When someone refinances their home, the new loan will ideally have a lower interest rate, making monthly loan payments lower, while still owning and financially responsible the same home. Before a homeowner decides that refinancing is the right decision, make sure you do some simple calculations to know what is needed to meet your financial goals.

Currently, home mortgage interest rates are at near all time lows all across the country. The decision to refinance a home loan may be a very simple one for some homeowners who stand to save a lot of percentage points in interest due to the current housing market conditions.

However, not all homeowners will automatically qualify for a lower mortgage rate just because one is available from a lender. Typically, to get the lowest rates possible, the homeowner must have great credit and equity in their home. Refinancing usually makes sense if a homeowner can obtain a home loan interest rate which is 2% or more lower than their current rate. If you are still uneasy about refinancing a home mortgage on your own, think about consulting a mortgage broker who will assist you, for a fee, on obtaining the best deal possible when refinancing a home loan.

Homeowners must know what they want and expect from a mortgage refinance or modification. The expectations are sometimes unrealistic compared to the actual loan that will be offered. This is why it is very important to know the math behind the mortgage numbers. Know how much you pay now, what your interest rate is, how long remaining on the loan, and how much remaining on the loan. These will help you zero in on the best refinancing option possible to meet your needs.

-M Petrone
www.RefinancingCondo.com

When you financed your home, interest rates may have been low on you ARM, maybe you were “creative” with your loan application and are now feeling the effects, maybe your credit and finances were worse then than now and a refinance can actually save you money every month. Either way, here are some common questions about refinancing a home mortgage.

Here are some of the most common questions homeowners have when Refinancing their Home Mortgage:

Question: How is your monthly mortgage payment calculated?
Answer: Basically, interest rates ultimately determine your monthly mortgage amount. The interest rate on your home loan may be an adjusted rate mortgage (ARM) which fluctuates every month, or a fixed rate mortgage which will stay the same every month. The type of loan you have Fixed Rate, or an ARM, will also determine your monthly mortgage payment.

Question:
Would Refinancing or Modification of my Home Mortgage be a Good thing to do Now?
Answer: Well, as we stated earlier, interest rates will determine the amount of money you can potentially save through a home mortgage refinance or modification. Also very important to know before refinancing a home is what your current interest rate is on the home loan as well as how much you owe on it. If you are within a few years of paying off your mortgage, or if mortgage interest rates are less than 2% lower than the interest rate you currently have, a home mortgage refinance or modification may not be the correct thing to do. The reason for this is that your mortgage will be paid off sooner than later and the savings and hassles of a home mortgage refinance or modification may not be worth it.

Otherwise, homeowners who have more than 5 or even 10 years remaining on their home loan should only refinance if they are able to obtain an interest rate which is over 2% lower than their current home interest rate.

Question:
Is their any information I should have before a Home Mortgage Refinance or Modification?
Answer: Yes, there are some basic files and information you should have that will streamline the process and potentially save you time and money. It is a good idea to know and have a copy of your property value assessment. If you do not have a copy of this, one will be available to you from the local tax commissioner. Also beware of the housing trends and market prices of homes recently sold, and for sale in your local market. This information can dramatically reduce your interest rates, and will certainly increase the speed of the refinance process.

Knowing the basic answers to these questions will give you a tremendous head start when you decide the time is right to refinance your home loan. Always remember only you can ultimately ensure you are getting the best refinancing deal that you possibly can. Be vigilant and do your research on potential mortgage lenders, your financial situation, and your financial long term goals.

-M Petrone
www.RefinancingCondo.com

President Obamas $75 billion “Making Home Affordable” plan enables 9 millions homeowners to refinance or modify their home mortgage into a Government backed 4% fixed rate home loan. Reports are coming in that the average homeowner is saving hundreds of dollars every single month through the interest savings alone. Here is how it works:

Assistance for Homeowners with Financial Hardships, Bad Mortgages, and other Financial Problems.
Millions of Americans are having trouble financially, and a lot of it is due in part to the bad economy. Homeowners who are or have recently experienced a “Financial Hardship” can be automatically qualified for a home mortgage refinance or modification. The “Financial Hardships” can be numerous things such as, loss of job or income, hospital bills, tuition, bad mortgages due to property value depreciation, high debt to income ratios, and various other things. To qualify for the plan using this “Financial Hardship” method, hand write a letter stating your hardships and hand sign it. Include it in your home loan modification or refinance applications when applying at potential mortgage lenders or banks.

Another great part of this plan which many homeowners will benefit from is the ability to now refinance a loan for up to 105% of the homes actual market value. This will help millions of homeowners who have bought a home within the past 5 or even 10 years but still owe more on their mortgage than the home is worth. This is due, in large part, to the plummeting home prices flooding the country as homeowners are forced out of their homes and potential buyers are either scared, or can no longer afford to buy. This will also help homeowners whose property value has not declined but who have gotten themselves into a bad mortgage with either high interest rates, strict fees and terms, or both. Many people were lured into homes that they could not afford yet could get approved for during the housing boom a few years ago. Now, those homeowners are feeling the financial burden of making monthly payments they can barely, or in a lot of cases, can not afford. This would typically lead to foreclosures, short sales, and mortgage defaults. Now though, with this plan, many more homeowners will be approved for refinancing and modification to potentially save their homes.

Help for Homeowners who can actually pay their Mortgage every month, but could still use home mortgage relief.
This plan also has a special section for dealing with homeowners who have remained current on their monthly mortgage payments, yet could still use some relief due to the struggling economy. What that means for homeowners looking to refinance is that programs for home loan modification are now available that will allow a 4% interest rate, which is lower than nearly every homeowners current rate. The savings from this will be huge and the money can be used as the homeowner sees necessary.

Also, homeowners who happen to have a loan backed by Fannie Mae or Freddie Mac are automatically eligible to modify their mortgages into 4% interest rates. Nearly 60% of all home loans are backed or insured by these 2 lending giants so odds are yours is too. Check with your current mortgage provider and ask to be sure.

To Sum it Up.

Home mortgage refinancing or modification can be a very good thing for homeowners to do, especially now with Obamas “Making Home Affordable” plan offering incredible 4% interest rates for eligible homeowners. Talk with your lender, or potential lender, and see how much money you can save every single month by simply applying, and taking advantage of these government backed home loan packages.

President Obamas home loan modification and refinancing package, known as the “Making Home Affordable” plan, is expected to help nearly 9 million homeowners. The help comes from new, Government backed, 4% fixed rate home mortgage refinancing and modification options. The savings easily add up to hundreds of dollars every month.

Even homeowners who believe that they are not qualified to get a good, low, fixed rate interest rate due to having a bad credit score will be surprised at the amazing offers now available.

Homeowners who happen to have a mortgage financed or insured by either Freddie Mac or Fannie Mae are automatically eligible to take advantage and lock in the Government backed fixed 4% home loan interest rate. Also keep in mind that this plan will only be available to homeowners who live in the home as a primary residence.

This “Making Home Affordable” plan basically breaks down to 2 options for homeowners. The first being a home mortgage refinance, and the second being a home loan modification. If a homeowner owes 105% or less than the value of their home, owes less than $729,500 on their home loan, and who has not missed or been over 30 days late on a mortgage payment for 1 consecutive year, they can take advantage of this plan. Even homeowners who would not typically qualify for traditional refinance will be eligible for approval for this plan.

Homeowners who are having tough financial times, and many are especially now, the second part of this plan may help you. The second main part of this “Making Home Affordable” plan is home loan modification, at the same 4% Government backed fixed rate, for homeowners who have fallen behind on their mortgage payments. This plan also helps homeowners who have a monthly mortgage payment that exceeds 31% of their gross monthly income.

Once the modification or refinance process is completed, the homeowner has three months to prove they are capable of paying the new mortgage payments. Upon three months of on time payments the rates will then be locked in for the next 60 months. This “Making Home Affordable” plan will truly help millions of homeowners save hundreds of dollars every month.

-M Petrone
www.RefinancingCondo.com

The Obama designed, and Government backed, “Making Home Affordable” plan will save millions of homeowners, on average, hundreds of dollars every month through 4% home mortgage refinancing and modification programs. Taking advantage of this plan is simple, and homeowners all across the country are qualified. Here is how:

Assistance for Homeowners with Financial Hardships, Bad Mortgages, and other Financial Problems.
Millions of Americans are having trouble financially, and a lot of it is due in part to the bad economy. Homeowners who are or have recently experienced a “Financial Hardship” can be automatically qualified for a home mortgage refinance or modification. The “Financial Hardships” can be numerous things such as, loss of job or income, hospital bills, tuition, bad mortgages due to property value depreciation, high debt to income ratios, and various other things. To qualify for the plan using this “Financial Hardship” method, hand write a letter stating your hardships and hand sign it. Include it in your home loan modification or refinance applications when applying at potential mortgage lenders or banks.

Another great part of this plan which many homeowners will benefit from is the ability to now refinance a loan for up to 105% of the homes actual market value. This will help millions of homeowners who have bought a home within the past 5 or even 10 years but still owe more on their mortgage than the home is worth. This is due, in large part, to the plummeting home prices flooding the country as homeowners are forced out of their homes and potential buyers are either scared, or can no longer afford to buy. This will also help homeowners whose property value has not declined but who have gotten themselves into a bad mortgage with either high interest rates, strict fees and terms, or both. Many people were lured into homes that they could not afford yet could get approved for during the housing boom a few years ago. Now, those homeowners are feeling the financial burden of making monthly payments they can barely, or in a lot of cases, can not afford. This would typically lead to foreclosures, short sales, and mortgage defaults. Now though, with this plan, many more homeowners will be approved for refinancing and modification to potentially save their homes.

Help for Homeowners who can actually pay their Mortgage every month, but could still use home mortgage relief.
This plan also has a special section for dealing with homeowners who have remained current on their monthly mortgage payments, yet could still use some relief due to the struggling economy. What that means for homeowners looking to refinance is that programs for home loan modification are now available that will allow a 4% interest rate, which is lower than nearly every homeowners current rate. The savings from this will be huge and the money can be used as the homeowner sees necessary.

Also, homeowners who happen to have a loan backed by Fannie Mae or Freddie Mac are automatically eligible to modify their mortgages into 4% interest rates. Nearly 60% of all home loans are backed or insured by these 2 lending giants so odds are yours is too. Check with your current mortgage provider and ask to be sure.

To Sum it Up.
Home mortgage refinancing or modification can be a very good thing for homeowners to do, especially now with Obamas “Making Home Affordable” plan offering incredible 4% interest rates for eligible homeowners. Talk with your lender, or potential lender, and see how much money you can save every single month by simply applying, and taking advantage of these government backed home loan packages.

-M Petrone
www.RefinancingCondo.com

When times are tough, like now, there is typically a surge of homeowners who look to refinance their home mortgage. Everyones financial situation is different, but money is tighter all around and a refinancing your home loan, even with the credit squeeze that is going on, can be a great way to save hundreds every month.

This credit crunch has limited a lot of homeowners options for refinancing plans, however, there are still programs available to help a homeowner refinance their loan. Their are even Government plans available for homeowners with the worst of credit. Home sales are dramatically falling, along with home prices, and the banks and mortgage lenders want to work with people to allow them to stay in their home rather tan have it foreclosed on.

If you happen to have a good credit rating then the options you have for refinancing your home loan are pretty much the same as before the credit squeeze. However, there are usually now more steps and improved verifications, leaving only the truly qualified, with equity, good credit, verified income and investments, and other stringent verifications to attempt to avoid further financial problems for the homeowner, or the mortgage lender, in the future. Mortgage lenders and banks will keep a close eye on any borrowers during these tough economic times, but if you are qualified you will have no problems, just be prepared to have to go through more steps for your approval.

When a mortgage lender, broker, or bank is looking at your credit rating and history, the amount of your credit used to credit available, or debt to income ratios, know that these factors weigh heavily on your interest rate, terms and conditions of the refinancing deal. Simply put, if you have a large amount of debts, and have run up nearly all your available credit, with little income to support all of this, you may not be able to get the best deal available on a home loan refinance. Even more simply put, you debts can not exceed 40% of your monthly income, mortgage payments included, for the best deals.

Homeowners who have a bad or less than average credit rating should not give up. The unstable housing and credit markets fluctuate greatly every day, even hourly sometimes, and this could mean the chance for you to refinance, even with the bad credit, can be had. Their also may be Government backed home refinancing plans, courtesy of President Obama, that can help you.

Homeowners who need to refinance and want to use the Government plans, can do so even with little to no equity in their homes and with credit scores below 700. This helps millions of homeowners who have seen their property values dramatically decrease and now are left with a mortgage that is worth more than their home, even though they have been paying on their home for years. Now, a homeowner can refinance up to 105% of their homes value, which opens the door for a lot more approvals for refinancing applications.

The tough economy has proven difficult for everyone, especially homeowners. Be sure though to not let this lead you to believe you are helpless and have no options when refinancing your home mortgage. Remember there are a lot of lenders and banks who want to work with you, even if you have been rejected by a few keep trying. Use the internet to find potential lenders and do not give up. Honestly explain your situation be vigilant for the right mortgage lender at the right time to refinance your home.

-M Petrone
www.RefinancingCondo.com

Everyone is wondering where mortgage rates will go throughout 2009. Currently, mortgage rates are at a near all time low. In many markets, the mortgage interest rates are under 4.5% for a fixed rate 30 year mortgage. However, the only homeowners who can take full advantage of the lowest of the low rates have a FICO score over 700 and 20% to put down on the mortgage. Refinancing yo can expect a rate around 5.25% if you have good credit and good finances. Even with what I said above, many homeowners could benefit through accurately predicting mortgage rates.

Mortgage Rates: 2009
Although nobody can be 100% sure where the rates will go, I do like to think I have a pretty good idea. I predict that due to home mortgage refinance applications currently coming to lenders offices at record paces, that mortgage rates will temporarily increase. This is due to mortgage lenders being back worked from processing all of the paperwork coming in. While the temporary rate increase goes into affect they will be able to catch up on paper work and realize that they we're a lot busier with the lower rate being advertised. Over all I predict that home mortgage rates for 2009 will take a temporary .5% increase followed by steady steep declines throughout 2009.

It is generally a good idea if you are looking into refinancing to do it now. Get a locked in quoted rate on paper and you can potentially save hundreds of dollars per month.

-RefinancingCondo.com

President Obama announced his $75 billion “Making Home Affordable” plan which will let homeowners take their current home loan, and refinance it at a 4% fixed interest rate. This plan will easily save the average homeowner hundreds every month. Using this plan for your advantage is easy. Are you eligible?

Well if you meet any of these qualifications:

-Your personal income can (and will be) be verified using tax returns and pay stubs. The income will be scrutinized so you the homeowner do not run into this problem again.

-A personal letter of “Financial Hardship” hand written by and signed by you. Include any ducuments which support this fact, pink slips, bills etc.

-The homeowner must agree to go to free credit counseling, provided by the Government, if their monthly household debts exceed 55% of their monthly income.

-The mortgage must have an amount less than $729,500 remaining on balance.

-The mortgage must have been signed on and completed prior to January 1st 2009.

-The home to be refinanced must be lived in as a primary residence by the owner.

Here are some options Mortgage Lenders and Banks can offer using this plan:

-Your monthly mortgage payments will be lowered to no more than 31% of your gross monthly income.

-Interest rates can actually go to as low as 2% but typically will be closer to the 4% range.

-Their will be no fees or other costs for performing a home mortgage modification or refinance.

-Banks and mortgage lenders could potentially set up balloon payments at the end of the mortgages in order to recover their money from offering such low monthly payments. This payment needs to be paid off prior to selling or refinancing your home another time.

-For every year of on time payments, the Government will reduce the amount of principal you owe on your home by $1,000 up to a maximum of $5,000 just for making payments on time.

-The banks and mortgage lenders can adjust the interest rates after a 5 year period. This plan is to help homeowners recover from their financial troubles.

-This plan can only be used one time to refinance or modify your home loan.

If you have remained current and up to date on your monthly mortgage payments, and are not able to modify your home loan, then refinancing may be the best alternative option. Refinancing into a fixed 4% interest rate with President Obamas plan can be very easy. Here are some requirements for this:

-Again, the home must be a primary residence.

-Proof of income to support the new mortgage and other debts is required.

-Cash taken out from the new home loan can not be used to pay other loan debts you may have.

-The home loan must be financed by Fannie Mae or Freddie Mac.

-The mortgage interest rate will be determined by the national average and points may be added on as well as fees charged.

-The new mortgage will be either for 15 or 30 years with a fixed rate of interest.

-The banks low interest offers may expire after an initial 5 year period.

-Homeowners can even refinance if they have a mortgage worth up to 5% more than their homes current value.

Home mortgage refinancing or modification, especially using this plan will benefit millions of homeowners. The reports are coming back already and the average homeowner is saving hundreds every month by taking advantage of this plan and refinancing their home mortgage.

Predicting mortgage interest rates has become harder every year. Typically, interest rates were predicted by calculating the amount of available capital, which was pretty much only available to qualified buyers, combined with the demand from potential homeowners, would give you a pretty good estimate. Things like a 20% cash down payment were the minimum requirements to be approved for a home loan which made predicting mortgage rates much easier, and the housing market much more stable.

Today though, things have changed and so has predicting home mortgage interest rates. A lot of people are homeowners these days, whether they can afford to be or not. With mortgage lenders and banks ditching the decades long, strong risk management aspect of approving large loans, predicting mortgage rates has become increasingly difficult.

Despite the economic problems all across the country, or peoples personal financial situations, people still wish to own a home rather than renting. This will inevitably play a big role in accurately predicting home mortgage rates.

While it may seem like approving a lot of people for large loans they would not have been capable of taking out before seems like a good strategy for boosting the economy, in reality it just makes the complete financial in a worse off situation than it was in to begin with. You can never assume that the economy will remain strong, and robust. It is actually a good idea to think the exact opposite. Remember that there are some inevitable hard times ahead. Whether at a personal level or widespread economic level, preparing for the worst is always one of the best plans.

With the ever growing risk in bad mortgages being foreclosed or defaulted on, there is little to no doubt that credit will get tighter in every market. It is almost like living on borrowed time. With all the risk, still out their, there is no doubt that the mortgage interest rates are set to rise for the rest of he year. Refinance a home mortgage or buy that new home today before it is too late.

-M Petrone
www.RefinancingCondo.com

A very popular question from homeowners recently has been, “What are the Mortgage Rate Predictions for 2009?”. Right now, interest rates on home loans are near all time lows all across the country. Mortgage rates can easily be found at under 5% for a fixed rate 30 year mortgage. Remember though that typically only homeowners with a FICO score over 700 and 20% or more in home equity will qualify for a the best mortgage interest rate.

Home Mortgage Interest Rates in 2009
It is impossible to be 100% certain of where home interest rates will head, but I think I have a reasonable idea. My prediction is that due to home mortgage refinancing applications flooding mortgage lenders offices at record paces, that mortgage interest rates may, temporarily, increase. This will help the mortgage lenders work on the massive paperwork they are dealing with, and at the same time increase their profit margin.

Overall, I predict that that home mortgage rates for 2009 will take a temporary .5% increase followed by steady steep declines throughout 2009.

It is generally a good idea if you are looking into refinancing to do it now. Get a locked in quoted rate on paper and you can potentially save hundreds of dollars per month.

Recently, President Obama announced his $75 billion “Making Home Affordable” plan which will let homeowners take their current mortgage and refinance it into a new 4% fixed rate home loan. This plan will save the average homeowner hundreds every month. Taking advantage of this plan is easy. Are you eligible?

Well if you meet any of these qualifications:

-Your personal income can (and will be) be verified using tax returns and pay stubs. The income will be scrutinized so you the homeowner do not run into this problem again.

-A personal letter of “Financial Hardship” hand written by and signed by you. Include any ducuments which support this fact, pink slips, bills etc.

-The homeowner must agree to go to free credit counseling, provided by the Government, if their monthly household debts exceed 55% of their monthly income.

-The mortgage must have an amount less than $729,500 remaining on balance.

-The mortgage must have been signed on and completed prior to January 1st 2009.

-The home to be refinanced must be lived in as a primary residence by the owner.

Here are some options Mortgage Lenders and Banks can offer using this plan:


-Your monthly mortgage payments will be lowered to no more than 31% of your gross monthly income.

-Interest rates can actually go to as low as 2% but typically will be closer to the 4% range.

-Their will be no fees or other costs for performing a home mortgage modification or refinance.

-Banks and mortgage lenders could potentially set up balloon payments at the end of the mortgages in order to recover their money from offering such low monthly payments. This payment needs to be paid off prior to selling or refinancing your home another time.

-For every year of on time payments, the Government will reduce the amount of principal you owe on your home by $1,000 up to a maximum of $5,000 just for making payments on time.

-The banks and mortgage lenders can adjust the interest rates after a 5 year period. This plan is to help homeowners recover from their financial troubles.

-This plan can only be used one time to refinance or modify your home loan.

If you have remained current and up to date on your monthly mortgage payments, and are not able to modify your home loan, then refinancing may be the best alternative option. Refinancing into a fixed 4% interest rate with President Obamas plan can be very easy. Here are some requirements for this:


-Again, the home must be a primary residence.

-Proof of income to support the new mortgage and other debts is required.

-Cash taken out from the new home loan can not be used to pay other loan debts you may have.

-The home loan must be financed by Fannie Mae or Freddie Mac.

-The mortgage interest rate will be determined by the national average and points may be added on as well as fees charged.

-The new mortgage will be either for 15 or 30 years with a fixed rate of interest.

-The banks low interest offers may expire after an initial 5 year period.

-Homeowners can even refinance if they have a mortgage worth up to 5% more than their homes current value.

Home mortgage refinancing or modification
, especially using this plan will benefit millions of homeowners. The reports are coming back already and the average homeowner is saving hundreds every month by taking advantage of this plan and refinancing their home mortgage.

-M Petrone
www.RefinancingCondo.com

President Obama has recently announced his "Making Home Affordable" plan which allows homeowners the chance to refinance their home loan into a fixed rate 2% mortgage. The savings are tremendous and millions of homeowners are eligible. Are You?

-The mortgage must have less than $729,500 remaining on the due balance.

-The mortgage must have been signed on and completed prior to January 1st 2009.

-The home to be refinanced must be lived in as a primary residence by the owner.

-Your personal income can (and will be) be verified using tax returns and pay stubs.

-A letter of “Financial Hardship” written by and signed by you, in your own handwriting.

-The homeowner must agree and goto free credit counseling if their monthly household debts exceed 55% of the homeowners gross monthly income.

Here are some options Mortgage Lenders and Banks can offer using this plan:

-Your monthly mortgage payments will be lowered to no more than 31% of your gross monthly income.

-Interest rates can actually go to as low as 2% but typically will be closer to the 4% range.

-Their will be no fees or other costs for performing a home mortgage modification or refinance.

-Banks and mortgage lenders could potentially set up balloon payments at the end of the mortgages in order to recover their money from offering such low monthly payments. This payment needs to be paid off prior to selling or refinancing your home another time.

-For every year of on time payments, the Government will reduce the amount of principal you owe on your home by $1,000 up to a maximum of $5,000 just for making payments on time.

-The banks and mortgage lenders can adjust the interest rates after a 5 year period. This plan is to help homeowners recover from their financial troubles.

-This plan can only be used one time to refinance or modify your home loan.

If you have remained current and up to date on your monthly mortgage payments, and are not able to modify your home loan, then refinancing may be the best alternative option. Refinancing into a fixed 4% interest rate with President Obamas plan can be very easy. Here are some requirements for this:

-Again, the home must be a primary residence.

-Proof of income to support the new mortgage and other debts is required.

-Cash taken out from the new home loan can not be used to pay other loan debts you may have.

-The home loan must be financed by Fannie Mae or Freddie Mac.

-The mortgage interest rate will be determined by the national average and points may be added on as well as fees charged.

-The new mortgage will be either for 15 or 30 years with a fixed rate of interest.

-The banks low interest offers may expire after an initial 5 year period.

-Homeowners can even refinance if they have a mortgage worth up to 5% more than their homes current value.

Home mortgage refinancing or modification, especially using this plan will benefit millions of homeowners. The reports are coming back already and the average homeowner is saving hundreds every month by taking advantage of this plan and refinancing their home mortgage.

Homeowners who are having a hard time making their monthly mortgage payments can now take advantage of President Obamas “Making Home Affordable” plan. This plan makes millions of homeowners eligible to take advantage and obtain a new 4% fixed rate home loan through refinancing. Here is how it works:

-The mortgage must have less than $729,500 remaining on the due balance.

-The mortgage must have been signed on and completed prior to January 1st 2009.

-The home to be refinanced must be lived in as a primary residence by the owner.

-Your personal income can (and will be) be verified using tax returns and pay stubs.

-A letter of “Financial Hardship” written by and signed by you, in your own handwriting.

-The homeowner must agree and goto free credit counseling if their monthly household debts exceed 55% of the homeowners gross monthly income.

Here are some options Mortgage Lenders and Banks can offer using this plan:

-Your monthly mortgage payments will be lowered to no more than 31% of your gross monthly income.

-Interest rates can actually go to as low as 2% but typically will be closer to the 4% range.

-Their will be no fees or other costs for performing a home mortgage modification or refinance.

-Banks and mortgage lenders could potentially set up balloon payments at the end of the mortgages in order to recover their money from offering such low monthly payments. This payment needs to be paid off prior to selling or refinancing your home another time.

-For every year of on time payments, the Government will reduce the amount of principal you owe on your home by $1,000 up to a maximum of $5,000 just for making payments on time.

-The banks and mortgage lenders can adjust the interest rates after a 5 year period. This plan is to help homeowners recover from their financial troubles.

-This plan can only be used one time to refinance or modify your home loan.

If you have remained current and up to date on your monthly mortgage payments, and are not able to modify your home loan, then refinancing may be the best alternative option. Refinancing into a fixed 4% interest rate with President Obamas plan can be very easy. Here are some requirements for this:

-Again, the home must be a primary residence.

-Proof of income to support the new mortgage and other debts is required.

-Cash taken out from the new home loan can not be used to pay other loan debts you may have.

-The home loan must be financed by Fannie Mae or Freddie Mac.

-The mortgage interest rate will be determined by the national average and points may be added on as well as fees charged.

-The new mortgage will be either for 15 or 30 years with a fixed rate of interest.

-The banks low interest offers may expire after an initial 5 year period.

-Homeowners can even refinance if they have a mortgage worth up to 5% more than their homes current value.

Home mortgage refinancing or modification, especially using this plan will benefit millions of homeowners. The reports are coming back already and the average homeowner is saving hundreds every month by taking advantage of this plan and refinancing their home mortgage.

As mortgage rates reach record lows all over the country, homeowners are seeking “No” or “Low Cost” home mortgage refinancing options in order to take advantage. A no cost home mortgage refinance can save a homeowner thousands of dollars if the proper one is obtained.

Typically, instead of paying the costs and fees associated with refinancing a home loan upfront, the no cost closing option will increase you interest rates by as much as 1% in order for the mortgage lender to cover their expenses and turn a slight profit. If the additional interest is to high this can be a bad decision for you to make, however if the interest rates are only slightly higher it may be the best option.

Generally, there are three different types of “No Cost” refinancing options:

-No additional points added on but the borrower is responsible for paying any third party fees.

-No mortgage lender fees but the third party costs must be paid for by the borrower.

-The most common type is no cash needed at all upfront, but the associated fees and closing costs are added on to the loans total amount, or interest rate.

The recent surge in refinance applications has made many of the predatory mortgage lenders that exist hungry for homeowners who they can take advantage of. These predatory mortgage lenders prey off the homeowners who has no idea what a “No Cost” refinance option truly is. The best thing that you can do in order to ensure you are getting the best refinancing deal possible is shop around between a few different mortgage lenders. Mortgage terms, conditions, interest rates, and closing costs can vary greatly between different lenders. Sometimes you will find that a higher closing cost can save you a lot more money every month than the no cost closing option. It is the best idea to start shopping around with your current mortgage lender. Remember to get all quotes from potential lenders written down and in paper. Typically, you have 3 days from the quote before it expires.

If you have shopped around and gotten a few mortgage quotes, make sure to return to the lenders with the lowest refinance quote you have gotten and show it to them. A lot of the time the lender will match or somehow exceed the mortgage refinancing quote you brought them. This quote also shows real dedication to getting a refinance deal on your home loan and will make the mortgage broker work that much harder.

Always make sure to have your long term financial goals in mind and never jeopardize your home to do something that may not be benefiting you in the long run. With that said though, now is a great time to refinance a home mortgage due to the low rates available everywhere. Refinance the right way and save money every single month.

-M Petrone
www.RefinancingCondo.com

Refinancing a home mortgage can save you a lot of money if you are able to get a acquire deal on a new loan. However, there are a few things you can do to help avoid costly mistakes in the refinancing process. I have included several tips which will help you avoid the common costly mistakes that can occur in a refinance.

Caution: Be Aware of Yield Spread Premiums

The majority of homeowners are completely unaware of a Yield Spread Premium, what it is, or that they have been paying it since buying their house. Basically, the yield spread premium is your mortgage lenders or brokers commission on your loan. They broker or lender will add to your interest rate to pay their commission.

This rate of pay usually equals 3% of the homes total price which will be added on to your monthly mortgage payments. Your mortgage broker or lender will typically never inform you of these charges and the actual amounts are buried in the loan documentation. The wholesaler of the loan will give a bonus to mortgage lenders and banks who charge as high of an interest rate that they can.

It is Possible to Refinance your Home at a Wholesale Mortgage Rate

The smart homeowner who realizes and knows how to recognize a yield spread premium can usually avoid paying unnecessarily high markups on their interest rate. The best way for you to do this is by negotiating with mortgage lenders and brokers to get the lowest rate possible. There is already closing costs and fees the broker or lender will profit on and the yield spread premium is not needed and taking money away from you for no reason.

Refinancing a home mortgage can be a very financially wise move to make. However, basic research on potential lenders and brokers, along with patience and simple negotiating can easily save you hundreds of dollars every single month. Refinance now and see the benefits next month.

Mortgage Refinancing

Owners of residential or commercial real estate use a similar method to analyze their refinancing decisions. In residential real estate the conventional wisdom applies the "2-2-2 rule": if interest rates have fallen two points below the existing mortgage, if the owner has already paid two years of the mortgage, and if the owner plans to live in the house another two years, then refinancing is feasible. However, this approach ignores the present value of the related cash flows and the effects of the tax deductibility of interest expense and any related points.

Therefore, a better analysis of a mortgage refinancing decision should be conducted as follows: 1) Calculate the present value of the after-tax cash flows of the existing mortgage; 2) Calculate the present value of the after-tax cash flows of the proposed mortgage; 3) Compare the outcomes and select the alternative with the lower present value. The interest rate to be used in steps one and two is the after-tax interest cost of the proposed mortgage.

A lot of homeowners tend to stretch the truth when its time to qualify for a better home mortgage interest rate during a refinance. How will the lender find out? Every one does it, right? Well, here are some helpful tips about how lenders verify your income and how you can avoid costly pitfalls and refinance into a better rate when refinancing.

Almost 99.9% of the time mortgage lenders will verify your income and assets prior to approving your home mortgage refinance application. Sometimes, they will also require proof of a “Financial Hardship” such as divorce, where the money actually comes from, your bank balance and the amount of your investments, and everything else you claim on your refinance application.

All Lenders Verify Income When Refinancing a Home Mortgage.
Typically mortgage lenders will call or write your job, ask for pay check stubs, tax returns, and sometimes even ask for permission to contact the IRS regarding your income. Should your mortgage lender ask you to complete a 1406 IRS form, do so truthfully. This form will give permission to the lender to see your incomes from the years you specify. When reviewing this document the lender will compare it with your application and check for any differences in reporting between you and the IRS. This is the reason you do not want to lie to your mortgage lender or bank. Doing so will make the refinancing process harder, longer, and more costly.

Mortgage Lenders also Verify Debts and Credit Ratings when Refinancing a Mortgage.
In order to verify your credit rating the mortgage lender will generally get credit reports from each of the three big reporting agencies. A lender may also want your current bank account statements and will run a public records check and see if their any liens or judgments against you. Therefore, it is important to make sure that the application you filled out for the refinance is as accurate as possible. Downplaying the amount of debts, or income could lead to a delayed process, higher interest rates, or even your application being declined.

Most mortgage lenders will carefully verify all applications for differences and possible issues such as, missing or incomplete information, reporting of all debts and incomes in a honest way, and anything else that seems fishy. Do not bother taking chances with your lender, accurately report all debts and incomes and you will have a much better chance of being approved for a competitive mortgage refinancing which can save you thousands.

-M Petrone
www.RefinancingCondo.com

President Obama and the Government have enacted their home refinancing and modification stimulus plan. This plan will allow millions of homeowners the chance to refinance or modify their current home loan into a new 2% fixed rate mortgage. Taking advantage is easy, and the savings easily add up to hundreds per month.

There are 2 Main Parts to Obamas Stimulus Package:
1)Home Mortgage Refinancing Assistance.
2)Home Loan Modification Assistance.

Here are some details on each of these Components to Obamas plan:

1.)Home Mortgage Refinancing Stimulus Plan

Using this plan homeowners are able to refinance through 2 of the biggest mortgage lenders in the country, Fannie Mae and Freddie Mac, even if their mortgages are worth more than the actual value of the home. The only eligibility requirements are that the home loan is financed or insured by Freddie Mac or Fannie Mae. Even if you are financially secure enough to be able to pay the monthly mortgage payment you can still take advantage of this plan.

Another condition of this plan is that the home to be refinanced is actually the homeowners primary residence. This refinancing stimulus plan from Obama only applies to primary residences not investment, or second properties.

2.)Home Loan Modification Plan

The Obama administration will be giving cash incentives to mortgage lenders who approve loan modification for “at risk” homeowners. Using this program, the homeowner will be able to avoid foreclosure, and get their home loan into a fixed 2% interest rate. Homeowners would also get to waive any late fees they have and their will be no closing costs associated with a home loan modification using this plan. Also, homeowners who take advantage of this plan will be able to get a mortgage payment that does not exceed 31% of their gross monthly income.

Refinancing a home loan using this plan will no doubt save millions of homeowners hundreds of dollars every single month. Taking advantage of this plan is very easy to, and even encouraged by Obama. Homeowners can use this to save their money and improve their standards of living. Also, this plan should restore some consumer confidence in the housing market.

-M Petrone
www.RefinancingCondo.com

If you are a Homeowner who is facing foreclosure then President Barack Obamas “Making Home Affordable” plan will help you get a home mortgage refinance or modification as well as $5,000 in additional cash incentives to assist you in making monthly mortgage payments. Here is how it works:

President Barack Obamas Housing Bailout Program Includes:

-Over $75 billion to fund home refinancings and modifications.
-A mortgage refinance program for homeowners who are up to date and have had on time mortgage payments for at least 1 year.

Here are the Top 5 Home Loan Modification questions regarding this plan:


Is it necessary that I'm delinquent on my home loan in order to be eligible for a home loan modification?

Not at all. A homeowner must prove that there is a good chance of becoming behind in their home loan payments, or that there is just not enough money coming in to make payments now. Homeowners who have high interest rates or huge balloon payments on their mortgages may benefit greatly from Obamas refinancing stimulus plan.

Do I have to be delinquent on my loan to be eligible for loan modification?

No, but borrowers must be able to show that there is a possibility of becoming delinquent on their loan or that the money coming in is not enough to make future loan payments. Those with rising interest rates or ballooning mortgage payments may benefit from Obama's Housing Bailout.

How can I know if I will qualify for a home loan modification using Obamas plan?

-The home loan must be a first mortgage. Second mortgages are not eligible under this plan.

-Homeowners that are paying over 31% of their gross monthly income towards their home mortgage.

-The home loan must not be considered a “Jumbo” loan, and should be in line with Freddie Mac and Fannie Mae standards.

-The homeowner must live in the home as a primary residence.

-All income must be verifiable through tax returns and paycheck stubs.

What if I have a mortgage that is worth more than my home?


According to the guidelines in Obamas plan. The amount that can be due on a mortgage, and still be eligible for this plan, can not exceed over 5% of the homes worth. The homeowner will still need to verify their income through tax returns and if possible pay check stubs.

How should I know whether my mortgage is guaranteed by either Fannie Mae or Freddie Mac?

The complete plan was launched early last month but the wheels have not started to really turn until the past 2 weeks or so. Homeowners can check with their current mortgage lender to find out if their home is backed by either of these 2 mortgage giants.

Is it necessary that my Mortgage Lender participates in Obamas “Making Home Affordable” plan?


No, however the Government is offering cash incentives to encourage the approval of home refinancing or modification loans. The lending companies will receive as much as $3,000 on top of their regular commissions should a homeowner refinance with them and stay in their home.

-M Petrone
www.RefinancingCondo.com

If you are a homeowner who is having a hard time making monthly mortgage payments then President Obamas home refinancing and modification stimulus plan will help you. Millions of homeowners are covered under this plan and can get a 2% fixed rate home mortgage. Easily save hundreds every month with this plan, here is how it works:

President Obamas mortgage stimulus plan targets two types of homeowners who have been most effected from the current mortgage crisis.

-The first group includes around 5 million homeowners who have seen the value of their home drop in this bad housing market, but who are not facing foreclosure, will now be able to easily refinance into a new home loan.

-The other part of the plan helps an additional 4 million homeowners who have adjustable rate mortgages (ARM loans), have their loans temporarily modified into a better lower interest loan, for at least 5 years.

The Federal Government has set aside over $75 billion to aid homeowners under this mortgage refinance stimulus plan. Homeowners should take advantage of this great chance to refinance and save hundreds monthly on their mortgage.

www.RefinancingCondo.com

President Obama has followed through on his promise to help over 9 million homeowners struggling to make their monthly mortgage payments. The “Making Home Affordable” package provides homeowners with a chance to refinance or modify their home loan into a fixed 2% rate. Here is how:

President Obamas mortgage stimulus plan targets two types of homeowners who have been most effected from the current mortgage crisis.

-The first group includes around 5 million homeowners who have seen the value of their home drop in this bad housing market, but who are not facing foreclosure, will now be able to easily refinance into a new home loan.

-The other part of the plan helps an additional 4 million homeowners who have adjustable rate mortgages (ARM loans), have their loans temporarily modified into a better lower interest loan, for at least 5 years.

The Federal Government has set aside over $75 billion to aid homeowners under this mortgage refinance stimulus plan. Homeowners should take advantage of this great chance to refinance and save hundreds monthly on their mortgage.

-M Petrone
www.RefinancingCondo.com

Getting a better deal on your home loan through refinancing or modification can save you a lot of money every month. However, there are a few things to be on the lookout for in order to avoid paying too much when you decide to refinance or modify your home loan. So, here I have a few easy tips to help you get the best refinance deal possible.

The majority of homeowners have never heard of the term “Yield Spread Premium” (YSP) before. Some have even been paying it and are unaware that it is included in their monthly payments. This YSP is the markup percentage that the mortgage lender adds onto your interest rate in order to receive commission from their lender. Commissions as high as 4% of your loans total amount are sometimes occurring and the result is a much higher interest rate than you should have gotten that lasts for the entire length of your home loan.

So why would a mortgage lender add a Yield Spread Premium into your home loan? The mortgage lender basically receives a bonus for every .25% of interest they are able to tack on to your home loan. The information regarding this is buried in the fine print on one of the hundreds of pages of documents and can be very hard to find.

A homeowner who is informed as to what a Yield Spread Premium is can usually avoid having to pay the ridiculous markup by negotiating the fact with any potential mortgage lender prior to refinancing a home mortgage. There is already fees and closing costs associated with refinancing a home loan, so the YSP is not really necessary in order for the mortgage lender to turn a profit. This can actually be taken as a predatory loan practice as the lender is taking advantage of you for their own additional commissions, without informing you.

-M Petrone
www.RefinancingCondo.com

Right now, millions of homeowners are eligible to refinance or modify their existing home mortgage into a new one with a Government backed 2% fixed rate mortgage. This is possible thanks to Obamas “Making Home Affordable Plan” which provides over $75 billion to help struggling homeowners. Here is how it works:

Mortgage lenders and banks are going to be given cash incentives from the Government in order to cover any potential losses they may incur by approving “at risk” homeowners. This means that being approved for a home mortgage modification or refinance is now easier than ever. Things that were typically needed before, such as either 20% equity in your home or the cash equivalent, are no longer needed. More homeowners than ever before will be approved to modify or refinance their mortgage. When homeowners stay in their home, and do not have to foreclose, everybody is better off. Banks and mortgage lenders would rather not foreclose on your home and deal with the hassles associated with that. It is much easier, and more beneficial for them, to work with homeowners in an attempt to keep them in their house.

A lot of homeowners are also facing some type of “Financial Hardship” and their home could be the next casualty of their financial problems. With this in mind, President Obamas stimulus package allows homeowners in financial hardships to refinance their home mortgage into a more affordable 2% fixed rate home loan. This will mean a much more affordable monthly payment, and the odds that the homeowner will be able to keep their house dramatically improve for homeowners who take advantage.

All homeowners who have a mortgage backed, insured, or financed by either Fannie Mae or Freddie Mac are automatically eligible to modify their home loan. This can be done regardless of the personal financial situation of the homeowner. With this plan, a homeowner will not have to pay more than 31% of their monthly gross income. Many homeowners pay 50% or even 60% of their monthly income to their current mortgage payment.

Overall, this plan is going to help stabilize the housing market, and allow millions of homeowners huge savings every single month on interest payments. This plan will also prevent millions of homeowners from going into foreclosure, which is bad for everyone involved. This will hopefully bring some consumer confidence back into the housing market and home values will start to rise again. Use this plan while you still can and start seeing big savings every single month.

-M Petrone
www.RefinancingCondo.com

A lot of homeowners choose to refinance their home loans in order to take advantage of lower interest rates which would lower their monthly home payments. Yet other homeowners refinance into a shorter loan, or a longer one, or sometimes do a cash back refinance.

Refinancing your home mortgage is just replacing that home loan with a new one that has better rates, terms or conditions. Typically this results in a lower monthly home loan payment for the homeowner every month. Or, sometimes a homeowner chooses to get a shorter loan length and refinances in order to make that happen. This is a great way to save a lot of money on interest payments. Or, you can extend the length of your home loan. This may not help you pay less in interest but it will lower your payments every month. Then their is the cash back refinancing option. A lot of homeowners use the equity they have in their home and cash it out. This money can be used for home repairs or improvements, medical bills, tuition, car loans, credit cards, or anything you wish.

Another popular thing homeowners do while refinancing is switching out of their ARM (Adjusted rate mortgage) home loan and into a fixed rate mortgage. A fixed rate home loan brings stability and payments that do not rise regardless of the markets conditions. While the interest offered on ARM loans is usually low to begin with, it can and often does skyrocket in the future.

Refinancing a home mortgage now will easily save homeowners money every month. Home interest rates are near all time lows and the savings from a proper modification or home loan refinance can be huge. Look into potential mortgage lenders and do some basic research. If you refinance a home the wrong you it will cost you a lot of money and maybe even your home.

-M Petrone
www.RefinancingCondo.com

Are you a homeowner with bad credit? If so, do not think that qualifying for a mortgage refinance with good terms and conditions is not possible. Credit problems just mean that their will be a little more work involved in finding good interest rates. I have included several tips to finding the best refinancing deal, even with bad credit.

Be on the Lookout for Predatory Mortgage Lenders

Their will always be mortgage lenders and banks who prey on homeowners with bad credit looking to refinance. Sometimes, they just overcharge you, and do not necessarily care if you go into default on your home mortgage. They do this with the intention of taking your home from you should you (and you probably will with their terms, rates, and conditions) miss a few payments and sell it at a home auction. Due to you actually having bad credit, it is common practice that you would have to pay a higher rate for your home loan refinance. Also, the lender may require an additional point or two as a qualifying condition for the loan. Comparison shopping different mortgage lenders for different loan types will save you a lot of money.

Comparison Shopping Different Mortgage Lenders

When you are comparison shopping different mortgage lenders for the best home refinancing deal, be sure to research all the different loan options the lenders offer. Using the internet makes this process much easier as comparison shopping a wide a variety of loans, quickly, is just a few clicks away. Also, do not forget to consider your current mortgage provider. Sometimes a phone call or letter can improve your home loan terms enough that you will not even need to refinance at all.

Check your Credit Rating prior to Refinancing your Home Mortgage

It is very important that before you even get started looking for a mortgage refinance, make sure your credit is in as good of shape as it can be. If you have mistakes in your credit report it will hurt your overall score. This will effect the interest rates you are eligible for and cost you a lot of money. Be sure to request your free credit report from each of the big three credit reporting agencies. Carefully check these reports for any inaccuracies and quickly report them. This is a common mistake homeowners searching for a refinancing deal tend to make.

Refinancing a home loan can be very financially beneficial if it is done right. However if it is done wrong it will cost you a lot of money, and possibly your home. Make sure to do some research and refinance the right way today.

-M Petrone
www.RefinancingCondo.com

Millions of homeowners are unaware that they qualify for President Obamas “Making Home Affordable” plan which allows a home mortgage refinance or modification in to a fixed rate 2% home loan. The requirements to be eligible for this plan are very minimal, and the savings can be huge. Here is how to take advantage:

-Special cash incentives and tax cuts will be given to both banks and mortgage lenders who allow homeowners a home mortgage refinance under this “Making Home Affordable” plan. This will ease the requirements that were typically needed to refinance or modify a home loan and allow more homeowners the opportunity to get this 2% fixed rate.

-Now, there are new grant and loan packages available to homeowners who are struggling financially. These super low interest loans can be used for short term debt relief and help you reduce your overall amount of interest payments on all other debts.

-A homeowner who is eligible to modify their home mortgage may have to sign a letter of “Financial Hardship” to qualify for the 2% home interest rate from Obamas “Making Home Affordable” plan.

-Homeowners who happen to have their mortgage financed or insured by either Fannie Mae or Freddie Mac are automatically eligible, regardless of financial hardships or not, to modify their home loan into a new one with a fixed 2% interest rate.

-Those homeowners who are facing immediate foreclosure or are in danger of defaulting on their loan can be put on a fast track refinancing plan. This plan will allow for quick, hassle free refinancing when a homeowner is in a real danger of losing their home. The homeowners who use this part of the home mortgage refinancing plan and are facing foreclosure will have a much better chance of saving their home.

-As the mortgage crisis has taken its toll, many homeowners have seen their property values drop dramatically. Those homeowners who have seen their values drop by 15% or more will be eligible to refinance into a new fixed rate 2% home loan.

The goal with President Obamas plan is to help the millions of homeowners who are having a hard time financially. This plan will allow an estimated 9 million homeowners refinance their existing mortgage into a new one with a 2% rate. This 2% rate is much lower than any rate that has ever been offered anywhere for a home before. Hopefully, this plan will stimulate the housing market which would help all homeowners.

-M Petrone
www.RefinancingCondo.com

Have you missed some mortgage payments and are facing defaulting on your home loan, or home foreclosure? If so, the Government and President Obama have enacted two options to help millions of homeowners refinance or modify their existing mortgages into new ones with a 4% fixed rate interest rate. Here is some things to expect from this plan:

-The mortgage must have less than $729,500 remaining on the due balance.

-The mortgage must have been signed on and completed prior to January 1st 2009.

-The home to be refinanced must be lived in as a primary residence by the owner.

-Your personal income can (and will be) be verified using tax returns and pay stubs.

-A letter of “Financial Hardship” written by and signed by you, in your own handwriting.

-The homeowner must agree and goto free credit counseling if their monthly household debts exceed 55% of the homeowners gross monthly income.

Here are some options Mortgage Lenders and Banks can offer using this plan:

-Your monthly mortgage payments will be lowered to no more than 31% of your gross monthly income.

-Interest rates can actually go to as low as 2% but typically will be closer to the 4% range.

-Their will be no fees or other costs for performing a home mortgage modification or refinance.

-Banks and mortgage lenders could potentially set up balloon payments at the end of the mortgages in order to recover their money from offering such low monthly payments. This payment needs to be paid off prior to selling or refinancing your home another time.

-For every year of on time payments, the Government will reduce the amount of principal you owe on your home by $1,000 up to a maximum of $5,000 just for making payments on time.

-The banks and mortgage lenders can adjust the interest rates after a 5 year period. This plan is to help homeowners recover from their financial troubles.

-This plan can only be used one time to refinance or modify your home loan.

If you have remained current and up to date on your monthly mortgage payments, and are not able to modify your home loan, then refinancing may be the best alternative option. Refinancing into a fixed 4% interest rate with President Obamas plan can be very easy. Here are some requirements for this:

-Again, the home must be a primary residence.

-Proof of income to support the new mortgage and other debts is required.

-Cash taken out from the new home loan can not be used to pay other loan debts you may have.

-The home loan must be financed by Fannie Mae or Freddie Mac.

-The mortgage interest rate will be determined by the national average and points may be added on as well as fees charged.

-The new mortgage will be either for 15 or 30 years with a fixed rate of interest.

-The banks low interest offers may expire after an initial 5 year period.

-Homeowners can even refinance if they have a mortgage worth up to 5% more than their homes current value.

Home mortgage refinancing or modification
, especially using this plan will benefit millions of homeowners. The reports are coming back already and the average homeowner is saving hundreds every month by taking advantage of this plan and refinancing their home mortgage.

-M Petrone
www.RefinancingCondo.com

Especially recently, refinancing a home mortgage has been a very popular option for homeowners. It can be a easy method to obtain some money and at the same time get a lower monthly mortgage payment. So how does refinancing your home loan work? Here are 5 easy steps to start you in the proper direction:

1)Figure out if it is the right time to refinance your home mortgage. Typically, you should only refinance a home for the correct reasons and at the correct time. A good rule of thumb to follow is that when interest rates are lower than your rates by 2% or more. Other factors that need to be considered are the length of time remaining on your mortgage, the balance remaining, your monthly expenses, how long you plan on staying in your home, your credit score, and so on. If you just go blindly into a mortgage refinance and it is the wrong time, and with the wrong loan, it can cost you thousands in unnecessary fees and expenses. If it is done wrong it can end up costing you even more than your current home loan does. Say for example you were going to be moving in a year or two. In this case a refinance would be a waste of money, time, and resources.

2)There are plenty of free and easy to use mortgage calculator that are available online which can help you see the potential savings compared to your current mortgage terms. Compare the monthly costs with each loan type, and different amounts and lengths to determine the best choices for your personal financial situation. Do not forget to account for closing costs and fees and other charges.

3)If your calculations looked very appealing to you then consider looking over your options. Each mortgage lender and bank have different terms, rates, and conditions. Sometimes one will offer you a much better deal then another, so it pays to shop around. Also, think about if you would like to get a ARM loan (Adjustable Rate Mortgage) or a fixed rate loan. Your needs will determine which home loan is correct for you.

4)Be sure to carefully pay close attention to any fees or closing costs associated with refinancing a home mortgage. The fees can and do vary greatly from lender to lender so choosing accordingly and shopping around is a must. Sometimes a lender may offer lower interest rates, but add on more points, so make sure you take all of the factors of potential refinance options before deciding.

5)If possible it is generally recommended that you try to keep the length of the new refinanced mortgage the same as your old mortgage. You do not want to have to pay for another 30 years again if you have already paid on the home for 10 years. The payments may not be as low but the overall savings from the interest will be substantially more.

Refinancing a home mortgage can be a very beneficial thing for many homeowners to do. However, if you refinance the wrong way, it will cost you thousands of dollars in unneeded fees, costs, and expenses, and maybe even your home. Make sure you get the best refinancing deal possible on your home and do some research and legwork to ensure it happens.

-M Petrone
www.RefinancingCondo.com

Millions of homeowners have become eligible to refinance their home into a new fixed rate 2% mortgage. President Obamas mortgage refinancing and modification stimulus plan makes this possible with over $75 billion in funds to help struggling homeowners. Homeowners can easily save hundreds every month, here is how it works:

Mortgage lenders and banks are going to be given cash incentives from the Government in order to cover any potential losses they may incur by approving “at risk” homeowners. This means that being approved for a home mortgage modification or refinance is now easier than ever. Things that were typically needed before, such as either 20% equity in your home or the cash equivalent, are no longer needed. More homeowners than ever before will be approved to modify or refinance their mortgage. When homeowners stay in their home, and do not have to foreclose, everybody is better off. Banks and mortgage lenders would rather not foreclose on your home and deal with the hassles associated with that. It is much easier, and more beneficial for them, to work with homeowners in an attempt to keep them in their house.

A lot of homeowners are also facing some type of “Financial Hardship” and their home could be the next casualty of their financial problems. With this in mind, President Obamas stimulus package allows homeowners in financial hardships to refinance their home mortgage into a more affordable 2% fixed rate home loan. This will mean a much more affordable monthly payment, and the odds that the homeowner will be able to keep their house dramatically improve for homeowners who take advantage.

All homeowners who have a mortgage backed, insured, or financed by either Fannie Mae or Freddie Mac are automatically eligible to modify their home loan. This can be done regardless of the personal financial situation of the homeowner. With this plan, a homeowner will not have to pay more than 31% of their monthly gross income. Many homeowners pay 50% or even 60% of their monthly income to their current mortgage payment.

Overall, this plan is going to help stabilize the housing market, and allow millions of homeowners huge savings every single month on interest payments. This plan will also prevent millions of homeowners from going into foreclosure, which is bad for everyone involved. This will hopefully bring some consumer confidence back into the housing market and home values will start to rise again. Use this plan while you still can and start seeing big savings every single month.

-M Petrone
www.RefinancingCondo.com

Now, millions of homeowners all over he country are eligible, thanks to President Barack Obama, to refinance their home mortgage into a fixed, 2% home loan. This is possible due to the recent “Home Affordability Plan” from President Obama. Homeowners are reporting savings of hundreds of dollars every month. Taking advantage is easy, here is how:

-If you have missed a mortgage payment or two it will still be possible to take advantage of this home affordability stimulus refinance plan. This helps millions of homeowners who would otherwise end up in foreclosure, to refinance or modify their home loan into a fixed rate 2% mortgage.

-A lot of homes have dropped in value as a result of the mortgage crisis in America leaving a lot of homeowners with a mortgage worth more than their home is. Now, homeowners can still apply and be approved for a 2% home mortgage refinance even if they owe up to 105% of the value of their home.

-If your home mortgage is financed or insured by either Fannie Mae or Freddie Mac then you are in luck as you automatically qualify for this refinance or modification plan from Obama. Homeowners who use this part of the plan will be able to modify their home loan into a payment that does not exceed 31% of their monthly gross income.

-Financial hardships such as loss of job, loss of income, tuition, medical bills, or a whole list of other hardships, even credit card debt will make a homeowner eligible to refinance their home mortgage into a 2% fixed rate home loan.

Mortgage lenders and banks are getting cash incentives from the Government to approve homeowners who are “high risk”. This means that getting approved for a home mortgage refinance or modification is easier than ever. The typical requirements for refinancing are no longer needed in many cases as mortgage lenders and banks can cash in on your refinance and cover their potential losses with the governments incentive money. Look into a mortgage refinance today and see the potential savings in it for you.

-M Petrone
www.RefinancingCondo.com

Homeowners across the country can take advantage of President Barack Obamas mortgage refinance stimulus plan. This plan will allow homeowners to refinance or modify their current mortgages into fixed rate 2% home loans. On average, homeowners are seeing hundreds of dollars ever month in savings. Here is how to get it on the deal:

-Homeowners who have missed a mortgage payment or two can now apply for a mortgage modification under the guidelines of this plan. This will help a lot of homeowners avoid foreclosure and get themselves into a new low 2% fixed rate loan, which will save them a lot of money.

-Homeowners who have a mortgage which is worth upto 105% of the homes market value will be allowed to refinance their loan into the same 2% fixed rate. This helps homeowners who have seen their property values drop as a result of this housing crisis.

-Mortgages financed or insured by Freddie Mac or Fannie Mae will be automatically eligible to receive a home loan modification. This will allow the homeowner to lower their payments and lock in a fixed rate 2% home mortgage.

-Homeowners who are facing some type of financial hardship such as a loss of job or income, high credit card debts, medical bills, or tuition payments are allowed to refinance their home loan.

-Mortgage lenders and banks are approving more home mortgage refinance applications and receiving cash incentives from the government when they approve at risk or homeowners facing foreclosure.

Refinancing a home mortgage
now will save a lot of homeowners a lot of money every single month. The savings really add up to thousands over the course of the home loan. Now is a great chance to get a new lower interest rate mortgage and see the savings roll in every month.

-M Petrone
www.RefinancingCondo.com

There is a great new home mortgage refinance or modification program available to millions of homeowners thanks to President Obama and his “Making Home Affordable” stimulus. Homeowners taking advantage of this program would receive a 2% home mortgage refinance or modification. It is easy to apply and millions are eligible, here is how:

-Homeowners who are facing foreclosure on their home can now get a fact track mortgage refinance and have a better chance at saving their home. This refinance will have the same 2% interest rate that is available to all homeowners.

-The Federal Reserve and President Obama want to see home interest rates set at a fixed 2% and will regulate them in order to do so. This will be done by offering cash incentives to mortgage lenders and banks who approve at risk homeowners and those who otherwise would not get approved for a refinance. This means that it is easier than ever to refinance or modify your home loan.

-Homeowners who have a home loan insured, or financed by Freddie Mac or Fannie Mae are automatically eligible to modify their home loan into a new 2% fixed rate. This is a no strings attached offer extended through President Obamas home mortgage stimulus plan.

-Homeowners facing nearly any type of financial hardship are eligible to receive a home mortgage refinance into a 2% fixed rate loan. These hardships can range from medical bills, to tuition payments, even credit card debts. All that is required is a letter of “Financial Hardship” signed by you stating your problems.

Refinancing or modifying a home mortgage
has never been easier or financially better for homeowners than it is right now. Do the right research and take advantage now.

-M Petrone
www.RefinancingCondo.com

Over 5 million homeowners will be able to refinance their home loan into a fixed rate 2% mortgage thanks to President Obamas housing stimulus plan. This stimulus will make it easier for homeowners to modify or refinance their current home loan and see big savings every month.

Here, I have listed some critical points of the Obama housing stimulus plan:

*Property values in some parts of the country have dropped by as much as 15% due to the housing crisis and this stimulus helps homeowners facing that very problem, get a refinance.

*Make mortgage refinancing or modification easier for all current and future homeowners.

*Have a set limit on mortgage rates and to cap them off at an ideal 2%.

*Provide no help or assistance to market speculators and people who profit on the downfall of the economy.

*To prevent foreclosures and mortgage defaults by helping current homeowners refinance their existing loan into a stable fixed 2% rate loan.

With times being tough right now for millions of homeowners, this stimulus plan plans to try and assist those homeowners who have been struggling to pay their mortgage and other bills, which have all seemed to increase, at the same time. This chance for homeowners to refinance into a fixed 2% mortgage will almost instantly raise home prices as less homes are foreclosed on and more are bought due to an increased level of confidence. Take advantage of this plan from Obama now and see if their are potential savings for you to take advantage of.

If you are a homeowner, than President Obama has got your back. His recent announcement of the “Making Home Affordable” mortgage refinancing and modification plan, which allows homeowners a chance to refinance into a fixed 4% interest rate, will save the average person hundreds of dollars every single month. Here is how it works:

-Homeowners who have a mortgage financed or insured by Freddie Mac or Fannie Mae are automatically eligible to refinance or modify their home mortgage into a fixed rate 2% home loan.

-If you have seen your property value drop by 15% or more as a result of this mortgage crisis, you can now refinance your mortgage into the fixed 2% rate available from Obamas refinance stimulus plan.

-Homeowners who are in or facing foreclosure can now be put on a fast track refinance plan which will help them save their home.

-If you have faced a financial hardship, such as a loss of income or job, tuition, high credit card debts, medical bills, or a list of other things you are eligible to refinance.

Overall this plan will benefit millions of homeowners and reports are that the average homeowner is saving hundreds every month by taking advantage of this plan. You should do so too.

-M Petrone
www.RefinancingCondo.com

If you own a home, President Obama has most likely just saved you hundreds of dollars every month. The "Making Home Affordable" plan is a government backed mortgage refinance or modification program that allows homeowners to get into a 2% fixed rate home loan.

Here are the eligibility requirements:

-It must be for a first mortgage only, second mortgages do not apply for assistance from the government, and must be for less than $729,500

-The mortgage in question must have been transferred, signed, and finalized before January 1st of this year (2009).

-You must be the primary resident of the home you are attempting to refinance.

-You have a verifiable income and can provide pay stubs as well as tax returns.

-You have a letter of financial hardship written and signed by you. This can be medical bills,
loss of job or income, reduced pay, etc..

-You must get credit help and counseling if your monthly debts are more than 55% of your monthly income.

Here are some new things banks and mortgage lenders can now offer:

-They can now lower your monthly mortgage payments to around 31% of your gross monthly income.

-Interest rates are going to be typically now around 4.5% although rates of as low as 2% will
not be unheard of.

-Their are no fees or other costs for home loan modification or refinancing and any fees their would have been will be paid for by the Government.

-Banks or mortgage lenders can have balloon payments at the end of the loans if the monthly mortgage payments are too low.

-Any balloon payments that are in effect would need to be paid off prior to any refinancing, paying off of the mortgage, or selling of the property in the future.

-If you make your monthly mortgage payments on time after refinancing the government will reduce your principal gradually for 5 years with reductions totaling as much as $5,000.

-Rates can be adjusted again after 5 years. These low grace period rates available now are designed to help you get back on your feet.

-You are only allowed one refinance or loan modification and are not permitted to again in the future until the home is paid off.

Also, if you happen to be current on your mortgage payments but mortgage lenders or banks will not allow you to refinance or modify your mortgage due to the property value being less than the mortgage amount or not having enough equity this plan will help you. Government programs are now enabled to help homeowners whose property values have dropped during this mortgage crisis. Refinancing a home loan now is a great way to save a lot of money. Obamas stimulus plan makes refinancing easier and saves more money than ever. Refinance now the right way and see how much you can save.
www.RefinancingCondo.com

Nearly every homeowner is looking for financial relief during these tough economic times. Losing a home, or even the threat of losing something you have worked so hard for and have so much invested in, but all is not lost. Although financial hardships may force your home into foreclosure, there are a few other options at your disposable.

Usually, losing your home will be inevitable if their has been financial problems, especially in this economy. The fact is you are losing your home and foreclosure may not be the most financially beneficial thing you can do. This is where a short sale mortgage comes into play.

By taking control of the situation, and being proactive, short selling your home may save you from further embarrassment, save some of your credit rating, and helps in maintaining your self esteem. This way you may not be at a complete loss and can walk out of a bad financial situation with your held high. Mortgage modification and short sale options may be great choices for homeowners who can not afford their monthly mortgage payments for whatever reason.

A mortgage modification is very similar to a home loan refinance. Basically you are either renegotiating or replacing your current home loan and attempting to get lower interest rates, better terms, a longer or shorter length loan, and so on. The idea behind this is that rather than being foreclosed on you would be able to refinance or modify your home mortgage and stay in your home. This can be great for homeowners looking to spend less money every month. However, it is not usually the best long term financial decision as you will be paying a lot more in interest payments by adding to your home loan.

A short sale often times can be a much better way to cut your losses. When you short sell is involves the mortgage lender accepting to sell the home for less than the amount remaining on the mortgage. Doing this allows you to pay off all of your home related debts, and when have a clean start when the time comes again to buy a home. This can be much better than just losing your home and declaring bankruptcy or owing the mortgage lender or bank back dues. Soon enough, you will be in the financial position to be bale to again purchase a home.

-M Petrone
www.RefinancingCondo.com

Homeowners who have been hurting financially due to the tough economy can now take advantage of President Obamas mortgage refinance stimulus plan. On average this plan will easily save homeowners hundreds of dollars every single month by allowing them to refinance into a fixed 2% mortgage. Here is the plan:

Homeowners who have a mortgage backed by either Fannie Mae or Freddie Mac, which nearly 60% of all homes loans are, then you are automatically eligible to modify your home loan into a fixed 2% interest rate. This rate is substantially lower than any rate available on the market and will allow homeowners to save a lot of money every month on interest alone. This plan can be taken advantage of regardless of your personal financial conditions.

If the value of your property has declined as a result of this housing crisis by 15% or more, you are eligible to refinance at the government backed 2% fixed interest rate. Millions of homeowners have seen the value of their homes go down as foreclosures take their toll on the housing market. A combination of all the foreclosures and a lack of consumer confidence has sent the housing market in a downward spiral, which hopefully this mortgage refinance stimulus plan can reverse.

A lot of homeowners are in or will soon be in foreclosure. Now, using this plan, the homeowner can use a streamlined mortgage refinance or modification process which gives them a much better chance to save their home. This plan allows mortgage terms to change quickly and the homeowner can more easily get back on track.

Homeowners going through a “Financial Hardship” such as a loss of income, loss of job, medical or tuition bills, credit card debts, or a whole list of other hardships are eligible for a refinance or modification of their home loan. A handwritten letter signed by you is all that is required to qualify for this amazing chance to refinance into a much lower rate.

Mortgage lenders and banks are receiving cash incentives from the Government to approve homeowners for refinancing and mortgage modifications. This means that their risks are minimized allowing them to loosen up their restrictions and allow more refinancings and modifications. Things like having 20% equity in your home, which were typically required to refinance, are no longer needed. Refinancing your home the correct way will save you a lot of money, or maybe even more importantly, your home. Take advantage of Obama now and refinance or modify your home loan.

-M Petrone
www.RefinancingCondo.com

Are you a homeowner? Odds are you are eligible to take advantage of President Obamas “Making Home Affordable” plan and refinance or modify your home mortgage into a new fixed rate 2% home loan. Literally millions of existing homeowners can save hundreds of dollars every month with ease, here is how:

-Homeowners who have a mortgage financed or insured by Freddie Mac or Fannie Mae are automatically eligible to refinance or modify their home mortgage into a fixed rate 2% home loan.

-If you have seen your property value drop by 15% or more as a result of this mortgage crisis, you can now refinance your mortgage into the fixed 2% rate available from Obamas refinance stimulus plan.

-Homeowners who are in or facing foreclosure can now be put on a fast track refinance plan which will help them save their home.

-If you have faced a financial hardship, such as a loss of income or job, tuition, high credit card debts, medical bills, or a list of other things you are eligible to refinance.

Overall this plan will benefit millions of homeowners and reports are that the average homeowner is saving hundreds every month by taking advantage of this plan. You should do so too.

-M Petrone
www.RefinancingCondo.com

If your refinancing your home mortgage, then you may have found that the process can be confusing as well as intimidating. Overpaying for anything, especially the most expensive thing you will ever own, is one of the common things every homeowner does not want to do. Refinancing the right way will optimize your finances and can save you money. Here are some helpful details about a home mortgage refinance.

One of the best first steps you can take to make the refinance as easy as possible is to request a copy of your credit report from each of the big three credit reporting agencies. Mortgage lenders weigh your credit score heavily when determining your interest rate and home loan terms and conditions. Carefully read through each credit report and look for any mistakes or errors. These mistakes and errors, if any, can cost you a lot of money in unnecessary interest payments.

There are 3 separate and distinct credit reporting companies which you are able to obtain credit records from, Equifax, Trans Union, and Experian. Requesting your personal credit report is very easy as well as free. You are allowed, by Government law, 1 free credit report from each company every year. Search for annual credit report and you will easily find where to get the reports from.

After you have thoroughly reviewed your credit reports from each agency, and are positive that each one is accurate, then you are finally ready to start comparing refinancing offers from mortgage lenders. The correct mortgage lender can make a world of difference and is a very important part if you choose to refinance a home loan. Typically, there are three different places which will refinance your home mortgage, a bank, a mortgage lender or broker, and a wholesale lender. Typically, you should never refinance with a bank due to some laws which have recently changed.

For the most part, the best deal you can get will be available through a wholesale lender. But how do you find one? Typically, you need a mortgage broker in order to obtain a loan from a wholesale lender. The average homeowner usually has no access to wholesale lender on their own and mortgage brokers play a crucial role in bringing the two together.

Refinancing a home loan the right way can be very beneficial to many homeowners. However, a home refinance can very easily go bad and cost you thousands of dollars, or sometimes, your home. Be careful and make sure to do the proper research and leg work prior to refinancing your home mortgage.

-M Petrone
www.RefinancingCondo.com

I have personally gone through the foreclosure process. I lost my job and, financially, things were bad. It took a few weeks before I decided, enough is enough. I did the proper research, gathered the paperwork, and talked to the right people. My efforts resulted in me saving my home from foreclosure, and it was much easier than I expected.

Right now, millions of homeowners are threatened by foreclosure. Due to whatever reason, loss of job, loss of income, bad mortgage, or whatever, losing a home to foreclosure is a very real thing happening to many people right now.

Are you in foreclosure right now? Perhaps maybe you have missed some mortgage payments, or maybe you lost your job and finances look bad for the future. Are you getting calls from your mortgage lender or bank asking when the payments are coming in? Or maybe those calls are over and now the threatening calls are coming in. These calls inform you about a time frame in which you must act in order to prevent foreclosure. Then you get the worst calls, that you home is indeed being foreclosed on.

If you are currently in foreclosure, or are concerned about being in it, there is things you can do. Do not ignore phone calls and letters from your mortgage lender, Nothing gets them more irritated then ignoring them. The fact is they will usually work with you if you are having financial problems.

If for whatever reason you are unable to make mortgage payments, and do not want to get closer to foreclosure, or further hindered in the foreclosure process which has already begun on your home, do not ignore this problem! The more behind in payments you are, the harder it is to get your home back after a foreclosure has already started, and odds are you will lose your home.

As soon as you are aware that you are having financial problems, contact your mortgage lender as soon as possible. Most mortgage lenders are not interested in taking your home, they want you to pay monthly and they will collect on the interest. There are plenty of options available to help homeowners when there are experiencing financial hardships.

Be sure to respond to all mail you receive from your lender regarding your home loan. Typically, their will be some notices in the first few bills about how to help prevent foreclosure. Further down the road, the mail will contain legal documents and notices of the impending legal action. Not opening this mail does not exclude you from being foreclosed on.

It is also very important to carefully read through you loan documents and understand your rights. This way if you are unable to make a payment you can see the consequences and maybe what your lender can do to assist you. Laws about foreclosure and the time frame it must be done in vary from state to state so check with your local authorities.

Truth be told, the mortgage foreclosure laws and rules work just as much for you as they do a mortgage lender. A lot of homeowners are unaware of this fact and a lot of mortgage lenders prey on the fact most people do not fully understand their rights regarding foreclosure. However, you actually do have very powerful options at your disposable in the event of a home foreclosure, it is just up to you to exercise them.

-M Petrone
www.RefinancingCondo.com

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