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Utah Mortgage Resource - Dana Anghel
Utah Mortgage Resource - Dana Anghel's posts

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Who wants to refinance out of their high interest Utah Housing FHA loan?!

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A little update on the Salt Lake market conditions from partnering Realtor Trela Bird:

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My first article on Lender411. Ideas worth spreading ;)
Compensating factors for an otherwise unsavory mortgage application

Compensating factors on your mortgage application do more than make your file look good. They are strong, positive aspects of a situation, which can offset other elements that are either negative or weak. Underwriting exceptions are likely to occur when compensating factors are present, and can make a difference between a borderline loan application's denial or approval.

Possible compensating factors:

A 12-24 months documented ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage.

Minimal increase in housing expenses. Note that payment “shock” (big increase in monthly payments) accounts for over 50% of all late payments in the early years of a mortgage loan!

New home is closer to work than current one and/or has energy efficient improvements. This translates into potential savings for the borrower, and improvement of his/her financial situation.

A down payment of 10% or more in the case of a home purchase, or a significant equity position in the case of a refinance transaction.

There are quite a bit more:

h/t Dana Anghel!

#mortgagehelp   #mortgageadvice  

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Don't be a target for dishonest lenders! How to shop around for the best mortgage loan, and how to read your Good Faith Estimate: 

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Here's a sneak preview of the ad that I am going to run on 

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Should I refinance my mortgage?
Is this a good time, or will the interest rates drop some more? 
Ah, the dilemma!

If I could predict the future I would be out buying that one Lottery ticket, so my best answer to you is this: there is no better time than the present. You can't change the past, and you can't move forward by standing still. So here is my advice for the undecided. 

You have to assess your situation, find out specifics, and do some basic "plus and minus" on whether the benefits outweigh the costs.

There are two types of refinancing: “rate and term” and “cash-out”.

The “rate and term refinance” has the purpose of changing your mortgage interest rate, life of the loan, or both.  With a good refinance, it should take you up to 2-2.5 years to make up for your closing costs in savings - make sure you plan on being in the home at least that long.

Resetting the clock on a 30 year mortgage – the main advantage is a lower monthly payment, very important to people on a budget. Don't be afraid to ask about adjustable mortgages (ARMs), they might turn out to be the ace up your sleeve.

Keeping the same term. You’ve been paying on your 30year mortgage for 5 years now? Refinance on a 25year term, but still decrease your mortgage payment.

Lowering your term. You might see an increase in your monthly payment, but if you can afford it, it will pay off in the long run. The interest rate is also lower than on a 30year term.

Example: $200,000 loan, 30year mortgage, 5% interest. 
- By making the scheduled payments, you would have paid $186,513 in interest over the life of your loan.
     $200,000 loan, 15 year mortgage, 4% interest 
- By making the scheduled payments, you would have paid $66,287 in interest.

The “cash-out refinance” is a way to tap into the equity of your home and put that money to a better, or more urgent use. You can pay off high interest credit card debt, make necessary home improvements or fund your own business.  Perhaps use it for your child’s college tuition, or to finally book that trip to Europe! Whatever it is, you decide how you want to prioritize your money.

If you’re thinking about refinancing but you’re not quite sure, talk to a mortgage professional. Don’t just ask for the current interest rate: explain your goals, get an estimate of costs and run the math on different scenarios. You might be surprised by what you find.

Good luck with everything and feel free to call or e-mail. If you’re anywhere in Utah, I would love to help you refinance/provide the necessary guidance. 

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