Refinancing Home Loan - Online [10to5mortgage.blogspot.com]
The internet is the best source of information to shop around for the best interest rates. It is a good place to start the search for mortgage applications as they do not require any credit information in the first application. The lenders might contact the borrowers personally to inquire about the financial position. A person has the advantage to apply to different mortgage lenders simultaneously regarding refinancing home loan. In practical life, it becomes difficult for him to have a one-one interview with different lenders and it may be time consuming. The internet gives the liberty to submit quotes to numerous lenders and obtain maximum information. This might be very helpful for the borrowers to know about the lending rates of various companies and choose the best one according to his needs.
The mortgage companies will forward the request from the borrowers to numerous lenders and will forward their replies.
The top 4 or 5 lenders can be chosen and can be applied for the pre-approved loans. The particular lenders will contact the borrowers in just 24 hours of time. The entire process is made easy with the abundant available of information. Most of the refinance home loan applications will be approved in just one hour of time. Persons with good credit scores need not worry about the approval.
The individuals with good salary and credit history should not get problems in getting the loan. They have the option to select the best lender out of the available lenders. The cheap interest rates can be compared so that the monthly payments can be reduced. It is good for the borrowers to make a good down payment to reduce the burden of monthly payments. The refinance home loans will be approved so easily and the borrowers must take advantage of using the technology to gain more convenience.
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Question by : Threatened to refinance or sell home by FDA/USDA? I have been asked if the FDA/USDA can force you to sell your home if you do not refinance under Obama's new ideas to save money. I will state this the best I can, and hope for advice on this by someone far more knowledgeable than I. The homeowner is a Vet, Vietnam if that matters, and has had his loan for some time (at least 20 years if not longer). Recently, the group that he has financing his home has threatened to force him to sell his home if he does not refinance it under the new laws. Like myself, he feels that this is "wrong" and not a wise move, as he only has a limited time left to pay on his home and due to his age. In short, G-d willing, he will have it paid off and have some life left afterward, but refinancing, which may save him money each month, will force him to pay longer, and it is unlikely that he will live much more, due to "illness" from service. I am unsure if it a threat by the FDA or the USDA, as he believes that they have merged into one agency now. He was formerly in a rural area, but this may have changed due to the growth in the area where he lives. It is still not a city by normal standards, but is much less farm-able due to the destruction of land for concrete and asphalt. My experience with any government agency has been that it starts off bad and only gets worse. To use old terms, SNAFU or FUBAR and ends up with BOHICA. This is even worse for vets under the anti-military types, like Clinton, who seem to thrive on taking away what vets have fought for to begin with. I know a little about creditors who are private sharks, but my experience has been that the government can break any law they want so that the come out ahead, so none of this applies to them. I realize that the current "rates" are better than they were, at least for interest, but does this "pay off" if your fixed rate is decent and you will be forced to take a variable interest mortgage, which can go up and down over time (usually up in my experience). Thus, my basic question is if the government can threaten (I thought this was illegal anyway) to force you to sell your home if you do not refinance, even if it is in your best interest to hold onto a former mortgage which is almost paid off? Thanks in advance, To the best of MY knowledge, he has not missed any payments. I am not sure if he would tell me (we're just friends) but it isn't like him to do this and he has the income to meet his bills on time. He is not a farmer, but does live in an area where farming was a way of life. The loan was backed by a government agency, and he is a vet. I believe it was the FDA, though I am not positive. Someone told him that the FDA and USDA had merged, but I didn't know and did not think so. However, with the changes going on, I never overule anything. :) Sorry I cannot provide more info to help clear this up. A misunderstanding is possible. Most of the guys I know of this group distrust the government greatly today, even if we served it loyally "back then." Ooops. Sorry, that was my typo on FDA. Habit I guess. I meant FHA and the USDA. Thanks for catching that "Books." :) Best answer for Threatened to refinance or sell home by FDA/USDA?:
Answer by Gaytheist Buddha
This is plain FUD (fear, uncertainty, and doubt). If your friend/client is up to date on his payments, he cannot be forced to refinance. Read the trust deed carefully. Those are usually 30-year contracts that cannot be changed. He is welcome to make payments on existing loan as long as he has continuously met every term and condition of the contract. Has he never missed a payment? Has he held continuous property hazard insurance sufficient to cover the mortgage? Was he 100.0% honest on his loan application and his written/verbal statements to the underwriter? Has he never missed a property tax payment? Has he properly maintained his property and met local building code rules? That letter is either being misinterpreted or is a scam. Contact his federal congressional representative if you think the government is scamming him.
Answer by Nostra
The FDA and USDA are two very different agencies, with very different missions. they have not merged. USDA offers a guarantee program that assists farmers and people in rural areas in getting home loans. The USDA does not make the loan, but offers a guarantee to the lender that limits the maount of loss that the lender would take if the borrower defaults on the loan. Information on the program can be found at http://www.rurdev.usda.gov/rhs/. Information on eligiblity for a Rural Housting loans can be found at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. If the borrower has missed making their loan payments, they are eligible to request a loan modification. The modification follows FHA modification. No one forces a borrower to take a loan modification. a person that is current has not need of a loan modification. All FHA loan modification will result in the borrower making less total payments in the future, than if the loan was not modified. To answer your last question. If the borrower is four or more months delinquent and does not accept a loan modification, then they are in default and the lender, NOT the government can foreclose and take the home from the borrower. Unfortunately your question lacks to many details to give you a specific answer or how to help.
Answer by Books
The FDA is the Food and Drug Administration. The USDA is the United State Department of Agriculture. I seriously doubt that the FDA and the USDA would be combined. The USDA does make or back loans for rural development and home loans. As other answers have pointed out, if this person is current with his loan payments and is not behind he can't be forced to refinance. This sounds like alarmist propaganda by the same people who clam the national health insurance will send out "death squads". A lot of bunk. The vet needs to get accurate information. He should talk to the bank or financial institution that he pays his loan to for starters. If he doesn't like that answer he should talk to other people. He should not listen to rumors from people who don't know the facts and are just repeating whatever scares them. It shouldn't take much research to get the truth to settle this vets fears.
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