St. Louis Refinancing Group » st louis refinancing

Bad Economy, Lost Job, Bad Credit and Still No Work

liberty — Thu, 10 Dec 2009 15:19:33 +0000

St. Louis Refinancing Group Credit Tip:

The economy seems to be at an undesirable halt. What makes matters worse is that thousands in St. Louis have lost their jobs due to this economical setback. As a result, those who are now unemployed have had little or no income coming and are falling behind on their home mortgage, car payment and credit card payments.

And if all that tension weren’t enough, when it comes time to finding new employment, your new job may not come through as quickly as you originally anticipated. In today’s world, credit checks are usually part of the employment process and if derogatory information or “bad credit” is found on your credit report, this may have a negative impact on future employment.

Here’s some timely advice. When applying for a new position, find out if the employer performs a credit check prior to hiring. They must inform you of this due to credit laws in place to protect you.

If they do intend on checking your credit report, have an explanation for your financial situation in place always being honest with your potential new employer. Help them to understand that you are attempting to rectify this situation as quickly as possible.

The best remedy for preventing this type of financial hardship is to have an “emergency savings” in place before an economic disaster takes place. Then if you lose your current employment, you can continue to pay your home mortgage and high interest credit cards. In this way, the frustation you feel due to being unemployed will not be compounded by the pressures of surmounting debts knocking at your door.

- by Floyd J. Tapia, Financial Author and Syndicated Columnist

St. Louis Refinancing Group Announces Their New Facebook Page

liberty — Thu, 26 Nov 2009 18:02:25 +0000

St. Louis Refinancing Group – News Release

St. Louis Refinancing Group is proud to announce their new page located at Facebook. We look forward to serving our St. Louis clients with more up-to-date news and tips in the home mortgage and in the homes for sale Saint Louis real estate fields. We invite all existing and new clients to visit and take part in discussions and upcoming events. We strive to keep St. Louisans aware of changes in this industry and always tries to find what’s important to them.

St. Louis Refinancing Group strongly recommends calling our associates at Liberty Lending Consultants – “The St. Louis Home Loan and Refinance Experts” for all your lending needs. Their number is (314) 698-4092. Steve Swan or Doug Stahlschmidt are ready to assist you in attaining your goals and making that dream home a reality!

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Shocking News As National Foreclosure Epidemic Continues

liberty — Mon, 02 Nov 2009 20:18:28 +0000

St. Louis Refinancing News Release -

re: There are numerous reports stating that with no real monetary incentives, banks are doing very little to provide relief to homeowners in foreclosure.

St. Louis Foreclosures – What in the world is fueling this worsening home mortgage foreclosure epidemic? There seems at the moment to be no intelligent explanation as to the miserable failure of this long awaited banking solution. Especially when you take into consideration the enactment of several federal programs originally designed to strongly encourage loan modifications which to this date has failed to slow this triggered domino affect.

Our research department was reading a new report from the National Consumer Law Center (NCLC) which discloses that “mortgage servicers including many large banks have found it cheaper to foreclose on homeowners than to offer loan modifications that would benefit homeowners and investors.”

The results are terrifying. Homeowners who would directly benefit from these loan modification programs and would ultimately keep them in their homes are not realizing this option and are being ushered expeditiously into foreclosure.

This shocking new NCLC report also reveals that these servicers do not risk losing money on these foreclosures. To the contrary, servicers in most cases actually make money on foreclosures whereas the unfortunate investors and homeowners generally are the losers in this home finance fiasco.

Diane E. Thompson, an attorney with NCLC, said, “The country is in the midst of a foreclosure crisis of unprecedented proportions. Millions of families have lost their homes and millions more are expected to lose their homes in the next few years. With home values plummeting and layoffs common, homeowners are crumbling under the weight of mortgages that were at best only marginally affordable when made. One common sense solution to the foreclosure crisis is to modify the loan terms in more instances. Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help
borrowers stay in their homes.”

Many of our readers are curious as to the identity of these “servicers.” They are the banks or financial companies who administer mortgage loans and usually collect mortgage payments. Ironically, these banks and cohorts are involved in most day-to-day transactions for investments trusts that have bought huge amounts of portfolios from original lenders.

These are the same servicers that homeowners who are trying to save their home have to deal with on the phone or when writing letters. Is it any surprise that the financial interests of these banks can have potential negative outcomes in regards to these desperate homeowners even to the point of ignoring their interests all together.

As grim as these reports are, it gets much worse. The NCLC report continues: “Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the prospect of near certain loss if the loan is modified, and no penalty, but potential profit, if the home is foreclosed.”

And with no third-party oversight scrutinizing these banking decisions, it only makes sense that this encourages servicers to pursue foreclosures instead of using the effectiveness of loan modifications that would benefit the homeowner, the investor and our overall economy.

Reference material provided by:  www.consumerlaw.org

St. Louis Refinancing: Is a Cash-Out Refinance For You?

liberty — Wed, 21 Oct 2009 21:14:51 +0000

by Floyd J Tapia

With interest rates being at an all time low, this has created a literal fiscal tidal wave of home owners pouring into lenders for a St. Louis refinancing. Even with the banking industry tightening their financial belts, a cash-out refinancing might be the right solution and perhaps a realistic option for you.

That being said, before you fill out any type of mortgage application, there are a few things to consider. Let’s take a couple of minutes and discuss them.

1. What exactly is a cash-out refinance?

The easiest way to understand this mortgage option is when a homeowner refinances their mortgage and decides to cash-in some portion of their equity, this is what we refer to as a cash-out refinance.

In reality, a homeowner is borrowing against their home equity and thus creating a newly formed mortgage at current interest rates. And the goal of course is that the new interest rate is lower than the old rate.

2. Check your credit before refinancing

The days of automatic home loan approvals are a thing of the past. Times have definitely changed. Lenders are becoming more and more hesitant in extending credit to people who they consider a risk. You need to take the time and thoroughly review your credit history.

If you find that your credit score is too low, you probably will want to put off doing a cash-out refinance. You would obviously want to work on raising your credit score and watch your day-to-day spending.

Although this point has been made numerous times and sad to say some folks still miss the point entirely but when it comes to checking your credit profile, you make be in for a rude awakening. Your credit profile may reveal mistakes you knew nothing about.

Since it is your responsibility to maintain the accuracy of your credit history, you must take the initiative and fix these mistakes before applying for any type of loan much less a cash-out refinance loan.

Remember, knowledge is power. So, during this financial journey, this newly acquired knowledge can save you time and money now and in the future.

3. Make sure all your paperwork is in order

Don’t make the mistakes of others and think you can get a St. Louis refinancing loan without proper and complete documentation. I’ll say it again. Those days of “easy loans” are probably over with forever.

Lenders are more particular than ever. They will carefully scrutinize your income, your taxes and any financial information you provide to them and base their lending decision accordingly.

By providing all the needed documentation your loan officer requests and working closely with them will no doubt speed the entire process up. This will allow you to lock into a lower rate and enjoy a great cash-out refinancing deal.

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liberty — Thu, 15 Oct 2009 12:18:50 +0000

St. Louis Refinancing: 3 Major Mistakes to Avoid
by Floyd J. Tapia

UPDATE: See How Many Other Websites are Listing This Consumer Awareness Article presented by Liberty Lending Consultants. For more information call (314) 698-4092.

St. Louis Refinancing: 3 Major Mistakes to Avoid

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St. Louis Refinancing: 3 Major Mistakes to Avoid

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Liberty Lending Consultants – St. Louis, Missouri

St. Louis Refinancing: 3 Major Mistakes to Avoid

liberty — Tue, 13 Oct 2009 15:23:35 +0000

St Louis Mortgage and Real Estate News –

When it comes to doing a St. Louis refinancing home loan, consumers can make their mortgage process a bit easier by avoiding these 3 mistakes that borrowers frequently make.

1. Interest Rate, Interest Rate, Interest Rate

One of the biggest mistakes any homeowner can make when contemplating a refinancing is solely basing their decision on current interest rates. Of course, getting a lower rate can indeed save you large amounts of money over the life of the loan not to mention an immediate savings if it lowers your monthly payment.

A low rate can be great news. But beware. There are always a few lenders who may use this as a marketing ploy to get you to apply only to lead to abnormally high closing fees. On the other hand, don’t expect a lender to do your loan for free. In most instances, you will have to pay closing costs or points.

But don’t forget, you can use points to your financial advantage. Educated consumers know that paying a point or two up front will give them a much lower rate thus saving them tremendous amounts of money over a 15 to 30-year mortgage term. Plus, a lower monthly payment can give you the needed breathing room to avoid a possible financial disaster.

2. Always Review the Good Faith Estimate

Another huge mistake homeowners make when refinancing is not reviewing the Good Faith Estimate. This document is a methodical breakdown of the total cost of the mortgage, including the A.P.R., the interest rate (yes, these are 2 totally different financial figures) and all fees.

But remember, this document is exactly what it is called, an “estimate.” The actual figures for your loan might be slightly different at closing. This might happen due to your credit rating being lower than you anticipated. Or maybe your appraisal or debt-to-income ratio is not what was originally expected.

Whatever the reason for these changes on the Good Faith Estimate (GFE), keep in mind that your loan officer had no control over these stipulations. You may have to live with them for now.

WARNING: If you notice that the GFE numbers have changed dramatically than originally stated, that may be a red flag and something you need to discuss with your lender.

When it comes to St. Louis refinancing home loans, they should be drawn up to help you and your family accomplish your financial goals and not be an additional burden.

3. I’m Waiting for the Right Time to Refinance

It’s human nature to watch interest rates on a daily basis especially when they are unusually low. The consumer may feel they will jump in at the right moment yielding them the lowest rate possible.

The best advice: Don’t be greedy. By trying to time a mortgage interest rate to the tee is like picking the perfect stock. It’s very difficult to do even for the career professional. People have entirely missed a good refinancing opportunity because of waiting too long to act.

If rates are historically 1 to 2 points lower than the norm, that may be the obvious and appropriate sign to move forward with a St. Louis refinancing home mortgage. So contact your local lender now.

Liberty Lending Consultants, with their experienced and caring loan officers, may just be the St. Louis mortgage broker you and your family choose to use for all your lending needs. Apply for Your St. Louis Refinancing Home Mortgage Now!

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Articles and News Sponsored by Liberty Lending Consultants

When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.

Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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Principal Reduction Program: Watch These Shocking Mortgage Fraud Videos…

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