Refinancing means taking a loan to repay one of your existing loans and finance the same with the new loan. Refinancing home loan is for repaying the home loan you have already taken and finance the rest with this new loan. There are several reasons why people go for refinance. These are as follows:
• You need to use your Home equity which has been used as collateral.
• You may need to consolidate debts.
• To get a flexible loan.
• To get added features in the loan.
• To get a loan on better interest rates.
• To move from fixed to variable rate in home loan.
Home loans are offered by different banks and financial institutions. There are so many players in the market that these players are offering loans at very competitive rates to attract customer attention. A layman would get confused with everybody offering so many features all the loans look beneficial and the best one to fulfill their need.
But choosing a refinance scheme is not so easy. So better be careful and compare the entire borrower's offer that is there in the market. Read their offers carefully and look for hidden clauses as most of them have it. A refinance is costly as it involves the following expenses:
• A new loan entails the establishment and application fee.
• The fee that is charged by the borrowers for early settlement in case of existing loan.
• Then there is also a discharge fee on the current loan.
• Some of the lenders also require Valuation fee.
• The legal fees that are charged by some of the lenders.
Refinance Home loan
Go for refinance only if you need it. It requires a lot of detailing. Before taking the decision consider these things.
• Has your income changed? Or have your liabilities changed. Only if these two have changed consider refinancing.
• Are the features in your existing loan in tandem with the ones offered in the market and are they satisfactory.
• Are the services of your existing lender up to the mark?
Some of the companies also show you the comparison rates. These are very helpful when it comes to comparing features of all the loans that are being offered in the market. The rates will obviously not be very different but will differ closely. Choose the one offering loans at the least rate even if is only 0.8%.
One should always put in a lot of thought and do a lot of research when it comes to money matters. That is why in case of refinancing first see if you really need it. Refinancing home loans involve a lot of expenditure. Consider them and take your decision.
For any help on refinance home loans, check out the info available online, these will help you learn to find the refinancing home loans an instant go!
Article Source: http://EzineArticles.com/?expert=Albert_Farnando
Saturday, September 12, 2009
Friday, September 11, 2009
Is a Home Equity Loan Right For Me?
Before making any decisions to take out any loans it is a good idea to be an informed consumer; this is especially true when it comes to taking out loans that use your home as collateral for the loan. It is very enticing when you learn that you have access to potentially tens of thousands of dollars. However, there are several key facts that you need to be aware of.
What It Is
A home equity line of credit (HELOC) is a loan that uses your home as collateral to provide to you access to the equity built up in your home over the time you've lived in it. You build equity in a home by making on-time payments towards your mortgage balance, and by maintaining the home to ensure its market value increases over time.
ProsMany people carry credit cards in their wallets; these credit cards come attached to huge interest rates that can make it seem impossible to ever pay off the balance on credit cards by making the minimum monthly payment. A home equity loan can provide you with the ability to immediately pay off those high interest credit cards and be free of the non-tax-deductible interest you pay on them. Interest paid towards the home equity loan is completely tax deductible; this is a much better use of your money than sending it all in full to a credit card company. A home equity loan can be used to pay for college tuition; the interest rate and other terms you receive on the HELOC can be a lot better than those you would have received from a tuition loan provider.
The lump sum payment from the home equity loan can be used, also, for home improvement projects that can, in turn, increase the value (and the equity) of your home. There are no restrictions on what you can spend the money on; from paying off debt, paying off medical bills, buying a new car, or installing a pool in your back yard. Compared to a regular loan from a lender, it can be relatively easy to get a home equity loan. In general, lenders feel quite confident that you will make the repayments on time simply because your home has been used as collateral.
ConsWhile it can be easier to obtain a home equity loan than it is to obtain a standard loan from a bank, you need to seriously consider if a loan that uses your home as collateral is a good choice for your family and your current financial situation. If your income situation changes will you still be able to make the required monthly repayments?
Oftentimes homeowners will use their home equity loan towards the starting up of and running of a small business; this can be a great investment if the company is successful. However, in the current economic climate it can be a very big gamble. If your business fails and you are unable to meet the payment requirements of the HELOC, you are at risk to losing your home. Be sure to shop around either online, or in your community for low home equity loan rates. A lower rate can be the difference in suceeding with the investment or going into foreclosure.
Ryan F - Real Estate and Mortgage professional.
Bringing you the latest information on the best mortgage deals that can be found online today.
Article Source: http://EzineArticles.com/?expert=Ryan_Finley
Read more...
What It Is
A home equity line of credit (HELOC) is a loan that uses your home as collateral to provide to you access to the equity built up in your home over the time you've lived in it. You build equity in a home by making on-time payments towards your mortgage balance, and by maintaining the home to ensure its market value increases over time.
ProsMany people carry credit cards in their wallets; these credit cards come attached to huge interest rates that can make it seem impossible to ever pay off the balance on credit cards by making the minimum monthly payment. A home equity loan can provide you with the ability to immediately pay off those high interest credit cards and be free of the non-tax-deductible interest you pay on them. Interest paid towards the home equity loan is completely tax deductible; this is a much better use of your money than sending it all in full to a credit card company. A home equity loan can be used to pay for college tuition; the interest rate and other terms you receive on the HELOC can be a lot better than those you would have received from a tuition loan provider.
The lump sum payment from the home equity loan can be used, also, for home improvement projects that can, in turn, increase the value (and the equity) of your home. There are no restrictions on what you can spend the money on; from paying off debt, paying off medical bills, buying a new car, or installing a pool in your back yard. Compared to a regular loan from a lender, it can be relatively easy to get a home equity loan. In general, lenders feel quite confident that you will make the repayments on time simply because your home has been used as collateral.
ConsWhile it can be easier to obtain a home equity loan than it is to obtain a standard loan from a bank, you need to seriously consider if a loan that uses your home as collateral is a good choice for your family and your current financial situation. If your income situation changes will you still be able to make the required monthly repayments?
Oftentimes homeowners will use their home equity loan towards the starting up of and running of a small business; this can be a great investment if the company is successful. However, in the current economic climate it can be a very big gamble. If your business fails and you are unable to meet the payment requirements of the HELOC, you are at risk to losing your home. Be sure to shop around either online, or in your community for low home equity loan rates. A lower rate can be the difference in suceeding with the investment or going into foreclosure.
Ryan F - Real Estate and Mortgage professional.
Bringing you the latest information on the best mortgage deals that can be found online today.
Article Source: http://EzineArticles.com/?expert=Ryan_Finley
Saturday, September 5, 2009
Home Loan Refinancing Rates What You Should Know
Are you thinking about refinancing your mortgage loan this year? A new home loan can save you a lot of money if you set about it the right way. Do you know the rate you have on your loan now was marked up by the person arranging your loan for a kick back? You've been overpaying ever since buying your home just to give that individual a fee from the lender. Never fear; you're not alone in fact, according to the this hidden fee will cost in the United States sixteen billion dollars this year alone. Want to save a few thousand bucks on your next mortgage loan? Continue on I've got the skinny on refinancing your home loan for you without overpaying for your next home mortgage loan.
Home Loan Refinance Pointers
You don t have to be a personal finance wizard to score a good deal on your next . Home loans are retail things like anything else you purchase today; you just need to understand how to distinguish and fend off the bull people are shoveling to make a buck at your expense. Mortgage brokers have garnered themselves a reputation for being second-rate used car salesman in recent years and rightly so. This doesn't mean you should head off utilizing a mortgage agent when re-mortgaging your home. Mortgage brokers have access to par mortgage rates which is something you'll ne'er get from your bank or credit union.
Wholesale Mortgage Rates
You're educated with wholesale prices when it comes to retail products but what about mortgage loans? Mortgage rates are no dissimilar; in fact, mortgage loans are retail products being resold by mortgage companies and brokers for a fee. How do mortgage companies and brokers make their cash? They make money from two places: you and your mortgage lender. Your mortgage company or agent can charge you an origination fee, often called origination points for their part in setting up your home mortgage. This fee is often fleeced. A fairish fee for loan origination is 1.0% of your mortgage amount but it s not unusual to catch this fee as much as . Don't sacrifice this much for a mortgage broker compensation fee.
The next generator of compensation for your Mortgage Company or broker is a little known fee known as YSP. Plainly put this is a fee given by the lender when your mortgage broker locks and closes your mortgage with a steeper than market place interest rate. You ll catch market or the so called par interest rates referred to as Par Interest Rates.
A par interest rate is simply one that does not cost you anything to catch or make any cash for the Mortgage Company or person arranging your mortgage loan. Interest rates that cost you money need discount points be given at closing. Remember that one point is one percent of your home loan sum and a discount point is a fee paid to lower your mortgage interest rate. If you have to commit a fee at closing to qualify for a particular mortgage interest rate this is not a par rate; likewise if your mortgage rate creates a fee for the broker it isn't a par rate either. If you desire the optimal possible deal when re-mortgaging your home you need to get as near to a par mortgage interest rate as attainable.
Deflecting the superfluous markup of your interest rate to create a fee for the mortgage broker is easier than you think. You just need to seek out the appropriate agent for the problem and forget about refinancing with a bank or credit union. Banks fund their mortgages with the bank's funds and aren't commanded under the present-day disclosure laws to say you how they've marked up your interest rate. Equate a wholesale rate to your bank's great bargain and you'll see how often they fleece their customers.
To get your FREE Mortgage Refinancing Video Toolkit, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Home Mortgage Refinancing Rates
Article Source: http://EzineArticles.com/?expert=Louie_Latour
Read more...
Home Loan Refinance Pointers
You don t have to be a personal finance wizard to score a good deal on your next . Home loans are retail things like anything else you purchase today; you just need to understand how to distinguish and fend off the bull people are shoveling to make a buck at your expense. Mortgage brokers have garnered themselves a reputation for being second-rate used car salesman in recent years and rightly so. This doesn't mean you should head off utilizing a mortgage agent when re-mortgaging your home. Mortgage brokers have access to par mortgage rates which is something you'll ne'er get from your bank or credit union.
Wholesale Mortgage Rates
You're educated with wholesale prices when it comes to retail products but what about mortgage loans? Mortgage rates are no dissimilar; in fact, mortgage loans are retail products being resold by mortgage companies and brokers for a fee. How do mortgage companies and brokers make their cash? They make money from two places: you and your mortgage lender. Your mortgage company or agent can charge you an origination fee, often called origination points for their part in setting up your home mortgage. This fee is often fleeced. A fairish fee for loan origination is 1.0% of your mortgage amount but it s not unusual to catch this fee as much as . Don't sacrifice this much for a mortgage broker compensation fee.
The next generator of compensation for your Mortgage Company or broker is a little known fee known as YSP. Plainly put this is a fee given by the lender when your mortgage broker locks and closes your mortgage with a steeper than market place interest rate. You ll catch market or the so called par interest rates referred to as Par Interest Rates.
A par interest rate is simply one that does not cost you anything to catch or make any cash for the Mortgage Company or person arranging your mortgage loan. Interest rates that cost you money need discount points be given at closing. Remember that one point is one percent of your home loan sum and a discount point is a fee paid to lower your mortgage interest rate. If you have to commit a fee at closing to qualify for a particular mortgage interest rate this is not a par rate; likewise if your mortgage rate creates a fee for the broker it isn't a par rate either. If you desire the optimal possible deal when re-mortgaging your home you need to get as near to a par mortgage interest rate as attainable.
Deflecting the superfluous markup of your interest rate to create a fee for the mortgage broker is easier than you think. You just need to seek out the appropriate agent for the problem and forget about refinancing with a bank or credit union. Banks fund their mortgages with the bank's funds and aren't commanded under the present-day disclosure laws to say you how they've marked up your interest rate. Equate a wholesale rate to your bank's great bargain and you'll see how often they fleece their customers.
To get your FREE Mortgage Refinancing Video Toolkit, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Home Mortgage Refinancing Rates
Article Source: http://EzineArticles.com/?expert=Louie_Latour
Thursday, September 3, 2009
Tips to Refinance Home Loan Online
There are numerous factors which when followed will help in easy approval of refinancing home loan online. Here are some of the tips to contribute to the successful refinancing.
• The borrowers must ensure that they get the lowest possible interest rates. With the rising mortgage rates, individuals must not settle for any rates which are within their budget.
• Try to avoid middleman or any brokers by which excessive costs can be reduced.
• Identify the closing costs as they are vital. It is better to ask the lenders about the closing costs before signing the documents.
• It is good to stick with the terms set by the individuals regarding the loan. Everything must be amicably set and there should be no regret.
• It is not possible to refinance often. Hence, do not settle anything for less than required.
It is always good to take advantage of the internet technology to improve the lifestyle. The refinancing of home loans are just few mouse clicks away from the borrowers. One should be careful enough to safeguard them from the online scammers. There is a phenomenal increase in the numbers of scammers. They try to hack the personal data while being sent. Hence it is very important not to disclose the personal details in a system that is used publicly. It is safe to fill up the online applications using the personal computer or laptop.
Before choosing the lenders, one should carefully study the scam reports filed against them, if there is any. Use the internet to find out information about the lenders. The processing methods and other details about the lenders must be known by the users. This will help in getting the refinance home loan in a safer way.
If you are looking for more information then feel free to visit Home Loan Modification and Mortgage Refinance.
Article Source: http://EzineArticles.com/?expert=Robert_K_Johnson
Read more...
• The borrowers must ensure that they get the lowest possible interest rates. With the rising mortgage rates, individuals must not settle for any rates which are within their budget.
• Try to avoid middleman or any brokers by which excessive costs can be reduced.
• Identify the closing costs as they are vital. It is better to ask the lenders about the closing costs before signing the documents.
• It is good to stick with the terms set by the individuals regarding the loan. Everything must be amicably set and there should be no regret.
• It is not possible to refinance often. Hence, do not settle anything for less than required.
It is always good to take advantage of the internet technology to improve the lifestyle. The refinancing of home loans are just few mouse clicks away from the borrowers. One should be careful enough to safeguard them from the online scammers. There is a phenomenal increase in the numbers of scammers. They try to hack the personal data while being sent. Hence it is very important not to disclose the personal details in a system that is used publicly. It is safe to fill up the online applications using the personal computer or laptop.
Before choosing the lenders, one should carefully study the scam reports filed against them, if there is any. Use the internet to find out information about the lenders. The processing methods and other details about the lenders must be known by the users. This will help in getting the refinance home loan in a safer way.
If you are looking for more information then feel free to visit Home Loan Modification and Mortgage Refinance.
Article Source: http://EzineArticles.com/?expert=Robert_K_Johnson
Wednesday, September 2, 2009
FHA Mortgage Refinancing - FHA Loan Mortgage Refinance Can Save You Money!
Even in this economy you can get help with FHA Mortgage Refinancing. In this economically hard time there is not an industry, person or private sector that has not been affected. Luckily, since the market downturn is so widespread there are factors in place that can help offset any problems if you qualify for them. A FHA Loan Mortgage Refinance can save you money.
One such area that has great federal advantages to help you is if you are an individual who needs help making your mortgage payments. Interestingly enough this help has been around for before the economy nose dived but it is helping out people who need a little extra help in making their mortgage payments. FHA Mortgage Refinancing can help you through this downturn in the economy and maybe even save your home from foreclosure.
If you are one of the not so lucky ones who are trying to pay off a mortgage that either had an annual adjustable interest rate or possibly you were locked into a high interest rate mortgage for other reasons then looking into FHA Loan Mortgage Refinance can help you lower those monthly mortgage bills.
Mortgage rates are currently still pretty low compared to what they were just a few years ago. If you see rates that are below 1 percent of your current mortgage and you plan on staying in your current place, if you can get the mortgage relief you need, for at least a number of years to make the refinancing closing costs pay for itself, then it is in you advantage to refinance. Especially with a federally insured mortgage, you can get a lower rate if you are in good standing on your current mortgage.
Which leads to the next point about an FHA mortgage. While most lenders are tightening their purse strings and making it close to impossible to get a loan, the FHA lenders are still trying to make it reasonable for anyone to get one. If your credit is less then the desired 700, you may still have a chance of getting qualified. The FHA Loan Mortgage Refinance can also help if you are low on a down-payment.
With the help of a lender to work with a below prime credit score and a low down-payment there is a drawback. You have to make sure that any current mortgage you are in is in good standing. The FHA mortgage loan is a great opportunity to get your current real estate purchase from becoming another statistic in this economy.
But if you already have a FHA mortgage loan then you are in the driver's seat. FHA Mortgage Refinancing can not only save you money but it is must easier and quicker to refinance a FHA mortgage. FHA streamline loan refinancing is must quicker because of the reduced paper work and it does not require an appraisal.
With the low interest rates FHA Mortgage Refinancing can save you money on your monthly mortgage payments or from foreclosure if you are struggling to make your mortgage payments. You need to check with your lender to see if you can do a FHA Loan Mortgage Refinance.
Click here for more free advice about FHA Mortgage Refinancing visit FHA-Loans-Information.com where you much more information on the different types of FHA loans. Learn more about buying HUD Foreclosure Homes For Sale click Buying HUD Homes
Article Source: http://EzineArticles.com/?expert=Al_Hardy
Read more...
One such area that has great federal advantages to help you is if you are an individual who needs help making your mortgage payments. Interestingly enough this help has been around for before the economy nose dived but it is helping out people who need a little extra help in making their mortgage payments. FHA Mortgage Refinancing can help you through this downturn in the economy and maybe even save your home from foreclosure.
If you are one of the not so lucky ones who are trying to pay off a mortgage that either had an annual adjustable interest rate or possibly you were locked into a high interest rate mortgage for other reasons then looking into FHA Loan Mortgage Refinance can help you lower those monthly mortgage bills.
Mortgage rates are currently still pretty low compared to what they were just a few years ago. If you see rates that are below 1 percent of your current mortgage and you plan on staying in your current place, if you can get the mortgage relief you need, for at least a number of years to make the refinancing closing costs pay for itself, then it is in you advantage to refinance. Especially with a federally insured mortgage, you can get a lower rate if you are in good standing on your current mortgage.
Which leads to the next point about an FHA mortgage. While most lenders are tightening their purse strings and making it close to impossible to get a loan, the FHA lenders are still trying to make it reasonable for anyone to get one. If your credit is less then the desired 700, you may still have a chance of getting qualified. The FHA Loan Mortgage Refinance can also help if you are low on a down-payment.
With the help of a lender to work with a below prime credit score and a low down-payment there is a drawback. You have to make sure that any current mortgage you are in is in good standing. The FHA mortgage loan is a great opportunity to get your current real estate purchase from becoming another statistic in this economy.
But if you already have a FHA mortgage loan then you are in the driver's seat. FHA Mortgage Refinancing can not only save you money but it is must easier and quicker to refinance a FHA mortgage. FHA streamline loan refinancing is must quicker because of the reduced paper work and it does not require an appraisal.
With the low interest rates FHA Mortgage Refinancing can save you money on your monthly mortgage payments or from foreclosure if you are struggling to make your mortgage payments. You need to check with your lender to see if you can do a FHA Loan Mortgage Refinance.
Click here for more free advice about FHA Mortgage Refinancing visit FHA-Loans-Information.com where you much more information on the different types of FHA loans. Learn more about buying HUD Foreclosure Homes For Sale click Buying HUD Homes
Article Source: http://EzineArticles.com/?expert=Al_Hardy
Tuesday, September 1, 2009
Home Loan Refinance - Do Not Lose Your Dream Home
Bad credit Home Loans
People with a bad credit score can get the home loans at a high interest rate. This will cost more interest. Some people try to get an adjustable rate mortgage. But it is better to avoid adjustable rate. The interest rate can be increased anytime and you can be in big trouble soon.
The fixed rate mortgage loans are always better compared to the adjustable mortgages. If you have a poor credit score, you can try to get the home loan at a high rate. There are chances to improve the rating once you make prompt payments to the lender. Your main goal must be increasing the credit rating. This will help you in getting a better home loan refinance and also help you in getting better loans in the future.
Tips for home loan refinance
It is better to get the home loan refinance once there is a decrease of about two percentage points in the interest rate. This will save a lot of money in the future.
If you are about to get a foreclosure, it is better to get the refinance as fast as possible. You can save your home by doing this way. Do not wait until the interest rates have dropped by a large amount.
There would be fee involved with the refinancing. The common fee involved are the review fee, application fee, appraisal fee and the home owner's hazard insurance. Some lenders would also want you to give them a prepayment fee since you are paying back the loans too soon.
For more details on getting home loan refinance, visit Cheap Home Loan Refinance. Also read about Refinancing home loan.
Article Source: http://EzineArticles.com/?expert=Jeff_D._Thomas
Read more...
People with a bad credit score can get the home loans at a high interest rate. This will cost more interest. Some people try to get an adjustable rate mortgage. But it is better to avoid adjustable rate. The interest rate can be increased anytime and you can be in big trouble soon.
The fixed rate mortgage loans are always better compared to the adjustable mortgages. If you have a poor credit score, you can try to get the home loan at a high rate. There are chances to improve the rating once you make prompt payments to the lender. Your main goal must be increasing the credit rating. This will help you in getting a better home loan refinance and also help you in getting better loans in the future.
Tips for home loan refinance
It is better to get the home loan refinance once there is a decrease of about two percentage points in the interest rate. This will save a lot of money in the future.
If you are about to get a foreclosure, it is better to get the refinance as fast as possible. You can save your home by doing this way. Do not wait until the interest rates have dropped by a large amount.
There would be fee involved with the refinancing. The common fee involved are the review fee, application fee, appraisal fee and the home owner's hazard insurance. Some lenders would also want you to give them a prepayment fee since you are paying back the loans too soon.
For more details on getting home loan refinance, visit Cheap Home Loan Refinance. Also read about Refinancing home loan.
Article Source: http://EzineArticles.com/?expert=Jeff_D._Thomas
Monday, August 31, 2009
FHA Home Loan Refinancing - The Better Solution
It has become a socially acceptable fact that not everyone in the United States is as well off as people all over the world picture the American population to be. While the American economy is indeed comparatively better than others, especially in instances where the specific country is classified as "third world", recent events have proven that there is no economy in the world that is set in stone and is not subject to upheavals. Being the epicenter of the economic crunch, millions of Americans were not prepared for the massive backlash of the economy not being able to cope with such huge loss. One of the most visible proofs of just how hard the US economy was hit by the recession is the sheer number of companies, some with international operations, closing their doors permanently. This, of course translates into an ever-burgeoning unemployment rate, which in turn, translates into more Americans going into debt. A lot of people react to debt, especially those with an ever-increasing amount of debt, by taking out a mortgage on their house, and while this may be a good solution at the time, the repercussions are sure to be felt afterwards. The solution of taking out a mortgage on the home to cover the outstanding debts is a rather common practice for many people who are in dire needs of much needed funds, although the problem arises when the person who took out the loan continues to sink into debt, thereby precluding their ability to pay for their dues on the debt. Should this continue, it goes without saying that they may pretty soon find themselves homeless once their house falls into foreclosure? This is why people should really look into an FHA home loan refinancing, which may very well be the solution they were looking for in the first place.
It is pretty much the most viable solution if the borrower happens to be at risk of going into default, or losing their homes to foreclosure, but where else is FHA home loan refinancing applicable? This is really something people should know, since as the economy stands now, a safe, effective, and lasting solution is what they need to help them deal with the economy, as it is.
This process should work quite well in the following instances:
• The borrower is in danger of foreclosure or default on the current mortgage
• The borrower happens to have an adjustable rate mortgage, which in turn raises the mortgage payments higher than what the borrower can really afford to pay
• The borrower's income is classified as being average or even below average for the specific area they live in
• The borrower's mortgage payments constitutes at least 31% or greater of the total income earned by the borrower
While it may be the solution people in danger of foreclosure should really be looking at right now, it should also be known that just like any other legitimate financial transaction, it requires certain procedures to be followed before it get approved. Chief among this is a credit check. However, unlike other transactions that require a credit check, it is not something people with bad credit records should be afraid of. This is because the credit check does a comparison between the overall credit activity of the borrower to any negative information in they may have in their credit report. What's more is that the rules happen to be much more flexible when it comes to reviewing your credit history for an FHA home loan refinancing, significantly improving a person's chances of getting an approval.
A computer graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats and walk with them in the park with some dogs.
You may want to visit an FHA Home Loan Refinancing website or call directly at 1.888.864.1664 for more information.
Article Source: http://EzineArticles.com/?expert=Joel_Owens
Read more...
It is pretty much the most viable solution if the borrower happens to be at risk of going into default, or losing their homes to foreclosure, but where else is FHA home loan refinancing applicable? This is really something people should know, since as the economy stands now, a safe, effective, and lasting solution is what they need to help them deal with the economy, as it is.
This process should work quite well in the following instances:
• The borrower is in danger of foreclosure or default on the current mortgage
• The borrower happens to have an adjustable rate mortgage, which in turn raises the mortgage payments higher than what the borrower can really afford to pay
• The borrower's income is classified as being average or even below average for the specific area they live in
• The borrower's mortgage payments constitutes at least 31% or greater of the total income earned by the borrower
While it may be the solution people in danger of foreclosure should really be looking at right now, it should also be known that just like any other legitimate financial transaction, it requires certain procedures to be followed before it get approved. Chief among this is a credit check. However, unlike other transactions that require a credit check, it is not something people with bad credit records should be afraid of. This is because the credit check does a comparison between the overall credit activity of the borrower to any negative information in they may have in their credit report. What's more is that the rules happen to be much more flexible when it comes to reviewing your credit history for an FHA home loan refinancing, significantly improving a person's chances of getting an approval.
A computer graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats and walk with them in the park with some dogs.
You may want to visit an FHA Home Loan Refinancing website or call directly at 1.888.864.1664 for more information.
Article Source: http://EzineArticles.com/?expert=Joel_Owens
Sunday, August 30, 2009
A Mortgage Calculator is a Useful Tool When Planning a Home Purchase Or Refinance
It's hard to know exactly where things with your Florida home loan may pan out without seeing the numbers right in front of you. Trouble is, your garden variety calculator isn't going to be of much help. So, we've added a new mortgage calculator that does the work for you!
A mortgage calculator can be one of the best and easiest ways to help you calculate your various mortgage expenses. They help you determine what combination of elements must come together in order for you to get the best loan for your financial situation.
When using a mortgage calculator, keep an eye on the interest rate and the term length you enter as these will greatly influence your results.
You'll be amazed at how easy this calculator is to use, and how much time and frustration it will save you as you figure out your mortgage loan needs.
Florida Home Loan Calculator - Here's What it Will Do for You
* Calculate your loan payment
* Calculate whether you should refinance your mortgage loan
* Calculate your mortgage principal
* Calculate the affordability of your loan
* Calculate what happens when you pay a little extra on your loan each month
* Calculate the real APR for your loan
* Calculate if you should pay points to get a lower interest rate
* Calculate how much income you'll need to qualify
* Calculate the financial benefits of owning vs. renting your home
* Calculate what happens if you use a HELOC to pay debts
* Calculate your tax benefits of your home loan
Again, it's hard to spitball your home loan costs. Make it easy on yourself. Use a mortgage calculator. You'll be very happy with the results!
About the Author
Kevin Sandridge is a Florida Home Loans professional who provides clients with customized, well-reasoned, home loan finance solutions. If you found this article useful, you may find more of his thoughts and insights on his Florida Mortgage blogger blog.
Article Source: http://EzineArticles.com/?expert=Kevin_Sandridge
Read more...
A mortgage calculator can be one of the best and easiest ways to help you calculate your various mortgage expenses. They help you determine what combination of elements must come together in order for you to get the best loan for your financial situation.
When using a mortgage calculator, keep an eye on the interest rate and the term length you enter as these will greatly influence your results.
You'll be amazed at how easy this calculator is to use, and how much time and frustration it will save you as you figure out your mortgage loan needs.
Florida Home Loan Calculator - Here's What it Will Do for You
* Calculate your loan payment
* Calculate whether you should refinance your mortgage loan
* Calculate your mortgage principal
* Calculate the affordability of your loan
* Calculate what happens when you pay a little extra on your loan each month
* Calculate the real APR for your loan
* Calculate if you should pay points to get a lower interest rate
* Calculate how much income you'll need to qualify
* Calculate the financial benefits of owning vs. renting your home
* Calculate what happens if you use a HELOC to pay debts
* Calculate your tax benefits of your home loan
Again, it's hard to spitball your home loan costs. Make it easy on yourself. Use a mortgage calculator. You'll be very happy with the results!
About the Author
Kevin Sandridge is a Florida Home Loans professional who provides clients with customized, well-reasoned, home loan finance solutions. If you found this article useful, you may find more of his thoughts and insights on his Florida Mortgage blogger blog.
Article Source: http://EzineArticles.com/?expert=Kevin_Sandridge
Saturday, August 29, 2009
How a Home Mortgage Loan Refinance Or Modification Works
Right now, a very popular thing for homeowners to do is refinance or modify their home mortgage. Through refinancing or modification, a homeowner can easily save hundreds of dollars, every month, through interest savings alone.
Although every persons financial situation is different, generally speaking, a home loan refinance or modification, especially now with interest rates at near all time lows, can be a huge financial benefit. A lot of homeowners are feeling the wrath of the bad economy, and have seen their home values drop, lost their job, lost some income, or are burdened with other high interest debts. Refinancing a home loan simply means that a new home loan is obtained, with lower interest, better rates or conditions, in order to pay off the old loan which had a higher interest rate, or worse terms and conditions. The money that is saved through refinance can be used to pay down these other debts, perform home repair or improvements, or anything else a homeowner can think of.
A lot of homeowners do not realize that lowering the interest rate, even a half of a percent, can equal thousands of dollars in savings at the end of every year. Another good reason to refinance is to extend the length of your loan into say a 30 or even 40 year mortgage if necessary. Although this is not the best way to save money due to having to pay interest rates for a longer period of time, it can be a good way for financially struggling homeowners to save their home from foreclosure. You can always refinance again later should your finances, or the housing market, improve. Try to avoid getting yourself into an ARM (Adjusted rate mortgage) and go for the fixed rate mortgage option. The fixed rate loans generally have a higher interest rate, but the stability they offer more than make up for a marginal percentage increase, especially for homeowner who are financially hurting and need to plan for the future.
Refinancing or modifying loans is not as hard as it may seem. Although sometimes it may look difficult, preparing yourself with basic research on lenders and banks, and comparing different loan options and offers is not hard at all. Make sure you at least look into refinancing your home loan and see if the potential savings are going to be worth it for you.
Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn the right way to refinance your home loan at my site: http://www.refinancingcondo.com
Article Source: http://EzineArticles.com/?expert=Michael_Petrone
Read more...
Although every persons financial situation is different, generally speaking, a home loan refinance or modification, especially now with interest rates at near all time lows, can be a huge financial benefit. A lot of homeowners are feeling the wrath of the bad economy, and have seen their home values drop, lost their job, lost some income, or are burdened with other high interest debts. Refinancing a home loan simply means that a new home loan is obtained, with lower interest, better rates or conditions, in order to pay off the old loan which had a higher interest rate, or worse terms and conditions. The money that is saved through refinance can be used to pay down these other debts, perform home repair or improvements, or anything else a homeowner can think of.
A lot of homeowners do not realize that lowering the interest rate, even a half of a percent, can equal thousands of dollars in savings at the end of every year. Another good reason to refinance is to extend the length of your loan into say a 30 or even 40 year mortgage if necessary. Although this is not the best way to save money due to having to pay interest rates for a longer period of time, it can be a good way for financially struggling homeowners to save their home from foreclosure. You can always refinance again later should your finances, or the housing market, improve. Try to avoid getting yourself into an ARM (Adjusted rate mortgage) and go for the fixed rate mortgage option. The fixed rate loans generally have a higher interest rate, but the stability they offer more than make up for a marginal percentage increase, especially for homeowner who are financially hurting and need to plan for the future.
Refinancing or modifying loans is not as hard as it may seem. Although sometimes it may look difficult, preparing yourself with basic research on lenders and banks, and comparing different loan options and offers is not hard at all. Make sure you at least look into refinancing your home loan and see if the potential savings are going to be worth it for you.
Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn the right way to refinance your home loan at my site: http://www.refinancingcondo.com
Article Source: http://EzineArticles.com/?expert=Michael_Petrone
Thursday, August 27, 2009
Refinance Your Home Now With a VA Home Loan
Ever since 1944, the Veterans Administration of the United States has been financing and refinancing homes for veterans of the armed services under the Servicemen Readjustment Act, which you may know under its more common name, the G.I. Bill of Rights. Under the G.I. Bill, veterans can be easily approved for a home loan or home loan refinancing that is guaranteed by the United States government, although the actual loans are made by private lenders and lending institutions as well as mortgage companies and banks.
VA home loans and refinancing packages are available to those who served our country in the military. Refinancing your home allows you to take advantage of a lower rate or interest and to lower your monthly payments to a more manageable amount. Refinancing to just ½ of a point lower in interest can save you thousands of dollars over the lifetime of the VA loan.
New Program For VA Home Loans Recently Announced
In addition, new legislation signed under President Barack Obama has another option for veterans who are looking to refinance their home mortgages known as the Making Home Affordable program. Under the new program, millions of homeowners will be able to refinance to a more affordable rate that can help them stay in their homes and keep more money in their wallets.
To qualify for the program, the requirement states that your first mortgage must not be more than 105% of the current market value of the home. Simply put, if your home appraises for $100,000, you cannot owe more than $105,000 on your current mortgage. This program allows many VA homeowners and mortgage holders to modify and refinance their loans to an amount that they can handle now and on down the road.
Many homeowners find that when they go to refinance their home, the current market value has dropped so much that they are unable to find a lender who will provide them with the new refinancing they need. With the Making Home Affordable program, VA homeowners are able to refinance in most cases.
Reasons VA Refinancing Can Be Your Best Option
Another great option of this program for VA homeowners is that the lender will give them a good faith estimate that will allow them to see the new rate of interest and the new payment amount as well as other terms that they can compare to what they are paying now. This allows the homeowner to see how they can save and determine if refinancing is the right step for them to take at this moment. In most cases, refinancing is right, but of course there are always exceptions. With the current low interest rates, however, most homeowners will find VA refinancing perfect for their needs.
In addition, those homeowners who are holding a mortgage that is an ARM (adjustable rate mortgage) may find that their mortgage is more stable when they switch to a more predictable fixed rate mortgage that allows them to avoid interest only payments, balloon payments and of course, adjustable interest that can fluctuate with changing market conditions.
Kate Ross has a Masters in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for guaranteed loans for bad credit, home loans, guaranteed loans, bad credit auto loans, guaranteed credit cards among many other financial products. For further information, please visit http://www.SpeedyBadCreditLoans.com/.
Article Source: http://EzineArticles.com/?expert=Kate_Ross
Read more...
VA home loans and refinancing packages are available to those who served our country in the military. Refinancing your home allows you to take advantage of a lower rate or interest and to lower your monthly payments to a more manageable amount. Refinancing to just ½ of a point lower in interest can save you thousands of dollars over the lifetime of the VA loan.
New Program For VA Home Loans Recently Announced
In addition, new legislation signed under President Barack Obama has another option for veterans who are looking to refinance their home mortgages known as the Making Home Affordable program. Under the new program, millions of homeowners will be able to refinance to a more affordable rate that can help them stay in their homes and keep more money in their wallets.
To qualify for the program, the requirement states that your first mortgage must not be more than 105% of the current market value of the home. Simply put, if your home appraises for $100,000, you cannot owe more than $105,000 on your current mortgage. This program allows many VA homeowners and mortgage holders to modify and refinance their loans to an amount that they can handle now and on down the road.
Many homeowners find that when they go to refinance their home, the current market value has dropped so much that they are unable to find a lender who will provide them with the new refinancing they need. With the Making Home Affordable program, VA homeowners are able to refinance in most cases.
Reasons VA Refinancing Can Be Your Best Option
Another great option of this program for VA homeowners is that the lender will give them a good faith estimate that will allow them to see the new rate of interest and the new payment amount as well as other terms that they can compare to what they are paying now. This allows the homeowner to see how they can save and determine if refinancing is the right step for them to take at this moment. In most cases, refinancing is right, but of course there are always exceptions. With the current low interest rates, however, most homeowners will find VA refinancing perfect for their needs.
In addition, those homeowners who are holding a mortgage that is an ARM (adjustable rate mortgage) may find that their mortgage is more stable when they switch to a more predictable fixed rate mortgage that allows them to avoid interest only payments, balloon payments and of course, adjustable interest that can fluctuate with changing market conditions.
Kate Ross has a Masters in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for guaranteed loans for bad credit, home loans, guaranteed loans, bad credit auto loans, guaranteed credit cards among many other financial products. For further information, please visit http://www.SpeedyBadCreditLoans.com/.
Article Source: http://EzineArticles.com/?expert=Kate_Ross
Tuesday, August 25, 2009
Home Equity Loan Or Home Loan Mortgage Refinancing?
If you are considering taking out a secured loan against your home, two of your options are home loan mortgage refinancing with cash-out or home eqty loans. Depending on your particular situation one may be better for you financially than the other.
Cash-Out Refinancing
A cash-out refinance is refinancing your mortgage for more than the current balance on your first mortgage. Home loan mortgage refinancing usually has a lower interest rate than home eqty loans, but if you borrow more than 80% of your home's value then you may have to pay private mortgage insurance. If you have had your mortgage long enough that you are paying more principal than interest each month or if you currently have a good interest rate, it does not make much sense to refinance and a home equity loan will probably be a better option.
Home Equity Loan
A home eqty loan is a loan on the difference between the market value of your home and the balance that you still owe on your mortgage. As a separate loan in addition to your mortgage, you do not usually pay the closing cost associated with a mortgage and the interest is usually tax deductable. Home equity loans are a good choice if your penalties for pre-payment on your original mortgage make refinancing impossible.
Which is Best?
Investments in the value of your home, starting a small business, or life-saving medical treatment are all good reasons to consider a cash-out refinance. However, you may end up paying more for your total interest than if you refinance your current mortgage at a lower interest rate and take out a home eqty loan for a shorter term. Your final decision will depend on what you can afford for your monthly payments and if you are comfortable paying a larger total interest in exchange for lower monthly payments and lower interest rates.
If you are interested in debt consolidation, you may be able to get a lower interest rate with a cash-out refinance, but you lengthen the amount of time over which to pay off your loan. You might want to look into a home eqty loan with a short term or simply re-budget and tackle your highest interest debt first and try to pay off your credit cards. This last method will probably same you more money in interest paid over time.
Remember that whether you opt for a cash-out refinance or a home equity loan, in either case failure to repay your loan can cost you your home. For more articles on Mortgage Refinance, visit: http://www.bills.com/mortgage-refinancing/
Justin has 5 years of experience as a financial adviser; his key areas are loan consolidation, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com
Article Source: http://EzineArticles.com/?expert=Justin_Narin
Read more...
Cash-Out Refinancing
A cash-out refinance is refinancing your mortgage for more than the current balance on your first mortgage. Home loan mortgage refinancing usually has a lower interest rate than home eqty loans, but if you borrow more than 80% of your home's value then you may have to pay private mortgage insurance. If you have had your mortgage long enough that you are paying more principal than interest each month or if you currently have a good interest rate, it does not make much sense to refinance and a home equity loan will probably be a better option.
Home Equity Loan
A home eqty loan is a loan on the difference between the market value of your home and the balance that you still owe on your mortgage. As a separate loan in addition to your mortgage, you do not usually pay the closing cost associated with a mortgage and the interest is usually tax deductable. Home equity loans are a good choice if your penalties for pre-payment on your original mortgage make refinancing impossible.
Which is Best?
Investments in the value of your home, starting a small business, or life-saving medical treatment are all good reasons to consider a cash-out refinance. However, you may end up paying more for your total interest than if you refinance your current mortgage at a lower interest rate and take out a home eqty loan for a shorter term. Your final decision will depend on what you can afford for your monthly payments and if you are comfortable paying a larger total interest in exchange for lower monthly payments and lower interest rates.
If you are interested in debt consolidation, you may be able to get a lower interest rate with a cash-out refinance, but you lengthen the amount of time over which to pay off your loan. You might want to look into a home eqty loan with a short term or simply re-budget and tackle your highest interest debt first and try to pay off your credit cards. This last method will probably same you more money in interest paid over time.
Remember that whether you opt for a cash-out refinance or a home equity loan, in either case failure to repay your loan can cost you your home. For more articles on Mortgage Refinance, visit: http://www.bills.com/mortgage-refinancing/
Justin has 5 years of experience as a financial adviser; his key areas are loan consolidation, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com
Article Source: http://EzineArticles.com/?expert=Justin_Narin
Monday, August 24, 2009
How Important is a Borrower's Income in Getting a Home Loan? What Kinds of Income Qualify?
Now that a borrower cannot rely on a Stated Income loan to purchase or refinance their home, many borrowers are simply "out of luck". In this marketplace Income Is Now King. Furthermore, self employed income can also be problematic, because when a self employed person subtracts the tax deductions they legitimately can take to lower their tax burden, they might not show enough "net" income to qualify for a loan. Therefore w2 income is the income that is Most Valid in this lending marketplace.
If, however, after taking your legitimate deductions as a self employed person, you can show a "net" income that is sufficient enough to qualify for a loan, then you may also purchase a new home or refinance your old lien.
Generally speaking if a borrower earns say $3,000 per month then they should be able to borrow up to $1,350 per month in a mortgage payment. However, this $1,350 must not only cover their principal and interest payment, but also a monthly calculation of their property taxes and insurance. This calculation represents about 45% of a borrower's gross income.
Remember, self employed individuals are not allowed the benefits of a w2 employee. To qualify, they are only allowed to borrow up to 45% of their "net" income or income after deductions.
This first calculation of 45% is used towards a borrower's principal, interest, monthly property taxes and insurance payment (PITI). There is however another calculation required to complete the lending process and that is the total debt to income ratio. This calculation adds up not only the PITI, but also includes credit card debt (minimum monthly payments), auto loans, boat loans and any other debt indicated on a standard credit report. This accumulated debt must not exceed 50% of the borrower's income or lenders might reject the loan request.
For borrowers who have over 50% total debt to income ratios, other compensating factors will determine their success or failure. Most important among these are credit score - where anything over 720 points will increase a borrowers chances. Second - accumulated assets will also help a borrower achieve success, whereas if a borrower is has over $30,000 in accumulated assets - money market accounts, cds, stocks, etc. this too will help their chances.
In a market environment where interest rates are so low and refinancing can be such a sound financial decision, it's important to know whether you can qualify under the new tough qualifying guidelines of todays marketplace. I hope that this can help you decide if you have what it takes to qualify for a new home loan.
My name is Allen Sayble and I have been a loan officer since 2001. I specialize in hard to find loans through FHA and USDA for borrowers with less than stellar credit, or who want to borrow over 80% of their home's value. I also enjoy helping borrowers in sound financial positions. You have worked hard to keep your credit strong and keep your financial ship moving in the right direction. In return I will work hard to get you the best interest rates the industry has to offer.
Although I am based out of Ashland, Oregon and can help you finance Oregon Home Loans, I am also capable of completing California Home Mortgage Loans. Please visit my website at http://www.mortgageconsumer.com to learn valuable information about the loan business and receive a FREE mortgage loan analysis. You can also contact me at 541-324-9623.
Article Source: http://EzineArticles.com/?expert=Allen_Sayble
Read more...
If, however, after taking your legitimate deductions as a self employed person, you can show a "net" income that is sufficient enough to qualify for a loan, then you may also purchase a new home or refinance your old lien.
Generally speaking if a borrower earns say $3,000 per month then they should be able to borrow up to $1,350 per month in a mortgage payment. However, this $1,350 must not only cover their principal and interest payment, but also a monthly calculation of their property taxes and insurance. This calculation represents about 45% of a borrower's gross income.
Remember, self employed individuals are not allowed the benefits of a w2 employee. To qualify, they are only allowed to borrow up to 45% of their "net" income or income after deductions.
This first calculation of 45% is used towards a borrower's principal, interest, monthly property taxes and insurance payment (PITI). There is however another calculation required to complete the lending process and that is the total debt to income ratio. This calculation adds up not only the PITI, but also includes credit card debt (minimum monthly payments), auto loans, boat loans and any other debt indicated on a standard credit report. This accumulated debt must not exceed 50% of the borrower's income or lenders might reject the loan request.
For borrowers who have over 50% total debt to income ratios, other compensating factors will determine their success or failure. Most important among these are credit score - where anything over 720 points will increase a borrowers chances. Second - accumulated assets will also help a borrower achieve success, whereas if a borrower is has over $30,000 in accumulated assets - money market accounts, cds, stocks, etc. this too will help their chances.
In a market environment where interest rates are so low and refinancing can be such a sound financial decision, it's important to know whether you can qualify under the new tough qualifying guidelines of todays marketplace. I hope that this can help you decide if you have what it takes to qualify for a new home loan.
My name is Allen Sayble and I have been a loan officer since 2001. I specialize in hard to find loans through FHA and USDA for borrowers with less than stellar credit, or who want to borrow over 80% of their home's value. I also enjoy helping borrowers in sound financial positions. You have worked hard to keep your credit strong and keep your financial ship moving in the right direction. In return I will work hard to get you the best interest rates the industry has to offer.
Although I am based out of Ashland, Oregon and can help you finance Oregon Home Loans, I am also capable of completing California Home Mortgage Loans. Please visit my website at http://www.mortgageconsumer.com to learn valuable information about the loan business and receive a FREE mortgage loan analysis. You can also contact me at 541-324-9623.
Article Source: http://EzineArticles.com/?expert=Allen_Sayble
Friday, August 21, 2009
Home Loan Modifications - Beware of Shady Companies
If you are like millions of Americans facing foreclosure and seeking help, please take a moment to get the facts on the innumerable scams popping up everywhere! This is undoubtedly a very frightening and stressful time for homeowners and the sad fact is, that is exactly what causes scam artists to get rich! When we are overstressed, in a panic, desperately seeking help at every turn, we become vulnerable to the sharks! Don't be their next meal ticket! Take a deep breath; we can keep the sharks away by understanding how these home loan modifications plans are supposed to work.
The most important thing you should know if you are looking for a home loan modification plan is that THEY ARE FREE! President Obama's home stimulus package includes a "Home Affordable Plan" that is free if you qualify. Don't be fooled into paying up front costs or processing fees!
It can seem overwhelming at first, even a bit daunting to most of us. The Scam artists/sharks, count on the fact that we want someone else to have the expertise, the experience and the ability to do it for us. That is where they get you! You pay them an upfront fee to take care of everything so you have nothing to worry about right? WRONG! A company in California claimed to have a success rate of 95%. They also claimed that an attorney would work on your case, and that your home would be saved. That was their claim, but the reality is a harsh pill to swallow! In a mere 11 month span this shark took in 12 million dollars, and never even had an attorney look at the paperwork. Albeit they did have a few loan modifications completed, the majority (which is thousands and thousands of homeowners) never even received a call back after paying the upfront fees! Rest assured the FBI is investigating and has take action by seizing these particular companies' assets!
The only protection you have against becoming a victim of these and other circling sharks is to be prepared and well informed! It means taking matters into your own hands; it means doing your homework, and getting the facts. This is your home, your security, your future, it is up to you to step up and do what it takes! Of course, the federal government and the state agencies are shutting down the sharks, but it will take time to stop them all. It's easier than you think to get the information and work directly with your lender. The end result could be a lower interest rate, as low as 2% for up to 40 years, which means a lower monthly payment also. The rewards and security these home loan modification plans offer are well worth taking a few moments, doing your homework and taking the first steps!
To save your home, click here to learn how to qualify for Obama's mortgage modification loan plan.
Article Source: http://EzineArticles.com/?expert=Bruce_E._Nelson
Read more...
The most important thing you should know if you are looking for a home loan modification plan is that THEY ARE FREE! President Obama's home stimulus package includes a "Home Affordable Plan" that is free if you qualify. Don't be fooled into paying up front costs or processing fees!
It can seem overwhelming at first, even a bit daunting to most of us. The Scam artists/sharks, count on the fact that we want someone else to have the expertise, the experience and the ability to do it for us. That is where they get you! You pay them an upfront fee to take care of everything so you have nothing to worry about right? WRONG! A company in California claimed to have a success rate of 95%. They also claimed that an attorney would work on your case, and that your home would be saved. That was their claim, but the reality is a harsh pill to swallow! In a mere 11 month span this shark took in 12 million dollars, and never even had an attorney look at the paperwork. Albeit they did have a few loan modifications completed, the majority (which is thousands and thousands of homeowners) never even received a call back after paying the upfront fees! Rest assured the FBI is investigating and has take action by seizing these particular companies' assets!
The only protection you have against becoming a victim of these and other circling sharks is to be prepared and well informed! It means taking matters into your own hands; it means doing your homework, and getting the facts. This is your home, your security, your future, it is up to you to step up and do what it takes! Of course, the federal government and the state agencies are shutting down the sharks, but it will take time to stop them all. It's easier than you think to get the information and work directly with your lender. The end result could be a lower interest rate, as low as 2% for up to 40 years, which means a lower monthly payment also. The rewards and security these home loan modification plans offer are well worth taking a few moments, doing your homework and taking the first steps!
To save your home, click here to learn how to qualify for Obama's mortgage modification loan plan.
Article Source: http://EzineArticles.com/?expert=Bruce_E._Nelson
Subscribe to:
Comments (Atom)
