The Home Affordable Refinance Program to assist homeowners that owe more on their homes than the appraised value has been extended through 2015. There is still time to refinance at a lower rate. Don’t procrastinate - call today to see if you qualify for a refinance under HARP.
Paradise Settlement Services honors our Heroes and recognizes their service to our communities. They are a part of our Heroes family of businesses and can be reached at (866) 537-1199. Their web address is www.paradisesettlementservices.com. Welcome to the family!
Innovative Surveying based in Murphy, Texas is recognizing our Heroes by offering a 20% discount on their survey costs in Dallas/Ft.Worth, Austin and Houston. They can be reached at (469) 260-0828. We are pleased to welcome Innovative Surveying to the Heroes family.
We are pleased to introduce Build My Scores Credit Services to our Heroes. Their services include total credit restoration, increase credit scores, specialized audit process, credit education, budgeting and trade-line assistance. There is a 20% discount off the Set-Up/Labor fee for any of the Heroes that enter their program and the initial consultation is free. To learn more visit www.BuildMyScores.com or call (866) 611-9531. Welcome to the Heroes family!
Most mortgages have no prepayment penalty so you can send in extra money with your regular payment to reduce principal faster. For example, the payment on $150,000 at 3.875% for 30 years is $705.36. The interest over 30 years is around $103,928. If you send in an extra $20 each month ($725.36) the interest payments drop to $97,925 and the years drop from 360 to 342 for only an extra $20.00. To send in an extra $95 a month the interest drops to $80,719 and the term drops from 360 payments to 289! You could have big interest savings on your mortgage. Refinancing could still be a good option depending on the existing interest rate and term on your loan so be sure to ask your mortgage professional to review all alternatives and make an informed decision.
Can I do a HARP refinance if I have a second mortgage? The answer is yes, provided the lender holding the second mortgage will subordinate to the new mortgage which most are willing to do. Subordination means temporarily releasing the mortgage so the new first mortgage can be recorded and then recording their second mortgage again. Most agree to the subordination because the new loan usually has lower payments than the old one that was refinanced improving your ability to pay.
Interest rates have moved up and although no one can predict the future, it may be a trend so if you are satisfied with today’s rates consider locking in and moving forward. If refinancing, look at 25 and 20 year terms as an alternative to starting over at 30 years. The shorter term will result in a higher payment than the 30 year loan but the shorter term will be much less interest.
Interest rates ticked up slightly last week. The time may have come to decide if rates are low enough to support a decision to refinance or buy. Of course, no one can predict where rates are going but it may be time to consider locking in an interest rate and moving forward. Remember to ask about APR and not just interest rate. APR is annual percentage rate and includes any points, origination fees and other costs that affect cost of credit. Low interest rates are great but low interest rates with high APR’s may have a lot of closing costs.
We acknowledge our law enforcement and firefighter heroes everyday. Now it is time our teachers and educators receive the hero status they deserve. Not only do they prepare our children for their own futures, they prepare them for our future too. The heroism displayed in Newtown this weekend shows us that teachers not only prepare minds, they protect our children physically as well. True heroes indeed. Our prayers continue for all the families.
The HARP program for refinancing homes with mortgages greater than the appraised value has been extended through December 31st, 2013. Interest rates are still low and terms of 15, 20 and 30 years are available. Even if you have been late on a payment in the last 12 months you may still qualify. Call Eric at (936) 582-2131 for additional information.
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