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In order to extend the term of your payment of mortgage, refinancing comes to your advantage. Basically, it depends on your financial and personal situation. Suppose you are in a situation in which you are burred under debts and payments become a burden. There are some things you should consider in this situation. The first thing you need to do is take stock of your short term debts and remember the equity in your home is based on the difference between what you still owe on your mortgage and the value of your home on the current real estate market. Make a total of your present interest rates on your mortgage and on the current debts you owe. Then you can contact various lenders for the current market rate of interest on the term you want. From these figures you can make out how much you can save on refinancing. Next thing to decide is the type of refinancing that would be the best for you. Refinancing gives you an option to extend your mortgage over a period of up to 30 years, which would give you very low monthly payments. But you must have one thing in mind that the longer you are paying off the loan, the more interest you will pay in the end, so it really takes some figuring to know if this will be a benefit to you in the long run. Generally you extend your term only because you are not in a situation to pay high installments each month. Inversely, your mortgage terms can be shortened also when you refinance. This will bring higher monthly payments, but will get the mortgage paid off much faster, which would also be to your benefit. So it all depends on you. When you have decided to get the loan refinanced, try to shop around, as there are many lenders that would be willing to give you good deals in a mortgage. Many people are turning to refinancing their mortgage. As rates continue to rise, most would think that refinancing just does not benefit you. But under the right circumstances, refinancing to a higher rate may be a right step in right direction. One scenario for refinancing higher is if a person has an old mortgage and little left to pay off, but high interest credit bills or home renovations that are a necessity. In this case, the home equity could be refinanced to a longer term thus cutting the monthly overhead of that old mortgage and directing the cash where it is urgent. Or suddenly you find yourself with a big load of debt, and then by refinancing your home you may just get the opportunity to restart with your cash flow. It may not just be the case of home mortgage. If you have accumulated a lot of small debts, by refinancing you can consolidate all these debts and stretch the term of your mortgage...

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2012-06-23 20:02:31 by fedgguyy

Based on the assumptions you have input, you would save approximately $341,063 (in today's dollars) by buying a home, rather than renting, over the 30 year timeframe you have entered.
Rent vs. Buy Analysis Rent Buy
Rent and fees $1,084,076
Mortgage payments $386,706
Closing costs + $1,000
Property insurance + $3,322
Property taxes + $132,878
Maintenance + $30,000
Opportunity cost (tied-up equity) + $-28,099

What does it take to afford a $1mm+ home?

2009-10-09 11:29:35 by shnandle

My demographic/income level is very common in the Bay Area and was wondering home much other people in our situation are spending on homes.
My wife and I are in our mid 30s and have started to look for a home. We've talked to several mortgage agents and have used online home affordability calcs to see how much we can afford.
With a 36% front end ratio, the the Zillow mortgage calculator says we can afford up to a $1,070,000 home which results in payment of ~$6k a month (yikes!) including prop tax and insurance.
I make $145k year + discretionary bonus of 10%-20% and my wife has her own business and nets around $70k resulting at least $215k...

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CFPB Issues Fall 2013 Regulatory Agenda  — Mondaq News Alerts
.. mortgage issues, including: (a) how to apply certain exemptions under the Dodd-Frank Act that is designed to preserve credit in "rural or underserved" areas; (2) a proposed rule to implement Dodd-Frank Act changes to the Home Mortgage Disclosure Act.

Mortgage TrueView Unveils New Risk Analysis Tool  — National Mortgage Professional Magazine
Mortgage TrueView announced the release of Mortgage TrueView HMDAnalytics, a new risk assessment and business intelligence tool that allows mortgage lenders to analyze Home Mortgage Disclosure Act data in order to better manage compliance risks.

Droidea, LLC Mortgage App for Realtors and Home Buyers
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QuestSoft Updates Software to Accomodate New MSAs  — National Mortgage Professional Magazine
“Not only will many census tract income classifications be affected, but many banks that are not Home Mortgage Disclosure Act (HMDA) reporters may find themselves in a MSA that did not exist before or was expanded to include counties that now fall ..

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