Comments on: How to Find Out if You Qualify for a Mortgage Refinance Under New Making Home Affordable Plan http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/ Helping a unique generation achieve financial independence. Fri, 10 Feb 2012 01:03:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jeff http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-153303 Jeff Tue, 09 Nov 2010 18:53:24 +0000 http://genxfinance.com/?p=1514#comment-153303 Unfortunately, this does not address the millions of Americans, like me, whose loan is not with FNMA or FHLMC. I am quite irritated with this MHA business, because it leaves a lot of us out and a lot of us are making our payments on time. The only reason we can't refi is because we are upside down in our homes and because we do not qualify for MHA, we have to get an appraisal which absolutely kills the deal. Unfortunately, this does not address the millions of Americans, like me, whose loan is not with FNMA or FHLMC. I am quite irritated with this MHA business, because it leaves a lot of us out and a lot of us are making our payments on time. The only reason we can’t refi is because we are upside down in our homes and because we do not qualify for MHA, we have to get an appraisal which absolutely kills the deal.

]]> By: pays to live green http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-120231 pays to live green Thu, 14 May 2009 18:57:02 +0000 http://genxfinance.com/?p=1514#comment-120231 I am getting ready to refinance as well. The closing costs are closer to $2,000, but I will be saving close to 200 a month. A co-worker recently just refinanced under this plan and got a rate of 4.875. I am getting ready to refinance as well. The closing costs are closer to $2,000, but I will be saving close to 200 a month. A co-worker recently just refinanced under this plan and got a rate of 4.875.

]]> By: Bill Burns http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-120217 Bill Burns Wed, 13 May 2009 16:35:28 +0000 http://genxfinance.com/?p=1514#comment-120217 Sounds like you are getting a good deal on your refi and your plan to apply your 165 extra to your payments is a good idea. You will cancel a lot of interest. You should check what I did for my last client. They had a new 30 yr loan of 200,000. With an extra $200 per month they will pay off in 15 years. Guaranteed! Call me 888-410-7566 Bill Burns Sounds like you are getting a good deal on your refi and your plan to apply your 165 extra to your payments is a good idea. You will cancel a lot of interest.

You should check what I did for my last client. They had a new 30 yr loan of 200,000. With an extra $200 per month they will pay off in 15 years. Guaranteed!

Call me
888-410-7566
Bill Burns

]]> By: SmartSecurityPeople.com http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-120214 SmartSecurityPeople.com Wed, 13 May 2009 15:57:06 +0000 http://genxfinance.com/?p=1514#comment-120214 Surprisingly, I just started the refinance process with our bank last week. We locked in a 4.875 interest rate and closing costs will be about $900. We went through the same bank that our mortgage is currently with and as of right now the process seems pretty painless. We will be saving about $165 a month, so I estimate that our closing costs will be recouped in about 5 or 6 months. Our plans are to take a portion of the $165 savings each month and have it automatically applied to the principle of our mortgage. The additional we will use to cover current expenses and boost our savings. Surprisingly, I just started the refinance process with our bank last week. We locked in a 4.875 interest rate and closing costs will be about $900. We went through the same bank that our mortgage is currently with and as of right now the process seems pretty painless. We will be saving about $165 a month, so I estimate that our closing costs will be recouped in about 5 or 6 months.

Our plans are to take a portion of the $165 savings each month and have it automatically applied to the principle of our mortgage. The additional we will use to cover current expenses and boost our savings.

]]> By: Bill Burns http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-119345 Bill Burns Thu, 30 Apr 2009 16:15:47 +0000 http://genxfinance.com/?p=1514#comment-119345 Guess what? For every dollar you pay your mortgage lender 83 cents of every dollar go to interest. YES 80 cents on the dollar. THAT's how the banks build those big buildings. (83 cents is based on the first yr of a 200,000 30 yr loan at 6%.) Mortgages are heavily front end loaded in interest and your loan officer may or may not realize exactly how. For sure they don't like to talk much about it. So when you refinance you go back to paying these high front end costs all over again. Paying off a house is like hiking out from the bottom of the Grand Canyon. Its a long hike. Not easy always. Refinancing is like going back to the bottom and starting all over again. Sure your back pack might be slightly less heavy but if you have ever hiked out of that canyon....... Guess what? For every dollar you pay your mortgage lender 83 cents of every dollar go to interest. YES 80 cents on the dollar. THAT’s how the banks build those big buildings. (83 cents is based on the first yr of a 200,000 30 yr loan at 6%.)

Mortgages are heavily front end loaded in interest and your loan officer may or may not realize exactly how. For sure they don’t like to talk much about it.

So when you refinance you go back to paying these high front end costs all over again. Paying off a house is like hiking out from the bottom of the Grand Canyon. Its a long hike. Not easy always.

Refinancing is like going back to the bottom and starting all over again. Sure your back pack might be slightly less heavy but if you have ever hiked out of that canyon…….

]]> By: Eric D. Greene (artist) http://genxfinance.com/how-to-find-out-if-you-qualify-for-a-mortgage-refinance-under-new-making-home-affordable-plan/comment-page-1/#comment-117998 Eric D. Greene (artist) Mon, 20 Apr 2009 14:06:33 +0000 http://genxfinance.com/?p=1514#comment-117998 Thanks! This is helpful for me, although I do not think I'll be doing a mortgage refinance. Thanks! This is helpful for me, although I do not think I’ll be doing a mortgage refinance.

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