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		Abacus Home Loans is a full service nationwide mortgage lender providing every type of Mortgage Loan for 97% Refinance, 1.5% Down Home Purchase loans, Home Equity Loans for Debt Consolidation, Home Improvement Cash Out for any reason. We have Stated Income Refinance (No Income Documentation). and Poor Credit Loans. Apply Now and a mortgage loan specialist will be happy to discuss your loan options in full detail. And remember, there's no cost or obligation. Complete our on-line Loan Approval form to find out more about the mortgage loan that's right for you.

		Refinance your current mortgage Looking to Refinance to a lower interest rate and/or take cash out? We offer a wide variety of Loan Programs and options. We have it all Conventional Loans, Jumbo Loans (over $417,000). Stated Income No Documentation up to 97% Financing on Refinances and Purchase Loans (No down payment needed)! Low Fixed and Adjustable Interest Rates and Interest Only. We cater to everyone Excellent to very Poor Credit. First time homeowner and much more. Ask about our Special Stated Income Loan program (No tax returns needed)!

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Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc. If this original loan had a fixed interest rate mortgage which has now declined considerably, then you would like to avail of a new loan at a more favorable interest rate.

Why refinance?

You'd trade-up your mortgage for the same reason that you'd trade-up your job, car, or living arrangement-because circumstances change. What you need out of a mortgage today may be different from what you needed five years ago. Refinancing can achieve one or more of the following objectives:

1. Lower your monthly payment. You can reduce your monthly payment by refinancing to a lower interest rate. Have market rates dropped since your old mortgage was funded? Has your credit improved? Has your home increased in value? Any one of these happenings could mean that you'd qualify for a lower rate.

2. Shorten your pay-off term. Paying off your mortgage loan in 15 years rather than in 25 can save you tens of thousands of dollars in interest over the life of the loan. If you can afford the higher monthly payment and plan to stay in the home indefinitely, it's well worth it.

3. Optimize your loan structure. Your current loan structure may no longer be suitable for you in the future. Maybe you bought your home with an adjustable-rate mortgage (ARM) and your initial fixed-interest period is about to expire. Perhaps you have a fixed-rate mortgage, but you'd like to take advantage of the more flexible option ARM. Discuss your objectives with your lender to determine the most appropriate loan structure for you.

4. Consolidate your debt. If you're carrying a lot of credit card debt, you can lower your monthly repayments through consolidation. To do this, you'd take out a mortgage loan large enough to pay off all the debts on your cards plus the balance on your old mortgage.

5. Fund large, one-time expenses. You can raise the funds you need by doing what's called a cash-out refinance, where you'd take out a loan that's larger than your current one. As soon as you pay off the old loan, the excess funds can be used to pay for home improvement projects, college tuition, your daughter's wedding, long-term care expenses, etc.

Essentially, your mortgage is a financial tool that might need occasional sharpening. As life throws you new circumstances, trading up that mortgage may be one way to manage change.

When consumers were asked to rate a possible refinance as a lovely experience most said the possibilities of that were not so good. There are not many people who want to figure out if they are going to keep their home for the next two years or wait and try to sell in another five to seven. If you are in a mortgage with over eight percent and the current rates for your area are in the sixes it would benefit you to refinance your home loan no matter when you are going to sell your house. Standard used to be not to refinance home loan with less than two percent between your current rate and the rates of the state now but that is just not the case anymore. What you have to do is sit down with your current lender and find out if they will indeed refinance the home loan at the lower rate or shop around until you find the one that will. Often times your current lender does not want to advise you of refinance options because that is taking money out of their pocket and unless you like giving them your extra hard earned money every month you should think about a refinance home loan today. One thing you may want to consider with your refinance home loan is that if you are thinking of selling in a few years but you are at a pretty high interest rate you could do a fixed adjustable rate mortgage. That type of mortgage will have a fixed rate for a term of several years and then begin to increase after say five years. By the time the increases start you would have your house on the market or sold and would not see a change at all. That is just one way that an adjustable rate mortgage can help the homeowner. To refinance a home loan you must see if the cost of the refinance will be paid off in a short amount of time; if not it may not be worth it in the long run. Many homeowners choose to use their refinance home loan to take cash out and still find that they pay off the fees associated with the refinance in a matter of months instead of years. Still yet there is the homeowner who would love to take money out of the mortgage but have gotten themselves into a sticky situation and are in danger of foreclosure. If you are one of those let Refinance.com use their skill and expertise to find a program that will suit your current financial situation for years to come. There are so many refinance home loan programs out there that will fit with your current financial situation. The most important element to the refinance home loan process is finding a lender you can trust. Your lender should not fast talk you into what is good for them but only recommend what is good for you. Here at Refinance.com we want to earn your business and keep it. We know that there are a lot of lenders out there professing the perfect loans. With the competitive nature of our business we wanted to make sure that we had the best lenders and the best education for our customers available and that is just what you will find at Refinance.com. Do not trust your refinance home loan to anyone else but

When is Refinancing an Option

Typically home refinancing is done when you have a mortgage on your home and apply for a second mortgage loan or equity loan to pay off the first one. While taking the decision to go for the home refinancing option, it is important to first determine whether the amount you save on interests balances the amount of fees payable during refinancing.

Benefits of Home Refinancing

Imagine a scenario where you can have access to extra cash, while simultaneously lowering your monthly mortgage payment. This dream can become a reality through mortgage refinancing.

A house is the largest asset you may ever own. Likewise, your mortgage payment may be the largest expense you'll have in your monthly budget. Wouldn't it be great to use this asset to reduce your monthly payment and put extra cash in your pocket? When you refinance your mortgage, you can take advantage of the equity in your home and enable this to take place.

Lower Refinance Rate, Lower Payments

When you purchased your dream home, the financial environment dictated lower mortgage rates. While certain factors, like your credit rating and the amount of the down payment that you were able to afford, influenced your interest rate, the single most important factor was the prevailing rates at that moment. However, interest rates fluctuate. When the Federal Reserve enters a rate-cutting period, the prevailing rates may become significantly lower than when you originally purchased your home.

By refinancing your mortgage when interest rates are lower, you can exchange a higher interest rate for a lower one, which, in turn, will lower your monthly payment.

Try to shorten the Length of Your Mortgage when Refinancing

Another advantage of home refinancing is that you can shorten the term of your mortgage. Let's say, for example, that you originally had a 30 year fixed rate mortgage and have been paying it for eight years. Thanks to mortgage refinancing, you can switch to a shorter term of either 10, 15 or 20 years. This can save you thousands of dollars of interest. Also, if the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.

Exchange an Adjustable Rate for a Fixed Refinance Rate

When interest rates are low, adjustable rate mortgages (ARMs) are the housing market's. Interest rates increase, that adjustable rate may not look as sweet. It's also possible that you opted for an ARM because your financial future was less secure, or you weren't sure how long you'd stay in your home. If, however, you've become financially stable and know that you'll be staying in your home for several years, it may be beneficial to swap that fluctuating adjustable rate for a fixed one. You'll have more security knowing that your monthly payment will remain steady, regardless of the current market environment.

Access to Extra Cash - Cash-out refinancing

One way to put more money in your pocket is to tap into the equity you've built in your home and do a "cash-out" refinancing. In this scenario, you can refinance for an amount higher than your current principal balance and take the extra funds as cash. This can provide money for remodeling your home, paying off high-interest rate bills, or sending your kids to college.

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.

When you last refinance your home mortgage, did you pull out extra money? Did you pull cash out?

If your answer is no, you are part of an unheralded but significant new trend among American home owners: People who are still refinancing their loans to cut monthly payments or shorten their payback terms, but not extracting additional cash.

The trend is so pronounced, according to mortgage industry analysts, that stated income refinance cash-out have just hit their lowest level in decades, and perhaps ever. According to giant mortgage investor Freddie Mac, only 32 percent of all refinancing during the third quarter of this year involved cash-outs of additional money beyond the existing loan balance. That is down from the 60 percent-plus cash-out proportions typical during the height of the refinance boom in 2001 and 2002, and the all-time record of 93 percent set in mid-1989.

Cashing out, by Freddie Mac's definition, involves refinancing an existing mortgage and replacing it with a new loan that is at least 5 percent larger. Cash-out require sufficient home equity to support the additional money being withdrawn. They also frequently come with a slightly higher interest rate than the lowest available to the borrower. You pay a slight premium -- generally anywhere from one-eighth of a percentage point to one-fourth of a point -- when you add more debt to the house than you had earlier.

But that has rarely dampened the popularity of cash-outs. After all, if you refinance your house and lower your rate while at the same time pulling out an extra $25,000 -- tax-free -- to get rid of other credit bills or pay for the kids' tuitions, then why not?

Cash-outs were so significant in propping up consumer spending during the recent recession that Fed Chairman Alan Greenspan called home equity "monetization" one of the key supports of the national economy overall.

So what is happening now? Why the apparent cash-out fizzle? Freddie Mac deputy chief economist Amy Crews Cutts says that many home owners have already refinanced once or more during the past few years. They have already pulled out cash and are now focusing primarily on lowering monthly payments or shortening their loan terms.

Reducing the rate on an average-sized $140,000 mortgage by 1.3 points -- the average refinance rate reduction last quarter -- lowers the home owner's monthly payments by about $120, and saves the owner $1,440 during the first year alone. That is spendable money in the home owner's wallet, notes Cutts, and has a positive effect on household economic well-being and the national economy as well.

But it does not add to the home owner's debt burden as cash-out refinance do, so it's a smart move.

"We are seeing a different kind of borrower these days," says Cutts, "a more sophisticated borrower" who isn't simply piling on debt but sees his or her home mortgage as a central tool to managing and planning personal finances.

Unlike their counterparts in earlier decades, American home owners today are more experienced at refinancing and more knowledgeable about the entire mortgage process, according to Cutts.

"They've Stated Income Refinance a couple of times, they know more" about mortgages than home owners in the past, she says. As a result, the vast bulk of current borrowers refinance are looking to make the most of the lowest interest rates in recent history. Though 30-year fixed-rate mortgages bottomed out at a record 5.21 percent last June, today's prevailing rates are just three-quarters of a percentage point higher.

Rates today still are close to levels in the 1960s, and they may well be the lowest anyone is going to see again for decades. No wonder, then, that refinancing still represents half of all current mortgage activity -- half of an estimated $3.3 trillion marketplace this year alone.

How long can all this Stated Income Refinance mania keep up? Are there actually home owners out there who are sitting with loans that are excellent refinance prospects?

With so many ways to lower your monthly mortgage payment, how do you pick the right refinance mortgage loan for me? Feel free to try our Refinance Mortgage Calculator.

Refinancing for the security of a fixed rate loan
An adjustable rate mortgage is a great way to get into a home with low monthly payments. But the periodic rate adjustments and possibility of rate hikes can be disconcerting. Which is why you might want to consider switching to the security of a fixed rate loan.

Plan to be in your home just for a set number of years? You can get fixed period ARMs that start with fixed rates (from 3, 5, 7 or 10 years for the initial fixed rate term), then the rate adjusts yearly after that. If you stick to your plan, by the time the loan would have converted to an ARM, you'll have already moved. A tip: the shorter the initial fixed rate period, the lower your interest rate.

If you're planning to be in the home for a long time, consider a fixed rate loan with a term of 10, 15, 20, 25, 30 ,40 and even 50 years. Just remember, fixed rate loans may have a higher rate than what you're currently paying for your ARM. So you want to carefully consider both how long you plan to stay in your home and how important the security of a fixed rate loan is to you.

Refinancing to move to an ARM for short-term savings
A lot of people might wonder why you would want to go from a fixed rate loan to an ARM. But it can be a smart move if you want to save money on your home loan payments for a year or so before moving to another home.

By switching from a fixed rate loan to an ARM, you can save substantially in the short term. One option is to get a no cost refinance ARM. This will mean a slightly higher interest rate, but since your goal is to save and conserve cash, closing costs are an expense you don't want. You want savings on your payment now.

How much can you save per month? That depends on your current loan, the ARM you choose and today's rates.

It makes sense to refinance because you break even in less than 1 year. And if you stick to your plan, you move before the rate adjusts. This demonstrates how an ARM can be a great short- to intermediate-term solution for lowering your monthly payment.

Refinancing to take cash out of your home's equity
Borrow up to 95% of your homes value. The home loan payment you make each month increases the equity that you have in your home. This equity can represent a substantial part of your savings. By refinancing, you can free up some of this money for other purposes. You might need it for a child's college tuition. Or to invest in a second home, debt consolidation.

Another good reason to take cash out of your home is to pay off debts that have non-deductible interest costs. The interest on home loans is, in most cases, tax-deductible. If you have a sizeable amount of debt in non-deductible loans, such as credit cards and car loans, it can make sense to use some of the equity in your home (provided you have enough) to pay off these debts. That way, the interest you pay on your combined debts is now tax-deductible. (See your tax advisor about your particular situation.)

To draw out cash from your home, you can typically borrow up to 75% of the appraised value. At Countrywide, we have an expanded cash-out program that allows you to borrow up to 90% of the appraised value of your home.

Refinancing to eliminate mortgage insurance
Did you purchase your home with less than 20% down? Then you probably have a monthly mortgage insurance payment along with your principal and interest. (Check your home loan statement if you're not sure.) or you could have closed with a first & second mortgage 10% down 80/10/10 or 5% down 80/15/5.

As you build equity in your home, you eventually reach the point where you have more than 20% equity. You may already be there. In fact, in a favorable housing market where home values are increasing at above average rates, your home's worth may have increased to the point where you have 20% equity simply because your home has become more valuable. But you may not be able to cancel your mortgage insurance yet.

Your goal for this kind of refinance should be to get a loan without monthly mortgage insurance that has a rate as low or an even lower than your current loan. The ideal situation would be to reduce your rate by more than just the cost of your monthly mortgage insurance payment alone.

You better believe it: Fully one out of five mortgages in Freddie Mac's giant portfolio earlier this year carried rates of 7 to 7 1/2 percent. Another 14 percent carried rates of 7 1/2 to 9 percent. And 1.4 percent were over 9 percent.

Add in the one-quarter of all borrowers whose loan rates are now between 6 1/2 and 7 percent, and you've got a huge potential for still more refinancing on the horizon if rates stay at, or below, 6 percent.

And if current trends continue, fewer and fewer of those future refinance borrowers will want to cash out equity -- and add to household debt burdens -- when they apply for their new loans.

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Stated Income Mortgage Loan

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Stated Income programs allow you to purchase or refinance a single family, townhouse or condo.

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The new stated loan program is a creative mortgage loan which gives you complete control over your mortgage as well and is also available as a stated income loan.