If a homeowner has bad or less than desirable credit, a subprime mortgage refinance may be their only option. Getting a mortgage refinancing through a traditional lender does not give a homeowner with bad credit the amount of choices, or savings, a subprime mortgage lender will. However, there are some things which you should be aware of prior to getting a refinance from a subprime lender.

Especially in the past few years, subprime mortgage lenders have been growing and expanding as more homeowners are facing financial, credit, or mortgage problems. These problems make many homeowners ineligible for a traditional refinancing and forces them to use the services of a subprime mortgage lender. Just like anything else though, not every subprime lender is the same. The smart homeowner will shop around different lenders and their options, rates, and terms before signing any refinancing agreement. So, here are 2 tips which will help homeowners who need a subprime mortgage refinancing:

Mortgage Interest Rates will be different
Homeowners with a credit rating which is not so good will almost always pay higher than average mortgage interest rates, That does not mean that getting a rate which is beneficial to you is out of the question. When doing the research and comparing lenders, you will quickly see that rates, terms, fees, and conditions are very different from lender to lender. Prior to accepting any refinancing agreement, make sure you are truly getting the best deal and do some research.

Watch Out for Costly Fees, Terms, and Conditions
Often, a subprime mortgage lender will attempt to add on fees and conditions, such as prepayment penalties. This prepayment penalty condition means that if you pay off your refinancing or mortgage within a set amount of time, you will need to pay a penalty. Always be sure that you are aware of these penalties if your plan is to refinance later to try to save even more money.

Lying about Income is Very Bad
Sometimes, a shady subprime mortgage refinancing will have you lying, or inflating your income on the application. This is always a bad idea, and will be found out. It also shows the potential mortgage lenders and banks that you are unable to pay for your home, and will most likely deny your application. If you are ever asked to lye, pad, or inflate your income, find a new lender.

Subprime mortgage refinancing should be easier with these tips. Homeowners should always try to get as much information prior to refinancing as possible. This is the only sure way to know you are getting the absolute best deal possible. Bad credit mortgage refinance is not impossible, and is usually easier than you think it is. Take action now, and see the savings next month.

-M Petrone
www.RefinancingCondo.com

Even with the troubled economy, and bad housing market, getting mortgage refinancing, even with bad credit, is not as hard as it may seem. However, a big problem homeowners are facing right now is declining home values, bad mortgages, and other financial issues. If you are upside down on your home mortgage, and are looking to save money by refinancing, there is plans in place to get your the assistance you need. Here are some tips which will help get your approved when refinancing a mortgage:

Reasons Home Loan Refinancing Applications are Denied
Mortgage lenders and banks are only approving around 1 in 10 homeowners applications for refinancing. Most of the rejections are due to the home, its value, condition, and neighborhood, and not the actual homeowner. Most homeowners have ltv (Loan to Value) ratios which are to high, or even worse, some homeowners owe more than the home is actually worth.

A lot of talk is being spewed that indicates getting refinancing on a mortgage is near impossible due to the tightened credit markets. This is not true at all. What you are actually hearing about is banks not borrowing money and funds to each other, not individuals. This has to do with fear of a bank closing or losing all of its assets, and not with homeowner lending practices or policies. This is even true for homeowners with a credit rating which is not so good.

What to do if a Mortgage Refinancing Application is Denied
You need to regroup, focus, and do not take it as a personal attack. While getting denied does not feel good, you need to look at the long term, get things in order, and try again.

Do you know what your credit score is and if there are any inaccuracies in your report? This is one of the first things you should look into should you be denied refinancing. Analyze all the details of your credit report, and report and wrongs or inaccuracies. Mistakes and wrong information in your credit history will be detrimental to your rating, and loan worthiness.

The next thing you should do is take another look at your LTV and debt to income ratio levels. Do you have too many monthly debts and bills compared to how much you make? Are you able to pay off any lingering debts, or bills? Do you know your homes true value and when was the last time it has been appraised for its value? How much do you owe compared to the estimated market value of the home? These are common questions which will help you re evaluate your financial situation, and get a better chance of getting approval.

These tips will help you know what to do should you get denied a mortgage refinancing.

-M Petrone
www.RefinancingCondo.com

Most people know just enough about refinancing to be cautious. Here is some information that can help the process along. Going through with refinancing without knowing the basics can lead to disaster. Don’t make a huge mistake by rushing into refinancing without knowing what you are doing or how you will benefit.

There are many homeowners who are thinking of refinancing in order to help reduce their monthly cost of their current mortgage loan. Throughout this article we will go over how and when to refinance. These recent days have brought interests rates to about 6%. Those homeowners who purchased their homes when rates were higher can benefit a great deal from the lower interest rates if they were to refinance.

When to Refinance

Refinancing worked a bit differently in the past. It was said that one should wait to refinance their mortgage until they can lower their rate by at least 2%. However in today’s world it is recommended to refinance whenever the rates drop lower than your current rate.

Two reasons why this no longer applies.

Biggest reason this no longer applies is that the rates back in the 1980s were much lower than they are today. Refinancing from 7% to 6% is equivalent to refinancing from 14% to 12%. When refinancing you must make sure that the cost of refinancing is worth the end savings.

These days there are advertisements for mortgage refinancing and whenever you notice one that offers a lower rate than you current loan look into it. It will be worth investigating if you can save a few hundred dollars a month.

Knowing when to refinance if never a for sure thing. Are interest rates as low as they are going to get? No one knows for sure so it can be a bit intimidating but with some patience and with a little research refinancing should be a helpful tool not a harmful one. Know what you are doing and make sure those benefits outweigh the cost of refinancing. Refinancing can be the answer that you have been looking for to get stable again.

-M Petrone
www.RefinancingCondo.com

While it is impossible to be 100% accurate, I do think there is some good information to work with and predict mortgage rates for the rest of 2009. Here are my mortgage rate predictions for the remainder of 2009, a few months into 2010, and how I made them.

Most people who own homes know that even a little bit difference in the interest rate percentage, can mean a big difference in payments, and the total cost of owning the home. Earlier this year, mortgage rates were at historic record lows of around 4.69% for a typical 30 year fixed rate mortgage. That rate stayed the same until about 2 months ago when it increased by about .5% to 5.19%. This rate increase was expected by me, and was due to the large demand from homeowners for refinancing and home loan modification. This demand was brought on by the low rates, the high number of people in bad mortgages, and the Obama housing plan. The combination of these 3 things led to a huge amount of paperwork from homeowners looking to refinance or get a home loan modification, and led to a large amount of work. As a response to slow the applications, the mortgage lenders and banks raised rates a little. These rate increases were small enough to still help a lot of homeowners, but were enough to hold off a lot of other homeowners just looking to get a better interest rate.

My Mortgage Rate Predictions for 2009:
I think for that home interest rates will drop again later this year. I predict that mortgage rates of 4.69% for a 30 year home mortgage will be here once again. I think that this will happen sometime around October and will last until April of 2010. The rates will be lowered because the mortgage lenders and banks will be ready by then to take on a new crop of customer applications. This means that homeowners who can wait, stand a better chance of getting a better deal on their refinancing or home loan modification.

-M Petrone
www.RefinancingCondo.com

There are only a few mortgage lenders who have been approved by the Government to take part in the $75 billion housing stimulus plan. Bank of America (BoA) is one of the approved mortgage lenders. Bank of America has the experience, and professionals which can help a homeowner save their home. Refinancing and mortgage modification into more affordable monthly mortgage payments is now possible for millions of homeowners. Here is how:

Bank of America and other approved mortgage lenders will receive cash from the Government plan to approve homeowners for refinancing or home loan modification. This extra money enables the lenders, like BoA, the money they need to lower their financial risks for approving homeowners who are “at risk” of losing their home, or facing other financial hardships.

Homeowners who would have never been able to get approval for refinancing or home loan modification, are now able to get help. A lot of the previous policies these approved lenders had in place, have been altered for the time being in order to meet the needs of this stimulus plan. Homeowners can now get approved even if they do not have the traditional 20% cash or equity in their home. Even mortgages which are worth up to 5% more than the homes value can get approval.

Probably the most beneficial part of this plan is the assistance for homeowners with financial hardships. These include things such as a bad mortgage, loss of job, reduced wages, or any financial matter which is out of the homeowners control. Homeowners facing these problems, and many more, can use this stimulus plan and get a more affordable mortgage payment by refinancing or modifying their home loan.

Homeowners who are having a hard time paying their mortgage, and are scared of or facing foreclosure, should take action now. Bank of America is ready and able to help millions of homeowners, and odds are, you can get help too.

-M Petrone
www.RefinancingCondo.com

Are you looking for a way to lower your monthly payments? Maybe you have and adjustable rate and are interested in switching to a fixed rate instead. If this sounds like you refinancing may be the answer that you are looking for. Mortgage rates have fallen in the past five years. Since the mortgage rates have fallen so dramatically recently many homeowners are considering refinancing because they purchased their homes while the rates were high. Refinancing means that you are creating a whole new home loan and involves re-applying for the loan. Those with good credit will have no problem with the process however there are options for those with bad credit as well.

Refinance Home Loans

Those with bad credit often have difficulties getting approved for a loan. Reason for this is because any late payments or non-payments are reported on your credit report and lenders review your report prior to allowing a loan. People with bad credit are considered high-risk and lenders are more cautious when dealing with high risk candidates. Even so when refinancing it works a bit differently. When going through with refinancing the borrowers’ home will serve as collateral. What this means is that if the borrower does default on the new loan the lender or bank can then repossess the house.

Knowing When to Refinance

Knowing when to refinance is an important step in the process. Low interest rates are advertised on the radio and television more and more. Take advantage when you hear of low rates available because it can help reduce your monthly cost and save you hundreds a month. Since refinancing is basically creating an entirely new loan it will have closing costs, title fees, etc, because you are creating a new loan make sure that the savings is worth the cost of refinancing. There are also people that rush into refinancing before their homes have enough time to gain any equity. Refinancing into a shorter term can be a good way of boosting your homes equity.

A great benefit that comes with refinancing if you have bad credit is that you will save money right off the bat. The savings you have can be used to improve your credit score and pay off any other debts that may be hanging over you head. This will happen if your home has built some equity. Many lending professionals recommend waiting a minimum of 2 years prior to refinancing. This is because it will allow enough time for the homes equity to grow and the property value to increase.

No one knows for sure when to refinance but with some patience and some research it can help bail you out of some deep holes. Speak with a professional for some help and get quotes to check whether or not refinancing is worth the hassle for your particular situation. Refinancing can be the answer you were looking for, act before the rates skyrocket again.

-M Petrone
www.RefinancingCondo.com

Many people get a loan and never think of changing the terms or length. If your thinking of going through with a loan first thing you must do is make sure that refinancing is worth the hassle and stress that it will cause. Refinancing for not specific reason is not the best idea. Refinancing should help you not make your situation more difficult or cost you more money. Taking on a loan can be stressful and refinancing can be equally stressful. People are not aware of when to refinance their loan or if they should even bother at all. Will it be worth it?

There is no specific time or day to refinance however there are times that are better than others. No one knows when refinancing is the best but keeping an eye open can help find the best deals. Refinancing can help save hundreds of dollars a month if done right but at the same time it can be costly and waste if not done correctly.

Researching into refinancing can help avoid costly mistakes. Make sure that you refinance when interest rates are low so you can save as much money as possible. The most important thing is to lower your current interest rate otherwise it can end up costing you more money than saving you that money. Refinancing can be a difficult process but it can help if done right and done at the right time, when interest rates are low and the savings are high. Do some homework before refinancing and keep your eyes open for the right time to refinance. No one is sure of when to refinance but looking at interest rates and getting quotes when they are low can help ensure you do it at the right time.

-M Petrone
www.RefinancingCondo.com

Besides being one of the biggest, most reputable mortgage lenders in the industry, Ditech is also approved from the Government to offer its housing stimulus plan. This plan allows homeowners to easily refinance or get a home loan modification and save their home. Using this plan for your self is easy, and Ditech makes it even easier:

-Ditech knows the exact details and guidelines of the Governments stimulus plan, and their professional mortgage lenders will work with you to get the approval you need to save you lots of money, or your home.

-Their are only a handful of mortgage lenders who are approved to offer this plan. These mortgage lenders will get cash incentives to cover the closing costs and financial risks that are taken when approving homeowners with financial problems. This allows the approved lenders, like Ditech, the chance to approve more homeowners, with less risk to them. Homeowners who would not have been approved prior to this plan can now get refinancing easier than ever.

-Home loan modification is available for homeowners who pay more than 31% of their gross monthly income towards their mortgage. This could be a 15% or more reduction in monthly payments for millions of homeowners.

-Homes which have lost value, or mortgages which are worth more than the homes market value, can now get approved for refinancing. Mortgages worth up to 5% more than the homes actual market value can get approved for refinance, while before this plan these homes would not have a chance at getting approved.

Ditech is going all out to help homeowners save their home. This plan allows them to take even more action, and help more people. Homeowners should take this plan and use it for their own situation. Call Ditech and see just how much you may be able to save.

-M Petrone
www.RefinancingCondo.com

Mortgages which are backed by Fannie Mae or Freddie Mac are eligible for modification thanks to President Obamas housing stimulus plan. This plan allows homeowners who pay more than 31% of their monthly gross income to get a more affordable mortgage through home loan modification. Millions of people can use this plan for themselves, here is how it works:

The Government has recently announced a $75 billion plan which will help struggling homeowners, and those in bad mortgages, a chance for modification into a better loan. This plan says that homeowners who are currently paying over 31% of their gross monthly income, a chance to modify into a payment which meets or is lower than that percentage of their income. While 31% of your income may sound like a lot to some homeowners, many people currently pay 50% or more for their home.

This plan also takes care of all closing costs and associated fees. Typically these fees can easily add up to a few thousand dollars, which most homeowners with a bad mortgage do not have. This plan is an easy, no nonsense approach to mortgage modification for homeowners who use Freddie Mac or Fannie Mae as their mortgage lender.

Overall, this plan will help millions of homeowners everywhere in the country get a more affordable home loan, and lower the chance of losing their home to foreclosure or mortgage default. Homeowners who would never have had a chance at being approved a modification of their home loan are now guaranteed the chance. Take advantage of this mortgage bailout plan and see the savings with your next mortgage payment. Saving hundreds of dollars per month is not out of the question.

-M Petrone
www.RefinancingCondo.com

Refinancing a mortgage can be a very beneficial thing for a homeowner to do, as long as they know what their getting into. There are different loan options, refinancing types, and mortgage options, which a homeowner can get through refinancing a home loan. Here are some of the things you should know prior to starting the mortgage refinancing process.

One of the most important things a homeowner needs know is what their expectations are from the home loan refinance. Is the goal lower interest rates? Smaller monthly payments? Or maybe the homeowner needs a large sum of money and wants to tap into the equity they have in their home and do a cash out refinance. Each homeowners situation is different, and each loan type has its benefits and advantages.

Homeowners have seen interest rates drop recently, and that has caused a lot of interest in refinancing. Many homeowners currently pay 9% or more in interest rates, and can easily get those reduced to todays rate of 5% or so. This savings, sounds small, but is a huge sum of money that the homeowner save would every single month. Mortgage rates are near all time lows, and most homeowners bought a few years ago when rates were not so low. Many homeowners can benefit from lower interest rates through refinancing.

Smaller monthly payments are another big reason people refinance their home loans. In addition to this being possible through reduced interest rates, the length of the home loan can also be changed to lower the payment. Typically, is a homeowner needs an even lower monthly payment, they can extend the length of their loan which would lower the monthly payments. While this is not the best option financially as you pay much more interest in the long run, it is an option many homeowners need and take advantage of.

Cash out mortgage refinancing is taking out a new home loan which is more than your current loan. Than your current loan is payed off, and you pocket the difference. This money can then be used for anything a homeowners wants, and can be a good way to get a large amount of money together in as short amount of time. Again this may not be the best financial move, but is is a necessary one for a lot of homeowners.

-M Petrone
www.RefinancingCondo.com

Homeowners with a mortgage which is supported by either Freddie Mac or Fannie Mae are in luck. Now, with President Obamas “Making Home Affordable” plan, a homeowner with a mortgage backed by either of these huge companies can get a fixed 2% interest rate when they refinance or modify their home loan. Here we explain how this program functions, and how you can capitalize.

To successfully use this stimulus plan and refinance or modify your home mortgage with Freddie Mac or Fannie Mae, you must satisfy these eligibility requirements.

-Home loans and mortgages that are backed by either Freddie Mac or Fannie Mae, are suitable to get a 2% stable rate through mortgage refinancing or home loan modification. This will occur due to Obamas mortgage stimulus bailout package. Home loans which are modified through Fannie or Freddie will not have a monthly payment that exceeds 31% of a homeowners gross monthly income.

-All over the USA, homeowners have witnessed their home values sink a lot due to the bad housing market, and the distressed economy. These same homeowners are immediately fit to use Obamas stimulus plan to obtain a 2% fixed rate home loan by refinancing or mortgage modification.

-Homeowners who have recently filed for a bankruptcy can not use Obamas plan. Even if you have a mortgage backed by Freddie Mac or Fannie Mae. There are alternate methods that will save you money on your mortgage though, some of these choices will meet your needs.

-Lots of homeowners nowadays have a mortgage that is more worthy than their houses market place value. Today utilizing this program, a homeowner can refinance or get a home loan modification even if they owe up to 5% more on the loan than the houses actual marketplace value.

-M Petrone
www.RefinancingCondo.com

With a bad economy and worse housing market, many homeowners are looking for ways to save money every month. Some homeowners need to figure out a way to save their home from foreclosure or being defaulted on. Luckily, President Obamas “Making Home Affordable” plan is designed exactly for this. Here is how it works, how to apply, and how to get approved:

How it Works:
Homeowners can now get a more affordable mortgage through refinancing or home loan modification. Even homeowners with bad credit, bad mortgages, or who have been denied before, stand a good chance at getting approved for a cheaper monthly mortgage payment. This is possible thanks to over $75 billion that will be given to mortgage lenders and banks who help homeowners. This money will help the lenders cover any potential losses, as well as cover any closing costs and other fees. This way, struggling homeowners do not have to come up with thousands of dollars for closing costs and fees.

How to Apply:

Homeowners who want to take advantage of this stimulus plan, can call one of the approved mortgage lenders and talk to their representative. Some of these companies include:

-Bank of America
-Wells Fargo
-Chase
-GMAC
-Countrywide
-CitiMortgage

These are just the biggest, most well known lenders. There are a few other companies, but these few will handle the bulk of refinancing and home loan modification applications.

How to Get Approved:
Homeowners who need to get refinancing or mortgage modification should do a few things to help ensure they get approved. Homeowners facing any type of financial hardship should write down their problems, their solution, and why refinancing or home loan modification is so important. Include this letter with your application when you turn it all in. This letter will help you get approved, as the lender sees you are serious, and truly facing problems.

It has never been easier to get approved for mortgage refinancing or modification than it is now. Homeowners all over the country can easily save hundreds of dollars every month. Call mortgage lenders and banks to see how much you could be saving for yourself.

-M Petrone
www.RefinancingCondo.com

Mortgage refinancing or modification is not a decision that should be taken lightly. While the process seems intimidating, and hard, it does not have to be, especially now. President Obama announced his “Making Home Affordable” plan, which allows homeowners to get approved for refinancing or home loan modification into an affordable, monthly payment. This plan will save millions of homes from being foreclosed on or lost to mortgage default.

This plan will be funded by over $75 billion in Government money. Most of this money will be given to mortgage lenders and banks as an incentive to help struggling homeowners, and approve their mortgage refinancing or home loan modification applications. Also, besides covering some of the mortgage lenders potential losses, this incentive money will cover all closing costs and fees associated with refinancing or home loan modification. This is great news for struggling homeowners, as odds are since their struggling to make their mortgage payments, they do not have a few thousand dollars to pay closing costs or fees.

Homeowners can also count on an easier approval process than ever before. While mortgage lenders and banks are very strict about being able to verify income, and make sure you are truly struggling, they are also more lenient in approving applications these days. With the absurdly high number of mortgage foreclosures and home loan defaults taking place, this plan could not come at a better time for the average homeowner.

Homeowners who are looking for a way to save money, or their home, should definitely look into this mortgage bailout plan from Obama. For most homeowners, the benefits of this mortgage stimulus far outweigh any negatives. For other homeowners, this plan may be exactly what is needed to save their home from being lost.

-M Petrone
www.RefinancingCondo.com

Homeowners now have the chance to get a fixed rate 2% mortgage through refinancing or home loan modification. This is possible because of President Obamas housing stimulus plan. This plan helps struggling homeowners get a more affordable mortgage, and save their home from foreclosure or default. Here is some things you need to know to use this plan for yourself:

-Their is over $75 billion in funding to give to mortgage lenders and banks who approve at risk homeowners. This money is needed to minimize the potential risks lenders and banks take on when attempting to help a homeowner. Also, this money will be used to pay any closing costs and fees, as homeowners generally would not be in trouble if they had a few thousands dollars for a mortgage refinancing or loan modification closing.

-Most mortgage lenders and banks terms and conditions for getting approved have been lowered. This is due to the massive amount of homeowners who are struggling now, and Obamas housing stimulus. This means that getting refinancing or mortgage modification is now easier than ever.

-Homeowners who are in a bad mortgage, have a home which is losing value, or for whatever reasons owe more on their home loan than the homes market value, can still get approved for a refinancing or mortgage modification plan. Typically, a homeowners would need 20% equity or the cash equivalent to get approved for refinancing, now though, that has changed. Homeowners can now owe up to 5% more than their homes market value, and still get approved.

Overall, this plan allows millions of homeowners a good chance to save their home, and a lot of money. Homeowners who are facing any type of financial hardships should take action and apply for refinancing or home loan modification now. The longer you wait, the harder it will be to make things better.

-M Petrone
www.RefinancingCondo.com

CitiMortgage is one of the few lenders approved to offer homeowners a mortgage refinancing or loan modification using Obamas housing stimulus plan. This plan is designed to help struggling homeowners save their home, and get their finances in order. Besides being allowed to offer this mortgage bailout plan, CitiMortgage is a good, reputable, large, lender. They have the know how and experience needed to help homeowners.

CitiMortgage and the other approved banks and lenders are able to offer this because there is over $75 billion in cash incentives from the Government to give to lenders who approve homeowners at risk of losing their home. This Government incentive money covers the closing costs, and some of the financial risk a lender or bank takes on with a homeowner who is facing “financial hardship” and needs mortgage relief. There are over 9 million homeowners who will can benefit from this plan, and if your facing financial problems, you probably are too.

CitiMortgage has the offices, resources, and personnel to assist homeowners who wish to use this mortgage bailout plan for themselves. Homeowners who use CitiMortgage have the benefit of knowing that some of the best people in the industry are on their side. Homeowners who would have never been approved are now using a CitiMortgage Refinancing or Modification to help save their home.

Homeowners who are facing any type of money problems should contact CitiMortgage immediately and see what type of assistance they can offer you. The longer your wait, the harder things will get. This mortgage bailout plan will help the typical homeowner save hundreds of dollars every month. This money can be used anyway you wish, and more importantly, may save your home.

-M Petrone
www.RefinancingCondo.com

There is over $75 billion in cash incentives being given to mortgage lenders and banks who approve “at risk” or “financially struggling” homeowners. This is all because of President Obamas “Making Home Affordable” plan. Millions of homeowners, a lot of which would not have been given approval prior to this mortgage bailout, are now refinancing and getting home loan modifications easier than ever.

These cash incentives make it easier for mortgage lenders and banks to approve homeowners with bad credit, a bad mortgage, high debts, or a home which has lost value. With the financial risks minimized thanks to the stimulus money, the lenders and banks are approving millions of homeowners for refinancing or home loan modification. Here are some of the huge benefits of this plan for a typical homeowner:

-Mortgages can be worth up to 5% more than the homes market value. This will help people who have a bad mortgage, or who's home has severely dropped in value. Typically, 20% equity or the cash equivalent would be needed, but this Obama housing stimulus plan has changed that for the time being.

-Homeowners who pay more than 31% of their gross monthly income and have a mortgage financed by Freddie Mac or Fannie Mae are in luck. These homeowners are automatically eligible for mortgage modification into a new monthly mortgage rate which is equal to or less than 31% of their income every month.

-With such a bad economy, many homeowners are facing “financial hardships”. Now these homeowners can apply, and use these hardships to improve there chance of getting approved for mortgage refinancing or home loan modification. Homeowners should include documents that prove their hardships, and turn them in with their mortgage modification application.

Overall millions of homeowners can benefit from this amazing chance to get a more affordable home mortgage. Take advantage now, and do yourself a favor.

-M Petrone
www.RefinancingCondo.com

President Obamas “Making Home Affordable” plan will help an estimated 9 million homeowners get a more affordable monthly mortgage payment. This is done through $75 billion in funding which will be given to mortgage lenders and banks to minimize any potential loss they may have from approving “at risk” and “financially struggling” homeowners for refinancing or mortgage modification. Here is how it works:

-Homeowners can get refinancing or home loan modification in order to get a reduced monthly payment, extended loan terms, or lowered interest.

-The guidelines of this plan call for a homeowner to not have to pay more than 31% of their income towards their monthly home loan. While this may seem like a lot, to many homeowners it is a big reduction. Currently, a lot of the “struggling” homeowners are in a bad mortgage, or pay 50% or more of their income towards their mortgage.

-Homeowners with a mortgage from Fannie Mae or Freddie Mac are automatically eligible for a home loan modification. This mortgage modification will only help homeowners who pay more than 31% of their gross monthly income towards their home.

-Homes which have dropped in value can still get approval for refinancing or modification. This plan allows homeowners with property that has dropped in value as a result of the bad housing market and tough economy. Before this plan, a home which dropped in value had little chance of getting approved for refinancing or mortgage modification.

-Homeowners in a bad mortgage, and who owe up to 5% more than the homes market value, can get refinancing. These homeowners had no chance at approval prior to this Obama housing stimulus.

Mortgage refinancing or modification are great options for millions of struggling homeowners. This new mortgage stimulus plan will help many people keep their homes, and not lose them to foreclosure or mortgage default. If your a homeowner you need to take advantage of this plan now, before it is too late.

-M Petrone
www.RefinancingCondo.com

If you are like the majority of homeowners refinancing may be on your mind but knowing when to refinance is an uncertainty. Whether it is to lower your monthly payments or even switched from an adjustable rate to a fixed rate. The mortgage rates have taken a dramatic fall in the past five years. So those homeowners who purchased their homes while the rates were high can now take advantage of the sudden low rates. When refinancing you are creating and entirely new home loan and re-applying for the loan. If you have good credit you may not hesitate but those with bad credit tend to be more intimated. However there are options to refinance for those with bad credit.

Refinancing Home Loans

Most times those with bad credit scores will have a hard time finding a loan. People that have been recorded of being late on payments, not making payments or have refused to pay their creditors are considered a high risk candidate. Lenders are more unwilling to take on people labeled high risk and will not want to approve them for loans. Refinancing works a bit different than most other loans so it can approve those with not so great credit. When one refinances their home loan their homes serve as collateral. This means that if the borrower were to default on the new loan the bank or lender could take possession of their home.

Knowing When to Refinance

Knowing when to refinance is a crucial step. There are many advertisements on television and radio for low interest refinancing and home loans. Not all those advertised are valid but it never hurts to dig around and check some out. Many homeowners have done so and have lowered their monthly payments. However make sure that the cost of refinancing does not equal more than what you stand to save. Fees like closing costs, settlement fees, penalties and title search fees are all the responsibility of the borrower. Refinancing can also be done to shorten the loans term and in return it can build more equity.

A great benefit for those refinancing with bad credit is that they can save a large amount right at the closing. The money that is then saved can be used to pay off other debts and improve your credit rating. There are professionals that recommend waiting two years prior to refinancing. This way the house in question has more time to gain value and equity. Knowing when to refinance is not easy and can be intimating but with some patience and some homework it can be worth it. Everyone needs some more money.

-M Petrone
www.RefinancingCondo.com

While getting approved for a mortgage refinancing or modification with bad credit may be hard, it is not impossible. These days there are plenty of mortgage lenders and banks who are happy to have you as a customer, but sometimes these come with a price. Homeowners with bad credit need to know what to do in order to ensure the best refinancing or home loan modification deal possible. Here are some things that can help you if your facing this situation:

-Homeowners with bad credit need to make sure that they compare different loan options, rates, terms, and conditions between different lenders and banks. Typically, you are going to pay a higher interest rate due to your bad credit, so saving as much as you can is a great way to maximize your benefits.

-Homeowners need to know what they want to get out of a refinancing or mortgage modification. Do you want lower payments? To shorten the length of the loan? Get cash back from the equity you have built up? Lock in a lower interest or fixed rate loan? All of these questions will effect the decisions and options you have.

-Homeowners who are unable to get approved through a traditional mortgage lender or bank may need to use the services of a sub prime mortgage lender. While the loans these lenders are able to provide are often at a higher interest rate, they are often times a homeowners only chance at getting approved for a bad credit mortgage refinancing.

Banks and mortgage lenders would rather help you than let you lose your home to foreclosure or mortgage default, especially in this economy. Homeowners who know they are going through hard times, or have already missed or been late on some mortgage payments, should take action now. Even with bad credit, it is entirely possible to get a beneficial home loan modification or refinancing, and change your financial out look for the positive.

-M Petrone
www.RefinancingCondo.com

Mortgage refinancing and home loan modification are popular options, especially lately, for many homeowners. Now, this is made easier because of the Governments $75 billion mortgage bailout plan. This plan easily lets homeowners get a more affordable monthly mortgage payment through easy refinancing and mortgage modification options. Here is how you can use this plan for yourself:

This plan has over $75 billion in funding to assist homeowners. Most of this money will be given to mortgage lenders and banks who approve homeowners considered “at risk” for home loan modification or refinancing. With the money, the lenders and banks can approve more homeowners than ever, and people who would have never been approved prior to this plan can start saving money through refinancing or mortgage modification.

Here are some of the other big parts of this plan from The Government:

-The home must be lived in as a main residence by the mortgage holder. This plan does not help for second homes, investment properties, or rental homes.

-Mortgages must have less than $729,500 remaining on their balance.

-Homeowners with a mortgage from Fannie Mae or Freddie Mac and who pay more than 31% of their gross monthly income are eligible to get a home loan modification.

-Homes which have dropped 15% or more in value can get approved for mortgage modification or refinancing through this Government plan.

-Homeowners can not have declared bankruptcy in the past or used this mortgage bailout plan before.

Homeowners everywhere can easily save hundreds of dollars, or more importantly, their home from being lost to foreclosure or mortgage default. This plan makes getting approved for refinancing or home loan modification easier than ever. Also, this plan should help the housing market and over all economy.

-M Petrone
www.RefinancingCondo.com

Especially with the tough economy, many homeowners need to get a lower monthly mortgage payment. Im not talking about any kind of ARM (Adjusted Rate Mortgage) loans, which are a big reason for all the mortgage troubles now, but 2 other, easy things you can do to lower your monthly home loan payment, and keep it low.

1)If it has been a few years since you have purchased your home, now may me a good time to get a mortgage refinancing.
Especially lately, interest rates for mortgages have declined. Right now, many homeowners could get an interest rate that is half of their current rate. Also, always remember that your credit rating will play a role in your interest rates. Homeowners also need to know about the variety of loan refinancing options because the wrong one could cost you thousands of dollars, and make your financial situation even worse. Another thing to remember is that closing costs and fees are nearly always necessary.

2)Refinance your Home Loan to get out of paying PMI (Private Mortgage Insurance)
Generally, all homeowners who bought their home with anything less than 20% cash or equity were required by the lender to pay private mortgage insurance, or PMI. This insurance protects the mortgage lender from financial losses if the home is foreclosed on or lost by the homeowner. After a home has been paid for, there is absolutely no need for any type of PMI.

These 2 tips are easy enough to follow, and can save the average homeowner a lot of time, money, and hassle when they decide to refinance.

-M Petrone
www.RefinancingCondo.com

Homeowners can avoid foreclosure and mortgage default be refinancing or getting a home loan modification through President Obamas housing stimulus plan. Millions of homeowners can use this plan to see savings of hundreds of dollars per month on their mortgage, and more importantly, save their home. Here is what you need to know to use this plan for yourself:

-Home loans which were signed prior to January 1st 2009 are able to use this mortgage bailout plan for their situation. Mortgages which were closed on after that are eligible for an $8000 tax credit, but that is different.

-Mortgages from Fannie Mae or Freddie Mac and are over 31% of a homeowners income, are eligible for a home loan modification. This modification will lower the homeowners monthly mortgage payment to less than they are paying now, or lower than 31%. This is a savings of 20% or more for a lot of homeowners.

-Homes which have dropped in value, can now get approved for mortgage refinancing or modification with this stimulus plan from the Government. Homeowners all over have seen their property values drop due to foreclosures, a bad housing market, tightened lending, and bad mortgages.

-Mortgages which exceed the homes market value by as much as 5% will still qualify for home loan modification or refinancing. Previously, a homeowner who owed more than the homes worth would never have a chance at approval.

Foreclosures and mortgage defaults
can easily be avoided if a homeowner just takes action. The Government put this plan in place to help struggling homeowners, and if you are, you need to take control of your situation and get a mortgage refinancing or home loan modification through this plan before time runs out. You do not want to lose your home if you do not have to, and now you have an option.

-M Petrone
www.RefinancingCondo.com

There are many people who want to refinance but are not sure of the process so they don’t even bother applying. There is no set time to refinance but here we will try to explain refinancing clearly.

If you are absolutely confused by refinancing then don’t go on before researching some more. There are millions of people thinking about whether or not to refinance their current home loan. Throughout this article we will go over how to refinance and when to refinance.

Nowadays loans have interest rates of around 6%. All those homeowners with mortgage loans that have high interest rates have a great opportunity now to get a better home loan.

When to Refinance


In the past people went by different rules regarding refinancing. It was usually said that if you want to refinance your mortgage rate should drop a minimum of 2%. However, in today’s’ world it is best to refinance once you notice a decline in rates since the time you took out your mortgage.

This rule no longer applies because of two reasons.

First reason why it no longer applies is because the interest rates were much lower in the 80s. Since refinancing from 7% to 6% would have been the same as 14% to 12% back in the 80s it really does not apply anymore. Try to find out how long it would take you to recover loan cost once you have refinanced. If you are not charged a large amount the smallest reductions in the interest rates make refinancing worth it.

These days refinancing is a bit different no one is really sure when to refinance. What is recommended is that whenever you see an advertisement for a mortgage loan look into it if it offers lower rates than your current loan. Spotting lower rates can be because rates could have dropped since you applied for your loan or simply because you didn’t look well enough for the best loan.

When to refinance has no definite answer and those claiming there is should be avoided. No one knows when to refinance or where the interest rates are going from one day to another. Refinancing can be a difficult step be patient when looking for the best time for your situation.

Homeowners are often denied when they apply for a home loan modification. However, that does not have to be the case. Most of the time, the application is denied for 2 simple reasons which can be avoided prior to filling the application in. Here are 2 most common reasons that a homeowner will get denied a mortgage modification.

Incomplete, Improper, or Inaccurate Mortgage Modification Application

By far, the most common reason applications get denied, even for homeowners with great credit, is due to a improperly, inaccurately, or incomplete mortgage modification application. Homeowners can easily avoid this by doing simple things such as proof reading, getting a copy of their credit report, and asking questions when anything comes up. A homeowner can also request 2 copies of the application, in case the make a mistake on one. Also, never lie or stretch the truth. This will slow the process down, and most often, will result in a denial. If anything in the application can not be verified at least make a not of it for the lender or bank so they do not think you are hiding anything.

Missing or having the Wrong Documents

This is another common problem many homeowners make when getting a home loan modification. Things such as income verification, bank statements, tax returns, and related information needs to be readily available, and accessible, for your mortgage lender or bank to approve your application. If you are missing vital financial, personal, or related information, make sure you get all copies of it prior to applying for the mortgage modification. This will save you a lot of time and hassle.

-M Petrone
www.RefinancingCondo.com

President Obamas housing stimulus plan means that a lot of homeowners can get a more affordable monthly mortgage payment. This is possible thanks to $75 billion which will be given to mortgage lenders and banks who approve struggling homeowners for a home loan modification or refinancing. What this means is mortgage refinancing and home loan modification have never been easier to get or more beneficial.

Mortgage lenders who offer refinancing and home loan modification according to the terms of Obamas stimulus plan will get cash incentives for doing so. This cash covers the lenders potential risks, as well as all closing costs and associated fees. This means that more lenders and banks will be willing to approve homeowners, even those who have been denied before, and help them save their home from foreclosure or mortgage default. With the millions of homeowners who are stuck in a mortgage they cant afford, a mortgage which has increased in payment amounts, or are facing financial hardships, this plan comes at a perfect and critical time for the average homeowner.

The economy, housing market, and average homeowner are facing all sorts of financial problems. Nobody wins when the foreclosure rate is as high as it is. This is another reason that banks and mortgage lenders will be more willing to help a homeowner save their home.

Homeowners need to realize that this is a great chance to get into a more affordable monthly home loan payment, and perhaps save their home from being foreclosed on. Millions of homeowners who could not have dreamed of getting approved for a mortgage refinance before, are not applying, and getting approved, for a refinance or mortgage modification that is saving them a lot of money. Do something about your financial situation now and contact your mortgage lender or bank.

-M Petrone
www.RefinancingCondo.com

There are millions of people thinking of getting a new home loan. However many of these homeowners are not sure of the best time to refinance. When to refinance in today’s economy is difficult to know because of all of the uncertainty surrounding banks and other financial industries. Below there will be some tips that can help you with this tough decision.

There are several reasons to refinance your home loan, lowering your interest rate is one of those reasons. There are also people that would like to refinance to consolidate their current debts and there are those who decide to refinance because they need to borrow against their homes. Debts and need for money are both reasons people decide to refinance even if they do not lower their interest rates.

Some people don’t understand how people could borrow against their homes, but there are some valid reasons. There could be an investment that you feel strong about and need cash to get it started and if there is enough equity in your home you could do so. Other times it can be because of an investment you have already made, like buying property, and need some money to do some renovations.

However, the most popular reason for refinancing is lowering ones interest rate. Many people believe that refinancing is reasonable only if the new interest rate drops a minimum of 2%. However it is not necessary to wait for the 2% difference in order to refinance. Everyone has different loan and different loan terms so no one will have the same situation. Many times the savings will begin even if you did not get that 2% difference.

Research how refinancing can benefit you and your situation. Finding out when to refinance and how the process works can save you money and time in the end. Do not be discouraged by the current standings of the bank or the credit crisis. The longer you wait the more money you waste on high interest rates. The banks don’t feel bad for taking your money so don’t let them refinance and get a better loan that will keep money in your pocket. Everyone can use the extra cash.

-M Petrone
www.RefinancingCondo.com

The Obama housing stimulus is now available for millions of homeowners to take advantage of. This $75 billion mortgage bailout plan will make refinancing and home loan modification easier and more beneficial for homeowners than it has ever been. Here are a few things to know about this plan:

-Mortgages must have a balance of less than $729,500. This amount is higher if the mortgage is for a multi unit building in which the homeowner lives as a primary residence.

-Mortgages which are financed by either Freddie Mac or Fannie Mae are automatically eligible for modification. This offer applies to everyone with a home loan from these companies, regardless of the homeowners financial condition.

-The mortgage which is going to be either modified or refinanced through the Government plan must be for a home in which the mortgage holder lives as a primary residence.

-Cash incentives are being given to mortgage lenders and banks who approve at risk homeowners under the guidelines of Obamas housing stimulus plan. This means that mortgage lenders and banks can approve more homeowners, due to their risks being minimized.

-Homes which have lost 15% or more of their value, can still get a mortgage refinancing or modification. These homeowners would have been mostly out of luck prior to this plan.

Overall, this plan can help an estimated 9 million homeowners save money, or much more importantly, their home from foreclosure or mortgage default. The options for homeowners who would have never been approved before are now plenty. This is an amazing chance for a struggling homeowner to catch up on their finances and get things in order. Take advantage of this Government plan now while you still can.

-M Petrone
www.RefinancingCondo.com

Mortgage refinancing is a great way for a homeowner to get out from an ARM (Adjustable rate mortgage) and into a stable, fixed rate home loan. Fixed rate mortgages offer a homeowner financial stability, and guarantees that no rate increases will occur. Here is how to get out of an ARM home loan and into a fixed rate mortgage.

Refinancing, especially lately, has been extremely popular for homeowners looking to save money. This is due to a few things, but mainly 2 different reasons.

1)Mortgage rates right now are extremely low. A lower interest rate means more savings, and a lower monthly home loan payment.

2)A lot of homeowners got into a mortgage when things were good, and almost anyone could get a home loan. Many homeowners who were stretching their finances to the limit by buying a home got into an ARM loan. ARM loans were cheaper, initially, and easier to qualify for.

Now, homeowners who could barely afford their homes are seeing their interest rates increase, and feel helpless to stop it. Foreclosures and mortgage defaults are happening everywhere, and home values are dropping. What should a homeowner do?

Get a Mortgage Refinancing
Mortgage refinancing is the primary way a homeowner can get out of the problems associated with an adjusted rate mortgage, and into the financially stable fixed rate home loan. Refinancing in order to get into a fixed rate mortgage is one of the most popular reasons homeowners pursue a refinance, and is steadily increasing in popularity as homeowners feel the wrath of the bad economy, and worse housing market.

Homeowners should look into a home loan refinance. A lot of money, and even you home could be saved by taking action and doing something about your adjusted rate mortgage. The longer you wait, the worse the situation will get.

-M Petrone
www.RefinancingCondo.com

Mortgage refinancing is a very popular option for a lot of homeowners who are looking to save money. In general refinancing a home loan is easy to do. However, there are some simple tips which can help you save time and money.

Mortgage Lenders
There are all types of mortgage lenders competing for your business today. Some of them do not even have a traditional brick and mortar location, just an internet presence. While all traditional mortgage lenders typically operate the same, the are hardly alike. Look for a mortgage lender who offers low interest rates, low closing costs and fees, and good customer service. That is the winning trifecta needed for a homeowner to have a good refinance.

Homeowners with bad credit should look at sub prime mortgage lenders. While their interest rates are generally higher than a standard refinancing option, they are usually better than a person with bad credit would be able to get through a standard mortgage lender. Sub prime refinancing, while not the best option, may still be beneficial for homeowners in certain financial situations.

Mortgage Loan Types

When refinancing, a homeowner will have a wide variety of loan and rate choices. In general, a fixed rate has a higher interest rate than an ARM (Adjusted rate mortgage) but is often the better financial move to make. Fixed rate home loan offer long term financial stability, and a homeowner with a fixed rate loan will never see an interest rate increase.

Homeowners who are no planning on staying in their home for long or are in other situations may want to opt for an ARM loan. These loan types sometimes offer an introductory fixed rate, sometimes for up to 36 months. Homeowners who think they will be getting a large amount of cash, moving, selling, or who believe their credit will dramatically increase in the future, should think about an ARM loan. Then refinance into a fixed rate mortgage in the future when conditions improve.

-M Petrone
www.RefinancingCondo.com

The Government mortgage bailout plan makes getting a home loan modification through Bank of America easier than ever for homeowners who are financially struggling. This $74 billion mortgage stimulus plan allows millions of homeowners to reduce their interest rates, and get a more affordable monthly home loan payment. So, do you know how to take advantage?

Homeowners who have been denied a home loan modification from Bank of America (BoA) in the past, should consider applying again. This “Making Home Affordable” plan from Obama has allowed millions of homeowners, who would have no chance of approval before, the chance to get a better home loan through Bank of America. Some of the benefits of this plan are:

-Mortgage interest rates lowered down to 2%

-Home loans may be extended in their length, up to 40 years total, in order to meet the requirements for monthly home payments a homeowner should pay according to the bailout plan.

-Homeowners may get portions of the principal on the mortgage deferred.

Some homeowners may see these things combined so that their mortgage payment does not exceed 31% of their gross monthly income. This is the maximum amount allowed for a homeowner to have to pay if they are approved for a home loan modification from this mortgage stimulus plan. While 31% may seem like a lot to some, a lot of homeowners pay 50% or more of their income towards their mortgage. A 20% reduction would instantly save most homeowners hundreds of dollars every month.

There are additional benefits for homeowners who use Bank of America for a home loan modification. These include no hassle, no cost, and no negotiation necessary home loan modification arrangements. The rules of the Governments plan call for a straightforward approach to save homes, and Bank of America understands that. Homeowners who are getting a home loan modification through the Governments plan should never have to pay any closing costs or fees.

Homeowners getting a home loan modification from Bank of America should do their own research, and have some idea of what to expect. Getting the necessary paperwork and home loan modification applications filled out accurately and complete should be a priority. If these few things are done, your chances of getting approved go up dramatically.

-M Petrone
www.RefinancingCondo.com

Homeowners, did you know that a $75 billion plan from President Obama will help you refinance or get a mortgage modification? This mortgage stimulus plan is designed to help struggling homeowners get a more affordable monthly mortgage, and avoid defaulting or foreclosure. Applying and getting approved for this plan is easy. Here are some things you should know:

-Homeowners need to have a remaining balance of less than $729,500 remaining on their mortgage.

-A homeowners mortgage payment should be higher than 31% of their gross monthly income. This Obama housing stimulus plan calls for mortgage lenders to lower home loan payments to 31% of a homeowners income. While this sounds high, it is a 20% or more reduction in payments for millions of homeowners.

-Homeowners can not have declared bankruptcy or have used this plan before.

-Mortgages which are worth up to 5% more than the homes actual market value can still be eligible to get approved for a mortgage refinancing or modification through the Governments mortgage bailout plan. Previously, homeowners needed around 20% equity in their home to get a traditional mortgage refinancing or modification. This helps homeowners who are stuck in a bad home loan, or have seen their property values drop as a result of the bad economy.

-Homeowners who are facing “Financial Hardships” can improve their chances of getting approved by writing a “Letter of Financial Hardship”. This letter should include the reasons your finances are in bad shape, what you plan to do about it, and why a home loan modification is crucial. Also, be sure to include all documents such as bank statements, bills, and other related information with this letter. Turn it all in at the same time with your refinancing or home loan modification application.

Getting a mortgage refinance or modification has never been easier or more beneficial. This $75 billion plan will help a lot of homeowners keep their homes, and not lose them to foreclosure or mortgage default. Mortgage lenders and banks all over are taking part in this plan. A homeowner should take advantage of this great time to refinance, or get a mortgage modification, and contact their bank or mortgage lender today. The savings that an average homeowners can get is in the hundreds of dollars per month. Take action now.

-M Petrone
www.RefinancingCondo.com

While no cost refinancing options do exist from certain mortgage lenders, keep in mind that all lenders and banks are in the business of making money. If there is no profit to make from closing costs and other fees, you can count on something being added on to your interest rate, or the fees were in fact included in the loans total.

Mortgage lenders and banks who offer truly no cost mortgage refinancing are very hard to find. Always be sure to read all fine print in contracts, and compare different mortgage lenders. Try to get a GFE (Good Faith Estimate). Also, ask if the lender can guarantee the GFE. While guaranteeing an interest rate, terms, or conditions of a loan is not required, a lender who wants to work with you will give you one.

Here are some other Mortgage Refinance Costs:

-Loan Origination Fees.
-Processing Fees
-Administration Costs
-Application Fees
-Inspections Fees
-Appraisal Fees
-Escrow Fees
-Credit Report
-Loan Tie In Fees
-Tax Services
-Recording Services

Also, a lot of mortgage lenders charge homeowners extra, add on interest rates and fees, which can often be negotiated down. These are a bonus if the lender can pull them over on you, and will net them extra profits. If you ask about them, they can often be removed.

Another mortgage refinance cost you may have noticed is also called a “Yield Spread Premium”. This is money which is given to the mortgage lender by the bank for connecting you with the banks services. Worth remembering is that the YSP could have been a savings for you if it would have not been there, and only profits the mortgage broker.

-M Petrone
www.RefnancingCondo.com

When you have a bad credit history, a mortgage refinance is most likely the cheapest way to access credit. Depending on the homes value and your equity in it, you can get a cash out refinancing for bill consolidation or home improvements. Or, it is possible to obtain a lower interest rate, and lower your monthly payments. Follow these 3 steps to get the best mortgage refinancing deal you can:

1)Compare Interest Rates
Before signing a mortgage refinancing deal, be sure to compare interest rates between lenders. This should give you a rough idea of what you can expect, and how much you can borrow. The lower the rate is means the more you can borrow for cheaper, which ultimately results in savings. This also allows you to find a better lender, who is offering you a better deal.

Also, make sure that potential mortgage lenders do not access your credit report. Too many people looking into your credit can result in a lowered credit rating. Typically, there is no guarantee on what other lenders will quote you, however, it will give a good idea of where you stand, especially if you know your credit score and tell it to them.

2)Know the details of your Credit Report, and clean it up a little
Before you apply for a mortgage refinancing, make sure you are familiar with your own credit history. Checking for mistakes or inaccuracies can save you a lot of time and hassle. You may even see that your credit is not as bad as you though it was.

If you have the opportunity to pay off small lingering debts, or reduce the cards which are nearly maxed out, this can help. Having your debt spread among a few accounts is better than having accounts maxed out.

3)Get Better Mortgage Terms, Conditions, and Interest Rates
Typically, homeowners who want to refinance, but have a low credit score, need to use a sub prime mortgage lender. These lenders specialize in these loan types, and can often obtain a better interest rate than a traditional bank or mortgage lender. ARM (Adjustable Rate Mortgage) loans typically offer the lowest interest rates. There is a risk though that the ARM will increase, and therefore your mortgage payment goes up.

Always listen and ask about all of your mortgage lenders loan options. Sometimes, you may find one you were not aware of that better meets your financial needs. Something like a chance to refinance your mortgage again in 24 months should your credit improve would be an example of a refinancing option.

Homeowners looking to get a mortgage refinancing today need not really whether or not they will get approved. They should be concerned with what lender or bank is offering them the lowest rate possible. Lower interest rates are truly how a refinancing is the most beneficial for a homeowner.

-M Petrone
www.RefinancingCondo.com

Bank of America is one of a few Government approved lenders who can offer President Obamas housing stimulus plan. This plan allows a homeowner the chance to get a better, more affordable mortgage through refinancing or home loan modification. Here is how you can use this plan, and Bank of America, to save your home:

-Homeowners who have been facing “Financial Hardships” can use Bank of America to get a more affordable monthly mortgage payment. These hardships can include, loss of job, reduced wages, hospital bills, increased mortgage payments, and anything else financial that is out of the homeowners control. Homeowners should write a letter stating these financial hardships, why they need a mortgage refinancing or modification, and their budget should they get approved. Include this letter with your application and turn it all in at the same time to Bank of America. This will actually increase the chances of you getting approved.

-Homeowners who wish to use this plan can not have used it before or declared bankruptcy.

-Homeowners facing losing their home to foreclosure or mortgage default can be put on a fast track mortgage modification program which will increase the chance of keeping the home.

-Mortgage payments which exceed 31% of a homeowners gross monthly income can use Bank of America and the Governments housing stimulus plan to get a new home loan. This loan will not exceed 31% of a homeowners monthly income. Many struggling homeowners pay 50% or more of their income towards their mortgage, this would be a huge savings.

Bank of America is prepared to help millions of homeowners save their home through refinancing or mortgage modification. Homeowners facing these problems should contact them today and see how much they could be saving by using this Government housing stimulus plan.

-M Petrone
www.RefinancingCondo.com

If your a homeowner who is considering a refinance, it is good to get as many mortgage refinancing tips as possible. The lower your interest rate and the better your lender, the better your refinance will be.

Mortgage Refinancing Tips about When to Refinance:
Knowing when to refinance a mortgage can sometimes be hard. Sometimes, it can have great financial benefits for a person, while other times, it may not be worth it at all. The decision to refinance a home loan should be based on a few things, such as:

-How long you plan on living in your homeowners
-How much lower of an interest rate you can get through refinancing
-If you are paying a PMI (Private Mortgage Insurance)
-The amount of any and all closing costs and fees
-How much equity you have in your home
-Whether you want cash back from refinancing your mortgage, or not

Mortgage Refinancing Tips :

Your personal financial situation will dictate whether or not refinancing is a good idea. Here are some general mortgage refinancing tips which may help you:

-Refinancing may not be a good idea if you do not plan on living in the home for a too much longer.
-With the exception of getting a lowered interest rate, refinancing a home loan will cost you more in the long run than your current mortgage would, and requires higher monthly payments.
-When refinancing a home loan make sure you pay attention to interest rates. Especially homeowners with an ARM (Adjustable Rate Mortgage). Refinancing into a lower, fixed rate interest mortgage will save you thousands of dollars and provide some stability.
-There are a lot of people who say you should not refinance a home loan unless you can get a 2% or greater interest rate deduction. This is not true in a lot of cases. Homeowners refinance for all types of reasons, and a reduction of just 1% in interest rates can provide a savings to homeowners. Each case is different.
-Always be aware of closing costs and related fees. These can easily add up to a few thousand dollars.
-If you need cash and have equity in your home you can get a cash out refinancing. Make sure to carefully examine the situation though prior to drastically changing your mortgage.

-M Petrone
www.RefinancingCondo.com

Homeowners who can not get a mortgage modification or refinance by using the Governments $75 billion mortgage stimulus plan, will have a hard time getting an approval anywhere. A number of different factors play into getting approved for refinancing or home loan modification such as, income, debt, credit, employment, and a few other things. Homeowners can be denied a refinancing or modification for any of the following reasons:

-The Credit Score of the Homeowners
Homeowners who have a bad credit rating or a credit score which is too low, can be denied a chance to refinance or get a home loan modification. For homeowners facing this problem, the best advice is to explain your financial problems to your mortgage lender or bank. You must be able to convince them that this home loan modification is important so you can keep your home, and get your finances back on track. If you have to, a sub prime mortgage lender can typically approve homeowners with bad credit. Although the sub prime lenders charge a higher interest rate, homeowners with bad credit may not have a choice.

-The Income of the Mortgage Holder
After the mortgage meltdown, these days, a mortgage lender and bank will make sure to throughly examine and verifying all claims of income. If mortgage lenders or banks have any questions about your income which can not be answered with evidence and proof, a homeowner can easily be denied a refinancing or mortgage modification.

-Inaccurate or Incomplete Documents and Applications
The quickest way for a homeowner to get denied a refinancing or home loan modification is when the application is incorrect or not completely filled out. This is a common problem for a lot of homeowners. When this happens, the mortgage lender or bank will not even read it, they will simply return it to you with what is needed, and then approve, or most likely deny in this case, a mortgage holders request for refinancing or home loan modification.

-The Market Value of the Home when Refinancing
Typically, mortgage lenders and banks are reluctant to approve home mortgage refinancing or modification for homes which have declined in value. Even if a home has not lost value but the surrounding neighborhood has, you may not get approved. With the housing market is such a tough condition, many homeowners are in this position. Generally, mortgage lenders and banks do not approve refinancing or modification applications for more than the homes market value.

-The Mortgage Lenders or Banks Policies
Mortgage lenders all have different policies and terms for who gets approved. Each policy is different according to the bank or lender. Typically, a homeowner must meet income, credit, loan to value (ltv) ratios, and have a little equity in the home. Even with these terms met, a homeowner may still be denied a mortgage refinancing or modification.

-M Petrone
www.RefinancingCondo.com

Homeowners who can not get a mortgage modification or refinance by using the Governments $75 billion mortgage stimulus plan, will have a hard time getting an approval anywhere. A number of different factors play into getting approved for refinancing or home loan modification such as, income, debt, credit, employment, and a few other things. Homeowners can be denied a refinancing or modification for any of the following reasons:

-The Credit Score of the Homeowners
Homeowners who have a bad credit rating or a credit score which is too low, can be denied a chance to refinance or get a home loan modification. For homeowners facing this problem, the best advice is to explain your financial problems to your mortgage lender or bank. You must be able to convince them that this home loan modification is important so you can keep your home, and get your finances back on track. If you have to, a sub prime mortgage lender can typically approve homeowners with bad credit. Although the sub prime lenders charge a higher interest rate, homeowners with bad credit may not have a choice.

-The Income of the Mortgage Holder
After the mortgage meltdown, these days, a mortgage lender and bank will make sure to throughly examine and verifying all claims of income. If mortgage lenders or banks have any questions about your income which can not be answered with evidence and proof, a homeowner can easily be denied a refinancing or mortgage modification.

-Inaccurate or Incomplete Documents and Applications
The quickest way for a homeowner to get denied a refinancing or home loan modification is when the application is incorrect or not completely filled out. This is a common problem for a lot of homeowners. When this happens, the mortgage lender or bank will not even read it, they will simply return it to you with what is needed, and then approve, or most likely deny in this case, a mortgage holders request for refinancing or home loan modification.

-The Market Value of the Home when Refinancing
Typically, mortgage lenders and banks are reluctant to approve home mortgage refinancing or modification for homes which have declined in value. Even if a home has not lost value but the surrounding neighborhood has, you may not get approved. With the housing market is such a tough condition, many homeowners are in this position. Generally, mortgage lenders and banks do not approve refinancing or modification applications for more than the homes market value.

-The Mortgage Lenders or Banks Policies
Mortgage lenders all have different policies and terms for who gets approved. Each policy is different according to the bank or lender. Typically, a homeowner must meet income, credit, loan to value (ltv) ratios, and have a little equity in the home. Even with these terms met, a homeowner may still be denied a mortgage refinancing or modification.

-M Petrone
www.RefinancingCondo.com

Wells Fargo, is one of the few approved mortgage lenders approved to offer the Government mortgage stimulus plan. This plan allows homeowners the chance to get into a more affordable monthly mortgage through refinancing or home loan modification. Wells Fargo is able to offer refinancing and mortgage modification to homeowners who would have never qualified before. Here is how:

Homeowners need to meet a few eligibility requirements to take advantage of this Obama housing stimulus. Here are some of the main ones.

-Homeowners need to have a monthly mortgage payment which exceeds 31% of their monthly gross income. The Obama plan calls for homeowners to get a loan modification, and that it does not exceed 31% of their monthly income. This will be a reduction of 20% or more in home payments for some owners.

-Homeowners with a single family home need to have a remaining balance of less than $729,500 in order to use Obamas home mortgage modification stimulus plan. If the building is a multi unit building which the owner resides in as a main residence, the home loan amount can be bigger.

-Fannie Mae and Freddie Mac financed home loans are automatically eligible for a modification. This is regardless of the mortgage holders financial position or reason for wanting a home loan modification.

-Homeowners who can provide evidence to any “financial hardships” they may be facing should include it and a letter stating why these financial hardships exist, and what your plan is to get out of them. Also, stress how important a home loan modification is to you, and your desire to keep your home.

Homeowners everywhere should see how much potential savings they can get by getting a Wells Fargo mortgage modification. This new housing plan is allowing homeowners with bad credit, low income, and bad home loans, a chance to save their home from foreclosure, mortgage default, or short selling.

Take advantage of this wonderful chance, contact Wells Fargo today.

-M Petrone
www.RefinancingCondo.com

Mortgage refinancing and modification have recently been a popular option for millions of homeowners all across the country. Especially with the introduction of President Obamas “Making Home Affordable” mortgage bailout plan. Homeowners can use this $75 billion stimulus plan for refinancing or home loan modification into a new, more affordable, monthly mortgage payment.

This stimulus plan from Obama will allow millions of homeowners who would not have been approved otherwise a low interest, refinancing or mortgage modification option. There is over $75 billion in funding for this plan, and an estimated 9 million homeowners are eligible to take advantage. This $75 billion in funding will primarily be given to mortgage lenders and banks to approve homeowners who are considered “at risk” of losing their home, or who are facing “financial hardships”. Homeowners who have become late, or outright missed, mortgage payments are considered at risk, and can now get a home loan modification or refinancing into a mortgage which is more affordable, and appropriate with their monthly income. Homeowners facing “Financial Hardships” which can include such things as, loss of job, hospital bills, reduced income, an increased mortgage payment, or a number of financial related things which you can not control, can get approved for a home loan modification. This Government stimulus plan calls for a homeowners to not have to pay more than 31% of their gross monthly income towards their home loan payment every month. Therefore, home loans will be modified to meet this requirement. Here are some other things you should know when using Obamas housing stimulus plan for yourself:

-Homeowners need to have closed on the mortgage before January 1st 2009.

-The home loan amount remaining must be less than $729,500.

-Homeowners can not use this plan more than one time.

-A homeowner can not have declared bankruptcy.

-The home must be the primary residence of the owner.

-Homeowners with a mortgage from Fannie Mae or Freddie Mac are automatically eligible for a home loan modification.

This plan will help millions of homeowners. Contact your mortgage lender or bank now and find out how you can take advantage.

-M Petrone
www.RefinancingCondo.com

FHA Home Loan allow millions of Americans the chance to borrow money to buy a home. While the FHA does not issue loans, they provide insurance to lenders who do. These home loans can be even be obtained with a bad credit rating. The requirements for getting an FHA loan are not strict, and can be easily gotten. The interest rate is also usually lower than other loan options.

Requirements for an FHA Home Loan:

1)If a bankruptcy was declared, it must be at least 2 years in the past.
2)The applicant should have had good credit in the past 2 years since their any bankruptcy.
3)The applicant should provide proof of income for the past three years. This needs to be steady, monthly, income. This makes mortgage lenders more likely to approve your application.
4)Any foreclosure should be at least 3 years old. This is a major component to being eligible, and getting approved, for an FHA home loan.
5)The application should at least be able to provide 3% down payment.
6)The applicant needs to be a permanent U.S. Citizen. A valid social security number will be required for approval.

However, an FHA home loan may not be the best option for some homeowners. Some mortgage lenders will have limits and policies. Therefore the home loan borrower might not be able to get the full amount of a loan which they need to better their financial position. Sometimes, private mortgage insurance is also required, even if a large down payment is also made. This can be another huge negative thing about an FHA home loan.

There are a variety of mortgage lenders who offer FHA home loan options. Do some research and make sure you get the best one for you.

-M Petrone
www.RefinancingCondo.com

With so many mortgage lender offering home loan modification options to homeowners, there is a lot of information to sort through. You should know that Bank of America a a quality, reputable, financial firm which can help you keep your home, and get a mortgage modification.

However, it is pretty hard to get quality information of getting a Banks of America home loan modification. Unless you are completely serious about applying for a mortgage modification, is is near impossible to learn the exact requirements and options are. There are though some simple things all homeowners can do to increase their chances of being approved.

First, call Bank of Americas home loss mitigation department, and ask if they have any information about the general requirements for a home loan modification through them. This information will not be on their website, so it is very important that you actually make contact and call or go into Bank of America in order to so this. If for whatever reason your home loan modification application does not meet their requirements, you will not waste time and energy.

A letter of “Financial Hardship” must be included with your mortgage modification application. This letter should state your hardships, why a home loan modification is so important, and what your budget would be should a modification get approved.

So, before writing this letter, make sure to have a budget figured out with the new expected home loan modification. This will also allow you to see if a mortgage modification is really the answer you need for your personal financial situation. The budget will show the potential lender, such as Bank of America, that you are serious about this, which could help edge the decision in your favor. It also shows that you have enough income to actually pay the new home loan every month should they approve your.

When writing your letter of financial hardship, make sure to be very forward, and truthful about your problems. Make sure to include exactly what you are able to pay every month, and include the rate at which that would be possible. Make sure they know that you will do whatever it takes to satisfy the home loan and the lender. Also, if you are expecting a positive change in your financial situation in the future, inform the Bank of America, or the mortgage lender about this. The lender needs to be certain that you will be able to handle this new loan payment, and they will not lose anymore money or time on your financial problems.

Never lie or tell stretched truths on your application or hardship letter. Be sure that everything you have written down is completely accurate. Mortgage lenders, especially Bank of America, do not like homeowners who lie on applications and quickly deny them. Double check your work when you are done completing the application and check for errors. You do not want to have to repeat this entire process due to a rejected application.

When you are done, turn in the application and hardship letter together to Bank of America. If they are satisfied that they have all the information they need, they will start the process of reviewing your home loan modification application. The most important part to getting a Bank of America Mortgage modification is a completely, and accurately filled application, with all relevant documents and information included. If you take a little time and put in some effort, getting approved for a home loan modification is not that difficult at all.

-M Petrone
www.RefinancingCondo.com

Homeowners are being foreclosed on all across the country. Home loan modification is a great way to avoid this. There are a few mortgage lenders which are being given cash incentives from the Government to provide home loan modification through the mortgage stimulus plan of 2009. CitiMortgage has been getting good reviews for their loan modification program.

Home Loan Modification with CitiMortgage

This program has been enhanced by the Governments cash to allow homeowners a chance to save their home. Homeowners with a Citibank ARM (Adjusted Rate Mortgage) loan stand a good chance for getting approved for a home loan modification. This program from CitiMortgage will reduce your monthly home loan payments. It may also give your some temporary, or even permanent, reduced mortgage interest rates. This program can also lengthen your home loan, or may assist you with your principal amount remaining on the mortgage. You must call the Loss Mitigation Department of CitiMortgage to apply for this home loan modification program.

How to Apply for the a CitiMortgage Home Loan Modification:

-If you happen to fall 60 days late on your mortgage, typically, the CitiMortgage loss mitigation department will contact you, and most likely have some options which could help your financial position. You will be required to write a letter of financial hardship. This is why your finances turned for the worse, and what you are going to do to solve it. Include all documents which support this such as bills, bank statements, lay off notices, and other relevant information. This may be what gets you approved, so take your time and include all details when writing this letter.

-Generally, the CitiMortgage loss mitigation department will send their representative to your home after you are all done with the paperwork. Make sure you are quick to answer and respond to these representatives and any bank officials. This will help convince them you are serious about this, and dedicated to getting your finances in order.

-M Petrone
www.RefinancingCondo.com

If done properly, mortgage refinancing can save a homeowner a lot of money. However, there a few common and costly mistakes homeowners make when refinancing their home loan. These mistakes can result in paying thousands of dollars more than you needed to. Here is some help with avoiding these expensive mistakes.

Always Compare Closing Costs when Refinancing a Mortgage
Their will always be some type of closing costs or fees involved with refinancing a mortgage. The amount of these fees will depend on the mortgage lender, but typically can be negotiated down. Their will also be loan origination fees, and maybe private mortgage insurance. These costs will be added to the total amount of the mortgage. Whenever you are looking to refinance your mortgage, it is very important to compare the different costs of each lender, and all the terms and conditions of each loan type, in addition to the interest rate.

Yield Spread Premium and Avoiding this Mortgage Refinancing Cost
All mortgage lenders and banks will charge you a slightly higher interest rate than they receive from their wholesale lender. This is done in order to pay commissions and bonuses to employees and brokers. For every .25% in interest the lender can overcharge you, they are given a cash bonus. The difference between the actual rate you are eligible for and the rate given to you is the Yield Spread Premium. This is not really necessary for the lender to charge as they will be making profit on the other costs and fees, like loan origination fees. By adding a yield spread premium, the lender or bank is basically getting a double commission. Homeowners who know what a yield spread premium is, can typically avoid it and save themselves a lot of money.

-M Petrone
www.RefinancingCondo.com

Here is some mortgage refinancing advice which can save you a lot of money, and hassle. These easy to follow tips will help you avoid some costly mistakes commonly made by homeowners refinancing a mortgage. Every homeowner who is refinancing should read these tips, and ensure their refinancing goes properly.

Just as you would any other large, expensive purchase you would make, be sure to do some research and shop around. It is a fact that different mortgage lenders and banks have their own interest rate amounts, terms, and conditions, which will very from lender to lender, regardless of the loan type.

Sometimes, what is thought to be a great refinancing package with one mortgage lender, may not actually be the lowest quote you can get. Always be sure to get a few different mortgage refinancing quotes from various lenders. Even if you think you know who you are planning to use, some leverage and a backup plan are always good. Be sure the quote includes all associated closing fees and costs, as sometimes these can be pretty high, and are a easy thing to negotiate down.

To ensure the best refinancing experience possible, a homeowner should know exactly why they are looking to get a mortgage refinance. Are you refinancing to save money every month? Do you want smaller monthly home loan payments? Do you need to get some of your homes equity turned into cash? These are all important things to know, which will lead you to the correct mortgage refinancing.

Right now with interest rates being so low, many homeowners can see a benefit from refinancing their home loan into a new mortgage with a better interest rate. Odds are, the interest rates available now are much lower than were available when you purchased your home. Most mortgage refinancing advice states that if a homeowner can save even 1% in interest the interest rate, a refinancing may be worth it.

If you are unable to obtain a better interest rate, yet still need lower monthly payments, you can refinance and extend the length of the loan. This is not the cheapest or most financially secure move to make, but it can buy you some years until your get your finances back in order and can refinance again.

Homeowners who want to use their homes equity need a cash back refinancing. A cash back refinance is when a homeowner takes out a new loan which is bigger than the old one, and pockets the difference between the two. This is a great way to raise a lot of cash for any situation that a homeowner is facing.

Millions of homeowners could be saving a lot of money just by refinancing their home loan. I hope this mortgage refinancing advice is helpful to you when you decide it is time to refinance your home loan.

-M Petrone
www.RefinancingCondo.com

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