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5 Refinancing Must-Reads: What Should You Do?

Thinking of refinancing but queasy at the thought? We know it can be a complex process (especially with the recent slew of regulations), but for many homeowners, it’s the best way to save some cash. From finding the right appraiser to understanding loan modification programs, these five examples from Trulia Voices will give you a crash course on refinancing basics. Still not sure about your situation? Ask the Voices community of homeowners and experts to find out if refinancing is the thing for you.
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What are appraisers looking for?
Q: Refinancing….are there tighter restrictions for appraisers?
Asked by Alex, Home Buyer in SF Bay Area

A: Underwriting guidelines have definitely tightened up. But the tightening has been mostly in regards to the comparable sales data we are allowed to use to estimate value. For example, up until early 2007 appraisers could use sales comparables that had sold within the prior 6 months and… see more or reply

Can you explain the confusing refinancing rules?
Q: Any tips of refinancing w/the lower rates but tighter/more confusing rules?
Asked by Ejsf22 Just Looking in San Francisco, CA

A: Right now everything depends on your loan-to-value ratio. The best rates (below 5%) are reserved for the conforming loans (below $417k) with a loan-to-value below 60%, where the borrower is willing to… see more or reply

Do loan modification programs actually work?
Loan Modification Programs: Quacks or Saviors?

I’ve hesitated writing on this topic because of the large number of voices clamoring to “fix your loan mess” As I’ve stated to anyone who would listen a number of a few times in the past, “Be careful. There are many scams out there.” But, as I’ve discovered, there’s also some real help as well…See more or comment
Written by Carl Medford, Real Estate Professional in Fremont, CA

What is the FHA “Hope For Homeowners” plan? Refinancing hope for homeowners in distress

On October 1, 2008, the FHA “Hope for Homeowners” plan was implemented. If you meet the guidelines outlined below you may be eligible to refinance your current mortgage. One key condition, however, is that your current lender of your mortgage must agree to…See more or comment
Written by Harold Penner, Real Estate Professional in Clovis, CA

What’s the story on California loans?
Q: California FHA Mortgage offers buyers 97% Financing
Asked by Rodger Gibbins Just Looking in CA

A: For first time California home buyers and other California borrowers, the FHA home loans can have key advantages: The FHA loan program was created to help increase California homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a California home… see more or reply

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How to determine your homeowner’s insurance coverage sponsor
How to determine your homeowner's insurance coverage Your home may be the biggest investment you’ll ever make. So if you’re serious about protecting that investment, here is some important information to consider when determining the coverage amount for your home.
1. Make sure that your home is insured for at least 100% of its estimated replacement cost.
2. Understand the diference between market value and replacement cost for insurance purposes.
3. When buying a new home, be sure to obtain a replacement cost estimate.
Read more about homeowners insurance
These tips brought to you by State Farm Insurance
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Real Estate Eye Candy ? Trulia picks
Steals & Deals – under 250K
They’re not called steals for nothing. Check out these three homes from across the nation. From new kitchens and lakefront views to your own coconut and avocado trees, these pads are worth planning a trip at these prices.
Columbus, OH

2br / 1.5ba / 1,397 sqft
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Sarasota, FL

2br / 1ba / 1,450 sqft Calculate mortgage
Sacramento, CA

4br / 3ba / 2,544 sqft
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