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Refinance

Are you afraid that you might have missed the boat for home refinancing? Refinancing your ARM loans can save you hundreds of dollars a month immediately while also offering you some needed peace of mind with a fixed monthly payment. Don't wait another day to realize your dream of homeownership, or to refinance your home to consolidate debts, make improvements, or fund large purchases. Perhaps you want to take that dream vacation to Europe or Asia! Get a Free Loan Quote on a specialized Loan from Mortgage Loan Outlet today!

Interest rates could rise at any moment, and you don't want to miss the era of historically low rates forever. Whether you want to purchase your dream home or refinance for savings, Mortgage Loan Outlet wants to help you find the right lending package for your family's needs. Get a Free Loan Quote today on a refinance loan, and start saving money now!

Securing a refinance loan with a great rate now could be one of the best financial decisions that you've ever made. At Mortgage Loan Outlet, we realize the importance of feeling comfortable with your lending program, and we want to make sure that it is as efficient and rewarding as possible. Apply for a low-rate home refinancing package today, and start on your way to realizing your financial dreams!

Refinance FYI

Many borrowers use a refinance to shorten the term of the mortgage. And brace yourself, even at low rates, a shorter term means a higher monthly payment. The benefit is that you'll build up equity faster and pay far less in total interest over the life of the loan.

Consider Jim Neill, 48, a real estate broker and his wife Merrilyn, 55, a psychotherapist. Recently, the couple took out a 15-year fixed rate loan at 6.75% to replace an 8.13% ARM with a 30-year term. Their monthly payment jumped by $200, but now they will own their own home outright by the time they retire. In addition, the total interest on the 15-year loan will come to $95,447, vs. $222,234 on the remaining life of the ARM -- and that assumes their adjustable rate would have held steady at its current 8.13%. "This is forced savings," says Jim. "When we retire, we can scale down and take equity out of the house."

If you can't afford the payments on a 15-year mortgage, your next best means of building equity is to refinance for less than 30 years. To do so, ask your mortgage company to customize your new loan's term to match the years that are left on your old loan -- if you are five years into a 30-year mortgage, for example, ask for a 25-year loan.

Trouble Rises Again With Subprime Mortgage Refinance Loans

According to VIKAS BAJAJ Delinquencies and foreclosures among homeowners with weak credit moved higher in the first quarter, particularly in California, Florida and other formerly hot real estate markets, according to an industry report released on Thursday.

The report, published by the Mortgage Bankers Association, came as the Federal Reserve held a hearing on what regulators could do to address aggressive abusive lending practices. Also Thursday, the latest survey showed that mortgage rates this week reached their highest level in almost a year; the national average for a 30-year mortgage was 6.74 %, up from 6.53% last week, according to Freddie Mac, the mortgage giant. The delinquency report presented a mixed picture. It indicated that more homeowners with tarnished, or subprime, credit are likely to have trouble making house payments, especially as interest rates rise. But it also suggested that, at least so far, the problems have not extended very far into the larger pool of prime borrowers, whose interest rates are lower because of their stronger credit. At the end of March, the percentage of all loans that were delinquent or in foreclosure, 6.12%, was little changed from the end of last year and up from 5.39% from March 2006.

The national numbers benefited from a decrease in the defaults among loans insured by the Federal Housing Administration.

The agency and the lenders it works with have been restructuring two out of every three loans in foreclosure, said Douglas Duncan, chief economist with the Mortgage Bankers Association.

And it appears similar efforts to renegotiate mortgages to keep borrowers in their homes may also be holding down defaults overall. "We are seeing more loan modifications and foreclosures and once loans go through either of those processes the loans go out of those databases," said Mark Zandi, chief economist at Moody’s Economy.com. For subprime borrowers, the outlook remained bleak. Nearly 19% of all subprime loans, or 1.1 million mortgages, were either delinquent by more than 30 days or in foreclosure, up from 17.9% at at the end of last year. About 140,000 subprime mortgages entered foreclosure, a process that can last several months, in the first three months. About 20,000 of those loan defaults were from borrowers living in California. "The storm of foreclosure is happening silently across the country," said Martin D. Eakes, chief executive of the Center for Community Self-Help, a nonprofit organization based in North Carolina that operates a credit union and the Center for Responsible Lending. Randall S. Kroszner, a governor on the Fed’s board, said the central bank shared responsibility over mortgage lending with other state and federal regulators. "Rising home foreclosures in the subprime market over the past year have led the board to consider whether and how it should use its rulemaking authority to address these concerns," Mr. Kroszner said. "In doing so, however, we must walk a fine line. We must determine how we can help to weed out abuses while also preserving incentives for responsible lenders."

The Fed first heard from a panel of mortgage lenders and non-profit housing groups and in the afternoon from a panel of state regulators, attorneys general and academics. In the morning, representatives from mortgage companies and an association of mortgage brokers parried, mostly in good humor, with people representing nonprofit housing groups that are the leading advocacy voice speaking on behalf of subprime borrowers. The nonprofit housing advocates attacked stated income loans, in which mortgage lenders do not verify that borrowers earn incomes listed on the residential loan application and prepayment penalties, which make it costly to refinance. Mortgage lenders generally argued against new regulations, saying that most of the practices being criticized may have been abused but can be very effective in helping lower-income borrowers if used properly.

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Freddie Mac's weekly survey of mortgage rates released Thursday showed that rates on 30-year, fixed rate mortgages averaged 4 percent for the week ending November 6th.

For most of 2011, rates on benchmark 30-year mortgages averaged 4.25% percent, second only to last year's 4.125 percent, the lowest annual rate in Freddie Mac's record keeping.

Take out a Home Improvement loan and make those cosmetic changes that you've been talking about. In most cases, making home improvements increases the value of your property. Home Improvement Loans!

"No Income Verified" Debt Relief Programs - Is your income difficult to prove? We have debt consolidation mortgage loans that do not require the standard income documentation. (like W2's)

Do you have Less-than-perfect credit? - We specialize in debt consolidation loans even if your credit is in "the rebuilding phase".

Bankruptcy or Foreclosure - Even if you've had a bankruptcy, or foreclosure in the past, we will do our best to get you qualified for a debt consolidation loan.

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