• Baton Rouge, LA – Roofing

• Roofing Company Baton Rouge

Roofing Specialist Baton Rouge, Our experience with wind damaged roofs, Roof Replacement and or Repairing Roofs with the residents of Baton Rouge Louisiana, New Orleans Louisiana after Hurricane Katrina,  residents of Houston Texas that were hit by Hurricane Gustav and Residential Homes of South Florida after Hurricane Charley has given us the background and valuable perspective necessary to help your Damaged Roofs and more importantly, your life, get back to normal.

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Step 1: Contact your local FHA mortgage lender or bank and explain that you want to refinance the existing FHA mortgage loan. You do not have to work with the lender or the bank, which is currently servicing the loan. You can shop around for lenders to offer the lowest fees or the fastest turnaround time.

Conditions Required to Obtain a FHA Loan:

• Steady employment history, at least two years of employment history
• Consistent income over the past two years
• Any Chapter 7 bankruptcy on record must be at least two years old with good credit for the two consecutive following years.
• Any foreclosure must be at least three years old
• FHA mortgage payment of no more than approximately 30% of applicant’s total monthly gross income

Ask the lender about streamlined FHA refinance. This type of refinance is only for homeowners who already have an FHA loan. FHA Streamline mortgage refinance require much less documentation than not a traditional refinance. You will only be eligible for streamlined refinancing if you currently are in a FHA Loan.

Step 2: Send the lender by fax, mail or e-mail, depending on preference, all documentation that is requested by the mortgage lender.

Step 3: Give the lender permission to check your credit and to appraise your home. Both are important for the refinance process. Lenders rely on consumers credit score – anything above 720 is considered good, while scores below 620 is considered bad – to determine if they will lend you money and what interest rate. They will send an appraiser to ensure your home value has enough equity. Most lenders and banks require that you have at least 90 percent equity in your home.

FHA Home Mortgage Loans are Backed by the Federal Housing Administration and is an increasingly popular choice for home buyers. This is partly because the FHA loans require only a 3.5 percent advance in the home purchase price, as most mortgage lenders require 20 percent down payment. Locate an FHA approved Mortgage Lender.

Home equity line of credit

This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate fluctuates (typically monthly).

With a HELOC, your lender will approve you for a specific amount of credit – the maximum amount you may borrow at any one time under the plan. In determining your credit limit, your income, debts, credit history and other financial obligations will be reviewed. An appraisal will be required on your home to determine the home’s market value. Your credit limit will be based on a percentage of your home’s appraised value, which is then subtracted from the balance owed on your existing mortgage.
Most HELOCs have a fixed period (5, 10, even 20 years) during which you can borrow money. Typically, you will use special checks or a credit card to draw on your line. You will be required to make a minimum payment each month – usually the interest that accrued during the draw period. However, the interest you pay is usually tax deductible. At the end of your “draw period,” you will be required to pay off the loan, making monthly payments on the principal and interest.

You choose what you want to do with your home equity line of credit:

• Remodel your home
• Take a vacation
• Consolidate bills
• Buy a car, boat or RV
• Finance tuition or other expense
• Use it as an emergency fund

There are many features of HELOC loan programs. Ask your Loan Officer to help you decide which is best for you.

• Great Rates: rates can be below the prime rate on some programs.
• No Loan Fees: No appraisal fee or closing costs.
• Convenient Closings: Some programs allow doc signing in your home.
• Credit lines or maximum loan limits vary with each program.
• Pricing varies with the LTV.
• Accessing the cash in your credit line can be done by writing a check, charging on a credit card or making a withdrawal at a financial center.
• Many of these programs have an early termination fee.
• Some programs may offer a fixed rate loan option feature, where you can lock in a fixed rate on all or a portion of your outstanding balance.
• Pricing is based on your Credit Score. These cutoff limits are fairly strict, so if your score is just below the next higher range, you may want to discuss how to improve your score with your loan officer.

Mortgage Loan Resources

• Steps to Purchasing a Home
• FHA Loans VS Conventional
• Home Equity loan info
• Escrow Accounts – info
• Private Mortgage Insurance
• Home Mortgage – Closing Cost

• Refinancing your Mortgage Loan
• Mortgage Refinancing
• Debt Consolidation Loan

There is an old adage that says if you can improve your interest rate by at least two percentage points, then it is a good time to refinance. The best scenario for you to consider mortgage refinancing is when you owe a large amount and your still have many years of paying off your home loan. The reason to do a mortgage refinancing is to save money by getting a lower borrowing rate and more favorable borrowing terms. As a general rule of thumb, the truth is there are other reasons to refinance:

1. Lower your interest rate
Refinancing your mortgage is a great way to save thousands of dollars over the length of your mortgage loan. Lowering your interest rate is one of the top reasons for refinancing your mortgage. This can make a big difference in your monthly expenses and costs for housing by saving money on financing fees.

2. Building equity faster
Homeowners build equity with their monthly mortgage payments. This equity is a form of asset and can be returned to the homeowners upon the sale of the property. In this way, homeownership is a type of forced savings. Homeowners can borrow against their equity as the value of the home increases If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program into a 15 or 20-year loan structure. This enables you to build equity faster and save a tremendous amount of money on financing fees.

3. Convert Your Adjustable Rate Mortgage

Many homeowners who start with Adjustable Rate Mortgages desire to move to the stability of a Fixed Rate mortgage later on down the road. As interest rates fluctuate, making original deals less attractive, people will change their loan programs in order to capitalize on the best rates available.

4. Improved Credit Rating

Your credit score has improved as a result of making your mortgage payments on time and in full, you may be in a position to take advantage of your improved credit standing. Over time, you will end up with a much improved credit score and a more admirable credit history. Your improved credit score helps you obtain a lower interest rate.

We can review your current credit score, the terms of your existing mortgage, and review options for other loan programs that could not only reduce your monthly payment, but also save on interest fees paid over the life of the loan.

5. Use the equity you have established – CASH OUT OPTION

A cash-out refinance allows you to tap into the equity you have built up in your home. You may want to pay off revolving credit card accounts, send a child to college, or use the money for home improvements or personal expenses.

6. Tax deductions

Homeowners can deduct mortgage interest and property tax

payments on their income tax return. This can mean substantial

savings for some families. Some tax deductions include:

• Mortgage interest

• Property taxes

• Closing costs

• Discount points

• Origination fees

Home Purchases  Closing
Costs

Regardless of your reasons for wanting to refinance, Consider these components when choosing a 30 year fixed loan, obtaining low monthly payments that do not change, loan that’s generally easier to qualify for, planning to remain in your house less than 10 years , mortgage companies will reveiw the terms of your existing loan program. It will be important for us to know the purpose of the refinance and how long you plan to stay in the home. This helps us to determine whether or not it is beneficial for you to pay points up front to secure a lower interest rate on your new financing. The last important point to remember with companies who refinance home loans. Try and get a guarantee on the rate so that it is locked in during closing. This will keep the rate the same even if it should go up prior to your closing. You could even try and see if they will agree to a rate decrease if that should occur before closing

Last, The first step of refinancing your home is finding a reputable lender that will get the job done right the first time. The goal is to reduce your payments or to increase the equity of your home in a shorter time. We’re making it easier than ever for you to do the things you want to do—whether it’s lowering your mortgage payment, consolidating debt, or remodeling your home. Regardless of credit history or employment status, we can help you refinance your home and free up the cash you need

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Get the lowest Mortgage Rate

Fixed Mortgage Rates are at a all time low.

Getting your mortgage quote is hassle free and there is no obligation on your part.

Convert your 2nd mortgage or an adjustable rate mortgage loan into a low fixed rate, we can help you Compare Loans and save thousands.

Home Purchases  Closing Costs

Compare rates from up to five lenders

• Convert Adjustable rate to Fixed Rate loans
• Home Improvement Loans
• Loans with Less Than Perfect Credit
• Refinance 2nd Mortgages
• Low Refinance Rates
• Down Payment Assistance Loan Programs to turn renters into buyers
• Home Loans – 2nd Mortgages
• Cash out Refinancing options
• Home equity Loan programs
• Interest-only mortgages
• 100% Financing
• Bad credit mortgage options
• Home Equity Loan

Let us show you how to get around impossibly high interest rates. We can help you find the right lender to consolidate your debts into a single loan. A loan with a reasonable interest rate and affordable monthly payments. Fixed-mortgagerate.com is committed to make your Home loan transactions as smooth as possible.

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