The current economy is affecting many aspects of all of our financial lives. When looking to refinance your home, both your credit score and your home’s value are two very important factors that go into the banks approval process. Therefore, we should always have an accurate assessment of both our credit and the true value of our home. Many times we find that people are shocked to learn the value of their home or the median score of their credit. In many cases, people are learning of an account error on their credit report when they are applying for a loan. This should never be the first time you learn of a decreased credit score due to the adverse impact it could have on your loan approval. Unfortunately, due to the way the credit system is structured, it takes a lot more work and time to increase a credit score then it does to decrease one. It is a scoring system that I personally feel is far from perfect and one that needs to be revamped because of the impact it has on an individual’s ability to get financing. We are hearing a similar response from clients after they have a legitimate real estate appraisal done on their home. We have all taken substantial hits on our real estate over the last year or so and the last thing that we want to happen is for you to learn of the value in the final hour when aiming for a loan approval. We have created a system that will allow our clients to receive an estimate of value prior to them spending a dime on an appraisal while at the same time letting our clients know exactly where they stand credit wise. At this point, I am sure that everyone is fairly well informed on how tight credit has become. Approval guidelines have been restricted and we are in a new era of lending. It is crucial that we are proactive in obtaining the data that will have a direct impact on your loan approval, interest rate and how much you will qualify for when applying for a refinance. It is necessary so that we can make educated financial decisions and also have ample time to correct any inaccuracies that may be affecting your credit score. It is for the above reasons that we at Aequor Funding Corp. perform strict due diligence on both credit reporting and home values prior to putting our clients in process and/or having them spend money on an appraisal. We invite you to call Aequor Funding Corp. and to utilize our knowledgeable Loan Officers so that they can make you an informed consumer. We will go beyond just telling you your status; we will explain the reason for it and shed light on how how to improve it. All the best!

The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then give Aequor Funding a call.

1. Lower your monthly payment

Simply exchanging a higher interest rate for a lower one will reduce your monthly mortgage payments. But you may also be able to lower your payment by changing from one type of loan to another.

Moving from a fixed rate to an adjustable rate may put more cash in your pocket each month, but it works best if you know you'll move before the initial rate ends.

2. Stabilize your mortgage rate

If you already have an adjustable rate mortgage and your initial interest rate period is about to end, you can refinance to a fixed-rate that may save you money over time. The interest rate on an adjustable-rate mortgage can keep climbing. A fixed-rate loan takes the guesswork out of budgeting.

3. Put cash in your pocket

You can get funds by doing a cash-out refinancing, where you can draw on your home's equity by borrowing more than you currently owe. It can be cheaper than taking a home equity loan or second mortgage, which generally carry higher interest rates.

4. Make your debt more manageable

If you have enough equity in your home to cover your other debts, refinancing to get the cash may work to your advantage. It may reduce your total monthly payments and the larger mortgage may be tax deductible, an advantage not available with credit cards. To make this plan work, you'll naturally need to refrain from running up credit card debt again.

It's important to define your needs and your abilities before refinancing. Once you know what they are, it will be easy to find the right mortgage for your specific need with the help of Aequor Funding Corp.

As many of us have watched interest rates fall to 37 year record lows, we are still waiting for even further declines. I have always said rates tend to fall at a slow pace and spike upward at a rocket like pace. The opportunity to take advantage of today’s 4% range of fixed interest rates has never been more appealing. Yet many of us are waiting to see if these rates will continue to drop. The possibility of a further decline may exist, however the tightening of credit and income guide lines may preclude us from taking advantage of this fact.

Most borrowers don’t realize that a 1/8th decrease on a $300,000.00 mortgage loan represents only a $23.00 decrease in monthly payments. Smart financial decision making says that refinancing with rates that you know are available today is a wiser choice then gambling on what may or may not be available tomorrow. This begs the question WHEN IS LOW ENOUGH LOW ENOUGH? Taking advantage of current interest rates by locking your loan rate now will protect the monthly savings you seek. Many loan programs will also offer you the advantage of relocking your interest rate if rates decline during the processing of your loan request. This becomes a win, win situation for you the borrower.

Why not call AEQUOR FUNDING today to see how much you can save on your monthly mortgage and other debt payments. We can offer you our free expert advise regarding what loan programs you qualify for and what options are available to you.

NEVER GOING TO SEE RATES LIKE THIS AGAIN!

I know that in previous newsletters we have discussed how good the rate environment is. However, it is official, we most likely in our lifetimes will never see rates as low as they currently are. Every day, we are pricing loans for clients and sitting in amazement of what we are offering. We have seen pricing as low as 4.5%. The Fed has cut the Federal Funds Rate to .0%-.25%, which in essence means that there is no cost for banks to borrower money from each other. It is virtually impossible for rates to get any lower. We know many believe that if they wait to act, they may be able to take advantage of even lower rates. We want to ensure that we act responsibly and let our current and prospective clients know that this is not the case. The only way that they could improve would be for the banks to begin paying you interest for taking their loans. This concept in theory would be amazing, however not realistic. The Feds move to cut the Federal Funds Rate is basically the last tool they have in their arsenal to heal this economy and it is imperative that we as members of this economy take advantage of it. There are too many homeowners who currently have adjustable rate mortgages or are in need of lowering their current fixed rate payment. If we can begin correcting those potentially problematic loans now, we will be on the road to economic recovery and at the same time secure our financial futures when it comes to living comfortably with our mortgage payment. The payment savings that can be realized when taking advantage of these new low rates can be used for general savings purposes or to end the use of credit cards to pay daily living expenses. This is the trickledown theory that will help heal this economy. This economic crisis began with the subprime meltdown and mortgage defaults and mortgages can be the catalyst that leads us out of these difficult times as long as everyone realizes that now is the time to act and to take advantage of this market.

If you have recently refinanced your mortgage or purchased a home with an FHA loan and feel as if you have missed an opportunity to take advantage of the newly created rate environment, we want you to know that there is way for you to take advantage of these amazing rates. The FHA streamline product was developed to allow homeowners to reduce their monthly principal and interest payments without having to go through the hassle that they most likely went through when they purchased the home or did a cash-out refinance. With this product you will not be able to take out any additional cash but the goal of the streamline is to place you into a more comfortable position with your mortgage payment.



Program Highlights:

- No application Fee

- No Full Credit Check Required

- No Income Qualification

- No Employment Requirements

- No Appraisal Required

- Late Payments OK

- Must Be Current on Mortgage

- Next Mortgage Payment Can be Skipped

- No Closing Cost Option



This is the classic, “it’s too good to be true sale.” The program is designed so that people always end up in a better situation. The calculations involved in this loan are quite simple. Processing takes only a few days before the loan is approved and they are closed within 30 days.