CitiMortgage Government Freddie Mac HARP Refinance Rates

There are many American families that have struggled with a home mortgage payment in the last several years and it should come as no surprise that some of these individuals are looking for ways to reduce that payment.  If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae you may qualify for the Federal Government Home Affordable Refinance Program (HARP) through CitiMortgage or any of the financial institutions that are taking part in this program.  A HARP refinance could help you save hundreds a month on a mortgage payment.

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Making Home Affordable HARP Program

After the subprime mortgage crisis or credit crisis many banks and financial institutions took the necessary steps to stay in business. This meant that they needed to allow borrowers an opportunity to pay their mortgage even if the payment was lower. Unfortunately, not everyone had an amazing credit score and low debt to income ratio in 2008 and 2009 due to the terrible economy. The only way that mortgage lenders were able to help these individuals refinance was with the help of the Federal Government.

Under President Obama the government stepped up and created the Making Home Affordable Plan. This plan helped homeowners go through a home loan modification in which they could lower their monthly mortgage payment even with a subpar financial history. This is something that was not possible prior to the Home Affordable Refinance Program or HARP for short. It is very important to note that there is a different in the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP).

The Home Loan Modification process was very popular during and shortly after the credit crisis as this allowed individuals to lower current mortgage payments while increasing later payments on the back end of the mortgage loan. The thought process was that the overall economy would improve allowing homeowners a chance to build up their savings and checking account over the course of 15 to 30 years. The lower payments did not mean individuals got out of paying these obligations; they were just delayed.

The Home Affordable Refinance Program or HARP allows individuals to refinance to a lower mortgage rate. This means that they might end up paying a lot less over the course of the home loan. Note that the home loan modification process does not involve the interest rate at all. There is a huge different, especially when it comes to how much money will be paid over the course of the entire home loan. When looking to refinance it never hurts to have some assistance from the Federal Government. Some people were even searching for the Obama refinance program or Obama mortgage program back in 2008 and 2009.

CitiMortgage Government Freddie Mac HARP Refinance Rates

CitiMortgage, CitiBank and Citi are all the same company. When looking to refinance a home loan it might be a good idea to do research on this specific bank. Along with JP Morgan Chase, Wells Fargo and Bank of America, Citi is one of the big four banks in the United States. I would strongly suggest looking at multiple options and not just these four banks when it comes to the Freddie Mac HARP refinance program. Below are the questions that must be answer before applying to refinance through HARP:

1) Is your home loan owned or guaranteed by Fannie Mae or Freddie Mac?

Fannie Mae and Freddie Mac offer loan lookup tools on their websites to help you determine if

your loan is owned or guaranteed by one of the companies. The links are provided here:

http://www.fanniemae.com/loanlookup/

http://www.freddiemac.com/mymortgage

2) Was your loan originated before June 1, 2009?

3) Are you current on your mortgage payments?

4) Have you made all of your mortgage payments on time in the last 6 months, and missed no

more than one payment in the last year?

5) Do you owe more than your home is worth, or is there minimal equity in your home? There are

several online tools available to help you estimate your home’s value. (Suggested search terms

include: home value calculator, calculate home value, and how much is my home worth).

If you can answer yes to all of these questions there is a good chance you will qualify to refinance your home loan to a much lower interest rate.  In March 2013 average 30 year fixed home loan interest rates are at 3.5%.  This is the lowest level we have seen since data has been collected by Freddie Mac (since 1971).

I have created multiple resources that explain interest rates on both 30 year and 15 year fixed mortgages.  Make sure to access the Citi FHA mortgage page to get up to date information on these interest rates on home loans.  Just because average mortgage rates are being advertised at a certain level it does not mean that all homeowners will be able to lock in the lowest possible rates.  Part of the government help with refinancing allows individuals to refinance but this doesn’t mean they will get those rock bottom interest rates.

Here is some information about the Government or HARP program from the CitiMortgage website:

Find out if you’re eligible to take advantage of this government sponsored program.

Are you making your mortgage payments on time but are still unable to refinance and take advantage of today’s low mortgage rates?

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. The changes are designed to allow even more homeowners an opportunity to refinance to a lower rate and shorter term even if they owe more than their home is worth. This program may be an affordable refinance option for homeowners who would not otherwise qualify for a traditional refinance.

Why refinance under HARP?

Receive lower rates even if you have little equity in your home. Existing Citi mortgage clients can refinance to a lower rate with no equity.

Reduce monthly mortgage payments when you refinance to a lower rate.

Save on interest over the life of your loan when you refinance to a reduced term.

No mortgage insurance is required on your new loan if none is in place on current mortgage.

No property appraisal required in some situations.

Today’s Lowest Mortgage Interest Rates Nationwide

CitiMortgage has a presence throughout the entire United States so borrowers will likely be within driving distance of a branch location. Always use Google Maps to find a Citi location near you.  The Google Maps results will not only who the locations closest but it will allow individuals to read honest reviews of different locations.  The Google+ local reviews from users are just getting started but they will likely build over the next few years.

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I would strongly suggest reading over as many of these reviews as you can.  You do not want to get into a long term mortgage home loan with a financial institution that does not offer great customer service.  It is important to note that every situation is unique.  If someone is complaining about a bank teller in Michigan and you are in Florida you might want to think about this data.  If you are in the Michigan town in which the complaint was filed that is a different story.

As stated earlier, average 30 and 15 year fixed mortgage rates have plummeted to all time lows over the last several years.  Homeowners have seen 15 year fixed mortgage rates as low as 2.5% while 30 year fixed rates have dropped to 3.25%.  When looking at a mortgage calculator it is quite obvious that this could save money for individuals who are paying on an interest rate over 4%.  The general rule of thumb is that these homeowners should look to save at least one full percentage point if they hope to save by refinancing at the present time.

In March and April of 2013 there are plenty of mortgage lenders that can help with the HARP mortgage refinance program through the government.  Recently President Obama has stated that the program needs to be expanded and extended.  We have yet to see this go through as a bill but it would not surprise me if we do not see it soon.  Take the time to read up on these issues as it could end up helping you save your home.  There is no worse financial situation than losing your home.

CitiMortgage is headquartered in New York state but there are other options available.  This list shows the mortgage lenders that are currently participating in the Federal Government HARP refinance program.

  • AimLoan.com
  • Website: www.aimloan.com/?s=freddiemac
  • Name of Offering: Home Affordable
  • Phone: 888-793-2167
  • Max LTV Ratio: 125%
  • Bridgeview Bank Mortgage
  • Website: www.mybbmc.com
  • Phone: 630-432-6402
  • Max LTV Ratio: 125%
  • Guaranteed Rate Inc.
  • Website: www.guaranteedrate.com
  • Phone: 773-290-0505
  • Max LTV Ratio: 105%
  • James B. Nutter & Company
  • Website: www.jamesbnutter.com
  • Phone: 800-217-7334
  • Max LTV Ratio: No maximum
  • Land Home Financial Services
  • Website: www.lhfinancial.com/HARP/
  • Phone: 800-388-6596
  • Max LTV Ratio: No Maximum
  • M &T Bank
  • Website:https://www.mtb.com/customerservice/Pages/harp.aspx
  • Phone: 855-415-4277
  • Max LTV Ratio: 125%
  • Nationstar Mortgage, LLC
  • Website: www.nationstarmtg.com
  • Phone: 855-781-7998
  • Max LTV Ratio: Greater than 125%
  • Quicken Loans
  • Website: www.quickenloans.com
  • Phone: 888-485-7305
  • Max LTV Ratio: 125%
  • SunTrust Mortgage
  • Website: www.suntrustmortgage.com
  • Phone: 877-648-8753
  • Max LTV Ratio: 125%
  • Total Mortgage Services, LLC
  • Website: www.totalmortgage.com
  • Phone: 877-868-2503
  • Max LTV Ratio: 105%
  • US Bank
  • Website: www.usbankhomemortgage.com
  • Phone: 888-831-7524
  • Max LTV Ratio: 105%
  • Wall Street Mortgage Bankers Ltd. Power Express
  • Website: www.powerexpressmortgage.com
  • Phone: 800-810-2265
  • Max LTV Ratio: 125%
  • Wolverine Bank
  • Website: www.wolverinebank.com
  • Phone: 800-968-4280
  • Max LTV Ratio: 125%

Senior Citizen Life Insurance in Florida

Many seniors decide to migrate south because of the weather and the facilities that are available in the state of Florida.  Some of these individuals will actively seek senior citizen life insurance in Florida as they want to have some insurance policy for their loved ones.  These loved ones might be children, grand children, great grandchildren or just friends of the family.  That will be decided by the individual that takes out the insurance policy.  Before assuming all insurance policies are the same it is always important to do a little bit of research.

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Term Life Insurance Policy Help

Term assurance or term life insurance is one of the cheapest possible forms of life insurance when it comes to monthly payments.  That said, customers must recognize that once the term is up there is no coverage at the previous rates.  Unlike whole life, universal life and variable universal life, term life insurance is usually not used for estate planning or charitable giving.  The most common reason that individuals desire term life insurance are the low rates and an income replacement if an individual passes.  This is important to remember when contacting life insurance agents or companies in the state of Florida in 2013 and beyond.

Before starting to really jump into any type of insurance policy it would be wise to research the many different options that are available.  Most insurance companies offer a wide variety of products that will help the needs of the customers.  The more customers they can help the more popular the products.  Even with this being the case, do not get caught up in the more popular products just because you have read the names or seen the advertisements.  Be very adamant about the fact that you want an insurance policy that works best for you.

As we continue to advance with technology it is not difficult to educate oneself on popular financial products.  Life insurance can be very difficult to understand and some people will simply look for the lowest possible payments.  I would suggest thinking otherwise as you often get what you pay for.  When looking for life insurance payments under $20 a month or even under $10 a month remember that you are not going to be getting the payout your desire in the long run.  This can be very hard to swallow as life insurance deals with death but there is no reason to pay this much every single month if you are not getting the products you are looking for.

Senior Citizen Life Insurance in Florida

As with most states, there are tons of options available in the state of Florida.  Of course the big names like MetLife, Mutual of Omaha, State Farm, Northwestern Mutual, AARP, New York Life, Nationwide, Colonial Penn, John Hancock, Prudential, Hartford Life, TIAA-CREF and Avivia are present.  Also look for some of the small local financial institutions that may offer life insurance products.  You may be surprised to find that some local community banks or other financial companies offer different types of life insurance policies.  If you are a traditionalist that likes things the way they have always been I would suggest using one of the names suggested above.

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Sometimes it is worth it to look for insurance companies that offer combined products.  Maybe you want auto, life and homeowners insurance.  We have been seeing more and more commercials that point out these opportunities.  State Farm has done an amazing job of promoting the idea of having all insurances with one particular company.  This may lower the bills and it will make it easier with one large payment every single month much like a loan consoldiation.

There is a great explanation of the different in life insurance policies at the American General Page.  This should be helpful:

“Term life insurance covers you for a certain period, such as 10, 15 or 20 years. Buyers typically choose a policy that covers them until their mortgages and other debts are paid off, or the kids have graduated from college and are living independently. Term life is fairly straightforward, compared to permanent life, and it’s less expensive than a permanent life policy. The average cost of a 20-year, $250,000 term life policy for a healthy 30-year-old is about $150 a year, roughly the cost of one latte per week, according to LIMRA and the LIFE Foundation.

A term life policy pays out if you die during the term while the coverage is in effect. Then your beneficiary collects the proceeds, called the “death benefit.” You can’t cash in the policy while you’re still alive. With term life you risk buying something that your family might never end up using, but in return you gain the peace of mind knowing they’d be OK if you died unexpectedly.

Permanent life insurance, such as whole life or universal life, covers you for the rest of your life. The policy pays the death benefit to your beneficiary whether you die tomorrow or in 50 years.

Permanent life insurance also includes an investment component, known as “cash value.” The cash value of the policy starts off small and then gradually grows tax-free. If you hold onto the policy for many years, the cash account becomes a nest egg. You can borrow from the cash value — the policy stays in effect as long as you repay the money, plus interest — or surrender the policy for the cash.”

You can adjust the numbers as you see fit but this explains why term is usually just to cover a certain number of years while whole or universal is more for the rest of your life.  Sometimes this is difficult to understand so make sure to contact an agent or a broker in your area.  By using Google Maps it should not be difficult to find an agent that is more than willing to help as their salary and bottom line will be helped if you sign up for a policy.  With that in mind, always shop around and see which agents are willing to work very hard for your business.

Counties with the Most Senior Citizens

When doing research on the counties with the most senior citizens in the United States it is quite obvious that that state of Florida dominates this list.  Below are the top 25 “oldest” with the far right hand number being the median age of the head of the household.  Florida takes the cake with all of the top 10 and much of the top 25.

1 Charlotte County, FL Punta Gorda, FL 61.6

2 Citrus Count, FL Homosassa Springs, FL 60.5

3 Hernando County, FL Tampa-St. Petersburg-Clearwater, FL 59.8

4 Sarasota Count, FL Sarasota-Bradenton-Venice, FL 58.9

5 Indian River County, FL Sebastian-Vero Beach, FL 57.6

6 Martin County, FL Port St. Lucie, FL 57.1

7 Marion County, FL Ocala, FL 56.3

8 Lake County, FL Orlando-Kissimmee, FL 55.9

9 Collier County, FL Naples-Marco Island, FL 55.7

10 Lee County, FL Cape Coral-Fort Myers, FL 55.5

11 Pasco County, FL Tampa-St. Petersburg-Clearwater, FL 55.1

12 Manatee County, FL Sarasota-Bradenton-Venice, FL 54.4

13 Mohave County, AZ Lake Havasu City-Kingman, AZ 54.3

14 Ocean County, NJ New York-Northern New Jersey-Long Island, NY-NJ-PA 54.0

15 Yavapai County, AZ Prescott, AZ 53.8

16 Barnstable County, MA Barnstable Town, MA 53.6

17 St. Lucie County, FL Port St. Lucie, FL 53.5

18 Volusia County, FL Deltona-Daytona Beach-Ormond Beach, FL 53.2

19 Palm Beach County, FL Miami-Fort Lauderdale-Pompano Beach, FL 53.0

20 Sussex County, DE Seaford, DE 52.7

21 Pinal County, AZ Phoenix-Mesa-Scottsdale, AZ 52.7

22 Cambria County, PA Johnstown, PA 52.4

23 Pinellas County, FL Tampa-St. Petersburg-Clearwater, FL 52.2

24 Schuylkill County, PA Pottsville, PA 52.1

25 Luzerne County, PA Scranton–Wilkes-Barre, PA 51.8

Every single county on this list will have plenty of life insurance agents that will be more than happy to help with any type of term or whole life insurance.  As stated earlier, do plenty of research before picking out a specific type of insurance.  Every single insurance website should have a detailed description of the different types of insurance and how much they will cost each and every month.  Don’t always go for the lowest monthly quotes as you get what you pay for.

Online Financial and Money Help

In the last decade almost every single bank and insurance provider has looked to expand their presence online.  It is not difficult to find many great resources that will help when it comes to finding senior citizens life insurance in Florida.  Take the time to research on government websites as well as personal blogs.  Some of the personal blogs out there have a wealth of information when it comes to experience.  Just reading over some of these stories helps many to understand just how difficult it can be to determine which insurance policy is best for their current condition.

Senior citizens want to do what is best for their families, especially when it comes to children and grandchildren.  Rather than worrying so much about how much money will be left to the grandkids sometimes it is worth it to simply enjoy the life you have.  There are many seniors that life a difficult life because they do not want to spend $10 here or $20 there.  Recognize that sometimes it does not hurt that much to spend money on the necessities.  If hundreds of thousands of dollars are going to the kids or grandkids it won’t hurt to spend $20 on yourself.…

Current Finances

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April 2013

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Obama Mortgage Refinance Plan HARP 3.0 for 2013

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Honda Rebates and Lease Incentives

It is almost hard to believe that May 2013 is here which means Memorial Day weekend is just around the corner. Many retailers and car dealerships are going to have huge sales and deals as we get closer to the final weekend in May which happens to be the kick off of the summer. Some shoppers will enjoy huge savings the entire month. When looking for Honda rebates and lease incentives in May 2013 there are some great deals on the Civic, Crosstour, Odyssey and Accord. Remember to do plenty of research across the board before making a buy or lease decision.

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Honda Rebates and Lease Incentives in May 2013

Before making any final decision to buy a Honda 2012 or 2013 model I would strongly suggest individuals look at competitors like Toyota, Ford or Chevy. All of these auto makers will be offering mark downs during the month of May 2013. If you are willing to wait until the final weekend of the month you will be able to take advantage of Memorial Day Car and Trucks sales. There will be some car dealerships throughout the country that will have month long Memorial Day sales in May 2013.

Current Honda Lease Deals for May 2013

2013 Honda Accord – $219 (monthly payment) – 36 (lease term) – $2,180 (money down) – 12000 (miles)

2013 Honda Civic – $189 – 36 – $1,810 – 12000

2013 Honda Crosstour – $259 – 36 – $2,240 – 12000

2013 Honda CR-V – $229 – 36 – $2,370 – 12000

2013 Honda Fit – $169 – 36 – $2,030 – 12000

2013 Honda Odyssey – $259 – 36 – $2,740 – 12000

2013 Honda Pilot – $350 – 36 – $0 – 12000

Best Cash Deals for May 2013

2012 Honda Civic – $2,000

2012 Honda Crosstour – $3,000

2012 Honda Odyssey – $1,250

2013 Honda Pilot – $800

When deciding on any of the vehicle always do plenty of research. By looking at Consumer Reports, Kelley Blue Book and NADA you will have a better understanding when it comes to the right make and model vehicle for you. Whether you are buying a car, truck, van or SUV it is always smart to look at several different options. Toyota, Ford and Chevy are all offering amazing opportunities in the month of May 2013 so do not pass those opportunities up.

Buying or Leasing a Honda Car in May 2013

There are many people that would benefit from a lease when it comes to a vehicle purchase. If you do not drive a lot of miles and you know you are going to trade your car in after three years anyway a lease might be right. That said, if you put well over 12,000 miles on your vehicle every single year you may end up spending a lot more money by going through the lease process.

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There are a number of great buy vs lease calculators available online. If you are doing research make certain that you use a calculator from a website of authority. Anyone can make one of these calculators and it may not give you 100% accurate numbers when it comes to the total payment or the monthly car payment. The best thing you can do is sit down with someone who was a math major in college and they will explain the APR, the interest rate and the money the car is going to cost you in the long run.

Negotiating Lower Prices on New and Used Honda Cars

Something that I would suggest everyone do is try to negotiate lower prices when it comes to both new and used cars. If you drive onto a dealership have a price in mind. You already know the Honda rebates and lease incentives for May 2013 which are listed above. Come up with a price even lower than this and try to negotiate. If you are willing to walk away there is a good chance that most car salesman will do everything in their power to get you to buy or lease.

Walking away is one of the best tactics in any type of negotiation. If you prove to the seller that you don’t absolutely need that brand new Honda Accord or Honda Civic they know they will have to work with you on a lower price. If you can get a price below invoice you will be doing very good. Do the extra research, find out the invoice price for a specific Honda model and shoot for something below that.

If all else fails look on Craigslist for used cars that are similar. Tell the dealership you can get a 2011 or 2010 model for $5000 cheaper. They will either respect this and let you go or they will do their best to get you an even better deal before you leave the car dealership.…