Category Archives: Real Estate

Things to Consider Before You Refinance

There are many reasons homeowners want to refinance their mortgage. Refinancing can get you a lower monthly payment, provide cash and help you pay down debts. But before you refinance, you should be informed and make sure it’s right for you.

Will You Save Money with a Refinance?

Use a refinance calculator to find out how much money you can save from lower interest rates. If you find savings with the calculator, the next step is to figure out how much closing costs you’re going to have to pay. By knowing the amount you will save vs. the amount you will need to initially spend to refinance, you can determine if refinancing is right for you.

If you are one of the many who would benefit from a refinance, have a plan for what you will do with your extra savings. Some people choose to consolidate high-interest credit card debt in order to save money in the long run. Additional options are finance expensive purchases, pay for home improvements or pay down additional debts. Whatever you choose, make sure you have a plan in order to best utilize your newly found funds.

Should You Choose a Fixed or Adjustable Rate Refinance?

The answer to this question relies heavily on how long you plan to live in your home. If you are going to be in your home longer than seven years, it might make more sense to refinance to a fixed-rate mortgage and not have to worry about which way your interest rate will adjust. Many people move within 9 years, so if you’re not planning on being in the home for an extended period of time it may make sense to consider an ARM mortgage.

All things considered, now is the best time to refinance to benefit from low interest rates. If you still have quite some time before your home is paid off, refinancing now and locking in a lower rate can easily save you thousands in the long run. Many people refinance homes everyday and experience lower rates and payments.

The Elements of an Oil Refining Scorecard

An oil refining scorecard, in essence, is just like any scorecard in any industry. All industry structures need a scientific and data driven approach to measure how the performance impacts the business as an entity and economy as a whole. Failure to meet some specifications may not only bring downfall to the company itself but to the other industries that depend on its output, especially oil.

In most cases, an oil refining scorecard is designed with corresponding indicators that play significant roles, not only in terms of profitability, but also environmental elements. Several methodologies were developed before in 1997 by the Environmental Defense to rank oil companies in terms of pollution and waste disposal. When pollution is measured, the common indicator is the amount of toxic materials or elements released into the air, land, and water. This is not limited to just sulfur dioxide, but also other chemical components that are not commonly known to man.

As a result, an oil refining scorecard must meet the acceptable waste so the company would find itself ranked among the highest of all oil refining businesses. The goal here is to decrease pollution, lessen the use of natural resources, increase refining capacity by the barrel everyday, and improve product life-cycle management. The Environmental Defense updates its database on rankings regularly to see how oil refining companies are doing in terms of meeting standards and specifications.

Another part of the scorecard is marketing. This indicates how oil eventually reaches its consumers. The business of refining oil is ultimately measured by its salability. If the oil has been refined and yet it is not fit for use, it will be of no significant value to anyone. One of the most important factors in refining oil before it is sold is the company’s flexibility in terms of upgrading its facilities. Year in and year out there will be major changes in government standards to protect the people and the environment. These new laws for governance will impact the business as the company has to comply.

There has to be efficiency in operating the oil refining plants to maximize the utilization of the crude or materials and convert them into salable output. Expenses should be balanced and the company should expect profit instead of loss. Poor management of internal resources, such as man, money, and machines will never result to the ideal outcome. Somewhere down the line, there has to be a clear process that will result to optimized output through minimal input.

Lastly, part of the scorecard is the risk for geological factors and the lag time that it takes between the day of investment and the day of profit. Of course, it need not be said that all companies must ensure that no biological hazard is taking place. Companies should also look into projected sales, as this is one of the key indicators that investors look into prior to shelling out funds. If all these are balanced in the company’s oil refining scorecard, then the only thing that is left is sustainability.

How to Avoid the Hassles of Refinance

Having a situation where money problems are involved will always be a hassle. This is because the pressure to find the cash is tremendous, and its not like money grows on trees. What makes it worst if there are deadlines to meet. This is what happens with a mortgage, and this is why hundred, if not thousands of Americans are applying for refinance. Ergo, in New York, refinance has become a nightmare to work on.

Of course, it isn’t always the case. It depends on who you get to handle your New York refinance plan. If you get someone with very little experience and network, it is possible that your paperwork gets buried under a pile of other refinance application forms.

To avoid the delay in having your New York refinance approved, you must make sure you meet all the requirements, and are ready to submit any papers that will be asked from you like your current credit score report, home mortgage files, and proof of income.

You should also try to find the best possible broker or broker company to work on your application. Many times it is best to go to your original mortgage lender since they are already familiar with your history and home loan. If this is not possible, you can find online brokers or websites that recommend reputable brokers. It is very important to make sure that the broker you get has the credentials and the papers to prove his credentials.

It would be a shame to lose your house because the broker you hired failed to get your New York refinance approved on time.

With so many applications being filed everyday because of the low interest rates, you can also help your application along by following it up every day if you have to. It won’t take 5 minutes of your time and your broker will work on your application just to get you off his back. But, whatever works, right?

The problem that you need to understand is that there is a time bomb waiting to explode, and that is because you may end up defaulting on your original mortgage. Time is of the essence. For as long as you are not approved for your New York refinance, you will have to honor your original mortgage obligations. If you are struggling with the payments, then the sooner you get approved, the better it will be for you.

Refinance Advice

I just spoke to a career mortgage broker and lifelong mortgage banking industry executive friend of mine in Southern California who has a track record of making six and seven figure income annually regarding the specific question,” Is refinance CA actually happening?”, he assured me that CA refinance loans are being closed everyday. It seems it is taking a little time for the whole refinance phenomenon to gather up steam.

At this point in the conversation, he offered some classic advice which actually comes from somewhere back in time around the 400’s BC, where, at the end of the Mediterranean, we can still hear the clarity and wisdom of a man named Euripides reverberating down through the ages, saying to those who will listen,

“There is in the worst of fortunes, the best of chances for a happy change.” Euripides

Having taken this to heart, one begins to think more clearly immediately. The economic engine is trying, and in time, will, restart itself. In the meantime, get your hand out of the refinance cookie jar, if necessary. Think and research heavily before you act in that direction – avoiding the inevitable credit rejection dings on your credit report is a step in the right direction. No, you are right, what has happened to the equity in your property is not your fault, but relying on it, as if it were the rock of Gibraltar, may be. As you study CA refinance possibilities, and keep studying them, here is a short list of things that can only help:

Improve your family’s combined income, beginning immediately
Eliminate all expenditures that aren’t absolutely necessary – yes, I mean in a primitive sense – get it down! Get your credit report tidy!
Make sure your property and the neighborhood you live in do not start going down hill – get your neighbors involved if necessary.
Analyze why you need to refinance and make sure your reason is legitimate under the current circumstances – i.e., don’t refinance just so you can make that annual $10,000 spree at a favorite casino this year. According to Freddie Mac 2009 statistics, 33% of homeowners who successfully refinance to pay down their mortgage loan balances.
Keep your eyes and ears open for new loan possibilities. FHA is still financing up to 97.5% loan to value. Lenders or mortgage brokers may have some possibilities that use FHA resources – look for a mortgage broker that has a provable track record in closing these kinds of loans. Only use a mortgage loan broker who can prove his ability to get you the refinance loan. Anything less is all but guaranteed to waste your precious hopes and time.
Keep your payments current and keep out of foreclosure, you can save your home and in the end, after all of this is over, you will be glad you did!

When approaching a CA refinance there are a few things to consider that are somewhat specific to California. California has a large income to mortgage balance problem. According to statistics California borrowers are still attempting mortgages that are 6 times their income with very little down. In the current economy this is not a smart move. Experts agree that 3 times income with at least 20% down is the preferred ratio.

Also, refinancing in California has been hampered by the loss of equity and California was hit hard in this area. Housing was very over priced at the peak of the real estate boom, so even some homeowners who purchased “low priced super deals” a year ago are in negative territory. Many counties in California have very high foreclosure rates which affects property prices in a negative way.

If you have owned your home for some time, your equity may still be intact. If this is your situation it might make sense to take out a CA refinance loan if you are not looking for cash. The majority of refinance loans are now “cash in” loans where homeowners are refinancing to increase their equity.

If you analyze your situation carefully, look at the future of the California real estate market prices, and proceed wisely you should be able to be successful with a CA refinance loan.