Get Useful Info About African Movies
Top Nigerian Movie Stars
Ini Edo
She’s hot! That’s probably the first thing anybody who sees Nigerian Movie actress Ini Edo for the first time thinks. True, Ini Edo’s striking beauty and luscious figure have made her a prominent name in Nollywood, but way beyond that, Ini’s charisma in front of the camera is probably what has taken her to the heights of Nollywood.
Born Iniobong Edo, Ini Edo hails from Akwa Ibom. The 23 year old literary student of the University Of Calaber made her first contact with the movie industry when she attended auditions in the year 2000. She was offered a role as an extra which she refused; talk about knowing your worth and accepting nothing less. Two years later (2002), she got a major role in ‘Thick Madam’ starring alongside Eucharia Anunobi- Ekwu and hit it big when she starred in ‘Worlds Apart’ and hasn’t looked back ever since then. Popularly touted to be ‘the next Genevieve’,
Ini Edo would rather not be compared to anyone she’d rather build a career of her own based on her own considerable talents. Ini was nominated in the best actress category at the maiden African Movie Academy Awards (AMAA) held earlier this year- this goes to show how hot she has become. Ini Edo’s ability to portray almost anything has definitely made her a favorite on the Nollywood screen. From the Princess in Never End, to the house maid in Worlds Apart, to the greedy rich girl in Pretty Angels and the over ambitious second wife in Red Light, her roles have been as diverse as her talents. Ini has featured in a variety of movies and this year propelled to the top of the producers most wanted list – she is now arguably one of the highest paid Nigerian actresses.
Funke Akindele
Nigerian Movie Actress; Olufunke Ayotunde Akindele was a regular Law student at the University of Lagos, but all that changed in 1998 when she landed her first big acting role. Then 20 and still in her first year, Akindele played the role of ‘Bisi,’ an inquisitive teenager in the United Nations-sponsored televisions series “I Need to Know”.
The series ran for four years, exploring themes like sex education. It immediately shot the young actress into the limelight. Prior to acting in the series, Funke had tried to break into the booming home video industry, only securing small roles (popularly termed ‘waka-pass’) including a part in the 1997 Opa Williams films, “Naked Wire” and “Egg of Life”. After “I Need to Know” ended in 2002, other doors of opportunity opened up for Akindele.
Although she studied Law, Akindele’s love for acting always held sway. Born to a gynecologist mum and a school principal father, she credits her success to the strict upbringing she had as a kid. She shot her first movie, “Ojokeleta” (13th Day) in 2004, and has never looked back. She made flicks like “Taiwo Taiwo” and the wildly popular Yoruba Movie “Jenifa”, which she says was based on a story her younger sister, a student of the University of Lagos, told her.
“Some of her friends were to go for a party organised by a ‘big girl’ on campus when a text message meant for the organiser was mistakenly sent to the phone of one of the girls,” she recounts. “It read ‘Please forward the N1 million into my account, and don’t leave any trace!’”
Akindele turned that snippet into a Yoruba Movie “Jenifa” in 2008.The movie addressed the issue of ‘Aristoism’ (young university girls dating rich, older men) and won the actress accolades including the City People and Future Awards Actress of the Year, both in 2008.
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Can You Grown Hoodia At Home?
Today we live in the era of fast food and instant meals. With every fast food chain conveniently placed in the street its no wonder that people have problems with weight gain. It has become a more serious problem as obesity became widespread. People now are not loosing weight to look good but to become healthy. Hoodia diet pill is the newest popular weight loss supplement to hit the market. Unfortunately it can be expensive so why not grow them yourself?
The diet has been featured in several television shows such as Oprah, The Today Show, and BBC. Ever since them a lot of cheap imitations have invaded the internet. Apart from being expensive it’s also difficult to find a genuine product.
What makes Hoodia so important anyway?
Hoodia diet pills work by naturally suppressing an individual’s appetite. It has chemical components which act on the satiety center of the brain. This center can be found in the hypothalamus. The components influence the hypothalamus, making it send a signal to the brain that it has already consumed enough food. The dieter will feel full even though he or she has eaten kittle or no food at all.
The main problem with weight gain is not the food but our eating habits. By controlling one’s appetite, the individual has less food intake and fewer calories and fats to burn. This new way of dieting proves to be convenient and practical. Ever since it was introduced in 2004 it has become popular ever since.
Its main ingredient is plant which make it 100% natural and safe. It does not contain caffeine and ephedra. It also does not contain stimulants which causes no side effects. Its active ingredient P57 is patented. This means it has been clinically studied and tested before being used.
Can you grow hoodia at home?
Unfortunately it can prove to be expensive. It’s also hard to find due to the cheap imitations that are spread all over the internet. Individuals can grow hoodia at home if they can find genuine seeds. The main problem is it takes 5 to 7 years for the plant to mature. This is only applicable with the right climate. The plant grows in the Kalahari dessert in South Africa. It will be much harder to grow the plant when you’re in a different country with a much colder climate.
It’s very difficult to grow hoodia at home if you don’t have the right weather. It’s impossible to duplicate the climate of the dessert unless you live there. It may be possible for countries with tropical climates but five to seven years is too long. Especially if you can make your own research online and just buy the product.
Growing the plant may not be an easy pursuit but there’s always the internet, as long as you know where to look. Make sure that the manufacturer has a CITES certificate and an analytical report. Look at the label and make sure that it only contains 100% hoodia gordonii powder.
If you take the authentic diet pills appropriately it can be effective. You may have to leave the growth of the plant to nature. There are many sources of information in the internet. The hoodia diet may take a lot of task to get to, but it does offer a good and convenient way of loosing weight.
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Practical Hints On Debt Consolidation Plans
Many low monthly payments debt consolidation plans are nothing but the result of a cunning mind to get you to spend more than you should in paying off your debts. You should systematically review any low monthly payment deal to make sure that it is apt enough.
The rationale why many folks have debts on their credit cards vary. Some people incur credit card debts because of high interest rates. Some folks have debts tied to them because they use more than one credit card and can’t keep up with the payments. But with debt consolidation, many can now smile a bit, despite how disturbing their debts are.
The bad thing about having debts is that you get a string of creditors niggling at you. With debt consolidation, you don’t have to nag about getting constant phone calls from your creditors because your debt will be negotiated by a debt consolidator and handled by him or her. Debt consolidation affords you the opening to pay off your debts peacefully.
Not all debt consolidator companies are the same as they offer changing interest rates. While some debt consolidators offer high interest rates, others offer exceptionally low or zero interest rates. Always remember that the lower the interest rates being offered, the better the deal is.
It can be incredibly tiring to pay different creditors each month. Debt consolidation eliminates the dilemma of various creditors getting paid each month and makes payment to only one creditor possible. Debt consolidation is a way to make debts more manageable.
Debt consolidation loans are available for Christians both online and offline. You can get free debt consolidation quotes online from Christian debt consolidation websites if you are a Christian.
There are quite a lot of ways that you can verify the validity of debt consolidation companies and one of them is through their contact addresses. Check that any debt consolidation company you are applying to online has a physical address. Debt consolidation scams on the world wide web are numerous, so please, you should be very wary.
Debt consolidation companies are on hand to take care of your debts. If you feel yourself bowing to the pressure of credit card debts, debt consolidation loans can take care of them. The secret to enjoying your debt consolidation plan is to find the best one for your situation.
No matter how much you feel you are aware regarding Debt consolidation information like information about debt consolidation loan for bad credit, or even debt consolidation loan online, visit Ras Reed’s site to be entertained with very revealing information.
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Vital Guide On Debt Consolidation Plans
Many low monthly payments debt consolidation plans are nothing but the product of a cunning mind to get you to spend more than you should in paying off your debts. You should systematically scrutinize any low monthly payment deal to make sure that it is apt enough.
The reasons why many human beings have debts on their credit cards vary. Some human beings incur credit card debts because of high interest rates. Some human beings have debts tied to them because they use more than one credit card and can’t keep up with the payments. But with debt consolidation, many can now smile a bit, despite how disturbing their debts are.
The bad thing about having debts is that you get a string of creditors harassing at you. With debt consolidation, you don’t have to bother about getting constant phone calls from your creditors because your debt will be negotiated by a debt consolidator and handled by him or her. Debt consolidation affords you the opportunity to pay off your debts peacefully.
Not all debt consolidator companies are the same as they offer varying interest rates. While some debt consolidators offer exorbitant interest rates, others offer unbelievably low or zero interest rates. Always remember that the lower the interest rates being offered, the better the deal is.
It can be incredibly tiring to pay various creditors each month. Debt consolidation eliminates the drawback of different creditors getting paid each month and makes payment to only one creditor possible. Debt consolidation is a way to make debts more manageable.
Debt consolidation loans are available for Christians both online and offline. You can get free debt consolidation quotes online from Christian debt consolidation websites if you are a Christian.
There are several ways that you can verify the authenticity of debt consolidation companies and one of them is through their contact addresses. Make sure that any debt consolidation company you are applying to online has a physical address. Debt consolidation scams on the information superhighway are numerous, so please, you should be very watchful.
Debt consolidation companies are on hand to take care of your debts. If you feel yourself bowing to the pressure of credit card debts, debt consolidation loans can take care of them. The secret to enjoying your debt consolidation plan is to find the best one for your situation.
Read more highly entertaining Debt consolidation information like information about debt consolidation loan for bad credit, or even credit card consolidation companies, visit Ras Reed’s site to be entertained with very revealing information.
Grab realistic suggestions in the topic of auto loan calculator – this is your personal knowledge pack.
Useful Tips On Debt Consolidation Plans
Many low monthly payments debt consolidation plans are nothing but the result of a cunning mind to get you to spend more than you should in paying off your debts. You should carefully examine any low monthly payment deal to make sure that it is apt enough.
The pretexts why many human beings have debts on their credit cards vary. Some individuals incur credit card debts because of high interest rates. Some people have debts tied to them because they use more than one credit card and can’t keep up with the payments. But with debt consolidation, many can now smile a bit, despite how disturbing their debts are.
The bad thing about having debts is that you get a string of creditors nagging at you. With debt consolidation, you don’t have to vex about getting unending phone calls from your creditors because your debt will be negotiated by a debt consolidator and handled by him or her. Debt consolidation affords you the opportunity to pay off your debts peacefully.
Not all debt consolidator companies are the same as they offer changing interest rates. While some debt consolidators offer pricey interest rates, others offer extremely low or zero interest rates. Always remember that the lower the interest rates being offered, the better the deal is.
It can be amazingly tiring to pay different creditors each month. Debt consolidation eliminates the difficulty of different creditors getting paid each month and makes payment to only one creditor possible. Debt consolidation is a way to make debts more manageable.
Debt consolidation loans are available for Christians both online and offline. You can get free debt consolidation quotes online from Christian debt consolidation websites if you are a Christian.
There are numerous ways that you can verify the authenticity of debt consolidation companies and one of them is through their contact addresses. Certify that any debt consolidation company you are applying to online has a physical address. Debt consolidation scams on the world wide web are numerous, so please, you should be very vigilant.
Debt consolidation companies are on hand to take care of your debts. If you feel yourself bowing to the pressure of credit card debts, debt consolidation loans can take care of them. The secret to enjoying your debt consolidation plan is to find the best one for your situation.
Read more highly entertaining Debt consolidation information like information about debt consolidation loans for people with bad credit, or even credit card consolidation companies, visit Ras Reed’s site to be entertained with very revealing information.
Get competent ideas in the topic of auto loan calculator – welcome to your own tips store.
Useful Suggestions On Debt Consolidation Plans
Many low monthly payments debt consolidation plans are nothing but the result of a cunning mind to get you to spend more than you should in paying off your debts. You should painstakingly scrutinize any low monthly payment deal to ensure that it is apt enough.
The rationale why many people have debts on their credit cards vary. Some individuals incur credit card debts because of high interest rates. Some people have debts tied to them because they use more than one credit card and can’t keep up with the payments. But with debt consolidation, many can now smile a bit, despite how disturbing their debts are.
The bad thing about having debts is that you get a string of creditors niggling at you. With debt consolidation, you don’t have to trouble about getting constant phone calls from your creditors because your debt will be negotiated by a debt consolidator and handled by him or her. Debt consolidation affords you the chance to pay off your debts peacefully.
Not all debt consolidator companies are the same as they offer varying interest rates. While some debt consolidators offer high interest rates, others offer amazingly low or zero interest rates. Always remember that the lower the interest rates being offered, the better the deal is.
It can be extremely tiring to pay various creditors each month. Debt consolidation eliminates the problem of various creditors getting paid each month and makes payment to only one creditor possible. Debt consolidation is a way to make debts more manageable.
Debt consolidation loans are available for Christians both online and offline. You can get free debt consolidation quotes online from Christian debt consolidation websites if you are a Christian.
There are numerous ways that you can verify the legality of debt consolidation companies and one of them is through their contact addresses. Make sure that any debt consolidation company you are applying to online has a physical address. Debt consolidation scams on the Infobahn are numerous, so please, you should be very wary.
Debt consolidation companies are on hand to take care of your debts. If you feel yourself bowing to the pressure of credit card debts, debt consolidation loans can take care of them. The secret to enjoying your debt consolidation plan is to find the best one for your situation.
Get more valuable Debt consolidation information like information about debt consolidation loans for people with bad credit, or even credit card consolidation companies, visit Ras Reed’s site to be entertained with very revealing information.
Access crucial ideas in the topic of auto loan calculator – your individual guide.
Mortgage Deals Are Falling To A Low And The Bank’s Base Rate Is Predicted To Hit An All Time Low. Is This The Time To Be Searching For A Mortgage?
Mortgage offers are crumbling to a low and the bank’s base rate is predicted to hit an all time low. Is this the time to be searching for a mortgage?
Well, it all is dependant very much upon your own private economic circumstances. If you are fixed into a mortgage with redemption penalties then searching for a new mortgage may cost you more that it would save you. But if your existing mortgage is approaching the end of the penalty term, or has finished any tie in periods, then it could be worth trying to Compare Mortgages Rate to see if there is a more effective deal out there on the market.
There is also, unhappily, another group of folks for whom hunting for a new mortgage rate might not be an effortless or a inexpensive option. If you are unlucky enough to have bought your abode within the last few of years, then with the tumbling abode prices currently seen in the market, it’s probable that at best your abode is worth only what it was worth when you bought it. At worst, for those that bought at the peak of the house prices, it is possible that you have lost quite a hefty chunk of what you paid for the house.
The trouble here is that you could find that your present mortgage borrowing is too high for the banks to be happy to lend to you. For example, if they were happy to lend you 90% of the price when you bought the house and it has now fallen in value by 10%, although the amount borrowed would be the same, the quantity as a proportion of the home value has shot up to 100%. Many banks are now hesitant about such high lendings, in a lot of cases penalising those who are borrowing more than 75%. So although your borrowing might have seemed OK to the building societies when you took out your current mortgage, now they might not touch you with the proverbial barge pole.
And it’s not just individuals that have suffered building price drops that are in this tricky position. Until lately some banks would actually lend up to 125% of the house’s market value. If you were in this arrangement when you took out the mortgage, unless your property value has risen by roughly 40% or more, you would still be needing to borrow more than 90%. This would leave a lot of building societies unlikely to be prepared to help you.
If you are stuck with an costly mortgage and want to rearrange to a cheaper one, then the remortgage market can be a mine field. Make sure that you speak to a mortgage advisor and let them to Compare Fixed Rate Mortgages for you, to see if they can find some appropriate mortgages for you.
Keith Lunt writes on behalf of the comparemortgagerates.co.uk website, where you can find effective information about mortgage rates and contact a local broker who possibly will be able to help you in finding a new mortgage deal.
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Mortgage Refinance Strategies In Spring,TX
The recent low mortgage rate environment has created a surge of interest in mortgage refinancing since the end of the year. The opportunity to significantly lower one’s monthly mortgage payment, fund home improvements at record low interest rates, or knock ten years off of a mortgage, are strong incentives to take action. The mortgage process is not without it’s challenges however, and borrowers in Houston, Spring, The Woodlands, and all over Texas, should be prepared for the unique challenges they may face in this environment.
There are three major reasons to consider refinancing right now, and it all starts with rates. Mortgage rates are currently at or near record lows. A strong borrower can obtain a rate below 5% on a 30-year mortgage, and perhaps below 4.5% on a 15-year fixed rate loan. Freddie Mac has been tracking mortgage rates since 1971 and has never seen rates this low. A low mortgage rate allows a borrower to keep the same term and reduce their monthly payment, allowing them to save thousands in interest payments over the life of the loan, or reduce the term from say, 30-years to 15-years for a similar payment if their current rate is high enough. Either way, the interest savings can be quite significant.
The second reason to consider refinancing is to take cash-out in order to do home improvements or renovations. It makes sense to use home equity to make improvements because mortgage interest is largely a tax deductible expense and the right improvements can immediately add value to a home. A remodeled kitchen or bath have the greatest impact on a home’s value, while the costs of adding a swimming pool are rarely recouped. Rolling high interest debt from credit cards or other loans into your mortgage can be another great way to save money. Many borrowers are paying interest rates of 20% or more on credit card debt, while mortgage rates are far lower. This can create needed relief for borrowers swimming in credit card debt, and once again lower overall interest expense. The important thing to remember here is that you are shifting debt from unsecured debt to debt that is secured by your home. The implications of defaulting on your mortgage are far greater. In addition, you may be repaying the mortgage debt over a far longer period than you might pay the credit cards debt, and you must be disciplined to put away or close the credit cards so as not to accumulate additional debt.
While it seems like a great idea to refinance, there are some caveats we should mention. First, qualifying for a mortgage is not as easy as it once was. During the days of of the sub-prime market, even marginal borrowers were able to obtain mortgage financing with little to no money down. Today, credit standards have tightened. Minimum credit scores of 620 or more are common and prime rates are reserved for borrowers with credit scores of 760. In addition, sufficient equity in your home is often required to facilitate a refinance. Borrowers in markets like Florida, Southern California, Nevada, and Michigan have the biggest challenges since they have been hit most significantly with foreclosures and the resulting decline in property values. If a borrower put no money down, and property values have delcined, it will be difficult to find financing since you likely have negative equity. There are some programs that have been introduced recently by Fannie Mae and Freddie Mac, the two largest owners of residential mortgages in the country, that allow some homeowners with negative home equity to refinance, provided their loans are owned by these entities. You should consult a good local mortgage broker to see if you qualify for one of these streamlined programs.
Fortunately, residents of Texas are in better shape. Property values around the state did not have the major appreciation fueled by speculation as did some other markets, and thus have not faced the same declines. According to the National Association of Realtors, home prices in Houston declined modestly (2.9%) over the past three years, while housing prices nationally dropped almost 20%. In addition, the economic environment in Texas has been stronger because of the state’s exposure to the energy sector and it’s pro-business tax policy. Thus, unemployment rates in Texas stand at 7%, far below the double-digit rates seen in California, Nevada, and Michigan.
One challenge faced by Texas homeowners is the cash-out refinancing limitation. Texas State Law permits a homeowner to do a cash-out refinance at up to 80% of the home’s market value, so unless you have accumulated alot of equity in your home, your ability to refinance for debt cnsolidation or home improvements may be limited. In addition, there are state regulated limitations on closing costs which may prohibit some mortgage companies from making cash-out loans below $100-150,000. Rate and term refinances are not subject to these rules, so you can still benefit from the low rate environment under those scenarios.
In order to best prepare yourself for the refinance process, here are some useful tips:
1. Obtain your credit score before meeting with your lender – raising your score by just 10-20 points can save you thousands of dollars in fees and perhaps make the difference in whether you even qualify to refinance.
2. Explore streamlined refinancing programs – these programs often have more flexible qualifying criteria and lower closing costs
3. Have your documents together – have your W-2’s, current pay stubs, bank statements, and mortgage statements ready as well as any documents from your last loan closing.
4. Act now – many economists predict mortgage rates will rise before the end of the year, so don’t wait too long.
Record low mortgage rates provide homeowners with a unique opportunity to save money. Understanding the process and using it to your advantage will help insure you reap the greatest benefits.
H. Michael Lesmeister Home Loan Specialists, Inc. a Houston-based mortgage lender serving the communities of Spring, The Woodlands, Tomball, Conroe and Houston, Texas.
Get useful suggestions about auto loan calculator – this is your personal guide.
Mortgage Completions Are Falling To A Low And The Bank’s Base Rate Is Expected To Hit An All Time Low. Is This The Moment To Be Searching For A Mortgage?
Mortgage offers are falling to a low and the bank’s base rate is predicted to hit an all time low. Is this the time to be searching for a mortgage?
Well, it all is dependant very much upon your own personal economic situation. If you are locked into a mortgage with redemption charges then looking for a new mortgage could cost you more that it would save you. But if your existing deal is nearing the end of the penalty term, or has completed any tie in periods, then it may be worth trying to Compare Buy To Let Mortgage Rates to see if there is a more efficient mortgage out there on the market.
There is also, alas, another group of people for whom looking a new mortgage rate might not be an trouble-free or a inexpensive selection. If you are unlucky enough to have bought your house within the last couple of years, then with the plummeting house prices presently seen in the market, it’s probable that at best your house is worth only what it was worth when you bought it. At worst, for those that bought at the peak of the building prices, it is possible that you have lost rather a large chunk of what you paid for the property.
The problem here is that you could find that your current product borrowing is too high for the banks to be happy to lend to you. For example, if they were content to lend you 90% of the price when you bought the house and it has now dropped in value by 10%, although the amount borrowed would be the same, the total as a percentage of the building value has shot up to 100%. Many banks are now hesitant about such high lendings, in a lot of cases penalising those who are borrowing more than 75%. So though your borrowing might have seemed OK to the banks when you took out your present mortgage, now they might not touch you with the proverbial barge pole.
And it’s not just those that have suffered home price drops that are in this tricky position. Until recently some building societies would actually lend up to 125% of the house’s market value. If you were in this arrangement when you took out the mortgage, unless your house value has risen by roughly 40% or more, you would still be needing to borrow more than 90%. This would leave a lot of building societies unlikely to be willing to help you.
If you are stuck with an expensive mortgage and want to change to a cheaper one, then the remortgage market can be a mine field. Make sure that you write to a mortgage advisor and let them to Compare Best Mortgage Rates for you, to see if they can find some right and proper mortgages for you.
Keith Lunt writes on behalf of the comparemortgagerates.co.uk website, where you can find effective information about mortgage rates and make contact with a local dealer who may well be able to assist you in finding a new mortgage mortgage.
Find practical tips for auto loan calculator – welcome to your own knowledge base.
Home Loan Refinance Strategies In Texas
The recent low mortgage rate environment has created a flood of interest in mortgage refinancing since the end of the year. The opportunity to significantly lower one’s monthly mortgage payment, fund home improvements at record low rates, or knock ten years off of a mortgage, are strong incentives to take action. The mortgage process is not without it’s challenges however, and borrowers in Houston, Spring, The Woodlands, and all over Texas, should be ready for the unique challenges they may face in this environment.
There are three major reasons to consider refinancing right now, and it all starts with rates. Mortgage rates are currently at or near record lows. A well-qualified borrower can obtain a rate below 5% on a 30-year mortgage, and perhaps below 4.5% on a 15-year fixed rate loan. Freddie Mac has been tracking mortgage rates since 1971 and has never seen rates this low. A low mortgage rate allows a borrower to retain the same term and reduce their monthly payment, allowing them to save thousands in interest payments over the life of the loan, or reduce the repayment from say, 30-years to 15-years for a similar payment depending on if their current rate is high enough. Either way, the interest savings can be quite significant.
The second reason to consider refinancing is to take cash-out in order to do home improvements or renovations. It makes sense to use home equity to make improvements because mortgage interest is tax deductible and the right improvements can immediately add value to a home. An updated kitchen or bath have the greatest impact on a home’s value, while the costs of adding a swimming pool are rarely recouped. Rolling high interest rate debt from credit cards or other loans into your mortgage can be another great way to save money. Many borrowers are paying interest rates of 18% or more on credit card debt, while mortgage rates are far lower. This can create needed relief for borrowers swimming in credit card debt, and once again lower overall interest expense. The important thing to remember here is that you are shifting debt from unsecured debt to mortgage debt. The implications of defaulting on that debt are far greater. In addition, you may be repaying the mortgage debt over a far longer period than you might pay the credit cards debt, and you must be disciplined to put away or close the credit cards so as not to accumulate additional debt.
While it seems like a great idea to refinance at a lower rate, there are some caveats we should mention. First, qualifying for a mortgage is not as easy as it once was. During the peak of the sub-prime market, even marginal borrowers were able to obtain mortgage financing with little to no money down. Today, credit standards have tightened. Minimum credit scores of 620 or more are common and the best rates are reserved for borrowers with credit scores of 740. In addition, sufficient equity in your home is often required to facilitate a refinance. Borrowers in markets like Florida, Southern California, Nevada, and Michigan have the biggest challenges since they have been hit most significantly with foreclosures and the resulting decline in property values. If a borrower put little money down, and property values have delcined, it will be difficult to find financing since you likely have negative equity. There are some programs that have been introduced recently by Fannie Mae and Freddie Mac, the two largest owners of residential mortgage debt in the country, that allow some homeowners with negative home equity to refinance, provided their loans are owned by these entities. You should consult a good local mortgage broker to see if you qualify for one of these streamlined programs.
Fortunately, Texas residents are in better shape. Property values around the state did not have the major appreciation fueled by speculation as did some other markets, and thus have not faced the same declines. According to the National Association of Realtors, home prices in Houston declined modestly (2.9%) over the past three years, while housing prices nationally dropped almost 20%. In addition, the economic environment in Texas has been stronger because of the state’s exposure to the energy sector and it’s pro-business tax policy. Thus, unemployment rates in Texas stand at 7%, far below the double-digit rates seen in California, Nevada, and Michigan.
One challenge faced by Texas homeowners is the cash-out refinancing limitation. Texas State Law permits a homeowner to do a cash-out refinance at up to 80% of the home’s market value, so unless you have accumulated alot of equity in your home, your ability to refinance for debt cnsolidation or home improvements may be limited. In addition, there are state regulated limitations on closing costs which may prohibit some mortgage companies from making cash-out loans below $100-150,000. Rate and term refinances are not subject to these rules, so you can still benefit from the low rate environment under those scenarios.
In order to best prepare yourself for the refinance process, here are some useful tips:
1. Know your credit score before meeting with your lender – raising your score by just 10-20 points can save you thousands of dollars in fees and perhaps make the difference in whether you even qualify to refinance.
2. Ask your lender about streamlined refinancing programs – these programs often have more flexible qualifying criteria and lower closing costs
3. Get your documents in order – have your W-2’s, current pay stubs, bank statements, and mortgage statements ready as well as any documents from your last loan closing.
4. Act right away – many economists predict mortgage rates will rise before the end of the year, so don’t wait too long.
Record low mortgage rates provide homeowners with a unique opportunity to save money. Understanding the process and using it to your advantage will help insure you receive the greatest benefits.
Co-Owner of Home Loan Specialists, Inc. a Houston-based mortgage lender serving the communities of Spring, The Woodlands, Tomball, Conroe and Houston, TX.
Access crucial information in the topic of auto loan calculator – this is your personal knowledge base.
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