Tidbit update

Three nuns are driving down the road when all of a sudden a vampire jumps out in front of the car and blocks their way.  The driver yells to the sister in the passenger seat, “Quick!  Show him your cross!”

The sister rolls down her window and yells, “Get out of the way, you bloody toothy git!” Continue reading “Tidbit update”

Series – Refinance or Modify? Part 2

Question #2 – How much is your home really worth?

Woe to the unlucky homeowner who applies for a refinance, only to find his home is worth so much less than his mortgage owed, the refinance will require him to bring money to the table.  Do your homework before you apply.

If you know a realtor with whom you have a good relationship, you might ask them to give you a quick 3-up comp sheet as part of your application portfolio.

Other sources for your investigation are zillow.com, cyberhomes.com and ditech.com.  Look at how these companies put their numbers together

  • Are there multitudes of foreclosure sales included?
  • How far back are the comperable sales?
  • Do they include listing/asking prices on nearby homes, which may be like yours but which have not yet sold?

Put together a reasonable picture before the application.  As tied as you are to your home, an assessor will be much more objective in the loan process.

Series – Refinance or Modify?

Interest rates have people drooling at the prospect of lower mortgage payments, but before you rush out so you have bragging rights at Friday’s after work social on lowest APR, there are some things you want to think about. 

Question #1:  Is this going to save you money? 

Costs associated with any type of loan are generally forgotten about until the paperwork is sitting in front of you waiting for your signature, when you make a mental note to self to not be so stupid next time.  Of course you sign and get the loan because you don’t want to be beligerent (and dense) in front of the loan officer.

If the answer to question #1 is “no,” be happy.  You’re not currently spending too much on your mortgage.