Obtaining a Mortgage On-line

A mortgage for first time home buyers or people who are looking to refinance their homes has become much easier in later years thanks to the internet and the ability to obtain a mortgage on-line.

Of course there is your local bank, where you can go, walk in, sit down with the branch manager, and have him set up an appointment with the banks mortgage representative.

Thats all fine, but not everybody has time for that. So they resort to the internet, which isnt such a bad idea considering that there are literally thousands of lenders looking for your business across the country and using the internet as a tool to get it.

Using the internet for obtaining a mortgage on-line has its benefits because it gives you the opportunity to shop lenders and rates.

By filling out a simple on-line form with limited information, you will be putting lenders at your service within twenty-four hours of your submission.

The mortgage industry is a very competitive one, so these lenders will be fighting for your business, forcing them to offer you the lowest rates possible. You can than base your decision on the one that is most ideal for you, and most of all, the one that best meets your budget.

Also, if your situation is unique or special, such as having bad credit, no money to put down, or your looking for a specific program such as interest only, the internet is perhaps the best resource for you to find refinancing mortgage you need.

Jennifer Hershey has more than twenty years of experience in the Mortgage refinancing mortgage as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

Explain Refinancing a Home Like I'm a Five Year Old

In this article I will explain refinancing mortgage a home. At this time, refinancing is a popular topic. Even though interest rates may not be at their lowest point, many people are considering refinancing. The whole process can be confusing and mortgage refinancing shouldn't be embarrassed by needing someone to explain refinancing a home.

Many times when you are trying to get into your first home you take whatever finance options you can get. Many people have extenuating financial circumstances and they can't get a competitive loan. Once you get a loan and get into the house, you are happy and say thank you over and over to the lender. After you've had the loan awhile you start to think if perhaps you could have gotten a better deal if you had looked around a little more. Or perhaps your financial situation has changed for the better and you can demand better terms.

Whatever the reason, there are things you need to consider when you start thinking about whether it's worth it to refinance a home mortgage. I will briefly explain refinancing a home and the things you need to consider.

When you refinance a home, you are getting another loan to pay off the original loan. If you've had the loan for awhile you have paid down the loan a little and don't owe as much as at first. If that's the case, you don't have to take out as large a loan as the first time to pay off the original loan and your payments will be smaller. If you get a lower interest rate, the payments will also be smaller. These two scenarios together can create significant monthly savings.

You need to first consider the interest rate. Usually to make it worthwhile, the interest rate should be 2% lower than your current mortgage rate. This is the biggest factor unless you are trying to refinance a loan that is about to have a balloon payment come due or an adjustable rate that is going sky high.

Check your mortgage documents and make sure you don't have any prepayment fees. If you do have some, you need to take this into consideration when thinking about the total costs associated with the loan. All loans have closing costs. If a lender advertises 'no closing costs', it is because they are rolling the costs into the actual loan. The loan amount will be higher to cover the closing costs. If you get a lower interest rate but the closing costs are high, it will take several years to make up the different and make the refinance worthwhile.

Real Estate - Get In The Know will explain refinancing a home in more detail. Get information about buying and selling homes, different mortgage types and other real estate information at Real Estate - Get In The Know

Is a Chase Manhattan Mortgage Right For You?

Chase Manhattan Mortgage Co. is the third largest provider and servicer of mortgage loans in the US according to Inside Mortgage Finance. Chase Manhattan Mortgage Co. is a lending unit of JP Morgan Chase & Co, the second largest bank in the country. With this powerhouse, homeowners have the security benefit of a financially stable lending firm.

There are several ways to get a mortgage loan from Chase Manhattan. You can look up their toll free number in the yellow pages and talk to a loan officer. You can also apply through the internet or in person.

The company also has many loan programs you can select from. There are mortgages designed to help new borrowers purchase their first homes, opportunities for second mortgages and refinancing. Home equity loans are also available.

Chase Manhattan is strongly committed to help American citizens become homeowners. Not only does the company provide quality loan products, it also creates programs that would help minority groups and families belonging to the low-income bracket realize their American dream. For instance, the company, in partnership with National Urban League and Fannie Mae, created a low-cost financing refinancing mortgage that helped undeserved households in 6 cities purchase their homes.

In 1996, Chase Manhattan Mortgage provided special mortgage loans to borrowers of Good Cent Mortgage. Good Cent Mortgage is a special finance program for building of (and encourage the building of) energy efficient homes.

Chase Manhattan also supports federal programs, like the Rural Housing Service, to help households in rural refinancing mortgage realize their dreams of owning a home.

Whether you want a new home, get refinancing, or tap into your home equity, Chase Manhattan has the right loan program for you. Whether you have a low or big income, from a minority or dominant group, from rural or urban community, Chase Manhattan Mortgage is dedicated to bring you your American Dream into a reality.

To learn more revealing info on the Chase Manhattan Mortgage, check out internetmortgagetips.com. Whether you want to know the answer to this, or are asking yourself about a mortgage and how much can I borrow? This is your source.

How Does Today's Economy Affect Your Mortgage?

Countries worldwide mortgage refinancing facing a recession, and the UK is no exception. The Bank of England has already cut base interest rates mortgage refinancing to 1.5%, and there are plans to reduce it even further. If you have a mortgage on a house, you may have many questions buzzing around inside your head. Many analysts are saying that the UK could face a very deep recession, so what does that mean for your mortgage? What does it mean if you want to get a mortgage?

With a variable or capped mortgage, you could of course be benefiting a great deal from the low base interest rates. However many people decide to opt for a fixed rate mortgage because of the security it offers - and the interest rates on these mortgages are significantly higher than 1.5%. There are options you can explore if you happen to have a fixed rate mortgage, however, to try and seek a benefit from the worldwide recession.

The whole process of refinancing your mortgage is made extremely easier if your mortgage is at the end of its term, and needs to be refinanced. However if this is not the case, talk to your current lender; find out what they can do to help. But don't stop there - check with other lending institutions and find out what products they have, and what they can do to get you out of your current mortgage.

Unfortunately for everyone, including new homeowners looking to get their first mortgage, lenders are also tightening their credit. Even though the Bank of England base interest rate is 1.5%, lenders may charge a higher premium to someone who, even a short time ago, might have qualified for a lower rate. Even further, lenders could refuse a mortgage to someone who may have qualified for it in the past. With less credit available, everyone is being very careful.

There is, thankfully, help on the way from the government. Banks are getting money from the government in order to grant new mortgages, so it may be possible to obtain one for the first time. It is prudent to ensure that your credit is in good standing and that you have a good debt ratio, or else you may not be approved - even with an influx of cash for new mortgages.

As always, check with a financial advisor or a mortgage broker to explore your options. While rates are low, mortgages approvals aren't increasing due to a tightening on credit. It is difficult to obtain a mortgage in the UK, but not impossible.

Graham J Head

http://www.ghead.co.uk

Option ARM's - A New Wave Of Mortgage Defaults

For the past year the nation has been focused on the impact that the housing market has had on the economy. The blame has been placed primarily on sub prime or less then ideal mortgages, and rightfully so. Banks were careless in giving mortgages to essentially any one who wanted one. If you can breath, then you could get a mortgage. It didn't matter if you had bad credit, no down payment, little or no income, you could be approved. Most are optimistic that the worst is over us and that recovery will soon follow, however others will argue that option arm's will cause a new windfall refinancing mortgage troubles in the months to come.

Option ARM's are mortgages where the borrower can select one of four payment options each month when the bill comes. They can choose from a 30 year payment, a 15 year payment, an interest only payment, or a payment that is less then interest, referred to as a minimum payment. To have this flexibility in payments each month the borrower will pay a premium by way of a higher interest rate. These loans are highly profitable to lenders because of the higher rate and typically are held in house, rather then sold off in the secondary market like conventional mortgages. The option arm is a highly specialized loan that should only be sold to certain savy borrowers for a specific purpose, they are not meant for the typical borrower who is consistent in paying a mortgage for 30 years. The potential problem exists for the borrowers who elect to make the minimum payment, which is one that negatively amortizes the loan. What happens is every time the borrower elects to make this payment, they are essentially borrowing from the equity that exists in the house, causing the balance owed to increase over time.

To illustrate on a $100,000 mortgage at 5%, the interest only payment would be approximately $416/month, the minimum payment, which is determine by the loan company, could be $250. If the minimum payment is made the loan balance will increase because it is not enough to cover the interest of $416 that is accruing each mortgage refinancing The full impact of these loans have yet to realized, with unemployment at an ever increasing rate customers with these loan will resort to making the minimum payment in an effort to keep current on there monthly payments, as a result the principal balance will grow.

Combine the growing balance with plummeting property values and it exponentially puts these borrowers in a tougher position then most of your standard borrowers. The potential that these borrowers will be in over their head and owe more then the property is worth is great and will drive homeowners to just walk away completely. Anyone can see the potential problem that will exist in the months to come as these borrowers become squeezed as a result of falling home prices and massive layoffs.

Todd Savage

Mortgage Rates at 1.5% in This US Recession Are Your Best Investment For 2009

Mortgage rates are always fluctuating but when they get to historical lows as they are now, refinancing mortgage need to protect your investments and position yourself to be a big winner for better times that are coming.

When mortgage rates are this low, you can buy for less and finance for less. This is a win-win situation you don't want to pass up. Even refinancing your mortgage is a smart move.

If you currently have a mortgage interest rate of 6 1/2% or higher, refinance now, to give yourself the breathing room during this recession for cash flow and smarter interest rates. You have so many option to come out ahead if you make your mortgage rates work for you.

Refinancing can do several things to protect your investments. You can use the refinancing to move the credit card debt you have into a first mortgage and make the total debt a tax deductible tool or use the cash out option to invest in a down market. Either way, you need to act now.

The 1 1/2% mortgage rates I am talking about are in a 3-2-1 buy-down. It's a fixed rate 30 year mortgage with the first year interest rate at 1 1/2%, the second year is at 2 1/2% interest, and the third year is a 3 1/2% with the fourth through the 30th year at 4 1 1/2%. Who could not find that attractive?

The real winners in any recession are those who can see beyond the gloom and doom, to know that when the markets rebound, and they will, having yourself positioned to be better off refinancing mortgage is a smart way to safeguard and improve your investments.

Many people are lead by the broad view of the economy and allow fear to be the biggest factor in their investments. Playing your investments, whether it's mortgage rates, refinancing, or the stock market itself, should be done with a wider vision of time, rather than the immediate or current economic situation. Investments by definition, is for projected outcome, not using slot machine logic.

Many new home builders who are currently over stocked, or are pinched financially, due to their need for cash flow, are offering to assist home buyers with great mortgage rate assistance. Take advantage of a gift horse when others are saying, nay.

If you are in a position to sell your property now, using the logic of assisting home buyers with mortgage rate assistance in order to make your property sale the one that stands out, is an excellent sales approach. Real estate agents with a good working relationship with mortgage lenders can make the difference in getting your house sold.

Think about this option. You have 30 to 40 thousand dollars in equity, you have credit card debt outstanding, and you have a car payment or two, selling your home now, then using your equity to pay off outstanding debt you have and taking advantage of the low, low, interest rates on a new home could have you paying less per month and having all your debt in a tax deductible position. You have to think smart about your money and how to use it.

Do not let selling your home during a recession deter you from following through with your goal of moving up to a new home or even a larger home. Make the mortgage rates and the financing tools available, work for you and your best investment for 2009 may be in buying or selling real estate.