March 21, 2010
ATHENS (Reuters) - Greece can go without borrowing until the end of April and has not yet decided when it will tap capital markets for funds to refinance maturing debt, the country's deputy finance minister said on Sunday.
Greece has already borrowed more than 15 billion euros ($20.28 billion) this year via T-bills, syndicated bond issues and a private placement out of an estimated total need of 53.2 billion euros for 2010. It is pressing its European partners for a concrete standby package to help bring its borrowing costs down.
Aiming for a 4.0 percentage point fiscal adjustment to shrink its budget gap to 8.7 percent of GDP this year, Greece has said it may have to turn to the IMF if a European solution is not found to help manage its debt mountain.
"We have the ability ... to follow our course until about the end of April without going to the markets," Deputy Finance Minister Philippos Sachinidis told Mega TV in an interview. "We have not taken any decision as to when we will go out to markets to borrow."
Greece needs to raise some 16 billion euros in debt by the end of May, the head of the country's PDMA debt agency said in an interview published on Friday.
Petros Christodoulou told the Frankfurter Allgemeine Zeitung daily that 23 billion euros of Greek debt fell due in the period April 19 to May 23, but that the Greek government had a positive cash balance of around 7 billion euros at present.
Sachinidis said Greece was not asking its euro zone partners for money but for the right message to markets so that its borrowing costs come down. The country, with a debt-to-GDP ratio seen reaching 120.4 percent this year, is paying almost twice as much as Germany to refinance maturing debt.
"What we want to see is a determination from the part of the euro zone to send the proper message to markets so that the next time Greece goes out to borrow in international markets it will face interest rates that price the Hellenic Republic in a better way," the minister said.
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This is for the Greek people that whatever the government's decision it is, I hope that the refinance of the debt will not be paid by the people.
Monday, March 22, 2010
Sunday, March 21, 2010
VA Cash Out Refinance
After having carefully planned and researched, you finally close on a VA home loan thinking that this is the end of all the troubles. As the years pass, so do your family dynamics. Maybe your family has grown in numbers and it's time to add the extra bedroom, or maybe it's just a matter of consolidating debt to take advantage of the tax benefits. Statistics show that the average mortgage loan is kept no longer than five years.
And, most Americans move within ten years of buying their first home.
Like it or not, you'll probably be refinancing; and if your considering taking cash out, then this article is for you!
What is a VA cash out mortgage refinance?
In the simplest of words, this is a program that provides you with the option of cashing out the equity that has accrued on your home during your period of stay. You can use the funds as per your requirements and choosing.
Before considering a VA cash out refinance, we recommend speaking to a certified mortgage planner and VA loan specialist. These people can offer you expert advice and also ensure your decision meets both your short and long term objectives. In other words, don't just refinance your home, develop a plan that betters your financial well being and stick to it.
How much cash can I receive?
Once you get your house appraisal done, you have the option to cash out up to 90% of the total amount of accrued equity in your home.
Don't confuse a VA cash out refinance with a VA streamline refinance (or VA IRRL)
One of the common mistakes people make is confuse the Cash-Out Refinance program with the streamline refinance program. These two are completely different programs.
Here are the primary differences:
VA Cash Out Refinance:
o 3% funding fee unless exempt
o Appraisal is required
o No reported late payments for the past 12 months
VA IRRL or VA Streamline Refinance:
o .5% funding fee (can sometimes be waived)
o No appraisal required* (*NOTE: with banks changing guidelines daily, some DO require an appraisal.)
o Can have 1 late payment reported over the last 12 months.* (*NOTE: As per the banks discretion. In some cases, banks will not accept late payments.)
o NO cash can be received at closing
And, most Americans move within ten years of buying their first home.
Like it or not, you'll probably be refinancing; and if your considering taking cash out, then this article is for you!
What is a VA cash out mortgage refinance?
In the simplest of words, this is a program that provides you with the option of cashing out the equity that has accrued on your home during your period of stay. You can use the funds as per your requirements and choosing.
Before considering a VA cash out refinance, we recommend speaking to a certified mortgage planner and VA loan specialist. These people can offer you expert advice and also ensure your decision meets both your short and long term objectives. In other words, don't just refinance your home, develop a plan that betters your financial well being and stick to it.
How much cash can I receive?
Once you get your house appraisal done, you have the option to cash out up to 90% of the total amount of accrued equity in your home.
Don't confuse a VA cash out refinance with a VA streamline refinance (or VA IRRL)
One of the common mistakes people make is confuse the Cash-Out Refinance program with the streamline refinance program. These two are completely different programs.
Here are the primary differences:
VA Cash Out Refinance:
o 3% funding fee unless exempt
o Appraisal is required
o No reported late payments for the past 12 months
VA IRRL or VA Streamline Refinance:
o .5% funding fee (can sometimes be waived)
o No appraisal required* (*NOTE: with banks changing guidelines daily, some DO require an appraisal.)
o Can have 1 late payment reported over the last 12 months.* (*NOTE: As per the banks discretion. In some cases, banks will not accept late payments.)
o NO cash can be received at closing
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