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Maximum Loan to Value for a FHA Refinance | Pocket Sense

The max LTV varies by refinance type. A one-time Up Front Mortgage Insurance Premium of 2.25 percent is charged on each FHA refinance.

Streamline

A streamline refinance involves minimal underwriting and is designed to lower the borrower's principal and interest payment. Only available to existing FHA-insured mortgage borrowers, the streamline maximum LTV is 97.75 percent. The streamline may be...

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The Average Interest Rates for a Second Mortgage | Pocket ...

The Average Interest Rates for a Second Mortgage

by KC Hernandez

; Updated July 27, 2017

A second mortgage has a higher interest rate than a primary, or first, mortgage. Secondary loans are also referred to as junior, subordinate or piggyback mortgages. They tend to be more expensive for borrowers and difficult to get because of the risk involved. Should you default on a second mortgage, chances...

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The Average Length of Time It Takes to Refinance a Mortgage

Refinance loans make it possible for homeowners to lower their mortgage interest rates, consolidate other debts or get cash out of their equity to pay for other endeavors. Because each homeowner has a different financial situation, you can't place an exact time frame on the refinance process. The process requires many different parties to work together from start to finish, creating many...

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Is a Cash-Out From a Refinance Considered Taxable Income ...

If a homeowner decides to refinance his home to take advantage of the equity, the cash that he receives from the refinance is not taxable income, according to the IRS article "Home Foreclosure and Debt Cancellation." The borrower must pay the loan back--the loan is not income, so income tax is not due. The borrower may borrow more than his existing loan balance and take that amount as cash...

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Types of First Time Home Buyer Loans | Pocket Sense

First time home buyers are normally a huge segment of the real estate market. However, most first time home buyers do not know the differences in home loan financing. Being educated about the choices and programs available can save a first time home buyer thousands of dollars in interest and fees over the term of the mortgage. Enclosed is information pertaining specifically to the types of first...

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How to Refinance While House Is in Foreclosure | Pocket Sense

If you are in danger of losing your home, there still is time to refinance while the house is in foreclosure steps.

If you can refinance your home, you will be able to start off with a clean slate. The loan will start over and you won't be behind payments. As a bonus, sometimes a lower interest rate is available, making the monthly payments less.

Not every situation is a prime candidate for...

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The Average Closing Cost of Refinancing a Mortgage ...

The closing costs to refinance a home can vary significantly, especially from state to state. The amount of money you need to close on a refinance depends on the type of mortgage you applied for. Refinancing costs can be broken down into two main categories: fees charged or collected by the lender, and a variety of other costs that may need to be paid to replace your old mortgage with a new...

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What Can I Do if My Mortgage Is Upside-Down & My Lender ...

What Can I Do if My Mortgage Is Upside-Down & My Lender Will Not Refinance?

by Daria Kelly Uhlig

An underwater mortgage deals a serious financial blow because the negative equity can turn one of your greatest assets into a liability. High risk prevents most lenders from refinancing underwater mortgage loans -- if you default and the lender forecloses, it won't earn enough on the sale of your home...

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How to Cash Out an IRA | Pocket Sense

How to Cash Out an IRA

by Michael Keenan

; Updated July 27, 2017

Unlike employer-sponsored plans, such as 401(k)s or 403(b)s, you are permitted to cash out your individual retirement account whenever you want. However, if you cash out before you turn 59 1/2, you will owe income tax on the money withdrawn and a penalty for taking an early withdrawal. The implications of an early withdrawal depend...

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Related topics : cash out ira without penalty / cash out ira early / cash out ira / take out cash / insurance cash out

Rules on Cashing Out a SIMPLE IRA | Pocket Sense

Rules on Cashing Out a SIMPLE IRA

by Ciaran John

; Updated April 19, 2017

If you own a company with 100 employees or fewer, you can operate a pension plan known as a Savings Incentive Match Plan for Employees Individual Retirement Arrangement, also known as a SIMPLE IRA. These accounts share some of the hallmarks of other employer sponsored plans such as a 401k plan. However, when it comes to...

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Related topics : cash out ira without penalty / cash out ira at age 70 / cash out ira / cash out mean / 401k cash out