When Your Refinance Mortgage Loan Goes Bust, Don’t Leave Your Pets Behind

Not all home loans or mortgages do well. There are several sad reasons for it – job termination, increase in interest rates, ballooning monthly bills, and delayed payments of monthly bills. When your refinance mortgage loan is seeing red, make plans ahead and include your pets in your disaster preparedness plan.

Dogs, Cats, and Alligators?

The rise of foreclosures in Stockton, California has filled pet shelters to the rafters. According to the January AP report, homeowners leave the pets behind. Perhaps they hope that the foreclosing officers find them in time before they breathe their last. Fortunately, nobody has left behind their pet alligators and pythons to scare foreclosing officers out of their wits. At least for now, this is a consolation from the refinance mortgage loan and home loans gone astray.

Not that absconding homeowners are hard-hearted creatures. They’ve got a long list of problems and losing a cherished home to foreclosure can cloud sound judgment and sentiments. When a refinance mortgage loan goes bust, the specter of homelessness can stare mockingly at anyone in the face. With this burden – emotional and financial – pets are forgotten.

If you’re suspecting a call from the mortgage company, take stock of things and be brutally honest of the decisions best for you, your family, and your poor pets. The decision to bring or not to bring the pets along should be discussed with your family. Children have a lot to say about their pets, and enforcing the decision to leave the pets behind can traumatize children and influence the way they look at the world around them. You don’t want to raise heartless adults, do you?

What to Do In a Crazy Time Like This?

This issue is a new phenomenon resulting from the wave of foreclosures happening in the country as thousands have busted their refinance mortgage loan and home loans. But when people are forced to face the wall, they do crazy things like leaving pets behind, dismantling floors, breaking windows, and spraying graffiti on the walls. If they could burn the house, they would, but that’s looking at years behind the slammer.

The only way they could have avoided the embarrassment and pain of losing their homes to foreclosures was paying the monthly bills of their refinance mortgage loan on time. Well, this is easier said than done and times and fortunes are unpredictable.

Here are tips to ease your family and pets for an agonizing transition:

* Discuss the impending disaster with the family and ask for their suggestions for the move.

* If the children want to bring their pets, look for homes that allow pets.

* If things deteriorate, explain to the kids why their pets cannot go with you to the new home.

* Have your pets up for adoption as early as possible before there’s too much competition.

* Call an animal shelter to give temporary board and lodging for your pet/s until things settle down.

* Agree to a humane euthanasia rather than have your pets die a horrible death on the streets or at the garage.

Please Don’t Leave Your Pets Behind

Your pets have given you years of pleasure and loyalty, even your alligator and python. To abandon them is the ultimate act of cruelty to animals. It is a fact that times are difficult now and it costs to feed and maintain pets. To avoid this dilemma, act early when your refinance mortgage loan is going from boom to bust. Search for suitable homes before the rumblings of foreclosure gets into your sphere. Be kind to your pets.

The Basis And Definition Of A Refinance Mortgage

Refinance mortgage is the way to go when you have plenty of previous debts to pay off. Whatever be your financial condition, there is a mortgage loan available in the market that is going to help you in tough situation. But before opting for this route, it is quite important that you learn the basics of refinance first.

Most people do not really know the correct meaning of the word refinance mortgage. In general, refinancing your mortgage loan means availing a new loan from the lender. The best part about this type of mortgage is that the interest rates are not going to be high. In addition, no credit check is going to be implemented on you. Therefore, even if you are suffering from bad credit you can avail the loan.

Another benefit associated with refinance is that you only have to deal with one lender. In other words, you only have to make one monthly payment. If your main objective is to consolidate your present debts, there is nothing better than refinance. It can also play a prominent part in simplifying your bills.

When you go for a mortgage loan, not only do your interest rates get reduced but your repayment schedule also gets flexible. For example, if you have recently suffered quite a loss in your business and you are not able to pay off your monthly installments smoothly then with the help of a refinance mortgage you can get a grace period of six months. During this period, you do not have to pay any money to the lender. Once your financial condition improves, you can resume paying monthly installments.

Refinance Mortgage – Wiser Moves This Time Around

Couples go into their first mortgage with stars in their eyes. When additional bills come up, the budget is skewered. Paying the monthly bills and the mortgage installment becomes stressful. But there’s no way out but a refinance mortgage. This time around, couples should have learned their lessons. They should want a better deal instead of shuddering at the thought of a new loan when they’re still looking at a huge unpaid balance from the first loan.

Traumatic Experiences With The First Loans

Getting your first mortgage was exciting and thrilling. You went into raptures at the thought that of having your own home. You wanted to hurry up the loan process. Anyway, you could afford the monthly bill of $798.36 for a $150,000 home. What you didn’t include was the monthly residential tax plus other add-on fees and complexities.

Think like the shrewd taxman. If you don’t have the savvy for tax matters, let an expert help you. An independent mortgage adviser would be a smart choice. He or she looks at the issue objectively being under no obligation to the mortgage company. Your refinance mortgage will fare better with experience and sound professional advice.

Perhaps when you got your first mortgage, several options were bypassed because you wanted to rush your pre-approval, even pestering the sullen loan agent to get your loan application on top of the pile. The biggest surprise for first time borrowers is contending with the downpayment for the loan, which is pegged at 20% of the total loan amount. If they do not have enough money for the downpayment, they agree to have the private mortgage insurance added to the fee, which makes the loan expensive and more than they can afford in the end.

Another mistake is getting an ARM when you have a fixed income. With the uncertainty of the economy, interest rates are likely to swell, affecting your budget. The ARM is perfect when interests are at a low and hibernate there for months on end. Fortunately, if you have a short-term adjustable mortgage, Federal cuts could cause a drop in interest rates.

A Tip or Two

To qualify for refinance mortgage, get pre-qualified with several lending companies so you can compare options and prices. But don’t let the credit companies pull your credit history because each pull drags down your credit score. Once you get pre-qualified, choose the company with the best offer to look at your credit history.

Watch out for high closing costs. These indicate that you won’t get a good deal. You’re trying to sort out your finances through this refinance mortgage, not make it more messy. Avoid lenders charging closing costs that are too high, even if they offer lower interest rates.

Check out for prepayment penalties. Nobody likes to be fined for paying off a loan ahead of schedule. Frankly, it doesn’t make sense. But that is how lending companies survive and it is good business logic.

Give honest answers to the questionnaire. A falsehood can undermine your application for a loan when you really need it. You are dealing with experts who have been through hundreds of applications. If there are further requests for information, provide it promptly to avoid further approval delays.

To protect yourself from more surprises, be privy of the company’s policy on early payment and get all the documents pertaining to your refinance mortgage. The mortgage documents will be your reference as you go along.

How to Get Lower Mortgage Rates?

It may be psychological but mortgage rates tend to become bigger once the property or gadget bought from it declines in value. Or maybe, you just got tired of paying for it all these years. But did you know that you can lower those rates by simply taking chances in refinancing a current loan or mortgage? Here are some of the most effective ways you can lower your rates:

1. Put in a lump sum to refinance a current mortgage. Loan companies don’t want to take too much risk by refinancing your old loans, but when you put out higher amounts of money in relation to the value of your home, they would be willing to lower their rates. Thus, refinancing becomes viable for you.

2. Watching the current interest rates being charged by the Federal Reserve. A lot of banks depend on the Federal Reserve rate for their own interest rates. This allows them to offer different rates at different times. If you can keep yourself up-to-date with these rates, you can compare the interests that those banks in your place offer. Doing this will surely help you find the lowest mortgage rates in town. You see, being well-versed even with how the banks work can get you to something.

3. Keep your home valued by finishing every room and area in your home. Completely finished houses get higher appraisal values. The same is true with add-ons like decks, lanais, and dens. Then make sure to improve the design and style of your home not only for you and your family’s convenience but also for higher appraisal value. When you have a high-value house, you can refinance much lesser amount in relation to the appraisal value of your house. The end-result will be lower risk and thus lower mortgage rate.

4. Get a new mortgage. Simply sign a new mortgage that offers a lower interest rate. This will help you refinance and get higher appraisals for your home.

5. Discuss your current mortgage with the loan officer of your existing mortgage company. Bring with you everything that will back your financial capability like bank statements, your income tax return slips, and pay slips and agree to refinance a lower amount at a shorter time. Subtracting the amount you paid part of the existing loan, you will surely be able to lower your mortgage rate.

6. Or, you can call your loan officer and tell him that you wish to lower your mortgage rate by getting your house appraised, putting money in refinancing and shortening the mortgage period. You will surely get a lower mortgage rate for this deal because loan companies simply don’t want to take huge risks.

Refinance Mortgage Loan – Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don’t overlook anything that you might regret, or that can cause you problems later:

1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible. When you do this, make sure that with the initial pre-approval application, the lender is not pulling your credit history. You will want to reserve your credit pull for the lender that you are most likely to work with. You can decide that after you have gone through the preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with the lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on the application you do not give them your social security number, they cannot pull your credit. If, on the application, they ask you to describe your credit, they are probably not pulling your credit.

2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.

3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.

4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.