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Wells Fargo Refinance Article
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Refinancing mortgage loans is becoming quite popular today with many homeowners. While years ago when you got a mortgage to buy a home, you usually paid on the same mortgage for years until it was paid off, a lot has changed since then. One reason why refinancing mortgage loans is so widely used is that there is a larger variety of types of mortgage loans available to home owners. Banks now offer refinancing mortgage loans, home equity loans, reverse mortgages and more. Debt consolidation is another reason many homeowners choose refinancing mortgage loans. Often they need additional cash for a vacation, wedding, medical bills or other personal expenses. Anytime you get a loan of a sizable amount, the bank requires the borrower to put up some collateral towards the loan. You're probably wondering where the extra collateral is coming from, since your home may be your only asset.
from:When a bank borrows money for the purchase of a home, for their own protection, they usually will only borrow up to 80% of the value of the home. They're not as concerned with the price of the home as they are the value of the home. In case of a foreclosure, it's the value of the home that will concern them. If you are buying a home that's valued at $100,000, they'll borrow up to $80,000 towards the purchase. As the years go by, the balance of the loan decreases while the value of your home increases. If you're considering refinancing your mortgage loan for extra cash, they'll do an appraisal on your home. If your home is now valued at $120,000, they'll borrow up to 80% of this amount, which is $96,000. If the balance of your mortgage is down to $70,000, you have $26,000 of extra equity on your home to borrow against or use as collateral. This is why many people choose refinancing mortgage loans as a way to pay off extra debts or get money for other expenses.
Refinancing mortgage loans is also used as a way to improve their credit scores and pay off other debts. By again using the equity in their home, they can redo their current mortgage and pay off debts at the same time, giving them less monthly payments. With less monthly payments, they are able to make the payments on time, thus improving their credit rating. Refinancing mortgage loans is used for debt consolidation more than any other reason.
When banks take applications for loans, they always run a credit report before giving the loan. The higher your credit score, the better interest rate you'll generally be offered from the bank. This is why it's important to make all your monthly payments on time. Some people that use refinancing mortgage loans as a means of getting out of debt find themselves paying a higher interest rate because their credit rating is worse when they originally took out their mortgage. Refinancing mortgage loans often gives couples a second chance to get ahead.
Wells Fargo Refinance Specific links
Wells Fargo Refinance News
Wells Fargo Announces Details of Agreements with State Attorneys General and ... - eNews Park Forest
 News Sizzle | Wells Fargo Announces Details of Agreements with State Attorneys General and ... eNews Park Forest Under the terms of the agreement, Wells Fargo has made a financial commitment covering expanded refinance, modification and other customer relief options, and will implement comprehensive servicing standards. Four other large mortgage servicers also ... Wells Fargo Finalizes Agreement With State Attorneys General, Federal Agencies Mortgage Rates at Wells Fargo: Rock-Bottom Refinance Rates Generate Boom in ... Mortgage Rates: Low Mortgage Rates Trend Continues While Refinances Surge |
J.P. Morgan, Wells Fargo reserved for settlement - MarketWatch
 USA TODAY | J.P. Morgan, Wells Fargo reserved for settlement MarketWatch Wells also said it was financially and operationally prepared for the settlement. In a press release, the company said it "had fully accrued" for the following elements of the settlement that impact Wells Fargo: a $900 million refinance program, ... $25 Billion Later, The Worst Isn't Over For Big Banks Less than meets the eye in mortgage settlement $8.4 billion from foreclosure settlement to help Florida homeowners |
BofA Stalls Refinance Work as Wells Is 'Open for Business' - BusinessWeek
 Bloomberg | BofA Stalls Refinance Work as Wells Is 'Open for Business' BusinessWeek Wells Fargo & Co. and New York-based JPMorgan Chase & Co., the biggest US mortgage lenders, said they aren't stalling customers. The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. As Mortgage Refinancings Surge, Banks Struggle Refinancing applications reportedly overwhelm BofA |
Bank of America Refi Delays Must Stop: Boxer - TheStreet.com
 Business Insider | Bank of America Refi Delays Must Stop: Boxer TheStreet.com Citing the report, Boxer states in her letter that JPMorgan Chase(JPM), Wells Fargo(WFC) and Citigroup(C), "have not taken steps to discourage borrowers from refinancing." The report does not actually claim the bank is actively discouraging refinancing ... BofA Faulted by US Senator Boxer for Refinancing Delays |
Wells Fargo's cost in foreclosure deal is $5.3 bln - MarketWatch
 Bloomberg | Wells Fargo's cost in foreclosure deal is $5.3 bln MarketWatch By Ronald D. Orol WASHINGTON (MarketWatch) - Wells Fargo & Co.'s commitment is $5.3 billion under a sweeping $26 billion settlement between states, federal regulators and five big banks, according to the company Thursday. Wells Fargo said in a release ... Wells Fargo Foreclosure Deal to Offer $26 Billion in Relief Kamala Harris Wins $18 Billion for CA in Foreclosure Deal 5 Booming Bank Stocks Poised to Fall |