First Home Mortgage Corporation Originates HarmonyLoans

First Home Mortgage Corporation Originates HarmonyLoans

Tysons Corner, VA (PRWEB) July 26, 2011

Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced that First Home Mortgage Corporation is the first correspondent lender to originate and deliver the HarmonyLoan, a consumer-initiated interest rate-resetting mortgage product. HarmonyLoan aligns the interests of consumers and mortgage originators in a way that is unprecedented in the industry. First Home Mortgage Corporation is a mortgage lender headquartered in Baltimore, Maryland, serving the borrowing needs of customers located in states along the east coast.

The HarmonyLoan, designed by Mortgage Harmony Corp., allows borrowers to quickly and easily adjust their interest rates as the market changing, taking advantage of lower interest rates without the expense and hassle of a traditional refinance or new mortgage. They can lower their rate as often as every 120 days with a click of an adding, assuming their payment history is solid.

“It is very exciting to offer the consumer centric HarmonyLoan to my customers.” said Darran Anthony, First Home Mortgage Area Manager “They quickly recognize the benefits the HarmonyLoan offers – the ability to reset their interest rate at no cost and no hassle. This product is an excellent referral tool and Mortgage Harmony’s customer facing HarmonyLoan Central™ website puts me and my Realtors in front of the customer for the life of the loan. This is truly unique in the mortgage industry.”

Mortgage Harmony’s mission is to create innovative mortgage products that bring greater continuity to all parties in the process and minimize the lender’s timeline between product development and launch to homebuyers. The HarmonyLoan removes the costly inefficiencies of the mortgage process and affords greater economic security. Homebuyers can quickly and easily reset their HarmonyLoan by accessing HarmonyLoan Central, a state-of-the-art, 24/7 web-based interface and using the One-Click Rate ChangeTM. Upon resetting, they have the advantage of an at-market interest rate. The engineering of the private label website is designed to provide constant contact between the borrower, real estate agent and loan officer. The mortgage professionals can now stay in front of the customer for the life of the loan.

“The HarmonyLoan Central website will revolutionize the way consumers manage their mortgage and the way loan officers interact with the customer,” said Jay Patel, Sales Director of Mortgage Harmony Corp. “This month the first HarmonyLoan was reset by a borrower while on vacation in London, England with just one click of a button. This is the way of the future.”

“Today’s mortgage lending environment is highly competitive.” said Steven Lagana, President of First Home Mortgage Corporation. “We are constantly looking for opportunities to better serve the customer. The HarmonyLoan and the infrastructure that is built around the product will assist us with our customer service goal, while providing our sales professionals a product offering which will dramatically increase our exposure in the marketplace.”

About Mortgage Harmony Corp.
Mortgage Harmony Corp. designs, develops and distributes innovative residential mortgage products for mid-size and large banks, credit unions and mortgage companies. Its mission is to create products and services that properly align the economic incentives of all participants of a mortgage transaction and bring long-term stability to the housing finance industry. For more information on Mortgage Harmony and the HarmonyLoan, please visit http://www.mortgageharmony.com.

About First Home Mortgage Corporation
First Home Mortgage Corporation is a licensed full service mortgage lender, providing processing, underwriting and closing for mortgage on properties in Maryland, Delaware, Virginia, Washington DC, Pennsylvania, Rhode Island, West Virginia, Florida, Georgia, North Carolina, Connecticut, South Carolina, New Jersey, Maine, New Hampshire, Vermont, Tennessee and Massachusetts. For more information, please visit http://www.gofirsthome.com.

CONTACT:
Debra Kaufmann
The Collingwood Group
202.626.9724
dkaufmann(at)collingwoodllc(dot)com

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?

Question by cookingmomma: Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second bond put a monkey-wrench in refinancing the first?

Best answer:

Answer by Tim
Normally you roll them both together. You can get better rates on a 1st than a 2nd.

Add your own answer in the comments!

Refinancing “First and Second Mortgage”

Refinancing “First and Second Mortgage”

(PRWEB) September 10, 2004

Attraction to have a mortgage with minimum interest rates, is the main motive behind refinancing practising. Refinancing is the process of replacing an existing loan with another lower interest rate loan for the same amount. Besides, when the borrower is unable to pay off the debts of current mortgage, then the lonesome best way left is to through refinancing.

First Mortgage is a first loan recorded in the public record, on a certain piece of property. It has priority o’er any subsequently recorded mortgages. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

Second Mortgage is the second loan against a specific piece of property. It is a mortgage subsequent to another mortgage and subordinate to the first one.

People choose to refinance, as their benefits outnumber the drawbacks. Borrowers can enjoy reduction in monthly payments, if the rates have dropped since the purchase of his/her home. Thus enable a borrower to save, spend or invest more money each month. They tin use the equity build into their homes and utilize this money for home improvements, college tuitions, etc. Refinancing a first and second mortgage tin help borrowers to regain control of their personal debt. By it, borrowers could pay off other debts and consolidate all their debt into one mortgage lend. This would significantly decrease their interest on credit tease debt. It can equip the borrowers to convert their adjustable ordered mortgage into a doctoring rate mortgage. The closing costs for refinancing a second mortgage are lower than the closing costs for first mortgage.

Refinancing a first and second mortgage becomes less favorable, if there are prepayments fees attached to the current mortgage. If the borrower has to pay very huge being at the time of refinancing, then also he/she can deviate from refinancing. The second bonding lender must agree in writing to low-level his claim to an unexampled first mortgage.

The old rule of thumb was that you should refinance a first and second mortgage only if the rate is at least one percent lower than your current rate, but in these time of no- or low-cost financing loans, you may decide that refinancing is in your best interest. If you are halfway through your mortgage term, it is probably not in your favor to refinance because you are now paying more in principle than interest.

If you have whatsoever other queries related to mortgage, feel free to see this site.

http://www.mortgagekb.com

External Resources:

1. http://www.mortgagekb.com/fixed-rate.html
2. http://www.mortgagekb.com/mortgage-note.html
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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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