae and Freddie Mac.
As you probably know, mortgage brokers are middlemen between borrowers and lenders. They can shop your loan application among many lenders to get the best rate and terms. Most mortgage brokers are excellent. However, watch out for the bait-and-switchers who promise you an attractive loan to get your application and then steer you to an undesirable mortgage with high fees.
Q: Several months ago, I paid $495 to attend a seminar on how to invest in discounted mortgages. I learned a lot and want to invest in these mortgages. But I'm having difficulty finding them for sale in my area. I ran a newspaper classified ad under "real estate loans" but everyone who phoned wants full price. How can I buy mortgages at a discount to yield me the 20 percent the seminar promoter promised?
A: There are now many national and local seminars on how to buy discounted mortgages. But they don't tell you the hard part is finding sellers who will discount their mortgages enough to give you a high yield on the dollars invested.
For example, a 10-year, $10,000 second mortgage at 10 percent interest would have to be discounted to about $6,838.13 to yield 20 percent on your investment. Most sellers won't sell that low.
However, if you repeatedly mail "I buy mortgages" postcards to home sellers who carried back second mortgages, you will eventually get phone calls from sellers who will discount their mortgages to you. However, I doubt you will get a 20 percent yield on your money unless you find a desperate mortgage seller.
(Copyright 1992, Tribune Media Services Inc.) Bob Bruss' column appears Sundays in The Times Home/Real Estate section. Letters should be sent to Bob Bruss, Seattle Times Newsroom, P.O. Box 70, Seattle, WA 98111.
Copyright (c) 1992 Seattle Times Company, All Rights Reserved.
