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  • Screenshot_052416_095722_AMRefinancing is a great way to lower your interest rates and to pay the mortgage on your house quickly. It is paying off the previous loan with a new one with better interest rates and installments. You can choose the best plan for yourself when you are going for refinancing. Wells Fargo offers great refinancing deals for its customers. The company knows how to keep their customers happy as they are offering two more refinancing programs
    for their already existing customers.

    Streamlined Refinance

    If you are worried about the high-interest rates and too many installments of your loan, then all you have to do is enroll for the streamlined refinance program offered by Wells Fargo. This program gives better interest rates, the easy number of installments and easier application process.

    Benefits

    The benefits of streamlined refinancing are endless. You can avoid the entire appraisal and the application fee. There are no closing costs, and the loan pricing is locked once you’ve submitted the complete application, there can be no changes to it.

    The best thing about streamlined refinancing is that you don’t have t0o go through all the paperwork that you usually have to fill out for other kinds of refinancing. There are low upfront costs, and the process is quite fast and easy.

    Points to Be Noted

    There are a few things that you might look into before signing up for the streamlined refinancing. Firstly, this offer is only for already existing Wells Fargo customers, not new ones. Secondly, this refinancing does not allow a cash-out refinance so you will have to take it into consideration too. And lastly, this refinancing deal might give you a higher interest rate but a low overall cost, so it’s better if you consult your mortgage consultant before signing up for this offer.

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    Wells Fargo & Home Affordable Refinance Program (HARP)

    This loan is best for people who owe more than what their home actually costs and are in trouble with their debts. You can avail this program quite easily by filling out a small number of documents and signing them in the presence of witnesses. It is a limited time program, and it expires at the end of this year on 31 December 2016.

    Eligibility Criteria

    For acquiring a HARP loan, you have to be eligible for it. This means that you must be an existing customer of Wells Fargo. You should be current on your mortgage payments and it must be owned by Fannie Mae or Freddie Mac, originated before June 2009. These are all the requirements your mortgage has to fulfill to be eligible for this HARP program.

    Wells Fargo 3-Step No Cost Refinancing Program

    This is another great initiative from Wells Fargo in which they offer their already existing customers a deal including lower interest rates without any hidden fees or charges. Many people think the offer is too good to be true, but it actually exists. This plan offers 1% decrease in your interest rate and that too without any cost for appraisal, applications, and closing.

    This 1% decrease in interest rate can sum up to a huge amount at the end of a mortgage long period. This is why this offer is only valid for refinancing of a minimum of 15 years. If you think about the math here, the 1% decrease is a pretty huge sum and can save you a lot of money from your mortgage payment. You can always use this money for better investments or your kids’ education etc. This is a great deal for people who are already refinanced by Wells Fargo and are looking for a better refinancing program for the longer run. Wells Fargo really does know how to keep its customers happy and stress-free.

    Wells Fargo Refinancing REVIEWS

    Wells Fargo is a notable bank, and there are several customer reviews about them. Some people say that the offers are a scam, and they do charge extra fees while others have the opinion that the bank offers exactly what it claims to offer to its customers. There are good reviews as well as bad reviews. This is why we suggest that you should always consult a mortgage specialist so that you can make a better choice for your future.

    How to Find Cheaper Closing Costs on your Mortgage

    mortgage closing costs

    One of the more annoying costs about obtaining or refinancing a mortgage is paying closing costs which can be considerable depending on the loan. For many, closing costs are often not initially considered when getting a new or renewed mortgage. Sometimes, closing costs must be paid out of pocket as well.
    However, there are ways to reduce your closing costs so that you keep more of your money. It is important to understand what closing costs are, the different types that exist, and how you can find different resources to lower the closing costs for you.
    What are Closing Costs?
    Closing costs are fees that borrowers pay to the lender and third parties such as insurance and title/escrow companies. There are also optional fees that might be paid as well, such as for mortgage discount points.
    Also, there are two different types of closing costs, recurring and non-recurring. The difference is that non-recurring closing costs need only to be paid one time while recurring closing costs must be paid more than once. Many borrowers will have to pay both types of fees depending on a number of circumstances.
    Types of Recurring Closing Costs

    The number of closing fee costs can certainly pile up quickly when obtaining or renewing a mortgage. This means that you will need to consider all of these fees in order to know where you can save money and keep more cash in your pocket. What follows are a number of safe, legal strategies that can help you save more money on closing costs.
    Traditional Tips for Reducing Closing Costs
    The Seller
    If you are obtaining the mortgage for a new home, you can help reduce your out of pocket expenses by getting contributions from the seller. This is actually one of the most common means of reducing closing costs.
    During the negotiation to purchase the home, you can ask to include part of the closings costs as part of the deal. While this will generally lead to a higher price for the home, which is the part you pay, it can offset much of the closing cost expenses as well. Essentially, this means that you get a higher loan from the mortgage company and use part of that to pay the closing costs. For buyers who are short on cash, this is a common method to reducing closing costs.
    The Lender
    Another way to help eliminate closing costs is working with the lender. In essence, you negotiate a higher mortgage rate in return for a lower settlement or closing costs. This method is commonly used for refinancing a mortgage, but it can be used for new ones as well.
    In essence, the rate that you negotiate is often a fraction of a percentage which adds a little to your loan, but the extra money is used to offset the closing costs. For example, instead of taking a loan of 4.5%, you take one of 4.75% which gives credit back to you and covers part or all of the closing costs. Essentially, this is a tradeoff as you are paying slightly higher prices each month on your loan, but the effect is to reduce any out of pocket costs.
    The Real Estate Agent
    Another simple, yet effective method is to simply ask the real estate agent to provide credit towards the closing costs that are incurred. Of course, they can always say no, but it never hurts to ask and if they need your business, they just might use part of their commission to help pay off the closing costs in return for making the sale.
    In this manner, since the money is coming from the real estate agent’s commission, you do not have to take out a higher loan or negotiate a higher price for the home. This is another, highly popular way to help reduce closing costs.
    Of course, you can combine different credits from the seller, lender and the real estate agent. Just remember that you should not exceed the maximum allowable by the lender. If you find yourself with an excess of money after paying your closing costs, then it is best to use this to reduce the overall rate.
    Other Methods to Reduce Closing Costs
    Remember that you can shop around to find the best lending companies that will reduce your closing costs. You can comparison shop for title insurance or homeowner’s insurance and even home inspectors to find the best deal. You can check out the different fees that banks and lenders charge to find the best rates. A little extra footwork can lead to you saving hundreds of dollars or more.
    You can also use Prepaid Interest, the per diem interest that is due between the time you close on the mortgage and your first payment. If you can reduce the number of days between the per diem due at closing, then you can reduce your closing costs significantly. This is somewhat tricky as lenders may not close in time for that to take place.
    Refinancing
    If you are refinancing your mortgage, you can try to roll the closing cost into your new loan which is a common practice, especially if what you get back is considerable and you plan to sell your home in the near future.
    You’ll want to check on all other options as well, there are a considerable number of sources that you can use to find ways in reducing closing costs. There are special programs, outside assistance and the like. It pays to take the time to look around first before making any commitments to find the right deal or set of deals that result in lowering your closing costs.

    underwatermortgageWriting the ‘Hardship Letter’

    One of the items your Bank or  lender will  require  from you  during the loan modification process is a hardship letter. A hardship letter is typically a written reason as to what  happened that  has caused you to fall behind on your mortgage and it is a key item  in helping you stop foreclosure or modify your mortgage agreement.

    This letter acts much like an outline or biography of your current issues that are affecting your ability to meet your financial obligations, and by this we mean not being able to afford your mortgage.  Lenders do look for what is known as a hardship letter when a borrower applies for a loan modification. Such a letter is a requirement for modification applications under the government’s Making Home Affordable program.

    A hardship letter is not the basis for modification approval that depends on the borrower’s financial situation and the red tape of the various government and Bank programs. Rather, the purpose of the hardship letter is to explain upfront, in simple language, why borrowers missed payments, and what they propose as a solution.
    less is more when it comes to writing a hardship letter,giving them exactly what they need and nothing more
    The lenders’ loss mitigators, faced with mountains of modification requests, are unlikely to spend time reading more than the first few lines of each letter.
    And there is always the risk that borrowers who go on at length could unknowingly trip themselves up with unnecessary details that raise red flags for a mitigator.

    When the housing bubble burst, home values dropped, and millions of homeowners who did the right and responsible thing—shopped for a home, secured a mortgage, and made their payments on time each month—were left with houses worth less than they paid for them and mortgages worth more than their homes. Today, many of these homeowners are locked out of refinancing because they are underwater.

    The hardship letter should open with a succinct explanation of why the borrower stopped paying the mortgage. The letter should cite a reasonable specific hardship, like a lost job, illness or reduced income.
    Next, the letter should briefly cite any steps the borrowers took to avoid defaulting on their loan, like cutting household expenses or tapping into savings.
    If their financial situation has since improved, or is likely to, borrowers should mention that as evidence that their hardship was temporary and won’t hamper their ability to make payments on a modified loan.
    Finally, the letter should state exactly what borrowers are applying for. Is their proposed solution a lower interest rate, for example, or a principal reduction?
    Borrowers who are underwater that is, owe more on their mortgage than their property is worth may ask their lender to consider a short sale, in which the house is sold to another buyer for less than the amount owed. Its widely  advised that homeowners considering a short sale apply to the bank before putting their house on the market.
    The fact that a home has lost considerable value should not be cited as the sole hardship. The borrower might include that information in the hardship letter, but he or she must also explain the inability to pay the mortgage

    In the case of a short sale, the hardship might be the borrower’s need to sell right away because of a job transfer or long-awaited employment opportunity elsewhere.
    One of the items your lender or servicer will ask for during the loan modification process is a hardship letter. A hardship letter is a written explanation as to what “event” has caused you to fall behind on your mortgage and it vital in helping you stop foreclosure.

    This letter acts much like an outline or biography of your current “life” issues that are affecting your ability to meet your financial obligations.

    Requesting a HSBC Loan Modification  -Steps Which Must Be Followed

    HSBC Loan Modification

    HSBC Loan Modification

    Are you struggling to make your HSBC mortgage each month? If so, programs are available to help. Anyone who has suffered a hardship of temporary duration that can be resolved is eligible and the same is true of those who need assistance getting back on track to start fresh. Four programs are offered. Once a program has been selected, the application process begins and certain steps must be followed. Here is how to request HSBC hardship assistance.

    Determine which hsbc loan modification program bests meets your personal situation.

    Loan modification or temporary payment modification-The hsbc loan modification is a formal written agreement between the borrower and lender which reduces the monthly payments for an established period of time. If the situation persists when this time period is up, additional options may be offered. This hsbc mortgage modification allows the borrower to make a reduced payment for the modification period without the need to pay additional fees or refinance the home.
    Reinstatement-This process prevents the property from going into foreclosure by bringing the account up to date, including all fees and cost.
    Repayment plan-As with the loan modification or temporary payment modification, this plan involves a formal, written agreement. Here your regular mortgage payment will be made each month along with a portion of the past due unpaid balance. This plan is for a pre-determined time period and brings the account current over time to avoid or stop foreclosure.
    Restructure-This program allows you to avoid foreclosure by deferring payments to bring the account current. This agreement between the borrower and lender allows you to get caught up on payments that got behind without having to come up with the funds up front.

    Once you have selected a program you must contact an HSBC Mortgage Servicing Professional to discuss the options and whether or not the selected program is right for you. These professionals may be reached at 1-800-395-3489.

    Documentation must be gathered so the lender can assess the request and this documentation must be provided within 15 days from the date of the payment assistance request. If the documentation is not received in this time period, the request will be denied. Types of documentation needed will include:

    Two subsequential pay stubs which must be dates within 60 calendar days of the modification request.
    For those who are self-employed, three months of the most recent bank statements must be provided. These statements must show all transactions details. If these aren’t available, the prior year’s tax return must be provided along with the Schedule C or K.
    Those who have no income must complete a written statement attesting to this.

    Citimortgage Offers Mortgage Relief to Homeowners

    Citimortgage, a division of Citibank, is reaching out to homeowners who are having trouble making mortgage payments.  Some homeowners have fallen behind, others cannot continue to make payments and some are facing foreclosure and the loss of their homes.  Citibank has multiple programs to suit any mortgage relief need.
    For those whose homes are in the foreclosure process, Citibank offers Deed in Lieu as well as short sale programs.

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    Costco Mortgages available in an Aisle Near You

    Yep.  You can now shop at Costco for just about anything.  True story:  a man ran into Costco for his weekly supply of nutri-grain bars and potato chips in bulk packs, and saw a brochure for Costco’s new Mortgage Lending offering.  He went home, researched it, filled out an application online, and received a few replies from the data base of lenders involved.  He ended up refinancing his 170,000 15-year fixed loan into a 30-year fixed at a lower interest rate, saving him a whopping $500.00 a month on the payment.  All from his need for potato chips!

     

    After a year of testing, Costco now offers mortgage and refinancing financial services, as the marketer, for New Jersey based First Choice Bank.  Costco does not make a profit from the borrower either from an origination fee or percentage of loan amount of the lender;  they only make money by offering and marketing the product, however they maintain the rights to oversee the process and have some strict guidelines that participating lenders must adhere to.

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    Wells Fargo Mortgage Help

    It’s no secret that the economy has hit many people hard.  Families who used to be able to pay their bills on time are falling behind on mortgage payments; some are even facing the loss of their homes through foreclosure.  There is hope, however, for those who have their mortgages through Wells Fargo.  Wells Fargo offers several programs to help those who have fallen behind on their mortgage.

    Wells Fargo, founded in 1852 in San Francisco, is estimated to have insurance, mortgage, and investment dealings in one out of every three households.  Wells Fargo’s commitment to help its customers succeed financially has allowed the company to offer the following mortgage relief programs.

    1. Debt consolidation: Debt consolidation allows a homeowner to combine many higher interest credit card payments and loans into one lower payment.  While not eliminating your debt, it makes payments more manageable.  A debt consolidation loan will free up more money to bring a mortgage current and maintain timely payments on it.  Wells Fargo will study a homeowner’s payment history, credit history and ability to pay before extending this form of mortgage help to homeowners.

    2. Refinancing:  Refinancing a mortgage can allow a homeowner to lower monthly payments, get longer term loans, and change mortgage types.  Wells Fargo cautions that there may be origination charges, including processing and application fees, as well as discount point that can be used to further lower interest rates.

    3.   Repayment plan: It may be possible through Wells Fargo to redistribute back payments and repay them in future loan payments.

    4.  Attorney General’s Settlement:  Wells Fargo entered an agreement with the Attorney General’s office that permits them to help homeowners with their mortgage woes.  It allows the expansion of first or second loan modifications.  For homeowners with no equity in their home can qualify for an n extended first lien program.  The extended first lien program will not lower the principal, but it can help to lower interest rates for struggling homeowners.

    In order to qualify for the Attorney General’s settlement, homeowners must:

    In addition, the Attorney General’s agreement will allow a modified short sale of the home if necessary, with debt forgiveness to qualified homeowners.

    5.  Independent Foreclosure Review: IF the homeowner was involved in a foreclosure during 2009-2010, Wells Fargo promotes the Independent Foreclosure Review that will help to determine if the foreclosure was a legally valid one.

    Wells Fargo at https://www.wellsfargo.com/ offers many types of relief to a struggling homeowner.  They have a team of experts ready to answer any and all questions regarding any of the above options and can guide a homeowner in the direction of the relief program most appropriate to their circumstances.

    PHH Mortgage Help

    In today’s economy, more and more homeowners are struggling with maintaining monthly mortgage payments.  As expenses rise, some homeowners are facing a crisis such as foreclosure.  PHH Mortgage, a leader of the nation’s lending institutions, offers several programs to help the homeowners meet their obligations, become current on their mortgage payments, and avoid foreclosure.

    PHH is not just a lender; it is also a servicer of loans made by many other lenders.  This means that, with well over $40 billion in loan experience, PHH can find the best mortgage relief solutions for home owners.

    PHH works in conjunction with many government relief programs within the Making Home Affordable Act. (more…)

     US Bank Home Mortgage Assistance Programs; Relief Programs for Homeowner

    One of the top lenders in the country, US Bank is now offering mortgage help for homeowners who are struggling to make ends meet, missing mortgage payments, or who owe more on their property than it is worth.  Some, such as HARP and HAMP are government sponsored while other options are unique to US Bank.

    The first option, a US Bank Repayment plan, allows a homeowner who has missed payments in the past to pay these past due amounts in monthly installments.  The US Bank Repayment plan is a viable option if the homeowner has extra funds at the end of each month and can apply these funds towards the mortgage plus the repayment amount.  US Bank offers an online link to determine what repayment plans are available, and which is best for the homeowner.

    Another US Bank mortgage relief program is the Hardship Loan Modification.  US Bank will combine all overdue interest and principals due because of missed payments and add them to the term of the loan, thus extending the loan.  A 30 year loan, for example, might be extended to a 30 year four month term if the mortgage payments are four months behind.  This is more appropriate for a homeowner who doesn’t have extra money at the end of the month but can cover mortgage payments and applicable fees.

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    Wells Fargo Loss Mitigation

    If you have a mortgage with Wells Fargo, and you’ve ever had a problem making your payments, then you may have heard from the Wells Fargo loss mitigation department. This is a department that typically comes into play if you are behind on your payments only for a few months. If you’ve been contacted by this department, you can just about bet that the mitigation process is already taking place. However, for many, there are a number of options available to you if you’re having trouble making your payments on time.

    Below you’re going to discover some important information about Wells Fargo loss mitigation, and how you can use this department to help you keep your home by working through a number of options that they offer. Before getting started, there are some important items that you’ll need to understand and consider.

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