Not only is it important to talk with a divorce attorney but you will also want to speak with a mortgage professional if you and your spouse own a home together.

If you choose to keep you home you will want to know how to go about refinancing the mortgage and the best route depending on whether you need to take cash out of the property or just remove the spouses name from the loan. 

Many do not know that you can get a name delete assumption.  A name delete assumption is getting someone else’s name removed from the mortgage and keeping the same loan.  It is much less expensive then your traditional refinance.  You will want to call your mortgage servicer and ask for the assumption department.  Every bank is different so the costs will vary.  I believe Wells Fargo charges $500 but if you have an interest rate of 5% and rates are now at 6% you will want to keep that low interest rate. 

The article below has a lot of great information. 

http://mortgageminute.mortgage-market-news.com/2009/11/12/divorce-mortgage-–-essential-things-you-need-to-know-about-your-house/

Friday 5PM 01/29/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates fell on Friday, despite the sharp increase in fourth-quarter “growth,” thanks to a “rise” in the “inventory” of unsold goods, plus higher exports. The Dow tried to stage a triple-digit rally on the news, but the effort fizzled, and that gave mortgages the “opportunity” to move to lower yield levels.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with one and five-eighths points, “down” three-eighths of a point from Thursday, for a savings of $375 on a one-hundred thousand dollar loan.

The five-and-one-eighth percent rate fell a “quarter” of one point to–a quarter of one point!

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was “lower” as well, with the four-and-a-quarter percent rate now at one-and-A-half points, down a quarter of a point from Thursday. The four-and-a-half percent rate was down, to just “one-eighth” of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

As mentioned, October through December “GDP” jumped by 5.7 percent, the most in six years. But many “analysts” said, that type of large increase will not be seen again, during the “current” year.

Next Friday, we-will-see the January employment report. While the unemployment “rate” is expected to “remain” the same, the “number” of new jobs created, “may” move into “positive” territory, after December’s disappointing results.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later this weekend for my next *free* mortgage rate update.

Mortgage market and interest rate commentary for Friday January 29, 2010

Mortgage market and interest rate commentary from Bruce Brown, CMPS with Pulaski Bank Home Lending and radio host of Dollars and Homes on KCMO Talk Radio 710 in Kansas City.

Friday 8AM 01/29/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates “rose” again on Thursday, despite “shocking” news on the sustained increase in first-time claims for weekly state unemployment benefits, and a triple-digit plunge in stock prices, which took the Dow Jones Industrial average closer toward the 10,000 level. Shortly after the president’s State of the Union address on Wednesday night, U.S. Treasury yields had spiked higher in Asian trading. So, finishing the Thursday session almost unchanged was a relief to many traders.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with two points, “up” an eighth of a point from Wednesday, for an extra cost of $125 on a one-hundred thousand dollar loan.

The five-and-one-eighth percent rate held steady at “half” of one point.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was higher, with the four-and-a-quarter percent rate now at one-and-three-quarters points, up an eighth of a point from Wednesday. The four-and-a-half percent rate was up an eighth of a point as well, to three-eighths of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

As mentioned, first-time claims for weekly state unemployment benefits remained in the 470,000 area, when economists had “expected” a drop to 450,000.

Today, we-will-see the first estimate of 4th Quarter Gross Domestic Product, for the three-month period, which ended on December 31st. The “guess” is that growth “more than doubled” from the third quarter of last year.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today for my next *free* mortgage rate update.

Throughout 2009, the bailouts for mortgages sustained on through the new mortgage refinance programs which was formed to help floundering homeowners who haven’t been eligible for the customary technique of refinancing their loans because of the quick reduction in assets values. The present housing issues did away through the equity that millions of homeowners previously had. Home Loan Modification program brought around about a new sort of government even through the refinancing technique which has turn out to be available to a broader sector for homeowners.

Below is some detailed information of the necessary aspects of credentials for Loan Modification Program with the HARP.

• The Obama’s Home Affordable Loan Modification or Refinancing plan allows a homeowner to refinance their existing mortgage payments just if they’re striving to refinance their main home.
• The homeowner need to be advanced with their existing mortgage payments and the mortgage should have insurance with one of the mortgage companies that are government supported. Being existing through the mortgage indicates that you’re been no more than 30 days delayed on 1 payment in the past 12 months.
• The assets which the homeowner is wanted to refinance should have been purchased previous to or on January 1, 2009 in order to get eligible.
• The cost of the home should have fallen significantly because of the homeowner not refinancing and still make use of a conventional loan process.
• The Obama Loan Modification Program has a limit on loans put into result which is at $407,498.00 presently.

The HARP could be the way out that as many Americans have been waiting for. The government refinances plans through the past for example “Hope for Homeowners” as well as the “FHA Secure” weren’t competent to help the average homeowner to refinance as they didn’t get eligible as what was called financial lending plan glitches. Approved, an FHA Refinance could even be a great fit for few homeowners who have their credit ratings under 620; however the homeowner should have confirmation to prove factors for paying off.

Just similar to conventional also FHA mortgage loans, homeowners should offer pay stubs and be capable of giving you an idea concerning standard proof that they would be capable of pay the new payment amount without any issues.

Apply now for Obama’s Loan Modification Program and get best assistance