Current Home Lending Info Blog for Southern Nevada

We are going through quite a few refinances here at The Schwartz Group Team, mostly FHA Streamlines.  For those that don't know, FHA Streamline loans are loans that are kind of like the loans of old, where they do not require an appraisal, verification of assets, verification of income, or any of the other normal requirements that are needed to close loans currently.  The reason this loan does not require the strict regulations that loans of today require,is because they are only allowed to refinance loans that are currently in an FHA Program.  Since they have already gone through the regulations when they originally put the borrower in this program, it is a very simple loan to do, closes in two weeks, and just drops the rates to whatever their current market value is, so if anything the FHA Streamline Program would better the situation of the borrower who was originally put in an FHA loan because they are just lowering the payment.

Now is a good time to contact your loan originator and speak to them about refinancing your FHA loan, even if you were put into the new loan within the past three months.  This loan can still be refinanced, and the rates have gone down now to a rate that would benefit most people who have purchased within the past year.  It is also beneficial to speak to an originator about your loan, especially if you have been in your home for 5 to 10 years or longer and have or have not been placed in an FHA loan because we can look at putting you into an FHA loan, or possibly a conventional loan.  By the end of this weekend, we will also have the form on the front page of this website allowing you to sign up for the opportunity to refinance those loans that are upside down 125% on their home once the government makes the program available.  It is important to sign  up on our home page, as we can notify you immediately when the programs become available and put you first in line to take advantage of this opportunity.  The benefit of this is that once this becomes available to the public, it will do the same thing that FHA Streamline Loans did in January and create an influx of deals, causing 30, 60, 90 day delays, which means extensions on your loan rate, which means costing to extend or get a higher rate, so by filling out the form, you will be told right away when the programs become available.

The Government tried to help the U.S. Homeowners originally by allowing refinance programs up to 105% upside down in their homes.  the only problem with that is that most people are not just upside down, but they are upside down quite a bit more than just 5% of the current home value.  So, now with the 125% program, it will provide a great deal of opportunity that people who have been paying their mortgage on time have been waiting for.  You will be able to take advantage of current rates and terms, and be able to get your mortgage payment down and reduce your overall expenses  which will, hopefully, allow your expendable income and improve our overall economy!

To find out more about Refinancing, Conventional or FHA loans, please contact your loan originator, and always make sure to get a second opinion!  Shopping for loans is a free process, and I tell this to the people I work with as well.  Even if you are doing a loan with your mother who is your loan officer, you still want to get a second opinion because you would be shocked how many people I prepare loan comparisons for and they are getting a horrible deal, even from loan officers they consider good friends or relatives of theirs.  It's absolutely amazing.  So make sure you do your homework...

To get a hold of me, you can contact me with the information on the "Contact us" Page, email me at david@homeloansofnevada.com or you can call me directly at 702-370-2116.

Look for our next blogs coming up that is going to introduce you to some of the other products that we do that help out in ways that are needed in our marketplace.  They are loan programs, mostly for commercial lending that fills a void for the loan programs of old that were once in their place, and have been left vacant due to a downturn in the commercial lending world as well.  We have spent a great deal of time to make sure we could put products in their place, that while they may take one or two loan products to make up for the same amount of work and money that was being produced, it is a viable option not being offered in the way we put them together, anywhere else out there!  Enjoy...

Best Regards,

David J. Schwartz

The Schwartz Group, Inc., a team of

Envision Lending Group, Inc.

Direct  702-370-2116

Email   David@HomeLoansOfNevada.com