While mortgage refinancing can seem hard and confusing, it really it not that hard. Getting a proper refinance deal, even in with the economy in such bad shape, is pretty easy to get. With new Government programs, and mortgage rates near all time lows, refinancing a home loan now can save a homeowner a lot of money.

Even with the housing market and economy in such bad shape, the help is available for homeowners looking to refinance and save their home from being lost, or save money and prevent their home from being lost. Home loan refinance right now, with interest rates as low as they are, and new Government options which make refinancing easy, will benefit millions of homeowners. Also, with so many people facing foreclosure, refinancing offers a way out, and a chance to save your home from being lost.

Applying for a refinance is easy. Here are some things to keep in mind to make the process as quick and smooth as possible:

-Always have your paperwork, financial documents, and all related information ready and available.

-Set a budget which is based upon the new payments you expect to get from refinancing. This allows you to see your true income and expenses and shows the mortgage lender or bank you are serious about this and have a plan.

-Know what you want to get out of the refinancing. If you need lower monthly payments, lower interest rates, cash back from your home, or to get out of an ARM loan and into a fixed rate mortgage. This can eliminate a lot of hassles when comparing plans which will not help you.

Mortgage refinancing
is not a hard process. It is an involved one though, and a lot of paperwork is expected from you. Get a home loan refinance and see how much you can save. Odds are in your favor that between the new options from the Government, and low mortgage rates, you will be able to save a lot of money.

-M Petrone

Earlier this year, President Obama announced his $75 billion “Making Home Affordable” plan. This plan will allow homeowners in all sorts of bad situations to easily get a more affordable mortgage through new refinancing options. Millions of struggling homeowners are able to take advantage of this plan for themselves, here is how:

How does this program help homeowners?
This program offers cash incentives to mortgage lenders and banks who follow the plans guidelines, and approve homeowners for refinancing or mortgage modification. The money enables the lenders and banks to easily approve more homeowners without taking a huge financial risk. The plans guidelines though are where homeowners truly get the most help.

The guidelines call for new options to be available to homeowners in all types of bad situations including:

-Homeowners who are facing financial problems, like loss of a job, a bad mortgage, hospital bills, or other expenses that are out of a persons control.

-Homes that are worth less than the mortgages amount owed. This is due to many homes losing value due to the bad housing market.

-Homes that are in the foreclosure process, or that will soon be facing foreclosure, can be refinanced to help avoid foreclosure.

-Homeowners who have a mortgage payment, including taxes, insurance, and any dues or fees, that is more than 31% of their gross monthly income, can get a lower monthly payment.

Millions of homeowners are able to use this stimulus program for themselves. Mortgage refinancing right now is an extremely popular option with the stimulus plan, and near all time low interest rates, all happening at the same time. Getting the help you need is easy, and President Obama has provided a way to help homeowners, and entire neighborhoods, recover from the tough economy. Take advantage.

-M Petrone

Are you in financial trouble? Are you facing foreclosure? Have you been trying to come up with a plan to stay in your home? There is a way out. No one wants to lose their home to foreclosure but the reality of it is many are. There are many loan modification lenders available that are more than willing to help keep you in your home.

First it is important to know the reason why this program even exists. Since the economy has been struggling it has affected the housing market in a negative way as well. Due to the struggling housing market President Obama and his administration have enacted these loan modification programs to help those who are struggling and in danger of losing their homes. Participating in one of these programs can help stop foreclosure.

The next thing that you should keep in mind that although there are many companies offering loan modification and those companies should all work in the same way. If you are struggling to make your mortgage payments or already fallen behind on your payments you should not have any problems qualifying for a mortgage modification loan. Speaking with a lending company will be help with any questions you have.

Finally you should stop stressing out! Stressing out at your situation is not going to help you get out of it, act now so you don’t miss out on an opportunity that can save your home. Possibly losing your home to foreclosure is stressful but acting quickly can be the answer to saving it. These mortgage modification loans are there to help so take advantage and keep your home.

-M Petrone

Saving money is hard to do especially if you are in debt and paying a mortgage. However, refinancing is probably the best way to lower your mortgage payments and at the same time save you some much needed cash. If a homeowner is interested in refinancing they can save money one of four ways:

1.) Better terms

2.) Longer life on the loan

3.) Lower interest rate

4.) Negotiating lower monthly payments

Although refinancing is used more often for a mortgage loan, all different types of loans can be considered for refinancing. The most common loan that is refinanced is home loans but other types of loans including car loans are eligible for refinancing. However prior to going through the refinancing process there are a few things everyone should know.

If you are one of the few out there that have good credit or if you bought your home a few years back this is probably the best time to refinance. The current recession has given those less than qualified candidates the opportunity to qualify for lower rates that they couldn’t get when they were initially approved. Those that are able to secure an APR that is just a few points lower gain the potential of saving thousands of dollars a year. However you should keep in mind that for every time you refinance you will also be charged a fee depending on the loan amount, don’t forget to ask your lender about those fees.

It is not common for people to refinance through consolidating credit card consolidation although it can result in big savings. Those people who have multiple credit cards and have balances on all of them can really benefit from this option. By consolidating all credit cards into one with lower rates can save by making one lower payment.

Always keep in mind when making financial decisions to research any lender that you may do business with. It is also recommended to speak with an expert to get advice so you don’t get taken advantage of. Lenders are compete against each other so make up your own mind, don’t let anyone push you towards any loan that you are not 100% comfortable with.

-M Petrone

All over America there are people struggling to survive on limited income and it is even harder for those fighting to keep their homes. More often than not people will freak out completely because they feel there is no hope for them. There is now hope with the introduction of loan modification. A mortgage loan modification has the ability to help those facing the possibility of losing their homes to foreclosure.

Most people do not utilize this option because they are not aware of it. If you were to ask for a mortgage modification loan and if you qualified for the program you could expect your current mortgage rate to drop up to 2%. This mortgage modification plan was created to help struggling homeowners save some money and if needed use the money they save to pay off any outstanding debts. It is possible to save up to $5,000 a year and most lenders and banks will help get any late fees that you may have gotten waived as part of the loan process.

If you approach a lender and they begin to force your hand, you should distance yourself from them quickly. No third party should as you for any sort of payment when asking information or trying to qualify for the mortgage loan modification program. The government will also tell you that you should not have to pay them anything when working towards a loan modification. No third parties should ask you for payment because this program is offered free of charge and any information being offered regarding the loan modification program should also be given free of charge.

Looking into any lender or third party is very important because if you don’t do your research you may be getting scammed. If approved for the mortgage modification program you can finally end those harassing calls from collectors and catch up on your bills. Stop foreclosure and keep your home, apply for a mortgage modification loan and get back on your feet.

-M Petrone

Refinancing your home loan can be a bit confusing and you may have a few questions regarding refinancing your home. You don’t want to end off in worse condition than you started off with so you may be a bit hesitant. So prior to committing to any refinancing loan you must make sure that you are getting the best possible option available for your situation and that once you refinance you will no longer be struggling to pay off your mortgage loan.

Before you go after a loan you must first review your credit score. If you have bad credit and you want to refinance you may find it a bit more difficult. Those with bad credit are not trusted as much as those with good credit. Lenders tend to be a bit more cautious when a borrower with bad credit approaches them because of the bad history they have. However if your bad credit was caused by something out of your control it wont be considered something bad. If all you have are unpaid medical bills the lenders will take that into consideration.

Saving money is important. Saving as much as possible is also important. If you save enough money you can guarantee you get the best possible rates available. Its common to see a 10% down payment and most times it is required to have at least 10% down, most lenders rather have a minimum of 20% down. And of course more is always better.

Knowing what you need and what to look for is half the battle. Getting the best options available is in your hands. Keep in mind the more you work the better the results will be in the end.

-M Petrone

Getting a home loan modification from Freddie Mac can allow you to get a lower monthly payment, and save your home. Now, with new programs funded by the Government, millions of struggling homeowners can get the help they need to prevent, or stop, foreclosure. Want to know how to qualify and apply? Here is some help which can get you started.

So, Who will qualify for a mortgage modification from Freddie Mac with this new Government program?

-Homeowners in financial hardships such as a loss of job, reduced income, divorce, medical bills, an increasing ARM loan, or many other financial problems.

-Homeowners must be able to verify there income and assets, and also the fact that after a mortgage modification, they will be able to afford the payments with the budget they have set. Freddie Mac will also require that you have a financial statement which will state all sources and amounts of income, as well as all sources and amounts of debt.

-The mortgage you are attempting to get modified must be for a home that you live in as your primary residence. The Governments stimulus plan, Fannie Mae and Freddie Mac do not offer assistance for struggling homeowners on their second, rental, or investment homes. Also, the loan must have been started and signed on prior to January 1st 2009, and be for less than $729,500.

Homeowners who can meet these requirements will most likely get approved for a mortgage modification from Freddie Mac. This plan is simple, and the guidelines are the same for everyone. Mortgage payments after a modification using this Government program and Freddie Mac will not exceed 31% of a homeowners gross monthly income. This payment amount includes all taxes, insurance, and other home costs, and will save a lot of people a lot of money.

-M Petrone

When contemplating the possibility of refinancing your mortgage loan it is important to make sure any new loan you take on will only benefit you in a positive way. Since there are so many different types of loans available now it is important to choose the correct one that best fits your particular situation.  
There are a few different types of loans available that you will find, adjustable rate, fixed rate, interest only loans and although rare sometimes balloon loans can also be found. A fixed rate loan is recommended more often than not because it is more secure. When you get a fixed rate loan there is no possibility of an increase in your monthly payments. However there is also the option of an adjustable rate loan although it is a bit more risky. If you decide to go with an adjustable rate loan you are at risk of an increase in your monthly payment without warning.

There are also interest only loans available when refinancing your mortgage loan. What an interest only loan is a loan which you make monthly payments but only the interest is paid. Although the amount being paid is sometimes low it is only going towards the interest and the principle of the loan is not being touched at all. Your payments will go towards the interest only for a time period that is decided on before hand.

There are also loans available that are known as balloon loans. These balloon loans are available but are rarely offered. What this type of loan does is set a low monthly payment for a set number of years but when that time expires the payments balloon into much larger payments. The new mortgage payments will also need to be paid in a lump sum.

Refinancing your home loan can be stressful and confusing but with some research and patience you can find a loan that best fits your situation. Look at all the different types of loans that are available for you and pick the best one for you, it could be the decision that saves you from losing your home to foreclosure.
-M Petrone

Wells Fargo is one of the few approved mortgage lenders who can offer homeowners President Obamas “Making Home Affordable” plan. With the incentives from this program, Wells Fargo can now help homeowners in all types of bad situations and who need lower monthly payments to save their home. With the record number of foreclosures and mortgage defaults happening, homeowners are urged to use Wells Fargo to refinance their mortgage. Here is why.

Unlike other lenders and banks who have not been authorized to offer this stimulus plan, Wells Fargo has been. That means that they receive a cash incentive every time they help a homeowner get a better mortgage and follow the stimulus plans guidelines. With this incentive money, and the fact the they are approved to help homeowners by offering stimulus plan options, more homeowners than ever can get approved for help than ever before, and prevent their home from being lost.

Since so many homeowners need help, something needed to be done. That is why President Obama came up with this mortgage bailout plan. Also, to avoid homeowners getting refinanced into a mortgage that will just lead them to more problems down the road, only a few mortgage lenders and banks have been approved.

That is why refinancing a mortgage with Wells Fargo, even with bad credit or in other tough situations, is now easier than ever. Also, with the terms and conditions set by the stimulus plan, a mortgage refinance is more beneficial than it has ever been before. Literally millions of homeowners are eligible to use this plan for themselves. Contact Wells Fargo today and see what options you have available thanks to President Obamas stimulus plan.

-M Petrone

Getting approved for a mortgage refinancing to save your home with bad credit is not hard to do. In fact, new Government stimulus plan home loan refinance options allow nearly all homeowners the chance to save their home from being lost, regardless of the reason. Many mortgage lenders and banks are approving a lot of homeowners with bad credit as a result of this stimulus plan.

Why are mortgage lenders and banks able to help homeowners with bad credit?
Because of the Governments “Making Home Affordable” plan. This is a $75 billion stimulus program which is designed to help homeowners with bad credit, bad mortgages, or other financial problems. Mortgage lenders and banks who follow the plans guidelines, will receive a cash incentive from the Government for every homeowner they help. With this money, lenders and banks are assuming less risk when they approve a struggling homeowner for a refinancing. Before this plan existed, homeowners with bad credit or other problems, would either get approved at an extremely high interest rate, or into a loan with very bad terms and conditions. Now though, there is actually incentive for lenders and banks to actually help all homeowners get into a good, long term, mortgage.

Homeowners all across the country can take advantage of the new options available from lenders and banks using the Governments stimulus plan. Regardless of your credit, there is most likely an option for you that will enable you to save your home, or a lot of money every month. Do something about your expensive, barely affordable mortgage and get into a better, cheaper one now, before you lose your home. Do not let bad credit fool you into thinking you are helpless.

-M Petrone

Mortgages from either Fannie Mae or Freddie Mac are now eligible to be modified thanks to President Obamas “Making Home Affordable” plan. This mortgage stimulus plan will help millions of homeowners get a more affordable mortgage, and a big part of it is automatic modification options for Fannie or Freddie customers. Here is how.

Right now, all mortgages from Fannie Mae or Freddie Mac are automatically eligible for modification. This is all because of the $75 billion mortgage bailout plan introduced by President Obama earlier this year. This plan, among other things, has specific instructions that allow all homeowners, regardless of any problems they may be facing, the chance to get a better mortgage through modification with Freddie Mac or Fannie Mae. This stimulus plan was needed due to the extremely high number of foreclosures devastating the housing market. Many people use Fannie or Freddie, and can get help, even if they would not have qualified before this plan existed.

Homeowners who have a mortgage with either Fannie Mae or Freddie Mac can now get a monthly payment, including taxes, and other related costs, that is less than 31% of their gross monthly income. This is a drastic reduction for many struggling homeowners, and is now an automatically available one thanks to President Obamas stimulus program. With homeowners saving up to 20% on their monthly home loan payments, the odds are greatly increased that they will be able to save their home from being lost.

To get this, all a homeowner must do is contact Fannie or Freddie and ask for assistance in using the Presidents stimulus plan for their situation. Both of these major lenders are well aware of the program, its conditions, and how it can help you, and will be happy to help. Take advantage of this great opportunity to easily save money, and secure your financial future.

-M Petrone

Millions of homeowners can take advantage of new refinancing and mortgage modification options. These options provide interest rates as low as 2%, and other amazing benefits to all types of homeowners. This stimulus plan is from the Government and designed to help prevent people from losing their home.

With mortgage foreclosures and defaults at all time highs, something needed to be done to help homeowners, the housing market, and overall economy improve. With this in mind, the Government came up with a $75 billion program to help the estimated 8 million homeowners who are at risk of losing their home. Now, even homeowners who did not have a chance at getting approved for a refinancing or mortgage modification a few months ago, have a real chance to get the help they need, and save a lot of money, or their home from being lost.

This mortgage stimulus plan takes the $75 billion and primarily gives it to mortgage lenders and banks who will abide by the Governments stimulus plans guidelines, and approve homeowners for refinance or home loan modification. With this money, mortgage lenders and banks can ease up on some of their restrictions on refinancing, and take on less financial risk when helping a homeowner who is going to lose their home. The mortgage lenders and banks who participate in this program are now much more likely to help all types of homeowners, in all types of financial situations. Homeowners can receive 2% mortgage interest rates, changes in the terms or condition or their home loan, a change in the length of the mortgage, or a lot of other things that will lower the amount that is due every month. This will allow most struggling homeowners a chance to save their home from being lost.

This plan will help an estimated 8 million people. Getting help with mortgage refinancing or modification is easy, better, and the only way many people can prevent their home from being lost. Homeowners are urged to use this program for themselves, and get help. Contact a mortgage lender or bank and ask it they are approved to offer the “Making Home Affordable” plan. If they are, see what the potential benefits are for you.

-M Petrone

President Obama is urging homeowners everywhere to save their home, and get a more affordable mortgage by using his “Making Home Affordable” plan. This mortgage bailout plan is designed to help the homeowners everywhere who are facing foreclosure, or soon will be because they can barely afford their mortgage payments. Here are some incentives President Obamas plan gives to homeowners:

This plan allows many homeowners the chance to get approved for refinancing, even if they would have been denied before. This plan, provides help for:

-Homes already in the foreclosure process, or at risk of being lost to mortgage default.
This program will stop the foreclosure process, and allow a homeowner a chance to get caught up on their payments. All late fees and penalties will be rolled into the new home loan amount when the refinancing occurs. Homeowners who have missed payments and are at risk of defaulting will still need to pay them, they are just rolled into the loans total amount.

-Homeowners who owe more on their home loan than the homes market value.
Many homeowners bought a home when the market was booming. Also, a lot of people got into an ARM loan thinking that the value of their house would increase, and they could refinance later. However, with the market in such bad shape, many homes have lost value. Many of the ARM mortgages so many people got have increased dramatically in the payment amount. This new stimulus plan from President Obama will allow homeowners to get approved for refinancing if they owe as much as 125% on the mortgage in comparison to the homes actual worth.

-Mortgages that are backed by Fannie Mae or Freddie Mac.
Homeowners with a mortgage by either of these companies, and who pay more than 31% of their gross monthly income towards their monthly mortgage payment, will qualify to get a mortgage modification. While different from refinancing, a home loan modification under the Presidents guidelines will still prevent a homeowner from losing their home and provide them with a lower mortgage payment every month. Homeowners will be able to get a mortgage that is less than 31% of their income, and stop the foreclosure process if it is already in process.

-M Petrone

When refinancing a mortgage, you will quickly realize that sometimes there are all types of fees and markups which, in some cases, will end up making you pay too much. Getting the best home loan refinance possible means avoiding as many unnecessary fees and costs as possible. Here are some common tips which can help you become more educated about mortgage refinancing, and help you understand different fees and costs.

Dealing with a variety of different mortgage lenders and banks can often result in a wide variety of different options and choices. Also, there will be different fees or costs with each loan type, that are different from lender to lender. Were you aware that when you speak with a lender or bank that the quoted interest rate you receive includes a commission for the person who got the loan together? There is, and it is very common. However, there are ways you can avoid paying that commission markup, and get a better, “wholesale” interest rate.

Basically, a whole sale interest rate contains no points to be paid, or any commission fees for the individual broker. This does not mean that no money is earned by the particular person who helped you, it just means that there fees are to be paid upfront rather than added on to the loans total. Paying the fees upfront is a better alternative than paying interest on them for the length of your home loan. Also, the mortgage lender who helped you is usually paid in two different ways, they make money on the upfront loan origination costs, and they also typically receive a little kickback from the lender they work for. So paying unnecessary fees is pointless, not needed, and costly.

To avoid paying these fees, and get yourself a wholesale interest rate when refinancing, you will need to search. However, it is not typical that the big bank, or flashy mortgage lender will be offering a whole sale rate. These types usually make all of their money from junk fees and other costs. Not only that, but they need to charge those fees to pay their costs and overhead every month.

Small companies with little expenses, and a small customer base, are often the best choice when seeking a wholesale mortgage interest rate. These smaller lenders have the flexibility, and small overhead, to avoid having to charge you fees which are not needed. The smaller players in the market are hungry for business and often charge a flat fee for their services. This fee is completely separate from your interest rates, and home loan deal. Often, a flat fee system is the best way a homeowner can ensure they are getting the best refinancing deal possible.

These tips should help you understand how interest rates work when refinancing, and how to avoid paying too much.

-M Petrone

Mortgage refinancing interest rates are connected both to the banking and housing markets. What makes mortgage rates different is the fact that they are also tied in to the borrower and their status. Here are a few things that determine mortgage rates.

The Mortgage Lender or Bank
Often, a mortgage lender or bank can lower their interest rates in order to attract new customers. This is caused by a lot of competition, especially these days, in the home loan market. However, the competition in this market is for customers with good credit and who are not considered a risk. In fact, many banks and lenders are hesitant to help homeowners who have a shaky credit history.

When a homeowner has a good credit rating and mortgage payment history, odds are they will qualify for rates close to the lowest offered by that particular mortgage lender or bank. Homeowners who do not have a great credit history can still get approved, but their mortgage interest rates will generally be higher the worse their credit is.

The Market Conditions
The current market conditions will play a big role in the interest rates available. If the Federal Reserve decides to cut mortgage borrowing rates, the lenders and banks are often quick to lower their rates in an effort to attract customers. However, if things change, rates can rapidly increase to account for market changes and differences. While the changes seem minor, only a percentage point or less, they really add up on a 30 year home loan. Just like anything else, supply and demand decide the rates. As the lenders or banks get more customers, the rates go up. When business is slow, rates will be cut to increase awareness and activity in the market.

The Homeowner
The homeowners credit history and rating play a big role in determining mortgage refinance rates. While getting the lowest rates is easy for homeowners in a good financial position, it is a much more difficult task for homeowners who just meet the minimal requirements for refinancing. However, there are some plans available through sub prime refinancing that may offer lower interest rates than a traditional mortgage lenders rates.

-M Petrone

Interest rates can be lowered to 2% and homeowners can change the length of their mortgage, all in an effort to lower mortgage payments to an affordable level. The "Making Home Affordable" plan from President Obama allows homeowners a chance to refinance or get a home loan modification and save their home from being lost to foreclosure or mortgage default. Here is how:

Recently, a $75 billion stimulus plan was announced that is aimed at helping homeowners. This plan, is called the "Making Home Affordable" plan and millions of homeowners are eligible to use it to get help with their home loan. The help is available because of the money and how it is being used. Most of the billions of dollars in stimulus funding will be given to mortgage lenders and banks who help homeowners, and follow the guidelines of the stimulus plan. This money will enable the mortgage lenders to take on more struggling homeowners than they would be able to with out an incentive to cover any potential losses.

When mortgage lenders and banks follow the stimulus programs guidelines, homeowners who are struggling will benefit in the following ways:

-Homeowners can refinance even if they owe more on the loan than the homes actual market value.

-Homeowners can automatically qualify for mortgage modification into a better more affordable monthly payment if their home loan is backed by either Fannie Mae or Freddie Mac.

-Homeowners who have seen the value of their home either remain the same or drop since purchasing it can now more easily qualify, and get approved for, mortgage refinancing.

-Homeowners who have lost their jobs or are facing other financial hardships will have an easier time getting either mortgage refinancing or modification.

-The mortgage modifications a homeowner gets from this plan will have a monthly payment that does not exceed 31% of their gross monthly income.

The millions of homeowners who are at a serious risk of losing their homes will benefit from this plan. Many new options now exist for people in all situations to get the help they need, regardless of the situation they are facing with their home loans. Make use of this plan and save a lot of money, or your home.

-M Petrone

Personally, I think that homeowners looking into refinancing should make the move soon. Right now, mortgage interest rates are at near all time lows, and do not seem to be getting any lower. However, there is still a little time before I predict mortgage rates increase. Here are my mortgage interest rate predictions for 2010.

Right now, mortgage rates have been hovering around the 5.19% mark for a typical fixed rate 30 year home loan. However, with rates being that low, and with millions of homeowners a;ready getting help from the Obama stimulus plan, interest rates are bound to go up. While the housing market is not showing signs of turning around for the better any time soon, it is not getting worse either. This is because a lot of the struggling homeowners have taken advantage of new refinancing options and Government bailout plans. Homeowners who still had decent credit, but knew something needed to change, got into a much lower interest rate on their own before the economy went horrible.

With that in mind, here are my mortgage interest rate predictions for 2010. I think that homeowners who wait to refinance for too long will be in for a shock that interest rates have increased. I think that around April 2010, mortgage rates will jump up to around 6.15%. this sounds minimal, only 1% or so, but in reality, that 1% is the difference for many people between saving a lot of money, and not benefiting at all from a refinance. I think that the rates will rise because they can not get lower, and the housing market will improve in the coming months. With the housing market improving, the entire economy will benefit. With that, money will be flowing again, and rates will rise accordingly. Also, by April of 2010, many homeowners who were in the worst shape will have gotten relief from Government provided programs designed to aid homeowners at risk of losing their home.

Homeowners need to take advantage of the low interest rates available today and take action. While predicting mortgage rates is not entirely accurate, there are many good indications, some of which I have included here, that point to a rate increase sometime in the near future. Refinance or get into a better more favorable mortgage now while rates are low and lenders and banks are looking for more customers.

-M Petrone

With so many homeowners having problems right now, and interest rates being so low, mortgage refinancing is a much needed option for many people. However, many banks and mortgage lenders are hesitant to offer help to homeowners who are in trouble and at risk of losing their home. With these tips though, the chances of getting the help you need will increase when applying for a mortgage refinance.

One of the first things you should be aware of is the different refinancing options available to you. Also, have a good idea of how much your home is worth and the overall neighborhoods general value. If you realize or already know that your home is worth less than your mortgage, you need to do as much as possible to increase the market value of your house. These can be anything from simple paint, maintenance and other upgrades, to extreme home makeovers. It will all help you increase your homes worth.

These days, mortgage interest rates are at near all time lows. Many homeowners can get a fixed rate mortgage for a better rate than ARM loans that were available just a few years ago. This also means that your credit rating, and mortgage payment history are pretty important in getting an approval for mortgage refinance help. Paying off lingering debts, closing unused lines of credit, anything that you can do to improve your credit rating will dramatically increase the chances of you getting approved.

Finally, make sure you find a reliable, trustworthy mortgage lender. Especially with the internet companies out there, mortgage lenders are a dime a dozen. Finding a mortgage lender who can easily answer your questions and help guide you is a much better choice than a lender who is pushing you to go one way or another. Often, a good lender is the difference between truly benefiting from mortgage refinancing, or facing more problems down the road. Take some time and do some research on different lenders requirements, terms, and conditions, and then apply to the ones which fit your position.

-M Petrone

President Obama knows that millions of homeowners are struggling due to the economy. Many homes have dropped in value, and foreclosures are at an all time high. Many homeowners owe more than their home is actually worth, and can barely afford the monthly payments. In response to the millions of homeowners who need help, President Obama has introduced the homeowner housing stimulus plan.

The plans details were announced earlier in 2009, and has the ability to help millions of homeowners save their home. With the new plan, people no longer need to meet the traditional requirements that were once required to get approved for a mortgage refinancing. Things that were needed, like a 20% down payment, having enough equity, or a home that is losing value, are now accepted problems which will still allow you to refinance your home loan. The ultimate goal of this plan is to allow more homeowners to get approved for the help they need to avoid having to lose their home. Nearly 8 million homeowners are facing the fact that if they do not take action, they will lose their home. This plan gives many of those people, regardless of their situation with their mortgage, a chance to save their house.

So many struggling homeowners can get approved for help because President Obamas stimulus plan provides cash incentives to both mortgage lenders and banks who offer stimulus plan help to homeowners looking to refinance. With this money being provided, the risks a lender assumes when helping a struggling homeowner is minimized. This allows the lenders and banks to approve more homeowners, due to having less risk. Many of the requirements for mortgage refinancing have been eased to allow as many people as possible to apply for, and get help from, this stimulus plan.

Many homeowners can use the new guidelines from Obamas mortgage stimulus plan to get a mortgage refinancing that will save their home. Getting help is easier than ever before. However, this plan does not work automatically. A homeowner needs to apply with a mortgage lender or bank to use this stimulus program for themselves. Getting approved is easy, saving your home is possible, and using this Government mortgage bailout plan will help millions of people.

-M Petrone

If you are a homeowner who is current on your mortgage, but not able to refinance into a lower interest rate due to the value of your home dropping, you may be able to get a good refinancing option from the Home Affordable Refinance Program. With this program, homeowners who owe up to 125% of their homes actual market value can still qualify for a refinancing into a lower interest rate.

So, Are You Eligible?
Here are 4 questions which can determine your eligibility for this refinancing program:

1)Do you own a single family home, condo, or town home?

2)Is your home loan backed or guaranteed from either Freddie Mac or Fannie Mae?

3)As of right now, have you been on time, and have paid in full every mortgage payment for the past 12 months. A late payment is any payment that is over 30 days late, even if it was paid.

4)Did your homes market value remain the same or lower since you purchased it?

Answering Yes to these questions makes you pretty likely to be qualified to use this program for yourself.

Many homeowners are feeling the bad effects that the terrible economy is having. Entire neighborhoods and many homeowners are facing foreclosure, or many homes are dropping in value. A lot of people bought when times were great, and home values looked to be going up for years to come. This led to a lot of people getting into homes that they would not otherwise have been able to get approved for. Now, those same homeowners are the ones that this home refinance program aims to help.

-M Petrone

Homeowners who are unable to pay their mortgage and have fallen behind on their payments are hurting their credit rating every single month. Many homeowners have become behind on their mortgage, and their credit scores are dramatically dropping as a result. However, especially in the past 18 months, many homeowners have found relief with a home loan modification.

Mortgage modification is an option that was enabled to assist homeowners who have a mortgage they can no longer afford, and the monthly payments are unbearable. Without a doubt, the most beneficial part of a home loan modification is that once it has begun, it instantly stops any pending, or already started foreclosure. Many homeowners who are at risk of losing their home feel helpless, especially once the procedure has begun. However, a loan modification option can enable many people to save their homes, and come back from the verge of losing them.

New guidelines call for a standard home loan modification to lower payments to below 31% of a homeowners gross monthly income. This will enable many homeowners to save a lot of money each and every month that they owe on their home loan. Also, homeowners can refinance or get a better mortgage once they get themselves in a better financial situation, and have recovered from nearly losing their home.

With a new home loan, many people will be able to pay off lingering debts, increase their credit ratings, and improve their overall situation. Another huge benefit of modifying a mortgage is that once the process is completed, the loan status is once again normal. All prior late, and no pay negative credit remarks are removed. As you pay off your new mortgage, your rating will continually get better with time. This will really help improve your overall credit rating.

If you are facing the reality your home is about to be lost to foreclosure, try to take action and get a loan modification. Many homeowners can use this to keep their home, and avoid the harsh fact that if something is not done, the home will be lost.

-M Petrone

If your a homeowner who is considering a mortgage refinance sometime down the road, it is best to prepare early, maybe even now. It may be a few years off from happening, but the more you do in advance, the better the results will be. Just like anything else, the more you prepare the easier it is, and the odds of you getting what you want increase dramatically.

One of the best things you can do if you have the time is pay down credit card and other debts. When you have paid the debt off on an account, close it immediately. This will make it look better as you do not have so many open lines of credit, and your credit may improve as a result. While not having any open credit accounts may be a problem, having to many is also a problem, but an easier one to fix.

Also, if necessary, take on extra hours or another part time job or income. This can dramatically increase your debt to income ratios, and push you into a much better category with better mortgage rates, terms, and conditions. The higher your income to debt is the less of a credit or financial risk you appear to be to a mortgage lender or bank.

If you are preparing for mortgage refinancing early enough enables you to save up as much cash as possible so when you actually do refinance you can put down a larger payment. If possible, try to get 20% of the total loan as a down payment. This will give you a lot of options, and really reduce your interest rates, and monthly payments. If 20% is not possible, remember that the more you put down now, the less you will pay in the long run. The bigger down payment, the better, end of story.

-M Petrone

Are you one of the millions of homeowners facing foreclosure? Scared of the hassle and expense of needing to get a lawyer and having to go to court? Well, a mortgage modification can truly help a lot of homeowners get a better, more affordable home loan payment. However, there are some basic things which you should be aware of before starting the mortgage modification process, which I included here.

To begin with, there are two very minimal and basic requirements which must be met before you are able to get approved for a mortgage modification to save your home. One of the requirements is that the monthly mortgage payment exceeds 31% of your monthly gross income. This total however does include all money relating to your mortgage. This includes things like taxes, mortgage insurance, home insurance, any any additional dues or fees you pay. The other major requirement is that you are facing a financial hardship of some kind. This includes things like loss of a job, reduced income, or hospital bills. Generally speaking though, homeowners who meet the first requirement will be able to meet the financial hardship requirement.

Your budget plays a big role in a home mortgage modification as your new loan rate, payment amount, terms and conditions are determined according to your income, expenses, and overall budget. Your home loan modification will be set up according to your budget, which helps ensure you are able to successfully make payments every month for years to come. Loan modification programs from the new Government bailout for homeowners are also a great way to save your home from being lost, and get your finances back on track.

A lot of mortgage lenders you are considering working with have easy to fill in basic applications on their websites which can give you a rough idea of how much you can save by getting a home modification with them. Check a variety of lenders, and find the best deal for you and your situation.

-M Petrone

For homeowners facing foreclosure, odds are that you have considered refinancing. However, refinancing a home loan is tough once you are in default, and the bad credit you have accumulated will probably prevent you from even qualifying. Now though, home loan modification can be used as an option to avoid foreclosure. As a matter of fact, if you are in foreclosure, a loan modification is even easier to get.

Perhaps the biggest advantage to a mortgage modification is the fact that once it begins, any foreclosures are instantly halted. Once you begin, the process includes extensive income verification to truly figure out what is an affordable payment. Generally, home loans that are modified are kept below 31% of a homeowners gross monthly income. Also, in the process you will need to write, and include a letter stating your financial hardships. The purpose of the letter is to convince a potential mortgage lender or bank that even though you had problems with your home loan before, if you get help you can, will, and want to save your home. Let the lender or bank know how much saving your home means to you.

Of all the benefits a loan modification can provide, it will not lower the balance on your home loan. All late, missed, and past due money owed will be rolled into the new home loan. Typically though all late fees and penalties will be waived, which is a big relief to struggling homeowners. When the process of modification is finished with, your home loan status will be marked as current, and you basically get a fresh start. This can also dramatically increase your credit rating, which will help in the long term.

As bad as it may seem, homeowners who are facing or in foreclosure will actually benefit from that when they apply for a home loan modification. A loan modification requires that the homeowner be at least 3 months behind on their payments. While it is not a requirement that you are behind on your loan, it is easier to get approved when you are.

Do not let this chance pass you by. Save your home, or a lot of money by getting a home loan modification.

-M Petrone

With the economy in bad shape, millions of homeowners are literally living paycheck to paycheck, and barely, if able at all, can pay their mortgage. Homeowners who are facing foreclosure should seriously consider getting a home loan modification. No matter what type of home loan situation you are in, a modification can help you save money, or your home.

Here is the Home Loan Modification Process:

Find Out Your Current Financial Standing:
The first thing you should do when considering a home loan modification is to evaluate your current home loan. If you are, or have been, over 2 months late on a payment, and have hit 90 days over due, you are considered at risk, and can lose your home to mortgage default or foreclosure. Generally a foreclosure attorney will be referred to you by your mortgage provider after these 90 days

Depending on your situation, there are a few different ways to take your next step. If you think that by getting a better, lower monthly home loan payment you can save your home, you should immediately seek out some legal advice on the subject. This can help you get the home loan modification you need, and prevent, or even stop the mortgage lender or bank you have from foreclosing or taking your home away. Also, a lawyer may help homeowners who are defaulters as they will have a much harder time getting help on their own.

For homeowners who have not yet defaulted on their mortgage, yet still are having a hard time paying the monthly home loan, there may be enough time to get a mortgage modification without the assistance of a third party, like a lawyer. If this is your situation, you should prepare, and send, a letter of financial hardship to potential banks or mortgage lenders. Research writing a proper letter of financial hardship prior to submitting one to a lender or bank.

Regardless as to whether or not your using a lawyers help, or going at it on your own, you will need to submit, documents which support hardship, and income claims. This can include things such as pay stubs, bank statements, tax returns, and other relevant information that is in your statements.

After you have done this, and submitted your home loan modification application, and possibly a letter of financial hardship,wait for the mortgage lender to review your application and get back to you. Do not constantly bother them with status update phones calls or emails. Call once a week for updates.

-M Petrone

Short refinancing may help you save your home from foreclosure. Even for homeowners who are not eligible to take advantage of President Obamas mortgage bailout plan can benefit from a short refinance. Do not lose hope, the foreclosure process can be stopped, and even reversed.

A short mortgage refinance is when you get a different mortgage lender or bank to refinance your mortgage. The new mortgage from the new lender or bank is more suited to the current market value of your home, which helps a lot of homeowners. Lower mortgage rates, and a better more affordable home loan payment are obtainable for many homeowners.

The reason a short mortgage refinancing can work is because the new home loan is for a lesser amount than the amount that is due on the existing mortgage. Whoever your current mortgage lender or bank is would need to agree to taking a bulk amount from the refinancing, for less money, and mark your home loan as paid in full.

Why would a mortgage lender or bank agree to this? Well in these tough times, many mortgage lenders and banks are interested in sure things. Simple math can be done to estimate the risk you are to the lender, and how much a foreclosure would cost them, or profit them. Based upon that math, and the current market, a mortgage lender or bank may very well be inclined to accept a big payment, even though it is for less than the total amount due.

While not every homeowner will benefit, or even be eligible, for a short mortgage refinance. It is another option. Make sure you consider this option if you are in the position to make it work to your advantage. Many homeowners, especially in this bad housing market, can benefit if they can get a short refinance deal. Look into it for yourself.

-M Petrone

Regardless of the type of mortgage you have now, knowing what type of home loan refinancing to get is crucial, and will benefit you a lot. Many different loan refinance options exist, especially today, and knowing which one is the right match for your needs will greatly benefit you.

Generally, there are only a few different loan types for a home, an adjustable rate mortgage (ARM loan), fixed rate mortgages, interest only home loans, and sometimes a balloon payment loan. The best, most secure, and most stable loan type is the fixed rate loan. While slightly higher in interest rates than the initial rate on an ARM loan, the loan term stability, and non changing interest rates, are generally a much better option for a mortgage. ARM loans are considered more of a risk due to the interest rate changing constantly, and more often to the expense of the homeowner. Sometimes, and ARM loan can increase in cost by up to 50%, with the homeowner left holding the bag.

Interest only home loans offer initial low payments. However, these initial payments are paying the interest only, and not the principal, for a certain pre determined period. After this agreed to time, the loan will typically become amortized.

Balloon type home loans are not generally offered, and there many good reasons for that. While the payments may be small for a set amount of time, the final payments build up, resulting with one massive final payment. This payment is due as a lump sum, and cannot be financed. Also, with a balloon type home loan, a mortgage cannot be refinanced until this balloon payment is accounted for.

Always make sure that when you are refinancing that you get the proper loan for your needs and situation. Always consider the long term, and not just small short terms gains. Make sure to do the research on the different refinancing loan types prior to going out and applying. This will save you time, hassle, and possibly money. Refinancing can be great, if you know your options and find a mortgage lender or bank who can meet your needs.

-M Petrone

Many homeowners have a lot of questions regarding mortgage refinancing. A lot of those questions are crucial to knowing whether or not a refinance is the right thing for you to do. Knowing how to get the best possible mortgage interest rate will help assure that you are getting the best refinancing deal possible.

One of the most important, and first steps you should take is to get a copy of, and review, your credit report. The lower the credit rating, the less that a mortgage lender or bank believes that you are able to, or going to, pay back the loan. The result is a higher than average interest rate, and extra costs and hassles for the homeowner. Bad credit ratings are bad, but not making payments on time or in full on your home loan is worse. This, above all, shows a lender that a mortgage is not your priority, and they have determined that the chances of you not paying your new loan are higher than most homeowners.

Another crucial thing you can do is save, and put into the bank, as much cash as possible. Put as much as you can on the down payment on your new mortgage. The more you are able to put down, the better the chances are that you will get the lowest interest rates possible. Even if there is a minimum percentage you must put down, putting more than needed or than the minimum is very beneficial. The more money you can put down now, the more you will save from a refinancing.

Mortgage refinance rates are low right now. Finding the best rates is pretty much up to you, the borrower. If you are persistent, and aware of what to look for, you have a much better chance of getting the best refinance deal possible. Just like anything else, the more you prepare, the easier, and better, the actual process is.

-M Petrone

Homeowners who are facing foreclosure can get relief from President Obamas “Making Home Affordable” plan. This plan will allow millions of homeowners the chance to get refinancing, regardless of their situation, and get a better, more affordable mortgage. Here is how this plan helps you.

With so many foreclosures happening right now, this plans goal is to help struggling homeowners avoid losing their home. Around 8 million homeowners are seriously at risk of losing their home. Homeowners can no longer afford their mortgage due to financial problems, a bad ARM loan, a loss of job, or a home that is dropping in value. However, this new $75 billion stimulus plan has new mortgage refinancing and modification options which can help many homeowners avoid losing their home, even if they would not have been approved before this plan existed.

This stimulus program from Obama offers cash incentives to mortgage lenders and banks who follow the stimulus guidelines, and help homeowners get a better mortgage. This money allows a bank or lender to ease their restrictions on who is eligible for refinancing, home loan modification, or other beneficial things that can help a person avoid losing their home. The money makes the risks a mortgage lender or bank takes on minimal, and enables them to offer new mortgage refinancing options to millions of struggling homeowners.

Mortgage refinancing
to avoid foreclosure is a great option for a lot of people. Homeowners who are in foreclosure, or who will be facing foreclosure, can get help from this plan. Millions of homeowners can save their homes, and their financial future by using this plan. Mortgage foreclosure rates are at all time highs right now, and that hurts everyone involved. Contact your mortgage provider, and a few of their competitors. Ask them how the new “Making Home Affordable” plan can help them stop, or prevent foreclosure for you.

-M Petrone

Are you in foreclosure and fear losing your home? Did you know that there are new mortgage options that can help you save your home from being lost? Well, there is, and an equity loan modification can be exactly what you need to save your home.

You are probably aware that foreclosure can be a scary and intimidating process. Losing your home can be one of the worst things that can happen to you in your life. While it may not seem like it, there is help available that can prevent this. Do not lose your home and put your financial future in jeopardy, and get a equity loan modification which can improve your situation. While many homeowners are unaware of this option, the fact is, a lot of people can use it to save money, and their home.

Also, getting a mortgage equity loan modification can save you the expensive court costs, legal fees, and other penalties that are associated with a foreclosure. If you are facing foreclosure you need to get an equity loan modification to help you get a better, more affordable mortgage, and avoid losing your home. While foreclosure is a tough situation, there are things like this that can help you.

Most homeowners can use an equity mortgage modification for themselves, and save their home from being lost. Many homeowners are facing foreclosure, but most of them can easily avoid the horrible feeling and reality of losing their home by getting this type of home loan modification. Having to go through the emotionally, and financially, draining process of foreclosure can really hurt your future prospects of home ownership.

-M Petrone

If you have been denied a mortgage refinancing, do not give up. There are a few things you can do which can increase your chances of being approved on the second time around. Regardless of the reasons why you were denied, here are some tips which will help you get a better mortgage for your home.

The first thing you need to do after being denied a mortgage refinancing is relax. Being denied does not mean that getting refinancing is impossible. It does mean though that to get the type of refinance deal you want, you do need to improve, or do somethings differently. Also, different mortgage lenders and banks will have different requirements, which means that you may be denied at one lender, but approved at a different lender or bank. Knowing the minimum requirements needed for approval are critical for homeowners to know. These requirements can easily be obtained by asking. No one is interested in wasting time or money when dealing with refinancing, and straight forward answers are usually a phone call to a potential bank or mortgage lender away.

Also, make sure you get copies of all the documents you will need to submit for the refinancing deal, and carefully review them for errors. Many times, small errors in your financial, credit, or bank statements can easily disqualify you from getting approved for mortgage refinancing. Do not be a victim to the mistakes of someone else and make sure you carefully look over all documents relating to your refinance.

Getting denied mortgage refinancing is not the end of the world. It will however force you to work a little harder in securing an approval the next time you apply. These simple tips will help any homeowner who has been denied. While they seem simple, many people often make the same mistakes multiple times, and are left wondering why they were denied. Do not let this happen to you, follow these tips, and get the mortgage refinancing you want.

-M Petrone

Bank of America mortgage refinancing is a very popular option right now for millions of struggling homeowners. However, a lot of people think that due to financial problems, bad mortgages, or other issues, that getting approved for refinancing is nearly impossible to do. Now though, Bank of America is offering new mortgage refinancing options to millions of homeowners. Here is how you can get approved.

Homeowners needing to do something about their expensive mortgage they can no longer afford, should look into Bank of America, and their new mortgage refinancing options. These new options are available because of President Obamas $75 million dollar “Making Home Affordable” plan. This plan provides funding to mortgage lenders and banks who help homeowners get a better, more affordable home loan. With this money, Bank of America and other lenders will be taking less risk when helping a homeowner. Also, more money will be given for every year a homeowner can make their payments on time and in full, for up to 5 years. This means that offering the absolute best mortgage refinancing options to all homeowners is in the best interest of the mortgage lender or bank.

Financial hardships, loss of a job, bad mortgages, and other problems are acceptable under this “Making Home Affordable” plan. This program is aimed at helping millions of struggling homeowners, and those on the verge, or who are in, foreclosure. Right now, foreclosure is at its highest rate in history. This is hurting many individuals and entire neighborhoods. However, this mortgage bailout plan could be exactly what millions of people need to save their homes, or a lot of money.

Mortgage refinancing, regardless of your financial position, is easier and better for millions of homeowners. Bank of America is offering easy to qualify for options to help nearly any homeowner. With so many people facing losing their home, this plan comes into effect at the perfect time. Take this plan and use it for yourself before your situation gets worse, or you lose your home.

-M Petrone

Mortgage refinancing is easier than ever for all homeowners thanks to President Obamas mortgage bailout plan. This plan will help millions of homeowners who can barely afford their home loan, or are facing foreclosure. Getting help is easy, and here is how:

An estimated 1 in 8 homeowners is facing losing their home to either foreclosure or mortgage default. This stimulus plan is an attempt to help these homeowners, and the overall housing market. Many homeowners will benefit from reduced interest rates, or other changes in their mortgage which will lower the monthly amount that is due. Using this plan, a mortgage lender or bank can reduce interest rates to as low as 2%, or change the length of the home loan. Sometimes, for homeowners hurting the most, a combination of lower interest rates, and an extended length on the loan will be used to help homeowners get the lowest payment possible.

This “Making Home Affordable” plan will help millions. There is over $75 billion dollars in finding to help homeowners. This money is primarily given to approved mortgage lenders or banks. With this money, the lenders and banks can cover their possible financial risks with these cash incentives. This will allow them to approve, and help, more homeowners than ever before. Additional cash incentives will be given to the lenders and banks for every year, up to 5 years, a homeowner is able to make their payments. This gives more incentive than ever for mortgage lenders and banks to offer the best refinancing deals possible.

Obamas mortgage refinance plan will help individual homeowners, and entire neighborhoods. Getting help with your home loan is easy. This plan will help millions of homeowners reduce their monthly mortgage payments, save their home, or save a lot of money. Never before has such an extensive bailout plan been offered to this many homeowners. Use this plan for refinancing now, and see the savings on your next home loan payment.

-M Petrone

CitiMortgage customers who want to refinance using President Obamas “Making Home Affordable” plan, will need to deal with the loss mitigation department. This is not a difficult process, and getting a beneficial mortgage refinancing is easier than ever before. Here is some help in dealing with the CitiMortgage loss mitigation department.

When dealing with the loss mitigation department of CitiMortgage, you must realize that in times like these, they are extremely busy. This does not mean to allow poor customer service, but it does mean that there are some things which you can do to help push your application along. With mortgage rates near all time lows, and the Presidents mortgage bailout plan in effect, CitiMortgage is flooded with applications.

However, if you properly fill out all of your forms, and include all necessary documentation and paperwork, the chances of quickly getting an approval improve dramatically. As simple as this sounds, many first time applications are denied before even getting looked at in full. That is because some forms may have been filled in wrong, or missed altogether. Also, if information about your finances and related things can not be verified, the application is likely to be denied. Since CitiMortgage is so overwhelmed with applications, it would set back a possible mortgage refinancing by at least a few weeks.

Another big thing that will make mortgage refinancing easier for a homeowner is knowing why you want to refinance. If you know that you want lower monthly mortgage payments, a lower interest rate, or you want to get cash back, then you can minimize the search for the appropriate loan type, and narrow down a few different options. Most homeowners using the “Making Home Affordable” will benefit from both lower interest rates, and better mortgage terms and conditions. CitiMortgage is one of only a few lenders who can offer these stimulus refinancing options to its customers. Contact them today to see if they can help you.

-M Petrone

Homeowners need to save money. Everywhere you look, foreclosures, mortgage defaults, and financial hardships make paying the monthly mortgage harder and harder. With mortgage refinancing being such a popular option, many homeowners would like to know how to get the best interest rate and refinancing deal possible. Here are some tips which will help you when refinancing.

Lower Rates Vs. Points
When homeowners want to get a lower monthly mortgage payment, they need to figure out whether it is better to get the lowest offered interest rate, or to pay points off. Different situations will make one option better than the other, and only the homeowner will be able to figure out which is the better option.

Tricky Mortgage Interest Rates
Do not be victim to a predatory mortgage lender. Many times when a 0% mortgage rate is offered, the loan will balloon at a later rate. This is a game and tactic that many mortgage lenders are using these days. However, these mortgage lenders are easy to spot, and avoid. Make sure you are dealing with a respected, and truthful mortgage lender or bank.

Check for Hidden Fees and the True Cost of Mortgage Refinancing
Odds are if you think your home loan interest rate is extremely low, it most likely is. Always be sure to get the total costs for a refinance. Check carefully for hidden fees or costs which can easily add up to thousands of dollars. If it looks to good to be true, than it most likely is.

Get a Good Faith Estimate (GFE)
You have the right to request a good faith estimate from any potential mortgage lender. Make sure you ask for a copy, and carefully review it. If when you are going over it and find anything which you question, ask. If the mortgage lender or bank can not answer your questions, find a new lender.

Have patience and know that if your application is complete and accurate, it will get properly reviewed. Make sure to get in contact at least once a week to check the status of your application.

-M Petrone

Even in todays economy, getting refinancing for your home is not hard to do. In fact, many mortgage lenders and banks are offering all sorts of new refinancing options to homeowners in hopes of improving the rate of foreclosures, and to help stimulate the housing market. Now is a great time to refinance a mortgage, and here is why.

Current mortgage interest rates are near their all time lows. While still .5% or so higher than their lowest of the year, a rate of 5.19% is the average interest rate for a 30 year fixed rate mortgage. This is nearly half the interest compared to interest rates just a few years ago. Now though, the market has changed dramatically, and these low interest rates are needed to help the millions of struggling homeowners. The best way to take advantage of these rates is to refinance your mortgage.

Mortgage refinancing has become very popular in the past few months. Between new Government program which make refinancing easier for homeowners in financial problems, or who are already in foreclosure, and extremely low interest rates, all types of homeowners are applying for a mortgage refinance. The benefits to refinancing with the Governments plan or into the low available interest rates are huge, and can potentially save a homeowner hundreds of dollars every month.

Getting and finding a beneficial mortgage refinancing is not that hard to do, even in todays bad economy. Help is available, and mortgage rates are extremely low. This is the perfect environment for struggling homeowners, and those looking to save money, to refinance their home loan.

-M Petrone

New Government programs allow homeowners with bad credit, or other financial problems, chance to easily get approved for mortgage refinancing. This $75 billion program is an attempt to help millions of homeowners who are facing foreclosure and are in a home which they can no longer afford. Getting approved for refinancing is easy and there is help for nearly 8 million homeowners. Here is how this plan works, and how you can take advantage.

This plan is a huge effort to help homeowners get a better, more manageable mortgage through new refinancing options. Over $75 billion will be given to approved lenders and banks to help homeowners in all types of situations. Many people are facing foreclosure or mortgage default, this plan offers new options to homeowners who previously would have had a tough time finding help. With the record number of people losing their homes, something had to be done, and this mortgage bailout program was the Governments answer.

Mortgage lenders and banks get cash from the Government for every homeowner they approve for refinancing in accordance with the programs guidelines. Also, for every year, up to five years, a homeowner is able to make their payments on time and in full, the lender will receive additional incentive money. This means that many lenders and banks have eased their restrictions for who is eligible for refinancing. Now, with these incentives in place, and according to the guidelines of the “Making Home Affordable” plan, nearly any homeowner is eligible to get approved for a refinancing into a lower monthly mortgage payment.

Bad credit mortgage refinancing
is easier to get than it has ever been before. Since so many homeowners are facing the same types of problems, many new options are available to these homeowners through the Governments mortgage bailout program. Saving your home, or a lot of money, is easier now than before. However, you should act sooner rather than later. The longer you wait, the worse your situation will get. Get the help you need now, and save yourself and your home.

-M Petrone

Refinancing is getting a new loan with better interest rates, terms or conditions, and using it to replace your existing home loan. A proper refinance can easily save a homeowner hundreds of dollars every month on their mortgage. Here are some popular reasons why homeowners refinance their home loan.

To Save Money:
Refinancing a mortgage to save money is a very good, and popular reason. Many homeowners currently pay close to double the interest than the rates that are available now. A savings of just 1%-2% on the mortgage interest rate can easily add up to a huge savings for a homeowner. Another way to save the most money possible is to refinance into a lower interest rate, and shorten the length of the mortgage. This can make the monthly payments roughly the same that they are now, and reduce the total amount of interest you pay.

To Get a Lower Monthly Payment:
Many homeowners have a home which they can barely, or no longer afford. This is a result of the struggling economy, shrinking home prices, and a tight credit market. However, refinancing can still get a homeowner a lower monthly payment, without costing them too much. It is possible to refinance into a mortgage that is longer in length, and has a smaller monthly cost than you have now. This may cost you more money in the long run, but can lower your payments to a manageable amount. This is a better alternative than losing your home.

To Get Cash Back from the Homes Equity:
Odds are that if you have lived in your home for awhile now, and have been making the payments, you have built up equity. This equity can be borrowed against, and result in a cash back refinancing option for some homeowners. Say you owe $50,000 on your $200,000 home. You can refinance into a new mortgage, for $100,000, pay off the remaining $50 on your old home loan, and pocket the rest. This is usually cheaper, and at a better interest rate, than a personal loan, and is a good way to get a lot of cash quickly. This money can be used for anything a homeowner wants, but always needs to be paid back so remember that.

There are many reasons why homeowners want to refinance. In this economy, mortgage refinancing is a very popular option. With interest rates being near all time lows, and new Government programs in place designed to help homeowners, getting help with your mortgage is easy. Many homeowners can easily get a mortgage refinance and save themselves a lot of money with every mortgage payment they make, or their home from being lost to foreclosure or loan default.

-M Petrone

Wells Fargo has new home loan refinancing and modification options which allow millions of homeowners the chance to save a lot of money, or their home from being lost. These new options are available because of President Obamas “Making Home Affordable” program. This mortgage bailout plan is aimed at helping the estimated 8 million homeowners who are struggling. Here is how this program works:

Bad credit, bad mortgages, financial problems, low equity in the home, or a home that has dropped in value, are all reasons that homeowners are facing problems. It is believed that 1 in 8 homeowners is at risk of losing their home. This plan will allow selected mortgage lenders and banks, like Wells Fargo, the ability to offer amazing new loan options to homeowners in all types of bad situations. Money will be given to the selected lenders every time the follow the plans guidelines, and approve a struggling homeowner. Also, additional cash incentives will be given to the mortgage lender whose clients are able to successfully make their payments every year, for up to 5 years. This means that there is more reason than ever for a mortgage lender or bank to try to approve as many homeowners, with truly beneficial refinancing options, and cover their potential losses at the same time.

Not all mortgage lenders and banks are approved to offer this plan to homeowners. However, Wells Fargo is. They are one of the largest, most respected companies in the industry, and strive to help every homeowner. They also have the connections, funding, and experience needed to help homeowners save their home from being lost to foreclosure or mortgage default. Wells Fargo, besides being approved to offer this stimulus program, is one of the best lenders you can work with, especially when refinancing.

Getting help is not hard to do. These new mortgage refinancing options will help millions of homeowners get into a mortgage they can actually afford. Do not let your situation get worse and put off trying to get help. This stimulus program can, and is, helping homeowners all across the country. Never before has such a big mortgage bailout plan been available to so many homeowners. This is truly a great chance to save your home, save money, and preserve your financial future.

-M Petrone

Mortgage refinancing has gotten a lot easier for millions of struggling homeowners thanks to President Obamas “Making Home Affordable” plan. This stimulus plan is designed to provide help through new mortgage refinancing options that are now available to homeowners everywhere. Over $75 billion is available for homeowners to get help, and it is easy to apply and qualify. Here are some things you need to know.

All types of homeowners can get help. Bad credit, bad mortgages, a dropping home value, and many other financial problems are addressed in this $75 billion dollar program. Mortgage refinancing options now exist that will allow early any homeowner the chance to get an approval. This means that you do not have to lose your home, and have a real chance at saving it, and a lot of money.

This plan can reduce mortgage interest rates to 2%, or change the terms, conditions, and length of the home loan. This will allow many homeowners, and entire neighborhoods, the chance to recover from a bad financial situation, or from a bad mortgage. Many homeowners who are struggling have a bad, ARM loan. This can now be gotten rid of through refinancing with Obamas stimulus plan into a fixed rate, stable, mortgage. This will give security to many homeowners who are at risk of losing their home, or who can no longer afford their home.

If you are one of the millions of homeowners who is scared of losing your home, use this mortgage refinancing stimulus plan to your advantage. This is a once in a lifetime chance to save your home, and secure your financial future. This is a great time to take advantage of low mortgage rates, and this new Government program, and save a lot of money. Take action now.

-M Petrone

With mortgage rates near all time lows, now is a great time to consider refinancing your mortgage. Unless you recently purchased your home, odds are, a refinance can save you a lot of money. Getting lower interest rates, or better terms and conditions on your mortgage can save a homeowner hundreds of dollars per month. Here are some tips for homeowners considering refinancing.

Always know why you are refinancing your mortgage. This means understanding what you want from it. Do you want lower interest rates? Lower mortgage payments? Want to change the length of your home loan? Interested in getting cash back from your homes equity? Than refinancing is right for you. When you know why you want to refinance you can cut to the chase with potential mortgage lenders or banks, and pursue the mortgage refinancing option you desire, not the one the lender is trying to sell you on. This cuts down on unnecessary research, and also helps show the mortgage lender or bank that you are serious about refinancing, and have done your research. This will encourage them to offer you a truly good deal, and minimize the risk of overpaying.

Make sure that you have copies of your credit report, tax returns, bank statements, pay stubs, and all other relevant financial information. Especially these days, information that can not be verified will disqualify the application from being approved. Also, make sure to check these documents yourself, and verify that all of them are accurate, complete, and up to date. This will prevent your application from being denied, or returned to you because some information is not present.

Always shop around and compare the costs and benefits of the different offers from potential mortgage lenders and banks. Each company will have their own policies, rates, terms, and conditions, which can vary drastically. Make sure you carefully compare the true mortgage refinancing costs, interest rates, and the terms against a competing offer. Ask questions if any come up, if they can not answer do not use that lender.

Mortgage refinancing is not as hard as a lot of people make it out to be. Even in todays economy, getting approved for a refinance is not difficult at all. Mortgage lenders and banks are eager to help homeowners refinance their home loans, and will usually be very good about helping them along the way. Take some time, and do some research, this will ensure you are getting the best refinancing deal possible.

-M Petrone

Are you looking for a way to save your home from foreclosure? Need to save money every month on your home loan? Want 2% mortgage rates? Then consider refinancing your mortgage with President Obamas “Making Home Affordable” stimulus plan.

This plan will help millions of homeowners in all types of bad situations, such as:

-A bad mortgage such as an ARM loan that keeps increasing.

-Bad credit or low equity in your home.

-Losing a job or facing other financial hardships

-Having a mortgage that is worth more than the homes actual marker value.

Many homeowners are facing these problems, and think that getting help is impossible to do. However, with the $75 billion mortgage bailout plan from President Obama, millions of homeowners can easily get approved for mortgage refinancing. This plan is aimed at the estimated 8 million homeowners who are facing losing their home.

The reality of the housing market is that it is in desperate shape. Mortgage lenders and banks are doing everything they can, including offering mortgage modification, to help homeowners avoid losing their home. This means that lending restrictions have been eased to allow even more homeowners the opportunity to get a better home loan. Add to that the fact that mortgage rates are currently near all time lows, and the chance to save a lot of money, or your home, is very high.

Take advantage of this once in a lifetime opportunity to get a better mortgage, save money, and secure the future of your home and your finances. Never before has such a big plan been implemented to help so many homeowners. Take action now and see how much you could save every month.

-M Petrone

Fannie Mae and Freddie Mac have new mortgage modification options which will help millions of homeowners avoid foreclosure, and save a lot of money every month. This new program is part of the “Making Home Affordable” plan, a $75 billion effort from the Government to bailout homeowners who are at risk of losing their home. With this plan, all homeowners with a mortgage from Freddie Mac or Fannie Mae are eligible to get approved for a home loan modification.

This is a move that is spurred by the fact that nearly 8 million homeowners are at risk of losing their home. Many homeowners face the reality that if something doesnt change quick, they will lose their home. Whether it is due to a bad mortgage, high interest rates, bad personal financial problems, or other financial hardships, help is now available for millions of homeowners with Fannie Mae or Freddie Mac.

According to the “Making Home Affordable” plan, all homeowners with a mortgage from Fannie or Freddie can get help. New mortgage modification options are available to nearly all homeowners which will make the monthly mortgage payments less than 31% of a homeowners gross monthly income. This will happen through reducing interest rates to as low as 2%, or changing the terms, conditions or length of the home loan.

Getting mortgage modification help is easy, especially for desperate homeowners. Never before has such a widespread plan been enacted which will help so many homeowners get a better, more affordable, monthly home loan payment. Take advantage of this amazing chance and get the help you need now and modify your home loan.

-M Petrone

Ditech is offering mortgage refinancing to millions of struggling homeowners, and it is easy to get. New Government mortgage bailout programs allow Ditech, and other approved lenders, the ability to approve mortgage refinancing for all types of homeowners. Using this plan to avoid losing your home, or to save a lot of money every month is easy. Here is how:

Over $75 billion dollars in cash incentives are being given to mortgage lenders, like Ditech, who help homeowners get a better, more affordable monthly payment. This money will be given to the selected lenders if they help homeowners by following the rules of the “Making Home Affordable” plan. The rules of this bailout plan will help millions of homeowners, regardless of their financial situations. Using this plan, homeowners can get help even if they:

-Have bad credit or a low rating.

-Have lost their job, or are facing financial problems.

-Have bad mortgages or other debts.

-Make monthly mortgage payments that exceed 31% of their gross monthly income.

This is all possible because of the cash incentives that banks and lenders get. The money will help lenders like Ditech cover some of the potential risk they take on when approving a homeowner for refinancing. With their risks covered, they are able to ease their refinancing restrictions and help more homeowners than ever before. This has made getting approved easier than ever for all homeowners in all situations.

This plan will help millions of homeowners. Right now, many people are facing losing their home, and they feel helpless. However, the reality is that help is available. You need to take action, contact Ditech, and see what they ca do for you.

-M Petrone

When mortgage rates are lowest, homeowners who are refinancing will be able tosave the most money possible. If you were able to have an idea of what to expect from mortgage rates over the next 6 months, you would have a huge advantage. Well, here are my mortgage interest rate predictions for 2009 and 2010.

Mortgage refinancing when the interest rates are the absolute lowest, is the key to saving the most money possible through refinance. When rates are lowest, so are your chances of getting the best mortgage deal possible. Early in 2009, mortgage rates were very low, around 4.69%. This represented an all time low interest rate, and many homeowners took advantage.

When the rates were that low, homeowners across the country flocked to get help and refinancing. The mortgage lenders and banks were quickly overwhelmed with a massive amount of paperwork, and needed to do something to stem the tide, and catch up on the pending applications. Interest rates were raised by .5% a few months ago, bringing the average to 5.19% for a typical 30 year mortgage. This increase was not drastic enough to stop homeowners who truly needed help, but was enough to stop homeowners from applying just to save a little money every month. Currently, mortgage rates are around 5.05% and have been slowly dropping. This interest rate is still nearly half the rate homeowners pay who bought a home just 10+ years ago.

I predict mortgage interest rates will keep dropping until they hit their prior lows of 4.69%. This will be the lowest mortgage interest rates get, and this will happen around November 2009 and last through April or so of 2010. Many homeowners will use this time to get a mortgage refinancing for themselves, and a much lower interest rate. If you can wait until the rates get lower, you should, but if you need help do something now. Interest rates are still very low, and refinancing will help millions of homeowners save money every month. Weigh your options, and take this mortgage rate prediction into consideration.

-M Petrone

Mortgage refinancing options for homeowners with bad credit, bad finances, or a home that is dropping in value are available to millions of homeowners. The “Making Home Affordable” program is designed to help struggling homeowners get a better mortgage through refinancing. Here is how:

Homeowners who are feeling the effects of the bad economy, and worse housing market, are desperate to get help. Foreclosures and mortgage defaults are at all time highs, and millions of homeowners need help. Homeowners who:

-Have a bad mortgage, like an ARM, that keeps increasing in cost.

-Have lost a job or are facing financial hardships.

-Have a home that is losing value, and now owe more than the homes market value.

-Have a bad, high interest, not flexible mortgage.

-Pay more than 31% of their gross monthly income towards their monthly home loan payments.

These situations would have been nearly impossible to get approved for a refinancing with, but now, it is easy. There is over $75 billion in funding which is available to help homeowners get help. Even mortgage lenders and banks are on board with this plan, and are offer stimulus refinancing options to all types of homeowners.

Obamas stimulus mortgage refinancing options will help an estimated 8 million homeowners get a better mortgage. This is a never before seen effort to help homeowners, and entire neighborhoods recover. Mortgage refinance options have never been easier to qualify for, and saving money, or your home, is easier to do than it has ever been before. Get the help you need today, this plan is here to help. A lot of people are already using this plan for themselves, you should too.

-M Petrone

Facing foreclosure? Maybe your behind in your mortgage payments? Are you worried that losing your home is a serious possibility? Well don't panic yet. Home loan modification programs are available to homeowners who know how to find them, and where to look. Here are some tips which can help you get a home loan modification.

First you need to understand is what a mortgage modification is and how it can help you save your home from being lost. You must meet some eligibility requirements that are pretty easy to meet. Your monthly home loan payment, insurance on the home, taxes, and fees (if any), must exceed 31% of your gross monthly income. This will be necessary to get help with saving your home through a mortgage modification. Also, homeowners with, or facing, financial problems and hardships can get approved for a home loan modification. In fact, a financial problem may actually help you get approved for mortgage modification.

Next, when getting a mortgage modified, you are basically changing the terms, rates, or conditions of your existing home loan, and making sure the payment is low enough and manageable every month. Your current debts, income, an budget play a crucial role in determining your modification options, and how much you can reasonably afford. This can, and probably will help you save you from losing your home, and get you into a payment you can keep and afford for years. This is how a home loan modification can save your home from foreclosure.

Finally, make sure to compare and shop around at a variety of different mortgage lenders and banks before signing anything. There are all different mortgage modification requirements, rates, terms, and conditions, depending on which lender you choose. The only way to really know who has the best deal for you is by checking out a lot of different companies. This will help you ensure you get the best mortgage modification deal possible.

-M Petrone

President Obamas “Making Home Affordable” plan offers huge benefits to millions of struggling homeowners. Things like 2% mortgage rates, and approval guarantees will help a lot of homeowners avoid losing their home. Here is how you can use this plan for yourself, save money every month, and get a better mortgage.

With the economy in such bad shape, many homeowners have been left feeling helpless. Millions of people have a home that is worth less than what they owe on it, or are facing financial problems. That is why this plan was enacted. This $75 billion mortgage bailout plan has the ability to help millions of homeowners, in all types of bad financial situations. This includes homeowners who have lost a job, are in a bad mortgage, who can not afford their home, owe more than the house is worth, and many other problems. Before this plan was in place, homeowners facing these problems would have had little to no luck getting the help they need.

These days, foreclosure and mortgage default are at all time highs. There are an estimated 1 in 8 homeowners facing foreclosure or losing their home to mortgage default. This has severely crippled the housing market, dropping the prices down on homes everywhere. Mortgage lenders and banks do not want to deal with more foreclosures, and this stimulus plan enables them to be able to help. Cash incentives are actually being given to mortgage lenders and banks who approved struggling homeowners. This will allow them to help more people, and with the money they get to do it, they feel better and will do it because their financial risks are minimized.

Mortgage refinancing stimulus plan
options are available for nearly all homeowners. If you need to save money, or your home, use this plan. Millions of homeowners can easily save hundreds of dollars every single month by using this plan. Get the help you need, and remember that the longer you wait to get help, the worse your situation is going to get. Do not lose your home to foreclosure or mortgage default, get help.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner