Mortgage refinancing or modification can sometimes seem harder than it really is. Often, homeowners are intimidated, or scared of getting denied. However, this process, and getting an approval, can be much easier than it may seem. Here is some help on how to get approved for a mortgage modification or refinancing.

Besides the common things such as proof of identity, income verification, and looking over your tax returns, mortgage refinancing and modification is not hard at all. Here are some tips which can get your approved, and make this process easier for you:

Qualifying for a Mortgage Refinancing or Modification
1.)Make sure the home your seeking mortgage help on is your primary residence.
As a matter of fact, it will be hard to qualify for a home loan modification if you have a second home, vacation, or rental property. Most homeowners though do not have a second home, and the home they need help with is in fact their primary residence. Mortgage modification is designed primarily to help struggling homeowners. You are not struggling too much in the banks eyes if you have multiple homes. In this case, mortgage refinancing may be your best option.

2.)Remain Completely Honest when dealing with Banks and Mortgage Lenders
It is crucial that you are always upfront and completely honest when working with your lender or bank for a refinancing or home loan modification. The information you provide will be verified, especially in this market. If you can not prove something you have claimed, you can easily be declined a mortgage. Also, lying will only get you into more financial troubles down the road when it catches up with you.

3.)Sometimes you may need to put more cash than normal towards your loan.
New mortgage modification and refinancing guidelines make sure that mortgages do not exceed 31% of a homeowners gross monthly income. This sounds like a lot of money but in reality you are probably paying that or more right now. Do not ever let anyone take advantage of you and charge you a lot of money. Always be cautious of all fees and closing costs. Ask plenty of questions, and make sure you understand the answers.

While different mortgage lenders and banks may have slightly different procedures, they are generally the same. Always make sure to compare different potential loan types and refinancing or modification options. This is the best way to ensure you get the best deal possible, and can save money through the process.

-M Petrone

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