Credit Scores - Fort Wayne, IN Mortgages

What’s your credit score?

This is the first question you should be prepared to answer when applying for a mortgage or really any big purchase. When was the last time you checked your score? If you can’t answer this simple question it’s time to check. TransUnion, Equifax, Experian, and myFICO are the best ways to find out what their reporting about your credit history.

If you are shopping for a mortgage or refinancing the equity in your home, your credit rating maybe the single most important factor to saving money by getting a lower interest rate.

In some cases reports with a 100-point difference in your FICO score might save you over $40,000 extra in interest payments over the life of a 30-year mortgage on a $300,000 home loan. In fact, your FICO credit score impacts many areas of your life, but most significantly your mortgage rate terms.

When checking your credit score note that you are entitled to get one free credit report from all three major credit reporting agencies. Remember, because information differs on each of your credit reports, your FICO score might vary with each report.

When reviewing your Experian credit report inspect it carefully for inaccurate records. If the information on all three credit reports is the same, and no major errors exist, chances are your Experian FICO score is about the same as the others.

You may also add notes to your credit report concerning negative items. You can list reasons for non-payment or explanations of negative items if you cannot get them removed. If you notice errors on your credit report days before your mortgage is approved, your mortgage broker can help you file what is known as a Rapid re-score to help you get the mortgage at the lowest interest rate possible.

Over 90% of the time when you apply for a mortgage loan is critical to lenders decision to qualify or deny your application. The FICO score ranges from 300 to 850 with most scores falling between 650 and 799. The lower the score, the higher the credit risk, and a borrower’s interest rates will be affected. Knowing your score before applying for a loan allows you to have a better idea of where you stand in regard to gaining a mortgage and whether you’ll be able to afford the monthly payments at the interest rate you can get.

A good credit score is not the only factor in getting a mortgage. Lenders also look at:

• Your employment history (should be at least two years with the same company, or in the same industry with a solid work history and no previous employment gaps)
• Your total income
• Down payment funds available (and where they came from)
• Your recent bank statements, usually the past three months

Don’t panic if your FICO is not so great, getting approved for a mortgage is still possible even if you have less-than-perfect credit. In today’s economic climate of tighter lending requirements, some lenders may approve you for a mortgage if you choose a home more based on income and credit ability i.e. lower cost home. The lender may also require a large down payment initially and require a solid work history.

Applying for a mortgage is often frustrating, and a cumbersome process. Make sure you know your credit score and that it reports accurate information.

A VA loan is available to a variety of military members, some family members, and even members of certain organizations. The lists of eligible candidates that can apply include:

• Active duty members of service
• Members of the National Guard
• Reservists
• Veterans- certain guidelines have to be met such as time in service and type of discharge
• Widows and widowers of veterans, as long as the veteran’s death was directly related to their military service

There are others who can also qualify for a VA loan who are often overlooked:

• Some veterans of Foreign Service who served with allied forces during World War II
• Certain organizational members, such as officers who work for the National
• Oceanic and Atmospheric Administration
• Some service members of the Public Health Service

Where To Apply For a VA Loan

The great thing about VA loans is their availability. They can be obtained from banks, mortgage companies and even a savings and loan. This means that no matter where you bank, chances are good that you have access to this program.

Benefits of a VA Loan

VA loans are not only appealing to buyers, but also to banks, as well. That’s because VA loans are backed by the government, or, in this case, the Veterans Administration. The VA guarantees the loan to the bank in the event that the buyer defaults so that the bank is not forced to write off the debt. The bank where the loan originates gets the interest off of it and the VA gets fees that the buyer is charged up front. But even if someone qualifies for the chance to apply for the loan, the same criteria still exists for qualifying for the loan.

VA loans also require no money down, except for a few incidental fees. When you add this factor to the fact that you can still receive excellent interest rates this makes them extremely appealing.

Another benefit of this loan is that, unlike other popular loan programs, private mortgage insurance is not required. Since the VA guarantees the loan there is no need for third-party insurance requirements.

Not only does the VA offer a fixed rate mortgage, but many people do not realize that there is also an adjustable rate mortgage. In this loan, the interest can be adjusted one percent each year for a total of no more than five percent over the life of the loan. Plus, the VA also offers ways to refinance. And if you have a VA loan and sell the property, you are free to use your benefit again.

This excellent list, which was researched carefully, includes everything, even the fine print of each term. Before you make a call to a mortgage professional check out the option that best fits your situation.

Below are the primary options available to you when considering refinancing your mortgage

• Loan Type
• Description
• Who It’s For
• Main Advantages
• Main Disadvantages
• Fixed Rate Mortgage

A loan with fixed principal and fixed interest payments for the life of the loan

• Best for borrowers who desire a more predictable principal and interest payment throughout the life of the loan
• The fixed principal and interest portion of the mortgage payment stays the same for the life of the loan with no unexpected rises
• The fixed principal and interest portion of the mortgage payment will not go down when interest rates go down
• In addition, the portion of the monthly payment that includes taxes and insurance may fluctuate from year to year

Adjustable Rate Mortgage (ARM)

Generally, a lower interest rate to start, which translates to a lower payment. But the interest rate adjusts over time to either a higher or lower interest rate over time.

• Borrowers who are able to budget for a slightly less predictable interest rate and monthly payment.
• Take advantage of lower initial interest rates with adjusted lower monthly payments. When interest rates fall, the borrower may not need to refinance as the interest rate on their mortgage falls accordingly.
• The principal and interest portion of the mortgage payment may be unpredictable at times; payments go up when interest rates rise.

Fixed/ARM Hybrid

Integrates both fixed-rate and adjustable-rate mortgages; typically has a lower interest rate than a traditional fixed rate mortgage. The initial payment period is fixed for a specific term, after the interest rate and principal will adjust over the remaining term of the loan.

• Best for borrowers who are less financially established at the start of a loan, but plan to have more financial stability after several years. Also, for those who plan to move or refinance early.
• Gives the borrower a chance to establish financial stability before they must manage less predictable payment amounts. Requires some planning and financial advancement.

Fixed/ARM Hybrid, Interest First (Interest Only)

Payment of “interest only” reduces your monthly payment compared to a more traditional type mortgage where your payment includes both principal and interest.

• Best for borrowers who are less financially established at the start of a loan, but plan to have more financial stability after several years. Also, for those who plan to move or refinance early.
• The borrower’s interest-only payments may be tax deductible. In addition, a prepayment of principal may reduce the next monthly interest-only payment.
• There is no scheduled principal reduction during the interest-only period. In addition, when the loan enters the amortization period (or the scheduled payoff period), there will be higher payments because the loan is paid off in a short period.

Balloon Mortgage

• Often lower interest rate than a traditional fixed rate mortgage.
• First time buyers who plan to move after a few years, or someone whose career forces them to move often. Lower interest rates and simple plan for specific types of borrowers.
• After the initial balloon period (3, 5 or 7 years), borrowers may be required to pay off the remaining loan in one lump sum which usually requires refinancing.

Low and No Down Payment Loan

Several options of low or no down payment programs available. Some of these loans are best suited for borrowers with excellent credit who want to preserve their assets. Other loans are best for first-time home buyers with income limitations or area restrictions.

• Borrowers with excellent credit who want to continue their good credit record, first time buyers, and buyers with income limitations.
• Borrowers with little to no savings for up-front costs and down payments can still secure a mortgage.
• Low or no down payment loans usually require private mortgage insurance and/or higher interest rates.

LIBOR Interest-Only Alternate Loan

• Generally offers an interest rate lower than other adjustable rate loans. Payments are interest-only to start, then principal and interest. “LIBOR” stands for London Interbank Offering Rates.
• Beginning borrowers and borrowers seeking a larger-than-normal loan and expect to be able to increase payments after several years.
• Historically, the rate remains below U.S. Treasury-based ARMs. Allows more types of borrowers to qualify.
• After a predetermined number of years, monthly payments will increase and interest rates will adjust annually.

My Community Mortgage (MCM)

• A special mortgage program for borrowers making less than the average area income (HUD median income), living in specific areas and/or employed in specific fields such as health care, public safety and teaching.
• Borrowers within specific income ranges, living in specific areas and working in specific public service fields.
• Requires little money down and very little to closing costs and prepaid costs compared to conventional loans.
• Eligibility is limited, and types of properties are restricted. Borrower must occupy property as primary residence.

HomeTogether Public Safety Program

• A special home buying program offered exclusively to members of public safety. It gives access to education programs about the home buying and closing process as well as special mortgage programs.
• Members of a public safety profession.
• Requires little to no money down along with other fee waivers. Provides education and support concerning mortgages.
• Eligibility is limited.

Stated Income and Stated Asset Program

• Loan programs that require limited or reduced documentation of the borrower’s income and/or assets.
• The self employed, or those with complicated financial records.
• Traditional income and asset documentation–such as pay stubs and tax returns–is not required.
• Good credit history is required. Types of properties are restricted.

FHA Fixed Rate Mortgage

• Fixed rate mortgages generally suited for first-time borrowers and borrowers with less than perfect credit. FHA allows 100% of the cash needed to close to come from a gift. “FHA” means Federal Housing Authority.
• Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
• Gives hopeful homeowners the chance to secure a mortgage, even if their credit history is imperfect. Out-of-pocket closing costs are lower.
• Loan amounts may be limited and vary according to state, county and city. FHA mortgage insurance is required.

FHA Adjustable Rate Mortgage (ARM)

• The lower start rate on an adjustable rate mortgage may help a borrower qualify of a larger loan amount than with a fixed rate mortgage. “FHA” means Federal Housing Authority.
• Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
• Gives hopeful homeowners the chance to secure a mortgage, even if their credit history is imperfect. Closing costs are generally lower.
• Loan amounts may be limited and varied according to state, county and city. FHA mortgage insurance is required.

FHA 203k Rehabilitation Loans

• A specialty loan designed to rehabilitate properties in need of repair. “FHA” means Federal Housing Authority.
• Borrowers who may need more relaxed credit guidelines and who have limited funds to invest.
• Allows for homeowners to revitalize and improve a residence.
• Loan amounts may be limited and varied according to state, county and city. Types of properties are restricted. FHA mortgage insurance is required.

VA Fixed Rate Loans

• Low cost, fixed-rate loans. In most instances, these loans require no down payment. Veterans and their spouses.
• In many instances, no down payment is required and closing costs are covered by the gift funds or seller.
• Borrower must live in purchased property; VA loans are not available for investment properties or manufactured housing.

Refinancing

• There are several options for refinancing a mortgage; loans for refinancing are as varied as purchase mortgages.
• Homeowners with a certain amount of equity already in their homes.
• Allows homeowners to use their home equity to take advantage of low interest rates, borrow money for home improvements, or consolidate debts.
• Borrower must close the new loan and in some cases pay some or all of the closing costs.

Second Mortgage or Home Equity Loan

• Fixed- or adjustable-rate loans available for purchase or refinance transactions.
• For home purchasers who wish to avoid mortgage insurance or homeowners with a substantial amount of equity already in their homes.
• Can create lower monthly payments, or provide cash to borrowers through their own home equity. Creates opportunity to consolidate debt or commence home improvement projects.
• Increases number or amount of monthly payments.

Jumbo Loans

• Fixed- and adjustable-rate mortgages for loan amounts above the conforming limit.
• Homebuyers looking for more expensive homes or higher loan balances.
• Allows homebuyers to purchase larger, more expensive homes or homes in higher priced communities.
• Because Jumbo Loans are considered “higher risk” loans, some lenders charge slightly higher interest rates.

When do I get one?

Once you have a home under contract then it is time to have it inspected. Many states have time limits for this to be accomplished so it is vital to stay within your time frame. If you do not, you are agreeing to buy the house “as is”. You can still have an inspection, but you will have very little recourse if problems are found.

Finding an inspector

This is one area that you don’t skimp on. Do not automatically go with the lowest price. Thousands of dollars can be resting on the outcome so this is not an area where you cut corners. Your lender will be able to suggest inspectors that they have working knowledge of.

You also want to make sure that your inspector is insured, bonded and have all of the necessary credentials, including a license. Every state has their own designations to promote professionalism. Inspectors who are members are willing to stay informed and remain up-to-date on their profession.

Make sure that you go over the total cost, what they will be inspecting and if there are any exclusions. Ask how long a typical inspection takes, as a thorough inspection should take from 2-4 hours, depending on the size of the home. Also verify with them that you will be present for the inspection

The inspection

The day of the inspection your inspector will meet you at the home at the designated time. This is something that you will want to be present for, especially if this is your first home. When they arrive, check their credentials- never assume or take anyone’s word for it. A good inspector will have no problem with this.

Make sure to bring a pad of paper and a pen to take notes. Your inspector will give you notes and advice as you advance through the process. This is information that will help you maintain the home.

After the inspection

Your inspector will provide you with a printout of the inspection. It will cover all areas of the home in detail and list all of the discrepancies they were found. This is what you will need to assess if the home is in good condition.

The inspector will always find problems, no matter how well it has been taken care of. You just have to decide if they are something that is a deal breaker. Now you can negotiate with the seller on what you will ask for them to fix.

If they agree to repair or replace something make sure it is finished before closing and that they provide documentation of the work. And everything should be noted in the sales contract, including dates. Once the work is complete you may want to have the inspector make a return trip to verify the validity of the work.

So you’re interested in saving money by refinancing your home mortgage. Well before you seek financial services always keep in mind certain paperwork is necessary for your approval. Many homeowners attempt to prepare loan application paper work themselves while others find it more convenient to turn to mortgage professionals to complete the refinance procedure.

When considering refinancing your home mortgage the fine details of the loan application are critical. It’s also important to bring the necessary documents to ensure your loan application is approved or modified to better your circumstances. That’s why you came right?

The following items are recommended to speed up the loan process in order to complete your mortgage application for approval.

• You will need proof of income to verify your income as the borrower. Typically, you must show original pay stubs for the previous months.
• Updated copies of your W2 forms and most recent tax return are required for each loan applicant. This helps the lender verify past income history and service terms.
• You should provide a copy of homeowners insurance. Guidelines require homeowners insurance so that the lender can protect their investment.
• The homeowners insurance must be obtained before closing on your loan. Generally, coverage must at least equal the loan balance i.e. the value of the home. The lender will verify that you have current and sufficient coverage on your home.
• Make sure you provide copies of asset information. Asset information includes accounts holding money for closing costs, statements for savings and investments such as mutual funds or equity stocks.
• Finally, you must provide a copy of title insurance. Title insurance helps protect lenders from any potential liens or title disputes on the property. The title insurance is always required to close on your home.
• Additionally, you might also purchase title insurance that offers protection for you as the homeowner. This type of insurance can help your mortgage lender verify the taxes, names on the title and legal description of the property.
• Lastly, Make sure you have access to funds for closing fee associated with refinancing. Typically, it runs about two percent of the purchase price for prepaid interest to cover the time between the date you close your loan and the date you make your first mortgage payment

This will help give you a jump-start on your mortgage refinance process, your mortgage professional should also tell you which documents are needed to get approved. It’s best to gather as much information as you can and organize before you apply. It all comes down to less time that it will take for you to get approved, and close your loan.

Despite some critics, a growing number of market watchers see signs the price decline has ended.

Here are a couple examples of where rebounds are currently taking place

1. Home Values under 200,000. Looking at the lower end of the market, homes priced at $200,000 or less have stabilized. Thanks to decent investor demand, it’s not uncommon to see bidding wars for homes at this price level. Annual, median prices for low end homes in some parts of the country have risen no higher than $110,000 and fallen no lower than $99,000.
2. The top of the market — homes that sell for $500,000 and above — may still face turmoil. More people than realized bought luxury homes they could not afford, says Jack McCabe, the real estate consultant who correctly called the top of the market in 2005. Those houses will be sold at deep discounts during the next two years, he predicts.
3. Still, all those bargains at the high end will help raise median prices.
   “The sheer fact that more transactions will take place in the upper range will have the net effect of dragging up the median,” McCabe said.

At low end: stability

Jeff Twigg, who spends his days driving the region checking out properties for sale through courthouse auctions, says there is considerably more competition among bidders these days — so much so that he and his partner are passing on opportunities because they think competitors are bidding too much.

Eric Greenstein, an agent at Tarpon Coast Realty, says similar activity is affecting the short sale market, made up of sellers who owe more to banks than their properties are now worth.

“Six months ago, the market was still dipping,” Greenstein said. “When a buyer made an offer on a property and the bank would come back six months later to accept, the end user would say, ‘Forget it,’ because values would be lower at that point. Now the banks are countering with higher offers and buyers are accepting because the price pendulum is swinging in the opposite direction.”

Others market watchers, including Matt Augustyniak, the president of Manatee County’s Horizon Realty, say a new wave of foreclosures may be avoided because of new federal rules governing short sales and the expansion of the Obama administration’s mortgage-aid plan announced last week.
“The new rules will force banks to respond to short sale offers within 10 days,” Augustyniak said. “They don’t have to accept, but they have to come back with a number they would be willing to accept, and that might speed short sales and eliminate some foreclosures.”

Because bank foreclosures usually sell for 20 percent less than short sales, overall prices will trend higher if the pace of short sales accelerates, he said.

At high end: uncertainty

Sales at the upper end of the market haven’t yet picked up. Sales in the $500,000-and-above range actually fell by 30 percent in Sarasota and Manatee counties during the 12 months ended Jan. 31, compared with the same period a year earlier, statistics generated by TrendGraphix show.
It is also taking longer for luxury homes to sell — 194 days on average in Sarasota County during the 12 months ended Jan. 31 compared with 171 days during the same period a year earlier. In Manatee County, it took 205 days to sell a home in the $500,000 and above range, compared with 156 days the year before.

“Days on the market only increase if properties are listed too high,” said Hannerle Moore, a luxury agent with Michael Saunders & Co. “Many high-end sellers are still hoping for a return to 2005 prices and that’s many, many, many years away. As I tell my clients, you can either be like the lady across the street that has had her house on the market for 936 days or you can price your property to sell.”

For McCabe’s theory about the median price to play out, more luxury homes must come to market during the next two years at much lower prices, and buyers have to snap them up with the same gusto being displayed at the low end.

National statistics show that adjustable-rate jumbo mortgages that high-end buyers obtained during the boom years from 2004 through 2007 are starting to reset, which should lead to more foreclosures, said Gordon Hester, who runs a high-end mortgage brokerage on Siesta Key.
“Banks are going to have more of these problems. They are bigger problems and they will want to get out of them as soon as they can,” Hester said. “That will mean a huge fall in prices.”

That has already happened in a small way in Sarasota County, court records show. Eleven of 129 properties that sold for more than $1 million during the 12 months ended Feb. 28 were foreclosure sales of unimproved homes. During the same period a year earlier, just one of the 151 sales was a foreclosure.

Prices of the 11 unimproved homes that were seized and sold by banks were 27 percent lower than the owners originally paid. The previous 12 months, high-end foreclosed homes sold for only 13 percent less than the owners originally paid.

The big question among market watchers is whether there is enough demand for high-end properties, even at greatly reduced prices.
“Those homes will be sold at a range where credit is still tight and there would have to be a lot of cash buyers, and I’m not sure that will be the case,” said Sean Snaith, a University of Central Florida economist.

“It is not as if we haven’t had foreclosures at the high end yet. That end has had foreclosures as well and we haven’t seen the median go up.”

Northern buyers return?

Add in the fact that it is still difficult for home buyers to get bank loans, and you have a recipe for a weak market heavily dependent on cash buyers.
But McCabe — who predicts that prices will gradually move higher for two years before rising at a more normal 4 percent to 6 percent a year — thinks there is plenty of pent-up demand.

Northern buyers who were priced out of the market during the boom have been waiting to buy ever since, he said.
When prices drop by 50 percent or more, those buyers will act quickly.

• “They will see incredible opportunities toward the end of the year to pick up $2 million properties for under $1 million,” he said.
  At the top end of the market homes selling for $500,000 or more are sluggish to move. People are much more cautious than previous accordingly few are making any high end commitments. Top end houses are being sold at deep discounts, a trend likely to continue for a couple years.
• High Activity at Auctions. Many real estate brokers that spend their days checking out properties for sale through courthouse auctions finding there is considerably more competition among bidders these days. This similar activity is affecting the short sale market, made up of sellers that owe more to banks than their properties are now worth. Now banks are countering with higher offers and buyers are accepting because the prices are swinging in the opposite direction.
• New Federal Rules. Other market watchers say a new wave of foreclosures may be avoided because of new federal rules governing short sales and the expansion of the Obama administration’s mortgage-aid plan.
• New Federal rules have forced banks to respond to short sale offers within 10 days. They don’t have to accept, but must provide a number they would be willing to accept, and that might speed short sales and eliminate some foreclosures.
• Foreclosures are Cheap. Currently, Real estate bank foreclosures typically sell for 20% less than a short sale; therefore overall prices could trend higher or accelerate the pace for home buying.

   

  All though even the experts seemed confused on what to label this stage of recovery, positive data is starting to be reported around the country. There’s no debating sales for luxury homes have fell by 30% in many regions and jumbo rates still are resetting but the big question remains whether there is enough demand for median and high-end properties at these greatly reduced prices.

   

  Northern buyers who were priced out of the market during the boom have been waiting to buy ever since, he said.
  When prices drop by 50 percent or more, those buyers will act quickly. “They will see incredible opportunities toward the end of the year to pick up $2 million properties for under $1 million,” he said.

• We are a credit-driven society with everything revolving around its importance.
• From buying a home or car, renting an apartment and sometimes and even opening a bank account.

You first need to know what you’re starting with

• Everyone is entitled to a free credit report every year. If you are denied credit somewhere you are automatically entitled to another one. Look it over VERY CAREFULLY. The information is a compilation from the three major credit bureaus so it is easy for there to be mistakes. If you find errors start working on correcting them right away. Once you rectify an error make sure that you receive documentation to support the correct information.
• For those who do not have a credit history, or very little, there are ways of generating credit accounts. An account is something that you have a history of paying on time. Cell phones are one way. Utilities can be used as creditors, too. What you are looking for are accounts that you are paying on time that can be used as a reference to build your case. Talk to your lender to see if they have other suggestions.
• Establish a new credit account. If you don’t have a credit card, or can’t qualify for one get a secured one. Banks offer these cards that are connected to a savings account. The account guarantees the card limit will be covered in the event that you default. Charge a small amount, pay it off as soon as the bill comes and repeat next month. Before long, you’ll have a card with a history. Just make sure that the account will be reported to all three credit bureaus.
• Community banks and credit unions are great for getting a small loan. Borrow a small amount that you can easily make payments on. Then, pay it off early. If you want, do it again. It only helps create stability. Again, make sure it is reported.
• If you have any collections contact the company and ask to settle the account. Again, make sure you get the agreement in writing and that the negative mark will be taken off. Once you have everything in writing, follow through.

How to estimate your money down

• For every $1000 you put down on a home it lowers your monthly payment approximately $6 a month
• So if you can borrow some from your family or if you have some money in savings, some of it might do better paying off old debt to give your credit time to recover. Talk to your lender to get a plan of action on open accounts. They can tell you which ones you should address first that will pay back the most in the end.

• Right now is the best time for homeowners to refinance and capitalize on the significant interest savings.
• Other homeowners might be refinancing mortgages because they fear future interest rate increases on their adjustable rate loans, but if that’s not situation, refinancing a mortgage is likely to be a smart decision.

Listed below are five steps to help you through the mortgage refinancing process

1. Know Your Situation. Mortgage refinancing should be based mainly on the calculated numbers i.e. money saved. For example, a mortgage with an interest rate that is only 0.5% lower than your current rate can save you up to hundreds of dollars each month. Still you must consider the upfront costs involved and risks. Given this you should plan to remain in your home long enough to pass the break-even point then if necessary cash-in selling the home.
2. Gather Your Documents. Remember, most great things always come with work so be prepared to fill out a good amount of paperwork and provide credit score reports, income, tax and bank statements. You might also want to check your credit score before you apply. The best refinancing rates are only offered to borrowers with excellent credit ratings.
3. Shop around. The Internet is a powerful tool, use it to locate and research the best lenders and lowest rates available. Be sure to apply for quotes on mortgage refinance loans at least 3 or more lenders.
   1. If you already have a solid relationship with your current lender, then try there first. Once you receive an offer, compare it to several others – due diligence. Remember, you do not have to limit yourself solely to traditional banks.
   2. You might try shopping for refinancing loans from credit unions or mortgage brokers, as well.
4. Ask for statement of fees and terms prior to agreeing. All refinancing loans have up-front costs for application processing, appraisal fees and closing costs that could be several thousand dollars or more. As you compare loans, ask each potential lender for a detailed accounting of all fees associated with their financing mortgage. By law, all lenders must provide you with an estimate of fees within three days of receiving your application.
5. Stay focused on the details. After you have decided on the right mortgage loan for your needs, remember that mortgage rates fluctuate on a daily basis.
   1. To prevent the rate you were initially offered from rising, ask your lender to lock-in the rate until you close on the loan. Further, maintain enough cash on hand to cover closing costs and leave your-self a little extra security blanket savings for emergency situations.
   2. Keep in mind, the lenders estimate is not exact so you don’t want to be caught off-guard if the estimate was too conservative.

Remember, doing your homework before you step in to a mortgage refinance will save you from stress, and will prepare yourself for faster savings.

With recent struggles in real estate values and buying or selling your single largest purchase, for some, we gathered a list of online resources for you.

Let’s take a look at several website online tools helpful in calculating value. Now you can stay updated on your most important life-time investment, that being your home.

Zillow is a leading free home value websites. It’s fun to use with helpful online tools and calculators that are generally useful.

Real Estate ABC is also a great online tool. One of its unique features offers a list of potentially comparable homes for you to select including in the valuations. This enables you to quickly know the best homes sold recently in your neighborhood.

Eppraisal, website offers home values, and neighborhood demographic data including education, finances and employment.

Reply online has a clean interface and provides a confidence rating for its appraisals based on factors related to the comparable homes used to generate the appraisal.

Yahoo! Is a useful website offering convenient tools. Yahoo home values are calculated using Zillow, Eppraisal and Reply thus giving you instant access to three appraisals for your home, with links to each of the three websites.

HomeGain offers market and census data plus home values. Its database might be somewhat limited when searching addresses.

CyberHomes is a practical, no nonsense home valuation tool. It provides reasonably accurate values and demographic data competitive to other websites.

Property Shark’s database is rather limited but does offer some cool features.

Trulia is also a popular website real estate tool. It offers solid calculation solutions and convenient mobile device applications.

Rentometer although, it doesn’t provide the value of the home, it gives the estimated rent one would pay to rent the home. A solid useful resources but has its limitations.

Ideally, when searching online you should be looking for website tools that allow you to input the address of your house, condo or other real estate property. It should also list recent home sales and valuation estimates based on recent home prices of comparable properties. Your list of recent comparable sales includes home prices, property data, plus the number of beds, baths, size and last date sold.

Remember, these property values given are typically, only estimates based on public data and other sources. If you are selling or buying this home, you should consult a local professional, such as an appraiser or real estate agent, for an appraisal or comparative market assessment (CMA) that takes into consideration the unique value and characteristics of your home.