Financial Freedom News FINANCE/REFINANCE AND PAYOFF YOUR MORTGAGE WITH $2,500 By Fred King Andrews COACH/CONSULTANT You may be thinking about refinancing your home, because you are served up these well hidden secret government refinance programs…they offer those low, “but you better hurry” rates that are a fixture for well over the past ten years. In spite of those secret government programs and low rates, the so-called real estate market has not recovered; the economy is just as sluggish as it were. More of today’s jobs, and most of tomorrow’s jobs are Internet marketing projects—which is exactly what you have to do to acquire your home—but that is not a well-hidden government secret! I can’t blame you for thinking that if you refinance and get a lower rate, it would help you…that is what almost everybody believes. I can’t quite understand it, but people will believe most of the same old lie over the truth. What is the point of low rates if you still have minimum wage jobs and can’t pay? You may get a lower mortgage rate for a longer period, while starting over your mortgage, and paying interest only for the first twelve years…excluding the $5,000 of additional hidden charges, you will have to pay up front in cash. ‘See the article below’… Refinancings hidden costs Mortgage rates are at record lows. But are you ready for the fees that come with a refi? By Marcia Passos Duffy of Bankrate Mortgage refinancing rates are enticingly rock-bottom. But dont be hypnotized by the low percentage points when you are trying to decide whether to refinance. Consider this: There is a price to pay even above and beyond the points youll be required to shell out. Make sure you factor these costs into your considerations. Application fee ($75 to $300): Youll pay this fee even if your loan is denied. Loan origination fee (up to 1.5% of the loan principal): A charge to evaluate and prepare the loan documents. Appraisal fee ($300 to $700): Sometimes this cost is folded into the application fee. You can check to see if this fee can be waived if you have had a recent appraisal of your home. Inspection fee ($175 to $350): Before you get your refinance loan, the lender may ask that you get your home inspected for structural problems, termites and other pests. Attorney review and closing fee ($500 to $1,000): You may get charged for the lawyer who conducts the closing for the lender. Title search and insurance ($700 to $900): This will cover the cost of searching your propertys records to make sure you are the rightful owner and to ensure there are no liens against the property. Survey fee ($150 to $400): This fee may be waived if a survey of your land and buildings has been done recently. Prepayment penalty (one to six months worth of interest payments): Before refinancing, check the fine print of your current mortgage for prepayment penalties that will cost you extra if you pay off your mortgage early. Before you jump into refinancing, make sure you understand not only the mortgage refinancing rates but all the hidden costs associated with refinancing your loan. I would like to paraphrase the last two lines: Before you jump into refinancing, make sure you understand not only the mortgage refinancing rates but all the hidden costs associated with refinancing your loan. Add the hidden costs to the real cost, and compare them to the cost of raising capital to pay your home finance/refinance, and mortgage costs. If your mortgage note is $500 or $5,000 a month—WE GIVE YOU THE MONEY TO PAY—as a return on your $2,500 investment. GO TO bargainhuntersplus SELECT HOW TO BUY PROPERTY, and submit that enrollment. Then—HURRY—click on the Coffee Cafe Tab, which will take you to the ‘Home Investment Club’ enrollment application. This enrollment tells us bout the home you want to finance/refinance and get the capital to payoff. If your enrollment is accepted, you will get confirmation e-mail, and a call from our agent in your area. Most of the people who seek refinance are doing so with the hope of getting some relief. When you have a mortgage that is based on your wages, however: you are in economic quicksand, and are likely to get gobbled up four or five years down the road. You only real relief is to capitalize your home acquisition by raising the money outside of your wages, specifically to pay your mortgage debt obligations.
Posted on: Wed, 26 Mar 2014 15:01:02 +0000
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