Mortgage Refinance Quotes

Hispanic and African American neighborhoods had been targeted by the subprime lending industry: renters were lured into buying bad mortgages, and homeowners were encouraged to refinance under riskier terms. Then it all came crashing down. Between 2007 and 2010, the average white family experienced an 11 percent reduction in wealth, but the average black family lost 31 percent of its wealth. The average Hispanic family lost 44 percent.

Purchase Price $250,000 Down Payment $ 25,000 Mortgage Amount $225,000 At 7% Interest Rate 30 Years $1,349 $485,636 15 Years $1,899 $341,762 Difference $550 $143,874 Five hundred fifty dollars more per month, and you will save almost $150,000 and fifteen years of bondage. The really interesting thing I have observed is that fifteen-year mortgages always pay off in fifteen years. Again, part of a Total Money Makeover is putting in place systems that automate smart moves, which is what a fifteen-year mortgage is. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for fifteen more years and pay thousands of dollars more for the privilege. If you must take out a mortgage, pretend only fifteen-year mortgages exist. If you have a great interest rate, it is not necessary to refinance to pay a mortgage off in fifteen years or earlier. Simply make payments as if you have a fifteen-year mortgage, and your mortgage will pay off in fifteen years. If you want to pay any mortgage off in twelve years or any number you want, visit my website or get a calculator and calculate the proper payment at your interest rate on your balance for a twelve-year mortgage (or the number you want). Once you have that payment amount, add to your monthly mortgage payment the difference between the new principal and interest payment and your current principal and interest payment, and you will pay off your home in twelve years.

I have enough faith in my fellow creatures in Great Britain to believe that when they have got over the delirium of the television, when they realize that their new homes that they have been put into are mortgaged to the hilt, when they realize that the moneylender has been elevated to the highest position in the land, when they realize that the refinements for which they should look are not there, that it is a vulgar society of which no decent person could be proud, when they realize all those things, when the years go by and they see the challenge of modern society not being met by the Tories who can consolidate their political powers only on the basis of national mediocrity, who are unable to exploit the resources of their scientists because they are prevented by the greed of their capitalism from doing so, when they realize that the flower of our youth goes abroad today because they are not being given opportunities of using their skill and their knowledge properly at home, when they realize that all the tides of history are flowing in our direction, that we are not beaten, that we represent the future: then, when we say it and mean it, then we shall lead our people to where they deserve to be led.

Many banks do not advertise they are portfolio lenders and many people working at the bank may not even know what a portfolio lender is. If you are calling up a bank and they say they aren’t a portfolio lender, don’t give up! Ask to talk to a loan officer and ask specific questions about what type of investor programs they offer. Here are some good questions to ask; Do you loan to investors who already have four mortgages? Do you sell your loans or keep them in-house? Do you allow investors with four or more mortgages to do cash out refinance? What terms and loan programs do you offer investors? ARM, 15, 30 year fixed, balloon? What interest rates are you charging and what are the initial costs for your loans? What

Dallas mortgage company Frank Jesse | First Choice Loan Services Frank has over ten years of experience in the mortgage industry and has become adept at identifying a customized mortgage option for each client's unique needs. His expertise with the mortgage process ranges from credit qualifying, conventional and government loans, including purchase and refinance loans. He has the acute knowledge and experience to get your loan completed and has the outstanding service to match. He is dedicated to providing each customer and business partner with the highest level of service and professionalism. Put Frank's experience to work so he can help you meet your goals. Whether you are refinancing your current home or looking to purchase a new one, Frank can help you today! We provide a wide range of mortgage products including:- Dallas mortgage company Frank Jesse | First Choice Loan Services Dallas mortgage lenders Frank Jesse | First Choice Loan Services Dallas mortgage brokers Frank Jesse | First Choice Loan Services Fha Loans Frank Jesse |First Choice Loan Services Va Loans First Choice Bank Frank Jesse |First Choice Loan Services Fixed Rate Mortgages Frank Jesse |First Choice Loan Services Adjustable Rate Mortgages Frank Jesse |First Choice Loan Services Refinancing Options Frank Jesse |First Choice Loan Services Jumbo Loans Frank Jesse |First Choice Loan Services Renovation Mortgages Frank Jesse |First Choice Loan Services Contact info:- First Choice Loan Services Inc. 15303 N Dallas Parkway #150 Addison, TX 75001 Direct: (214) 306-8388 Mobile: (469) 766-8390 FAX: (214) 206-9366 Email: frank.jesse@fcbmtg.com

The Integrity Mortgage team works hard for every client to ensure the best service and home buying experience. Let us take care of all the hard work when it comes to getting your home loan.

What are you trying to buy? Asset type? Size? Price? To determine the answer to the first question, do the following: Start with your own net worth. Add in friends and family. The total team net worth is your starting point. Choose a market. Consider travel time and expense. You must be able to be in your market to look at deals at least once a month. Determine the viability of your market. Job growth? Population growth? Get deal flow from the market. Real estate agents Find all commercial realty companies in the city. Get on all their mailing lists. Analyze deals online from realtors in the area. Call the realtors about their listings. Direct to owners Get lists of owners. Create a system to reach owners directly. Mail Text Cold calling Analyze deals. Income approach Income – Expenses = Net operating income Net operating income – Debt service = Cash flow Check with lenders for current terms on debt. What is the CoC return? Cap rate? Debt ratio? Comparable data Check the analyzed cap rate against cap rates in the area for similar properties. Check comparable sale prices. Comps should be close in size and age to the subject property. Comps should have similar amenities. Comps should be within a few miles of the subject property. Exit Hold and operate. Refinance. Sell or flip. Consider upcoming market conditions. Debt Check with lenders or a mortgage broker to determine the availability of loans for this type of property. What are the terms and conditions? Is this the information you used to analyze the deal originally? Make the offer. Use an LOI to submit the offer in writing. The LOI will summarize the main deal points. If your offer is less than 15 percent of the asking price, speak with the realtor before you submit the offer. Once the offer is accepted, send the LOI to your attorney and have them draft the purchase agreement. Draft the purchase and sale agreement. Now that you have a fully executed contract, the clock starts. Earnest money goes into escrow. Do your due diligence. Financial inspection Physical inspection Lease audit Begin your loan application. The lender will complete three inspections. Appraisal Environmental inspection Physical engineer inspection of the buildings Do your closing. The lender will wire the loan proceeds to the closing escrow. Wire your down payment funds to the closing escrow. You own a new property! Engage property management for takeover of operations.

When interest rates decline, local governments will often refinance their debt, just as an individual might refinance their home mortgage. The municipality will issue new municipal bonds at lower interest rates. At the same time, they buy Treasurys and place them in a trust to pay the outstanding bond issue. The municipality matches the cash flows of the outstanding municipal bond issue with cash flows of the Treasurys.

MBSs are difficult to hedge because their duration changes as the market moves. That’s because homeowners can prepay mortgage loans at any time. When homeowners move, refinance, or sell their house, they pay off their loans, and those prepayments are paid directly to the MBS bondholders. When interest rates decline, homeowners repay their mortgage loans faster. When interest rates rise, prepayments slow down and people stay in their homes longer. And therein lies the problem. When interest rates decline, MBS bondholders get more of their original investment back sooner than expected. When interest rates rise, the securities are outstanding for a longer period of time. It’s what’s called negative convexity. When interest rates fall, MBSs become shorter-term securities. When interest rates rise, they become longer-term securities.[

Although the federal government had been trying to persuade middle-class families to buy single-family homes for more than fourteen years, the campaign had achieved little by the time Franklin D. Roosevelt took office in 1933. Homeownership remained prohibitively expensive for working- and middle-class families: bank mortgages typically required 50 percent down, interest-only payments, and repayment in full after five to seven years, at which point the borrower would have to refinance or find another bank to issue a new mortgage with similar terms. Few urban working- and middle-class families had the financial capacity to do what was being asked. The Depression made the housing crisis even worse. Many property-owning families with mortgages couldn't make their payments and were subject to foreclosure. With most others unable to afford homes at all, the construction industry was stalled. The New Deal designed one program to support existing homeowners who couldn't make payments, and another to make first-time homeownership possible for the middle class. In 1933, to rescue households that were about to default, the administration created the Home Owners' Loan Corporation (HOLC). It purchased existing mortgages that were subject to imminent foreclosure and then issued new mortgages with repayment schedules of up to fifteen years (later extended to twenty-five years). In addition, HOLC mortgages were amortized, meaning that each month's payment included some principal as well as interest, so when the loan was paid off, the borrower would own the home. Thus, for the first time, working- and middle-class homeowners could gradually gain equity while their properties were still mortgaged. If a family with an amortized mortgage sold its home, the equity (including any appreciation) would be the family's to keep. HOLC mortgages had low interest rates, but the borrowers still were obligated to make regular payments. The HOLC, therefore, had to exercise prudence about. its borrowers' abilities to avoid default. to assess risk, the HOLC wanted to know something about the condition of the house and of surrounding houses in the neighborhood to see whether the property would likely maintain its value. The HOLC hired local real estate agents to make the appraisals on which refinancing decisions could be based. With these agents required by their national ethics code to maintain segregation, it's not surprising that in gauging risk HOLK considered the racial composition of neighborhoods. The HOLC created color-coded maps of every metropolitan area in the nation, with the safest neighborhoods colored green and the riskiest colored red. A neighborhood earned a red color if African Americans lived in it, even if it was a solid middle-class neighborhood of single-family homes. For example, in St. Louis, the white middle-class suburb of Ladue was colored green because, according to an HOLC appraiser in 1940, it had 'not a single foreigner or negro.' The similarly middle-class suburban area of Lincoln Terrace was colored red because it had 'little or no value today . . . due to the colored element now controlling the district.' Although HOLC did not always decline to rescue homeowners in neighborhoods colored red on its maps (i.e., redlined neighborhoods), the maps had a huge impact and put the federal government on record as judging that African Americans, simply because of their race, were poor risks.

If you have a traditional fixed-rate mortgage, all you have to do is make early principal payments over the life of the loan. Prepay your next month’s principal, and you could pay off a 30-year mortgage in 15 years in many cases! Does that mean double your monthly payments? No, not even close! Here’s the key: Money Power Principle 3. Cut your mortgage payments in half! The next time you write your monthly mortgage check, write a second check for the principal-only portion of next month’s payment. It’s money you’ll have to pay anyway the following month, so why not take it out of your pocket a couple of weeks early and enjoy some serious savings down the road? Fully 80% to 90%, and in some cases even more, of your early payments will be interest expense anyway. And on average, most Americans either move or refinance within five to seven years (and then start the insanity all over again with a new home mortgage). “It’s a pity,” mortgage expert Marc Eisenson, author of The Banker’s Secret, told the New York Times. “There are millions of people out there who faithfully make their regular mortgage payments because they don’t understand . . . the benefits of pocket-change prepayments.

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The party for those addicted to markets has been the “make it rain” free-money printing game run since 1971. They may call it “Quantitavive Easing”, (QE) or “monetary policy” or “Asset purchases by the Fed”, or any number of terms which cause 99% of humans to stop listening. I urge everyone to demand better from governments, professionals and public servants. To demand real “service” from those who claim to be in this role. Right now we are letting those addicted to money, play with “self” accountability, which is creating addicts and poverty at a faster rate than our western economies can create prosperity. “Asset purchases” means the Fed printing money, to give this money to banks in exchange for some of the banks bad assets that need to be purged. How wealthy would your family be if each losing investment could simply be taken off your hands…using borrowed money that the taxpayer must then repay? How poor would your neighbors be if they did not have this money pipeline working for them? The newly printed money for asset purchases, is backed by US Treasury IOU’s, or similar notes and borrowings, for which the public must now repay through income taxes…forever. Banks thus get billions in freshly created cash, while the US public gets the bad assets, or gets stuck with the bill to pay back the money created to purchase the bad assets. I could probably refine that description a bit, but for now I am going to let it lay here. Any corrections are welcomed with gratitude. Dousing the flames of the 2008 mortgage bubble disaster, using government money issued in this manner, was said to be needed to prevent complete financial system meltdown. A better choice would have been to let those with a gambling addiction, suffer the consequences of their addiction, like we demand of every addict in Downtown LA. But the Fed is the perfect tool for dumping bank gambling losses and bad assets upon the taxpayer, and to make taxpayers pay to give the banks a clean-money start each time. The only thing left to do for the recipients of some of those newly printed billions, is to “launder it”, to get

Hispanic and African American neighborhoods had been targeted by the subprime lending industry: renters were lured into buying bad mortgages, and homeowners were encouraged to refinance under riskier terms. Then it all came crashing down. Between 2007 and 2010, the average white family experienced an 11 percent reduction in wealth, but the average black family lost 31 percent of its wealth. The average Hispanic family lost 44 percent.7

The full treatment of the formal theory of how to make decisions in risky situations—called expected utility theory—was published in 1944 by the mathematician John von Neumann and the economist Oskar Morgenstern. John von Neumann, one of the greatest mathematicians of the twentieth century, was a contemporary of Albert Einstein at the Institute of Advanced Study at Princeton University, and during World War II he decided to devote himself to practical problems. The result was the 600-plus-page opus The Theory of Games and Economic Behavior, in which the development of expected utility theory was just a sideline. The way that von Neumann and Morgenstern created the theory was to begin by writing down a series of axioms of rational choice. They then derived how someone who wanted to follow these axioms would behave. The axioms are mostly uncontroversial notions such as transitivity, a technical term that says if you prefer A over B and B over C then you must prefer A over C. Remarkably, von Neumann and Morgenstern proved that if you want to satisfy these axioms (and you do), then you must make decisions according to their theory. The argument is completely convincing. If I had an important decision to make—whether to refinance my mortgage or invest in a new business—I would aim to make the decision in accordance with expected utility theory, just as I would use the Pythagorean theorem to estimate the altitude of our railroad triangle. Expected utility is the right way to make decisions.

the Home Affordable Modification Program (HAMP), designed to reduce the monthly mortgage payments of eligible homeowners to no more than 31 percent of their income, and the Home Affordable Refinance Program (HARP), which would help borrowers refinance their mortgage at lower rates even if their homes were underwater.

If you sell someone a prime-rate, 5 percent annual percentage rate (APR) thirty-year mortgage in the amount of $200,000, they’ll pay you back an additional $186,512—93 percent of what they borrowed—for the privilege of spreading payments out over thirty years. If you can manage to sell that same person a subprime loan with a 9 percent interest rate, you can collect $379,328 on top of the $200,000 repayment, nearly twice over what they borrowed. The public policy justification for allowing subprime loans was that they made the American Dream of homeownership possible for people who did not meet the credit standards to get a cheaper prime mortgage. But the subprime loans we started to see in the early 2000s were primarily marketed to existing homeowners, not people looking to buy—and they usually left the borrower worse off than before the loan. Instead of getting striving people into homeownership, the loans often wound up pushing existing homeowners out. The refinance loans stripped homeowners of equity they had built up over years of mortgage payments. That’s why these diseased loans were tested first on the segment of Americans least respected by the financial sector and least protected by lawmakers: Black and brown families.