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  • If you are paying on a mortgage.......

    If you are paying on a mortgage, you might be interested in this info.My DS, David, sent me this info today and told me to tell everybody I know about it (he's in the real estate and mortgage business)..........

    If you have not had time to pay attention to what is going on in the mortgage business (and they aren't telling anything good on the news but there is good news out there)......... right now is a golden opportunity for homeowners.

    David just refi'd his house for 4.4% (it was 6.2%). It will save him thousands and thousands of dollars. It lowered his payments so much that he just went ahead and did a 10 yr loan rather than a 30 so that saved him even more but that was just his choice.....you can leave it at 30 or change it to however many years you want.

    He sent me an email yesterday and said for me to tell everyone I know that they need to check on it ASAP......he said it didn't really matter if if credit wasn't good, it likely WILL NOT matter. All FHA cares about is the last twelve months worth of house payments have been made and that they have not been more than 30 days late. They can do it a NO COST refi and it could save a ton of money every month.

    If you are interested, you can call a mortgage company that does FHA loans and talk with them about it .It's a simple process and is well worth the effort.

    30 year rates are at about 4.9% but that will probably last a VERY short period of time. Get on it NOW. Tell anyone else you know with a mortgage. This is a golden opportunity for people to save a lot of money and to lessen the pressure on their monthly expenses. !

  • #2
    Re: If you are paying on a mortgage.......

    Also....if you set it up to make a half payment every two weeks instead of a full payment every month, you will save a lot more money - for example, if you had a 15 yr note and you paid bi-weekly, it would pay out in 11 years instead of 15.

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    • #3
      Re: If you are paying on a mortgage.......

      thanks for all the advice ..our problem is that our house isn't done yet,,,i mean as far as the inside,,we have insulation for the walls right now,,,the banks don't want a house that is not complete,,,and we don't want a mortage on the house,,it's just on the land for now,,our house so far is worth 80,000.00 we owe 30,000.00...
      I'm Not Bossy, I just have better ideas

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      • #4
        Re: If you are paying on a mortgage.......

        I believe FHA loans are only for first time buyers. Check into that first.

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        • #5
          Re: If you are paying on a mortgage.......

          No, FHA loans are NOT just for first time home buyers, they are for anyone who is buying a house or refinancing a house.

          You can't get that kind of loan on a rental property unless you have owned it for at least a year, though.

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          • #6
            Re: If you are paying on a mortgage.......

            That is really cool news I always remember them doing first loans how wonderful that they are open to all types of loans now. Do you know what company he used? any info would be great.
            THANKS!!!!

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            • #7
              Re: If you are paying on a mortgage.......

              I will check into this.. Ours is a FHA loan and DH is always complaining about making the payment..

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              • #8
                Re: If you are paying on a mortgage.......

                Our first house was an FHA loan - I had heard that we would not be able to get another FHA loan. Don't know if that is true or not.

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                • #9
                  Re: If you are paying on a mortgage.......

                  jniemo.......

                  NOT TRUE and you can refinance whether it is FHA or not. Rates are low going Conventional or FHA. FHA rules are much more relaxed than they used to be as far as who is eligible and you can have ten of them, just canít have more than one at a time.

                  Must be owner occupied for the first year but once you close, your circumstances could change forcing you to have to rent it out and no one is going to throw you in jail for that.

                  You can also sell your home with an FHA loan and get a new FHA loan the same day you pay off your old one.

                  Conventional refinances may make sense for some, those with an existing FHA loan just have a lot less hassle to go through.

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