With so many people needing to save money, mortgage refinancing is very popular right now. With so many options, a homeowner can easily get confused. However, here are some good reasons to refinance a mortgage, no matter what your situation is.

Refinance into a Better Interest Rate
Odds are, you got into your mortgage a few years ago. Since then, interest rates have dramatically declined, and obtaining a home loan interest rate of under 6% is possible, even for fixed rate mortgages. Here is an example of what just 2% savings in interest rates can mean. Say your $150,000 home loan has an 8% rate, and you pay $1100 every month. If you were to refinance into a mortgage with a 6% interest rate, your monthly payments would be less than $900.

Switch Home Loan Types
Many homeowners have an adjusted rate mortgage (ARM) loan that offered low initial rates, but have since gone up, and leave the monthly payments changing all the time. This hurts many homeowners financial stability as all of a sudden, they can owe a few hundred dollars more for their mortgage one month, and they may not have it. A very good and popular reason people refinance is to get out of their ARM loan and into a more stable fixed rate mortgage. A fixed rate home loan offers long term financial stability for a homeowner, and monthly payments that never change. This is often the best loan type to get.

Reduce Monthly Payments
Besides reducing interest rates to get the monthly payments lower. There are other options for lowering monthly payments besides just the interest rates. Refinancing a mortgage can change the length of your home loan, which could further reduce your monthly home loan payment.

Turn Home Equity into Cash with Refinancing
Homeowners who have owned their home for a few years, have probably built up some equity. This equity can be borrowed against and usually for much lower interest rates than a personal loan. A cash back refinance will allow a homeowner to pocket the difference in loan amounts between the new mortgage and the existing home loan. This money can be used for anything a homeowner wants.

While each persons situation is different, these are some of the most popular, and beneficial, mortgage refinancing options. If you are thinking about refinancing a mortgage, contact your lender or bank today and see what options exist for you.

-M Petrone
http://www.RefinancingCondo.com

Mortgage rates are the key to getting the best refinancing possible. If you are able to get a lower interest rate, you will be able to save money and get more affordable monthly mortgage payments. For most of 2009, mortgage rates have been low, however I think that will change. Here are my mortgage interest rate predictions for 2010.

Right now, a typical fixed rate 30 year mortgage can be obtained for around 4.99% in interest. While this is still very low, earlier in the year rates were .3% lower. However, it is only this low right now because of market conditions, a struggling economy, and mortgage bailout plans from the Government. With so many homeowners having a hard time with finances, interest rates needed to be reduced to their present levels to stimulate the housing market. Also, low interest rates have given many homeowners a way to save their home from being lost by refinancing the mortgage into a better, more affordable, monthly payment. However, I expect things to change. Here are my mortgage interest rate predictions for 2010.

I believe that around April of 2010, mortgage rates will increase. While it will not be anything drastic, it will be enough for homeowners to notice. I think that interest rates will rise by around 1.25% or so, which would mean a typical home loan would be at a 6.2% or so. This is still much better than rates were just 5 or 10 years ago, but will be a big enough increase to make refinancing not a beneficial thing for many people. I think that the rates will increase due to a rebounding housing market, and a recovering economy. While I do not think things will be as prosperous as they once were, I do think 2010 will be a huge step in going back to a stable housing market and economy.

Homeowners who are looking into mortgage refinancing should consider making the move sooner rather than later. Getting help and good interest rates is easy. Contact a mortgage lender or bank today and see how much you can save in interest every month on your home loan payments.

-M Petrone
http://www.RefinancingCondo.com

Homeowners looking into refinancing should know that there are some fees and costs involved. These costs can equal thousands of dollars and easily eat into any potential benefits a refinance may have for you. If you are looking to refinance a mortgage, here are some tips that will assist you in getting the best deal possible, and avoid some expensive fees and costs.

Understand Mortgage Interest Rate Quotes
Did you know that the interest rate a mortgage lender or bank offers you already includes some commission for the person who arranged it? It does, but there is good news. You can get a mortgage interest rate at what is known as the “Par” or wholesale rate. This is a much better, and more money saving way to go when refinancing a mortgage.

What are Pat and Whole Sale Mortgage Interest Rates?
Simply put, a wholesale rate, or “Par” rate is one which includes no additional fees or commissions included in it. While this does not mean that there are no profits for the lender to make, it does limit how much they can make. They will make their profits from closing costs, loan origination and other fees. However, they will not be making profit off of your monthly mortgage payments. If your not getting the wholesale or par interest rate, that means you are paying additional, and unnecessary money.

Obtaining Par Mortgage Rates is Not Impossible.
It is not impossible to find par or whole sale mortgage rates for the average homeowner. The key to getting these interest rates when refinancing a mortgage is finding the proper lender or bank. Typically smaller or mid size lenders and banks are most likely to offer you these options. They have less overhead and expenses, and can afford to profit only on the closing costs and refinancing fees, and not on the actual interest rate. While they may cost a little more in fees, the long term savings are more than worth it if you are able to obtain a whole sale interest rate.

Always Look Out for Mortgage Interest Rate “Premiums”
A lot of times, mortgage lenders and banks charge a “Yield Spread Premium” many homeowners already pay this fee and do not even know it. This is a commission bonus paid to the person who arranged your home loan. This bonus gets bigger the more they are able to overcharge you on your interest rate. This amount can be as much as 3% of your total loan cost. Always be aware of this fee, and ask about it before agreeing to anything.

Refinancing a mortgage
is a great move for a lot of homeowners. Many people can save a lot of money on interest rates and by getting better mortgage terms and conditions. Take action now, but always be aware and ask questions whenever you think of them.

-M Petrone
www.RefinancingCondo.com

Bad credit mortgage refinancing is easier than ever. That is because of a struggling housing market, mortgage lenders and banks who are eager to help homeowners avoid foreclosure, and President Obamas mortgage stimulus plan. These conditions have led to easier and more beneficial mortgage refinancing options than have ever existed before, for all homeowners. Here are some tips to refinancing a mortgage with bad credit.

Just a few years ago, trying to refinance a mortgage with bad credit, financial problems, or an upside down mortgage was nearly impossible to do at decent interest rates. These days though, things have changed. Now, the housing market is in really bad shape, and the overall economy is hurting. Mortgage foreclosures are at all time highs, and home values are dropping. Mortgage lenders and banks do not want to deal with more foreclosures, which could end up costing them money. Instead, they would rather help homeowners get an affordable mortgage payment, and help them keep their home. Also, new mortgage bailout programs are in place from the Obama administration which are designed at offering refinancing options for all homeowners, regardless of their problems. Combine this, and homeowners with bad credit will find that it is easier to get help today than it ever has been before.

The bailout plan alone will benefit millions of homeowners in all types of bad situations. Things like an upside down mortgage, bad credit, or financial problems are not reasons you will be denied a mortgage refinancing if this stimulus plan is used. That is because this program calls for homeowners everywhere to get refinancing approval, and mortgage lenders and banks to get money to help them do it. Every time a homeowner gets help with their mortgage, the lender or bank will get incentive money for helping them. This gives them even more initiative to help you, and a financial protection from potential losses.

To get the money though, mortgage lenders and banks need to do a few things for homeowners who want to refinance. Some of them include:

-Lowering mortgage payments to 31% or less of a homeowners monthly income.

-Lower mortgage interest rates.

-Extend the length of a home loan to lower payments.

-Offer refinancing options to homeowners who more on their home loan than their house is actually work.

-Help homeowners who are going through financial problems like loss of a job, reduced income, or other financial problems

Millions of homeowners are eligible to get help refinancing their mortgage into a better one that is more affordable. Many homeowners have already used this plan for themselves and are saving money, or have saved their home from being lost.

Use this plan for yourself, even if you have bad credit. Mortgage refinancing is easier than ever, contact your lender and ask about the stimulus plan.

-M Petrone
http://www.RefinancingCondo.com

Bank of America is participating in President Obamas “Making Home Affordable” plan. This mortgage bailout program will help millions of homeowners get a mortgage refinance or modification which will save them money, their home from foreclosure, or both. Homeowners all across the country can use Bank of America and these new programs for themselves. Here is some help getting started.

Mortgage refinancing and modification
have never been easier or more beneficial for a homeowner. Regardless of your financial situation, there are new programs designed to help prevent homes from being lost, and save homeowners a lot of money. Bank of America is one of the few approved mortgage lenders and banks who are approved to offer these new refinancing and modification options to homeowners. This is because they have proven that they will follow the programs guidelines, and offer help to struggling homeowners. As in incentive for doing this, Bank of America will get a cash incentive every time a homeowner is approved under the stimulus plans guidelines. This money is an incentive which lessens the financial risks and burdens of helping a struggling homeowner. Also, this money will enable lenders and banks like BoA to help even more people.

The thinking behind these programs from Obama is that no matter the situation, if a homeowners monthly payments are affordable, they will make them. That is why all homeowners who get help from this mortgage bailout will get a monthly payment that is no more than 31% of their gross income every month. This payment will also include taxes, and other loan and home expenses. This provides a huge reduction for many homeowners who are financially struggling.

Other benefits include the fact that now homes that have dropped in value, many people are upside down on their mortgage. Now though, using Bank of America mortgage refinance and this mortgage bailout plan, homeowners can owe up to 25% more than their home is worth, and still get approval for refinancing or modification on their mortgage.

All in all, millions of homeowners can benefit from using Bank of America and Obamas mortgage plan. Getting help is easy, contact Bank of America and see how you can benefit from this plan.

-M Petrone
http://www.RefinancingCondo.com

Homeowners all across the country are struggling to make ends meet. Many homeowners are going through financial problems, and are finding it very hard to make their mortgage payments. This has led to an all time high foreclosure and mortgage default rate. Because of this, President Obama announced his “Making Home Affordable” plan, to help homeowners. This plan is designed to help struggling homeowners by offering them new home refinancing or modification options which will drop their payments, and enable them to stop foreclosure, and keep their home. Here is what you should know:

There is over $75 billion in funds to assist homeowners. This money though, will be given to mortgage lenders and banks who follow the guidelines, and offer mortgage refinancing or modification options to homeowners. With this money, the lenders and banks are taking on less risk, and able to help more homeowners. Even people who have been declined in the past are finding it much easier to get the help they need this time around. This is because there are many benefits for homeowners who would have a hard time getting help without this plan. Some of the biggest benefits include:

-Monthly home loan payments that are not higher than 31% of a homeowners monthly gross income.

-Mortgage interest rates can be reduced to as little as 2%.

-The ability to extend a mortgage in length to up to 40 years in order to get the payments to an affordable level.

-Homeowners with bankruptcy or bad credit can get help for their home loan using this program.

-Homes which have dropped in value since purchasing them will now be able to get help refinancing or modifying into a better mortgage.

This is all possible because of President Obamas plan. It is obvious that the economy is hurting. That has led to a tough housing market where homes are dropping in value, foreclosure is at an all time high, and many homeowners just are not able to make their mortgage payments. That is why this program is designed to help struggling homeowners.

Instead of letting more homes be lost, lenders, banks, and the Government, would like to see the home loans modified or refinanced and give the homeowner a real chance to save their home from being lost. The plan is based around the idea that regardless of what else is happening, if a homeowner is able to actually afford their home loan payment, they will make it.

Millions of homeowners are able to use this plan for themselves and get the help they need to prevent their home from being lost. Do not let bad credit, or other financial problems hold you back. Find the help you need today, and save your home.

-M Petrone
http://www.RefinancingCondo.com

Foreclosures are currently at an all time high, home values are rapidly declining, and the housing market is unstable at best. These times have created stressful, and huge financial problems for homeowners all across the country. Unfortunately, some homeowners are being taken advantage of, and it could cost them their home, a lot of money, or both. Here are some of the most popular scams a homeowner may be lured into when facing foreclosure or mortgage modification.

1)Know the Methods of Advertising Most Common for Scam Artists and Con Men
The most common methods mortgage scams use to contact homeowners is through mail, email, and phone solicitations. A lot of scam artists also use television and radio commercials with nice, slick sales pitches with huge promises for homeowners.

Most of the time, these scams are based around the fact that the company you are working with is not a mortgage lender or bank at all. They often disguise themselves as mortgage consultants. This is an extremely broad title, and means absolutely nothing. They will charge homeowners thousands of dollars and promise that they can find them a good mortgage interest rate, an approval, or lots of other things. They rarely come through with what they promised, and do they exact same job you are able to do easily and for free, and get the same results.

2)Homeowners should check into the credentials of any mortgage companies or professionals.
Your home is the most expensive thing you will ever own in your life. Do not risk it to a fly by night company with no reputation or history. Always perform checks on potential mortgage lenders and look for warning signs it may be a scam.

-You should check is that the company is actually on record with your state.

-Check the companies performance record with the state, and how long they have been in business.

-Be sure to know whether or not they are considered a non profit or for profit company.

-Be sure to check the individuals references and experience.

-Ask for the name of the legal consultant who will be handling the closing and paperwork.

3)How does this scam work?
Typically, these scam companies will request a large, non refundable, up front fee. For this fee, a scam artist will claim that the costs of refinancing or home loan modification are covered, and no extra money is needed. They claim to know how to work the mortgage lender or banks in your favor, and that they can get you a great deal. In reality, they do very little, if anything at all. They usually do not have the know how or experience needed to properly find good deals for homeowners. If they do anything at all, you can do the same thing for free in 15 minutes or less.

Always remember that if it sounds to good to be true, it probably is. Do not fall victim to predatory mortgage lenders. Protect yourself.

-M Petrone
http://www.RefinancingCondo.com

Get extra cash for the holidays by refinancing your mortgage. Cash out refinance is one way a homeowner can easily get a large sum of money, with low interest rates. This is especially a popular option around the holidays as homeowners feel the effects of having no cash. Many people are able to get cash from their homes equity before Christmas. Find out how:

Getting a cash back refinance is just taking out a new home loan, replacing your old loan with it, and pocketing the difference. Many homeowners are surprised at the amount of equity they have built up in their home. The bigger surprise will be when you realize that a cash back refinance provides much better interest rates than nearly any other loan. That is why so many homeowners look into this option for themselves.

Around the holidays, cash back refinancing is more popular than the rest of the year. Many people realize around this time of year that they do not have enough money to make ends meet. Between needing to give gifts, provide family dinners, and other holiday expenses, many homeowners get behind on their bills. That is when the realization sets in that unless something drastic happens, bills wont get paid.

Cash back refinancing is just taking out a new home loan, replacing your old loan with it, and pocketing the difference. While it is not a good idea to spend this money on things that are not needed, many homeowners find it very helpful to have a few extra dollars and be able to pay their bills around the holidays.

Contact your mortgage lender or bank today and ask about cash out refinancing options. If you act now, you can get help before Christmas. Take action.

-M Petrone
http://www.RefinancingCondo.com

To truly benefit from a mortgage refinance, the new interest rates must be lower than your previous rate. With the housing market in the condition it is, and the economy struggling, interest rates are near all time lows. However, homeowners should take advantage of the low rates now available because I predict that mortgage rates will increase in 2010.

A typical 30 year fixed mortgage can be gotten for around 4.99% right now. This is nearly half of the rate that homeowners who purchased a few years ago pay. The rates are low because of a weak housing market, Government programs to help homeowners, and the slow economy. The hope is that with interest rates this low, homeowners will refinance and save their homes from being lost, or a lot of money in interest. Also, rates are so low to entice home buyers, and owners, to take action, renegotiate, and spur some market activity. However, I do not think mortgage rates will stay this low.

I predict that in 2010, mortgage rates will rise by at least 1% to around 6% for a typical fixed 30 year mortgage. While this does not seem like much, in reality even 1% can make a huge difference in your monthly mortgage payments. I think that this will happen around April 2010, and last throughout the entire year. This will happen due to increased housing market activity, and signs of a recovering economy. The only reason rates are low right now is because everyone is afraid of the housing market bottoming out. I think it already has and the rates will not get any lower than they are now. Once there is a little stability in the housing market, mortgage lenders and banks will want to start to recover some of their losses, and fatten the potential profits and margins for their future. The only way this can be done is through increasing interest rates.

Homeowners who have thinking about refinancing a mortgage should consider taking action sooner rather than later. I think that interest rates will rise, and that will mean many people will not be able to benefit from refinancing a home loan. If you can, take action now and ensure you get the best interest rates possible.

-M Petrone
http://www.RefinancingCondo.com

With the financial problems that millions of homeowners are facing, foreclosure and mortgage default are at all time highs. To counteract this, the Obama administration has enabled a $75 billion stimulus program to bailout homeowners, and stop homes from being lost. Millions of homeowners can now use these programs and get a mortgage refinance or modification for themselves. Here is how it works.

This stimulus program will lower a homeowners monthly payments to an affordable 31% of their gross monthly income. This includes any homeowner fees, taxes, and insurance. However, there are some requirements which must be met prior to getting help from the bailout program. Some of those requirements are:

-Pay stubs, tax returns, and expenses will all need to be verified to take advantage of the Government bailout programs. This information is required when applying and cannot be done without it.

-The home loan must have been closed on before January 1st 2009. Any home bought or closed after this date will not be eligible to use the Governments stimulus program at this time.

-The home loan must have a balance of no more than $729,000. At one point, it could have been higher, as long as you owe less than that tough you can get help from the mortgage bailout plan.

-Only the homes primary mortgage can be refinanced or modified. No second mortgage help is available through this plan for homeowners.

-Homeowners must live in the home as a main residence in order to get assistance from the Government bailout program.

Homeowners who are able to get help will benefit from reduced monthly mortgage payments, and the chance to save their home from being foreclosed on. Depending on the homeowners financial situation, mortgage interest rates can be reduced as low as 2%, or some of the loans principal can changed to help homeowners. This is all because of the new bailout plans available from Obama.

Literally millions of homeowners can get help with this stimulus program. Act now and get the help you need before your situation gets worse.

-M Petrone
http://www.RefinancingCondo.com

Homeowners who are having a hard time paying their monthly mortgage payment, are facing “Financial Hardships”, are facing foreclosure, or want to save money every month should take advantage of President Obamas “Making Home Affordable” plan. This recently enacted plan allows homeowners to get 2% fixed rate home mortgages through refinancing or loan modification. Here is how you can take advantage:

To take advantage of President Obamas plan for yourself, you must meet these guidelines and eligibility requirements:

-Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.

-The home which is to be refinanced using this “Making Home Affordable” plan needs to be lived in as a primary residence by the actual homeowner. Homes used as investment, or second properties are not covered under this Government backed housing bailout program.

-With such a bad housing market and economy, homeowners can now refinance or get a home loan modification even if they owe as much as 105% of their homes actual market value. This will assist a lot of homeowners who have been making their payments, yet have seen their home values drop as a result of the tough economy.

-Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments.

This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure. Refinancing and loan modification are now easier and more beneficial for a homeowner than they have ever been before. If you need to save money to save your home, or pay off other mounting debts, use this plan now and start seeing the huge savings every month. You at least should look into the potential savings that you may be able to get by talking to a mortgage lender or bank. Do yourself a favor and act now before it is too late and you lose your home, or this program is gone.

-M Petrone
www.RefinancingCondo.com

Wells Fargo and President Obamas mortgage stimulus plan will be able to help millions of homeowners. Now, getting a more affordable monthly home loan is easier than ever, regardless of your financial situation. Here are some things you should know about mortgage refinancing with Wells Fargo and Obamas stimulus plan.

Homeowners will find it much easier to get help refinancing a mortgage than it has ever been before. Even homeowners with bad credit, mortgages, or other financial issues will get approved. Wells Fargo receives a cash incentive from the Government every time they approve a homeowner for refinancing or mortgage modification in accordance with the stimulus plans rules. This money enables them to take on less financial risk when approving homeowners, which will allow them to approve more people than ever before.

The rules of this stimulus plan are great for homeowners who are at risk of losing their home, or are having financial problems. Some of the bigger benefits for homeowners include:

-Mortgage payments which are not more than 31% of a homeowners gross monthly income.

-The ability to refinance a home even if you are upside down in your mortgage.

-Bad credit and financial hardships are acceptable to have as long as you write a brief letter describing the problems, and your possible solutions.

Many homeowners are struggling. Wells Fargo and the Government knows this, and that is why these stimulus programs are in place. Take advantage of this great chance to get a better mortgage, and save money or your home from being lost. Do not let your situation get worse, it will only be harder to fix. Do something now and contact Wells Fargo.

-M Petrone
http://www.RefinancingCondo.com

Many homeowners are interested in getting a mortgage refinance as fast as possible. However, in the rush to lower your interest rate, or monthly payments, many homeowners overlook some important things about their mortgage refinance deal. Here are some pitfalls which are easily avoidable and will make your refinancing even better, and more beneficial.

1)Avoid High Closing Costs
A lot of times, homeowners do not realize until it is tool ate that they are paying too much in closing costs and fees. Different mortgage lenders and banks charge different rates for closing on a mortgage refinance. Depending on the lender or bank, the costs will vary greatly. Before you agree to any refinance deal, ask for the closing costs and fees to be written down on paper. This way you can ensure you do not get hit with unexpected fees and costs.

2)Get Your Quoted Interest Rates and Refinance Package in Writing
Many lenders and banks are quick to make promises which will not actually apply when the time comes for you to refinance. To prevent this, ask for a written quote. Make sure this quote includes all closing costs, interest rates, and other fees. Typically, this quote will only be valid for a few business days after it is written. When searching for a mortgage refinance, if you find a lender you like, ask for a written quote. This will help make sure you get the best deal possible.

3)Always Shop Around for the Best Deal
There are a lot of mortgage lenders and banks who are willing to work with you to get a refinancing. These banks and lenders will have a lot of different loan options for you to choose from. If you plan ahead, it will give you plenty of time to evaluate these different loan types. Also, be searching different lenders and loan options, you are ensuring you get the best deal possible. Do not just agree to refinance with a random lender or bank. Make sure you take some time, and properly evaluate the options they give you.

Do not fall victim to these common mistakes when refinancing a mortgage. Homeowners everywhere are looking into refinancing to save money, or their home from being lost. Take action before things get worse, and start preparing for your refinance early.

-M Petrone
http://www.RefinancingCondo.com

Ditech and GMAC have been approved to offer new stimulus plan options to help homeowners get a mortgage refinance or modification. This stimulus plan has over $75 billion in funding, all of which is to help struggling homeowners. Ditech and GMAC are now offering new options to homeowners to prevent them from losing their home, save money, or both. Here is some things you should know.

Ditech and GMAC are some of the largest, most respected, and well known lenders in the industry. Now, they can offer stimulus plans to homeowners who would have lost their home to foreclosure or mortgage default. This is possible because of cash incentives now being given to the selected few lenders and banks who are authorized to offer the stimulus plan to homeowners. Every time Ditech or GMAC approve a homeowner, they will get cash from the Government. This money enables them to take less financial risk, and help more homeowners than ever before.

Now, homeowners who have all types of financial or mortgage problems can get help. Even homeowners who:

-Have an upside down mortgage.. Now homeowners can refinance even if they owe up to 25% more than the homes actual market value.

-Are facing financial hardships and other problems. These can include loss of job, reduced income, hospital bills, or other debts.

-Have missed or been late on home loan payments.

-Who have bad credit, low or no equity in their home, and who have no money to pay for closing costs and fees.

This is all because of the mortgage bailout plan. Ditech and GMAC are eager, and now more than ever, able to help millions of homeowners. The thinking behind this program is that if a homeowner is able to make their payments, they will stay in their home, regardless of the housing market. This plan would bring a homeowners payments to less than 31% of their gross monthly income. This will be a dramatic decrease in payment amount for many homeowners, and could help them save money, or their home.

GMAC and Ditech can help you. Contact them today and see what the benefits of this stimulus plan can mean for you and your home loan.

-M Petrone
http://www.RefinancingCondo.com

Need help refinancing your mortgage? Have a monthly home loan payment that is too high? Want to take advantage of low interest rates? Well then there is some good news. President Obamas “Making Home Affordable” mortgage bailout plan is designed to help struggling homeowners get a better, more affordable, monthly mortgage. Here is how you can use this plan for yourself:

Right now, over $75 billion is going out to help homeowners get a better mortgage. This money is being given to mortgage lenders and banks as cash incentives to help homeowners. The only way to get this money is to approve a homeowner for mortgage refinancing or modification according to the stimulus plans guidelines. Mortgage lenders and banks will be able to help more homeowners because of this money. It will allow them to take more risks, without as much financial risk.

Even homeowners with bad credit, financial hardships, or mortgage problems are eligible to use this plan for themselves. The goal is to get homeowners into affordable payments so that they do not lose their home. Right now, foreclosure and mortgage default are at all time highs. This plan aims to help all homeowners from losing their home.

Even if you have been denied help refinancing before, odds are you can now get the help you need. All types of bad situations are covered under this plan, and millions of homeowners can use it for themselves. Take advantage of this program, and do not let your home be lost to foreclosure. If you need help, it is available. Take action, lower your monthly mortgage payments, and save your home from being lost.

-M Petrone
http://www.RefinancingCondo.com

Are you a homeowner struggling to make their monthly loan payment? Do you need to save money every month? Are you at risk of losing your home to foreclosure or mortgage default? Well, President Obamas mortgage stimulus plan allows this. Loans can be extended in length or mortgage rates can be dropped to as low as 2% through refinancing or home loan modification. Here is information to help homeowners use this plan.

-Homeowners facing financial hardships can get refinancing or home loan modification into a new, low interest, lower payment, mortgage. This is possible because of new refinancing an mortgage modification options which are available through Obamas housing stimulus plan. These hardships can include things such as a loss of job, reduced income, hospital bills, and a lot of things which are out of the homeowners control. Typically, a homeowner would have a hard time getting approval for refinancing or modification of their home loan, but this plan helps. A homeowner should write a brief letter stating their financial hardships, what they plan to do about them, and why refinancing is so important, and include it with your application.

-Homeowners who have a mortgage through Fannie Mae or Freddie Mac, and pay more than 31% of their gross monthly income, are eligible for home loan modification. This is automatic eligibility and will result in a monthly payment that is less than 31% of the homeowners monthly income. Mortgage rates can be lowered as low as 2% in order to achieve this. Also, the length of the home loan can be extended up to 40 years, which also lowers the payment.

-Mortgages that are worth more than the homes market value are also eligible for refinancing. Typically a homeowner would need 20% equity in their home, or the cash difference to get approved for a refinancing. Now though, this plan from Obama allows homeowners a chance to refinance even if they owe more than the homes value.

This plan will help millions of homeowners who refinance or get a home loan modification. Mortgage refinancing and modification have been extremely popular options for homeowners looking to save money, or their home. Take advantage of the low interest rates, and this Government plan, and apply for a mortgage modification or refinance today.

-M Petrone
www.RefinancingCondo.com

Homeowners everywhere are losing their home to foreclosure and mortgage default. Mortgage refinancing and modification though may prevent many people from losing their home. New Government programs designed to help struggling homeowners are now in effect. These programs make getting a mortgage refinance or modification easy, no matter the situation a homeowner is in. CitiMortgage has been approved to offer these new plan options to homeowners. Their Loss Mitigation Department knows exactly how to help homeowners, and this plan offers them more ways they can help a homeowner.

Home Loan Modification or Refinancing with CitiMortgage
Programs which were previously offered by the Citimortgage loss mitigation department have been enhanced through the Governments money. Now, CitiMortgage even receives a cash incentive to help homeowners, all provided by the Government. This money will allow them to help more homeowners, even struggling ones, with less financial risk to them.

Now homeowners will be able to get a mortgage payment which is lower than 31% of their monthly income, all through refinancing with CitiMortgage and Obamas stimulus plan. The thought is that no matter the housing market, if a homeowner can afford their home, they will keep it. Many homeowners are refinancing into fixed rate mortgages, and leaving their ARM loans behind. This offers stable monthly payments, and low interest rates.

To meet the requirements from the Governments plan, CitiMortgage can lower interest rates, or change the length of the home loan. Whatever it takes to lower payments to an affordable level is open for change.

How to Apply for Mortgage Refinance or Modification with CitiMortgages Loss Mitigation Department

Homeowners who are late on their payments ill most likely be contacted first with options that can help them. CitiMortgage is very good about being proactive and helping homeowners before their situation gets worse. However, if anything you can always contact the loss mitigation department. They will be the people you work with, and the only ones who can offer you the stimulus plan options.

Homeowners will need to have a letter of financial hardships which states their problems, and possible solutions. Include a new budget with your expenses and income, and have your expected mortgage payments in it. This will show CitiMortgage what your finances are, and what you can afford. Sometimes a CitiMortgage representative will actually come to your home. In this case be sure to have all information they may need, and try to be helpful.

Mortgage refinance and modification is truly much easier with these new programs from CitiMortgage and the Government. Use them to your advantage today.

-M Petrone
http://www.RefinancingCondo.com

Bank of America is able to offer struggling homeowners a mortgage refinancing or modification option which will allow them to save money, and their home. This is all possible because of President Obamas "Making Home Affordable" program. This plan is funded with over $75 billion all destined to help homeowners get a better, affordable, mortgage. Here is how it works, and what Bank of America can do for homeowners in all types of bad situations.

Getting mortgage refinance approval has never been easier than it is right now. A few, worthy, qualified, mortgage lenders and banks have been selected to offer this stimulus to homeowners. Bank of America is one of those lenders. They will get money every time they help a homeowner. This money comes from the $75 billion mortgage bailout. With the incentive to help homeowners, they need to follow the programs guidelines. Those include:

-Approving homeowners for mortgage refinance even if they owe up to 25% more than the homes market value.

-Helping homeowners who have financial hardships or other problems.

-Not making a homeowners monthly mortgage payment more than 31% of their gross monthly income.

-Helping homeowners get a better mortgage even if they have declared bankruptcy, missed mortgage payments, or have been late on some payments.

Besides being one of the biggest, most well known, and most popular banks in the country, Bank of America mortgage refinancing is now even better because of new stimulus plan options available to homeowners. With these new p;ans, homeowners can avoid losing their home, or paying money that they can barely afford. Mortgage refinancing and modification are easier than ever for millions of homeowners. Contact Bank of America today and see what they can do for you.

-M Petrone
http://www.RefinancingCondo.com

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
http://www.RefinancingCondo.com

With the financial problems that millions of homeowners are facing, foreclosure and mortgage default are at all time highs. To counteract this, the Obama administration has enabled a $75 billion stimulus program to bailout homeowners, and stop homes from being lost. Millions of homeowners can now use these programs and get a mortgage refinance or modification for themselves. Here is how it works.

This stimulus program will lower a homeowners monthly payments to an affordable 31% of their gross monthly income. This includes any homeowner fees, taxes, and insurance. However, there are some requirements which must be met prior to getting help from the bailout program. Some of those requirements are:

-Pay stubs, tax returns, and expenses will all need to be verified to take advantage of the Government bailout programs. This information is required when applying and cannot be done without it.

-The mortgage must have been finalized and closed on before January 1st 2009.

-The amount due on the home loan is less than $729,500. It could have been more, but as long as the remaining balance is less than this.

-This stimulus program can not be used for second mortgages, or investment properties.

-Only homes in which the owner lives in as a primary residence will be allowed to take part in the stimulus program.

-The homeowners income needs to support the new mortgage payments and must be verified.

-Homeowners with financial hardships need to include a brief letter explaining their situation, and solution. Include why your home is so important, and why you are very serious about saving it. This will help you get the approval you need.

Homeowners who are able to use the Governments stimulus program will receive smaller monthly mortgage payments which will not be more than 31% of their gross income. To achieve this, a homeowner can have their interest rates dropped to as low as 2%, some of their principal deferred, or many more benefits.

There are even rewards available for homeowners who have used this plan and been successful making their home loan payments. Every time a home loan is refinanced or modified according to the Governments stimulus, and the homeowner is able to make 3 months worth of payments on time and in full, they will be rewarded. As much as $1000 can be deducted from the principal amount every year, for up to five years. This will further increase the likelihood you will be able to stay in your home, and not lose it.

Homeowners all across the country are encouraged to get help by using this stimulus plan for themselves. Millions of homeowners can use the billions of dollars and get help for their financial, and mortgage problems. Take action now and use the Governments programs to help you.

-M Petrone
http://www.RefinancingCondo.com

Typically, homeowners wait around seven years or less before they sell, or decide to refinance their mortgage. With interest rates as low as they are now, many homeowners are refinancing much earlier than usual. Here are some good and bad reasons to refinance a home loan.

Refinancing May Be a Good Idea If:

-You can get a lower interest rate, with no additional cost to you. No point, no fee loans have been very popular for over 10 years. If your home loan is big enough, you may qualify got this type of no fee loan. This may be a very obvious decision for many people, and not so obvious for some others. Many people can reduce their mortgage payment amounts, or, even better, reduce the length of their home loan.

-You have a good reason to use the equity you have built in your home. While you should not use your home to buy things that you do not really need but it can come in handy for serious expenses. Some of the better reasons for a cash back refinance are home improvements, paying tuitions, hospital bills, or debt consolidation. The money you can get from a cash back refinance is often at a much better interest rate than a personal loans rate.

-There is a balloon payment that will be due on your home loan. This can be an enormous cost, and many homeowners just do not have the money to cover it, even though they knew it was coming. Refinancing can help you control this, and possibly use some of your homes equity to cover it.

-You wish to refinance into a new mortgage from your adjusted rate mortgage. Many homeowners have an ARM loan which has risen in rates, causing them to have to pay much more every month for their mortgage. If the closing costs are not too high, refinancing into a stable, fixed rate mortgage may be a good decision.

Mortgage Refinancing May Be a Bad Idea If:

-You will have to pay a mortgage prepayment penalty. Many home loans have this fee built into them and it usually costs around 2% of the total home loan amount. Most homeowners who have this fee in their mortgage do not even know it exists until they try to refinance. Contact your mortgage lender or bank and ask about the fees associated with your mortgage if you do not already know them.

-If you have been in your home loan for a long time, say 15 or 20 years into a 30 year loan, you may not truly benefit from refinancing. Although you may be able to get better interest rates, you would also be extending the length of your home loan which will end up costing you much more in the long run.

-If your credit rating has gotten worse since you purchase your home, or you have missed some payments on either credit cards or home loans, the interest rates you will qualify for may not be so good. It is probably a better idea to wait, try to fix your credit as much as possible, then attempt to refinance. This way you will get truly beneficial mortgage rates.

-If your credit is either maxed out or near its limit, and your home has little to no equity left in it, refinancing ma not be worth it. Many traditional mortgage lenders and banks need 20% equity in order for you to get approved for refinancing. Homeowners who want cash back may need 25% or more in equity in order to do it. Otherwise, your interest rates will be much higher than they could have been.

-M Petrone
http://www.RefinancingCondo.com

Mortgage refinancing can save a homeowner a lot of money over the course of the loan. However, this is only a good thing to do if it is done properly, and at the right time. Here is some basic advice as to when to get a refinance, and how to ensure you do not get ripped off.

Deciding When to Refinance a Mortgage
When deciding if a refinancing is the right thing for you, take the following things into consideration:

1)How long do you plan on living in the home? If you are not planning on living there for much longer, a refinance may be too costly to see any benefit from. Always know what your break even period is and make your plans from there. If you are trying to sell your home in a year or two, refinancing may not be a good choice for you. Also, there may be prepayment penalties which you need to be aware of.

2)What is the new interest rate? When refinancing if you do not get a lower interest rate, you will be paying thousands of extra dollars for your home loan. It is always recommended that you try to get a fixed rate mortgage, with the lowest interest rates possible. This is one of the best ways to see the full benefits of a mortgage refinancing.

3)Closing costs always need to be considered. These fees and costs need to be accounted for when doing the math. If the interest rate is not low enough to recover these costs in a reasonable amount of time, refinancing may not be a good decision at all.

4)Cash out refinancing. Home equity loans, or cash out refinance options may be a great thing for a homeowner with financial problems that need cash. However, you must consider the loss of built up equity you will face, and the costs of borrowing must be calculated. Always have a good plan for the money, and think long term.

Be Ready, and Shop Around for the Best Mortgage Refinance Deal
Before you start the home refinancing process, it is advised you request a copy of your credit report. Look at it and see if there are any problems you can fix, or errors which need to be corrected. Try to improve this report as much as possible, remember every little bit helps. The better this report is, the better interest rates and options you will get.

Typically, a homeowner should compare 4 or 5 different lenders and banks before choosing a refinancing package. Always have written quotes which include all the terms, conditions, and rates of the potential refinance deal. Also, be sure you are completely aware of all the costs associated with refinancing a mortgage and then decide which loan option is best for you.

Homeowners should be cautious of letting a potential mortgage lender or bank request a copy of your credit report. Each request will actually count against your credit rating. The best thing to do is have your own updated credit report, and make copies of it to give to lenders and banks. Let them know that if they are the ones who are selected to help them with a refinance, they will then be allowed to obtain the needed information.

Avoid or Try to Reduce Possible Mortgage Prepayment Penalties
These payment penalties can often add up to 6 months of extra payments to the cost of your mortgage refinance. Many banks and mortgage lenders are more than willing to work with homeowners who have these fees, and can reduce them or other things to win the customers business.

Approach potential mortgage lenders, and inquire if they are able to absorb some or hopefully all of the prepayment penalty. While some will say no, many will consider it, especially if the homeowner has other potential business they can being to the table for the future.

Watch Out for No Cost Mortgage Refinancing Options
Typically, if a deal sounds to good to be true, it is. Mortgage refinancing is no different. Sometimes a mortgage lender or bank will offer a “No Cost” mortgage refinance option. Homeowners should know that the costs and fees are just added into the loans total amount, which increases both the loan amount, and your monthly payment. So no matter what, there are always some kind of closing costs or fees which are eventually paid in one way or another. If they are added into the loan, you end up paying interest on these fees for the loans length. This will cost you thousands of extra dollars.

Closing costs are typically 3%-4% of the homes total price. Always get details in writing from a lender or bank to protect yourself, and your home. Ask mortgage lenders or banks what there closing costs are, and further question the ones who are above average. Make sure low cost closing deals are carefully scrutinized to make sure there are no hidden fees.

A mortgage refinance can be a good decision for homeowners who can reduce their interest rates, lower monthly payments, save money, or use their homes equity. Having a general idea of the process, closing costs and options will help ensure you get the best deal possible.

Mortgage refinancing can be a great move for homeowners with an opportunity to reduce interest rates, lower their monthly payments and save money over the life of their mortgage. Understanding all of the costs involved is critical to getting best mortgage refinancing deal.

-M Petrone
http://www.RefinancingCondo.com

Do you owe more than your home is worth? Have financial problems and want to refinance into a lower monthly mortgage payment? Been denied a refinance in the past? Do not panic. New Government stimulus programs are in place to help. This stimulus program has over $75 billion in funding and can help over 8 million homeowners. Here are some things you should know.

Right now foreclosures and mortgage defaults are at all time highs. Also, the housing market is in terrible shape. This means that many lenders and banks are willing to help homeowners so that they do not have to deal with another foreclosure. Also, the Government stimulus programs will give cash to lenders or banks who help homeowners. This money is an incentive to take the risk, and approve a homeowner for refinancing or mortgage modification into an affordable monthly payment. With this incentive money, the lenders and banks are risking less financially and able to approve even more homeowners than they would have been able to.

All types of financial hardships and mortgage problems are not going to stop a homeowner from getting a mortgage refinance or modification approval. Now, a homeowner can owe more than the home is worth in the market, and still get approval for refinancing. Even homeowners with financial hardships like loss of job, hospital bills, a bad mortgage, or other debts, will find it much easier to get help with refinancing or mortgage modification. This means that millions of homeowners, who would not have gotten help with their home loan in the past, will not find it much easier to get approved for help.

Homeowners all across the country are encouraged to take action, and get into a better, more affordable, mortgage. Use this stimulus plan for yourself, save a lot of money, your home from being lost, or both.

-M Petrone
http://www.RefinancingCondo.com

Homeowners invest hard earned money into their homes year after year. Sometimes, homeowners use that investment for themselves and find it a great solution to a financial problem. Refinancing your mortgage with an FHA loan can be a great way to put that home equity to use.

Many homeowners use their homes equity to pay off debts, college tuition, home improvements, or anything else you will need help with financially. Remember though that an FHA refinance is only available to homeowners live in the home as a primary residence. They cannot be used for second, investment, or vacation properties.

FHA has a few different choices for homeowners who are thinking about an FHA mortgage refinancing:

FHA Cash Out Mortgage Refinance
This option is especially good for homeowners who have seen the value of their homes increase since they purchased it. Cash out mortgage refinance will allow a homeowner to refinance with a bigger loan than they have now, and pocket the difference. The home equity you have built up over the years is put to use in getting you a larger loan than you already have, and a large amount of cash.

While not all the time, it is better to get a cash out refinance after you have a decent amount of equity built up in your home. Typically, homeowners should have more than 20% equity in their home to consider a cash out refinance to ease financial problems. Another good thing is that this is usually a much better interest rate than a personal loan would be at.

Streamlined FHA Mortgage Refinancing Options
This is considered a streamlined option because it allows a homeowner to quickly reduce interest rates on their mortgage, often without an appraisal. This FHA streamline refinance option also reduces the amount of paperwork involved on the lenders side. This saves both time and money.

Homeowners who want to use the quick option need to already have an FHA mortgage which is in good standing. Also, it is necessary that the refinance does reduce your interest rates. While this option does not allow you to get cash back from your homes equity, it does quickly reduce your payments and interest rate. This is a great option for homeowners looking to minimize expenses and save as much money as possible.

-M Petrone
http://www.RefinancingCondo.com

Homeowners are often eager to refinance their mortgage and get cash back or a better interest rate. Many times, in the rush to save or get money, people make mistakes and overlook some things which can have a big effect on the expected benefits of refinancing a mortgage. Here are six home loan refinancing pitfalls homeowners should avoid:

1)Closing Costs and Fees which are Too Expensive
Many homeowners do not realize that these costs can often be thousands of dollars when everything is done. However, these costs vary dramatically among lenders and banks, and the only way to find out is to ask for a written estimate. With the estimates in hand, you can easily see which ones are too expensive, or question the lenders or banks who give you extremely low cost quotes.

2)Not Getting Interest Rates Locked In
Mortgage lenders and banks are often quick to quote you an interest rate. However, they will rarely offer you a written quote. You need to actually request this as it will lock in the quoted rate for a set amount of time. If you find a mortgage rate from a lender you like, ask them for a formal written confirmation of that rate. Also, make sure you know exactly how long that offer is good for. Make sure this is all in writing with the lenders signature.

3)Not Comparison Shopping
Especially these days, there are a lot of different banks and mortgage lenders who offer a wide variety of mortgage refinancing options. Planning ahead and giving yourself time to compare different refinance offers will really be worth it in the end. Also, be sure to let the lenders know you are actively hunting for the best deal. This will pressure them to offer you a good competitive refinancing package.

4)Getting Mortgage Refinancing too Often
While refinancing a mortgage can be a great move for many homeowners, there are costs and fees involved. It will always take some time to recover from these costs, and truly start to benefit from a refinance. Homeowners who get mortgage refinancing too often run the risk of never regaining the money they are spending on closing costs. Always be sure to do the math and figure out when you will break even from a refinance.

5)Not Considering Prepayment and other Mortgage Fees
Many home loans have a penalty within them that states if the loan is paid off to early, the penalty is enacted. This penalty always needs to be paid when refinancing a mortgage. Contact your lender if you do not have a copy of your mortgage and review it for these penalties. Make sure you account for the cost of them if indeed you have to pay them.

6)Too Much Cash Back from a Refinance
If you have a decent credit rating, many lenders and banks will offer you options that are for more money than you need. However, always keep in mind that this money will need to be paid back. Avoid the urge to get more money than you need when getting a cash back refinance. You should try to borrow as little as possible.

Homeowners make these mistakes all the time. Be sure you avoid these common mistakes, and get a beneficial mortgage refinancing for yourself.

-M Petrone
http://www.RefinancingCondo.com

Many homeowners are reporting problems with getting a Chase mortgage modification. In fact, a lot of people are saying that Chase has charged them over $700 in fees, with no real intent of delivering on any promises of a mortgage modification. People are complaining and we are listening. Here are some of the common problems Chase is giving homeowners who are applying for a home loan modification.

By far, the most common complaint against Chase is involving their mortgage modification options. Many homeowners have reported that after talking to Chase, they were convinced that the $750 fee they were paying would help them in getting a home loan modification. However, the case has been that many of the homeowners who pay this fee upfront receive no real benefits. Actually, most of the time, the homeowner ends up paying over $750, and getting absolutely nothing in return.

These homeowners have been promised that they would qualify for a mortgage modification, get a lower monthly payment, and save money. The truth is though that a lot of the people were merely lining the pockets of Chase, and receiving half halfhearted, if any, attempts at a loan modification. These people who were basically scammed out of their money had trust and faith in Chase. After all Chase is one of the biggest banks in the country, it did not seem to make sense that they would rip people off over $750. The truth is though, they did, and still are.

Even long time customers are reporting the same stories of losing $750 to Chase over a loan modification they never got. Most of the time, the people are saying that after paying the fee, getting in touch with their Chase representative was near impossible. Even worse, they say they were contacted only to inform them they were not approved. That means they $750 thinking they were going to get help. Instead they got robbed.

Take extreme caution when dealing with Chase bank and mortgage services. They have a long history of squeezing out, and apparently straight scamming, people out of their money. The best thing to do would to be avoid Chase all together.

-M Petrone
http://www.RefinancingCondo.com

Homeowners with mortgages from either Fannie Mae or Freddie Mac are eligible to get a mortgage modification from new Government stimulus programs. These programs allow homeowners to take advantage of low interest rates, and save money on their payments, or their home home from being lost. Getting a mortgage modification using this stimulus plan and Fannie Mae or Freddie Mac is easy.

The new guidelines for mortgage modification with Fannie Mae or Freddie Mac are very beneficial for millions of homeowners. Especially these days, many people need help with their home loan, and this plan is designed to help struggling homeowners in all situations. A huge part of this Government program is the fact that all homeowners who pay more than 31% of their monthly income to their home loan, are now able to get a modification into a lower interest rate. This 31% figure also includes taxes, insurance, and other fees. This will be a major reduction for millions of homeowners, and could help save homes from being lost to foreclosure or default.

Even homeowners who owe more than the home is worth, or who have bad credit and other financial problems can easily get help from this program. In fact, this program is designed to benefit those homeowners the most of all. This plan has over $75 billion in funding, and all homeowners with a loan from Fannie Mae or Freddie Mac can benefit from it.

Never before has such a widespread plan been enacted which will help so many homeowners. Everyone with a mortgage from Fannie or Freddie is encouraged to contact them and see what help is available, and what the plan will do for them. Many homeowners have already used this program for themselves, but millions more are eligible to. Take action now.

-M Petrone
http://www.RefinancingCondo.com

Many people are scared of trying to get a mortgage refinance because of their bad credit rating. Even more popular are homeowners who think there is no way they can benefit from a refinancing because their credit score is too low. However, that is not necessarily true. Interest rates are extremely low, and there are plenty of mortgage lenders and banks who will be happy to work with you. Here is some good information on how to start a mortgage refinance with bad credit.

The first thing a homeowner needs to do when they decided a refinancing can be good for them is review. Review all of your related financial information for mistakes and errors. Many homeowners find out that there are indeed small errors. Many times these errors can increase your interest rates, or get you denied on your application. That is why it is always advised, especially for homeowners with bad credit, that they review all documents that they will need to turn in prior to actually doing it. Also, having all the necessary paperwork ready, sorted, and at hand, will make the process easier, and show your lender or bank that you are committed to making this process as simple as possible.

When you get your paperwork together, take your time and review each document for errors. If you find any, immediately notify the company which needs to change it. Doing this sooner than later will save you a lot of time and frustration. For homeowners with bad credit, it is extremely important you check for anything that is wrong.

The next thing a homeowner should do is contact a wide variety of mortgage lenders. With bad credit, a homeowner will be limited to a few loan choices, and many lenders or banks will not even offer you any help. That is why it is crucial that you shop around your situation to a number of different lenders and banks. Try some of the big names first, than start using the internet to find some web based companies. Many times, these smaller companies remain competitive because of their low costs and great loan options. Also, look into what a sub prime mortgage lender an offer you. While a sub prime lenders rates are typically higher, the benefits and choices they provide often make up for it when a homeowner has a bad credit history.

These are the two most important things a homeowner with a bad credit history can do for themselves prior to refinancing a mortgage. While they seem simple, many people just rush into the process only to find out later that they could have gotten a much better deal. Do not let your credit situation prevent you from getting the help you need. Interest rates right now are so low that millions of homeowners, regardless of their finances, are able to get help. Take action now.

-M Petrone
http://www.RefinancingCondo.com

New Government programs make refinancing a mortgage, even for homeowners with bad credit or other financial problems, easier than ever. Over $75 billion is available to help struggling homeowners avoid losing their home, and get a better, more affordable, mortgage payment. Millions of people can use this plan for themselves. Here is how.

Mortgage lenders and banks receive cash incentives from the Government when they help a homeowner who is at risk of losing their home. Every time they approve a refinancing or mortgage modification which is in line with the Governments stimulus plan, they get money. This money enables them to take a little more risk, and approve more homeowners. That means that homeowners with bad credit, income problems, or an upside down mortgage now have a much easier finding help with their mortgage.

Homeowners can owe up to 25% more on their mortgage than their home is worth, and still find that help is available to refinance or modify. Also, bad credit and financial hardships are no longer an excuse. Homeowners facing those problems can now get a much more beneficial refinance option than they would have been able to before this plan existed.

Foreclosure is at an all time high right now, millions of homeowners are going to lose their home unless they do something. This plan provides the way out that these people need to stop foreclosure, and secure your financial future and home. As opposed to giving up hope, find a solution through refinancing or mortgage modification.

-M Petrone
http://www.RefinancingCondo.com

Homeowners who want a mortgage modification or refinance from Ditech are in luck thanks to President Obamas stimulus plan. This Government program offers millions of homeowners a chance to refinance or modify their loan into a new 4.5% fixed rate mortgage. Here are some tips to getting a home loan modification or refinance from Ditech.

Even if you have been turned down in the past for a refinance from Ditech, or are still waiting for a response from your application, you can still ask to apply for Obamas “Making Home Affordable” plan. The approval guidelines are strict, but if you meet them you will no doubt be approved for a refinance and save a lot of money every month just on interest rates. Homeowners who want the best chance possible to modify or refinance their home loan should have their paperwork in order and know these few things:

-Home loans can be extended into 30 or even 40 year lengths to help homeowners get an affordable monthly payment and not have to face these same home financial issues again in the future.

-Home interest rates can be lowered to as low as 2% in order for mortgage lenders and banks to meet the refinancing requirements set by the Government.

-Some portion of the principal balance remaining on your mortgage may be deferred.

These options, at least some of them if not all, will be available to a homeowner who is qualified in order to obtain a new monthly mortgage payment that does not exceed 31% of the homeowners gross monthly income. Modification or Refinancing of a home loan through Ditech will offer a homeowner the same exact options as any other mortgage lender or bank. Their will be no need to negotiate, as the lenders and banks already have guidelines they must follow and either you will qualify for it or you will not. Learning and practicing a few simple tips about handling and filling out forms the right way you will be able to work directly with banks as opposed to mortgage lenders, and directly obtain a home loan which meets your financial needs.

There is no reason to pay any fees or other costs when taking advantage of this plan, and homeowners should stay away from a lender or bank attempting to charge you to use this “Making Home Affordable” plan. The lenders and banks will be paid, through cash incentives from the Government for every homeowner who is at risk they approve. After all, odds are you are in a financial hardship right now and how would you be able to pay thousands of dollars in closing costs and fees? If you could you probably would not be in the financial situation you are in now. The Government will handle all and any fees related to refinancing or mortgage modification using this plan.

Refinancing your home loan now can be a great way to free up extra cash every month. The savings being reported from homeowner who have used this plan are hundreds of dollars every month. This money can be used for anything the homeowner wishes. At least take a little time to see if the savings you are able to get through refinancing or modification are worth it for you. Odds are, especially now with Obamas “Making Home Affordable” plan in full swing.

-M Petrone
http://www.RefinancingCondo.com

Many homeowners are confused, intimidated, or convinced they wont get approved, when considering a mortgage refinancing. However, especially these days, the process, is easier, and more available than ever before. There are many good reasons to refinance a mortgage. Here are some of the most popular ones.

Changing Loan Types
Many homeowners are stuck in an adjusted rate mortgage and would benefit from a stable fixed rate home loan. A few years ago, when the housing market was skyrocketing, many homeowners got themselves into an ARM loan convinced their home would increase in value, and they could easily refinance later. Many lenders and banks took the chance and gave loans which people could barely afford, betting the home would rise in value. However, that did not happen. Instead, the housing market tanked, and left many homeowners with a home that actually dropped in value since it was purchased. Worse yet, ARM rates have most likely increased at the same time, meaning you are paying even more money every month for a home that is losing value.

Instead, many homeowners look to refinancing just to change loan types. While many ARM loans have low introductory interest rates, they are only temporary. A fixed rate mortgage offers long term stability, and a mortgage payment that never changes. Refinancing a mortgage is a welcome relief, and a big source of savings to many homeowners who have seen their home loan payments increase by 50% or more with their adjusted rate mortgage.

Getting a Better Interest Rate, a Lower Monthly Payment, or Both
When interest rates are as low as they are right now, and have been all year, many homeowners want to refinance a mortgage to take advantage. This can also lower the monthly payments that a homeowner owes. Some people benefit even more by actually reducing the number of years on their home loan, and only slightly increasing their monthly mortgage payment. This is all possible through refinancing into a lower interest rate. If you were to get a home refinanced into a better rate, but keep the same length on the loan, your payments would be lower every month for the home loan duration. If you refinance into a lower rate, and decrease your mortgage length, your payments may only slightly rise, and you will save huge in the longer run. Both of these options though are great decisions and main driving forces on refinancing applications.

Cash Back Mortgage Refinance
A lot of people tap into their homes equity and use it as a large loan. This is also known as a cash back refinance, or home equity loan. This is when a homeowner refinances a mortgage for more than they actually owe, and pockets the difference.

As an example, say a homeowner owes $75,000 over the next 10 years on their mortgage. They would then refinance into a $100,000 loan over 15 years (Or whatever length they want), and pocket the $25,000 difference. This is a great way for a homeowner to quickly gather a large amount of low interest money without taking a personal loan or second mortgage. While this money can be used however the homeowners wishes, it is always advised to think long term and have a plan for the money you get back. Many homeowners use the money to pay for home improvements, repairs or upgrades. Another popular option for them money is to use it to pay down other debts and take care of financial problems. Whatever the reason, if you have a decent amount of equity in your home, you can probably get a cash back refinancing option.

These are some great, and popular, reasons people refinance a mortgage.

-M Petrone
http://www.RefinancingCondo.com

A lot of homeowners are having problems making their monthly mortgage payments, and worse of all, are not sure how to get a mortgage modification. Many homeowners wish they could lower their monthly payments and modify their existing home loan. However, a lot of people are hesitant to approach their lender with such a request thinking they will not be responsive. Here are some tips to getting a mortgage modification:

Start by figuring out how much your total income and debts are from all sources. This can start you on the path to creating a good budget. Plan this budget around the expected mortgage modification, with lower payments and new interest rates. This will help you prove to the lender or bank you are capable of budgeting and have a plan should you get approved. This also shows dedication and a commitment to saving your home, which may be what you need to get an approval.

The next thing you should do is gather all relevant information and paperwork relating to your finances and assets. These can include pay stubs, tax returns, bank statements, and other financial information. Having this paperwork ready to go, and already checked for errors, will save you a lot of time and hassle. This also will make the process easier for the bank or mortgage lender, and push your application through easier.

After that, find yourself a good mortgage lender or bank. You can even start your comparison shopping by using the internet. There are a lot of lenders and banks who are able, and willing, to help you. Finding the best one though is up to you. Compare the costs and benefits of each lender and the options they give you. This is the only way you can truly compare costs, and see which deal is best for you.

The truth is that many mortgage lenders and banks are open to hearing, and approving, these requests. If they have to deal with a foreclosure, their is a lot of expensive paperwork and processes they will be forced to go through. In addition to the lengthy intensive foreclosure process, the housing market is in bad shape now as well. Homeowners are losing their jobs or income, and that means no one can buy a home to begin with. This has caused a lot of homes to plummet in value. This also means that a home that has been foreclosed on may not generate any profits at all for the bank or mortgage lender, and may actually end up costing them money. This is a huge reason that right now, a mortgage modification is easier to get than ever.

-M Petrone
http://www.RefinancingCondo.com

Right now, over 8 million homeowners can refinance their mortgage into a fixed 2% interest rate by using President Obamas mortgage bailout plan. This program will make it much easier, and more beneficial, for a homeowner to get a mortgage refinancing or modification and save their home as well as money every month.

Here are some of the biggest points of Obamas stimulus plan:

-Homes which have dropped in value, by up to 25%, can now easily get help with refinancing or mortgage modification. Many homes have dropped in value since the housing market and economy are so bad. This plan will allow many of these homeowners get help with their upside down mortgage.

-The process is now much easier and clear cut for all homeowners looking into refinancing or modification.

-Mortgage lenders, banks, and the Federal Reserve, would like to see interest rates kept to a low 2%. The thought is that if a homeowners monthly payments are low enough, they will be able to make them, and keep their home.

-Prevent foreclosures by offering homeowners stimulus plan options before their situation gets worse. To do this, interest rates can be lowered, monthly payments can be lowered, and the length of the home loan can be extended.

With so many homeowners going through tough financial problems, this program from President Obama will help homeowners who are having a hard time paying the bills and mortgage payment. This is a great chance for a homeowner to get a better, more affordable mortgage payment, and save a lot of money throughout the course of the home loan. Contact your lender or bank and see how this stimulus plan can help you.

-M Petrone
http://www.RefinancingCondo.com

CitiMortgage and their loss mitigation department are now offering homeowners a chance to get a mortgage refinance or modification by using President Obamas mortgage stimulus program. This bailout will help millions of homeowners get a more affordable mortgage, save their home from being lost, and many other benefits. Here is how CitiMortgage and President Obamas bailout plan can help you.

The program has over $75 billion dollars targeted towards helping struggling homeowners, in all situations, get a beneficial mortgage refinance or modification. This money is given to approved mortgage lenders and banks, like CitiMortgage, and used as an incentive to help and approve homeowners. This money will be given to the lender as an incentive, and financial back up, to allow them to approve more homeowners, and actually encourage them to do so. This money will enable CitiMortgage to help homeowners with bad credit, upside down mortgages, financial problems, or other issues. This help would have been hard, if not impossible, to get before this program existed. CitiMortgage is fully able and capable of offering this plan, and helping homeowners with a mortgage refinance or modification.

CitiMortgage and its loss mitigation department have been helping homeowners for years. They are one of the most trusted, respected, and well known lenders in the country. Homeowners who are able to use them for themselves can be sure that the best people in the industry are on their side. They even make the process much easier and less intimidating than many people think it is.

-M Petrone
http://www.RefinancingCondo.com

There are new Government options available to help homeowners get a mortgage refinance or modification, avoid losing their home, and get an affordable monthly payment. The Government has approved a few mortgage lenders and banks to offer this plan to homeowners, and Wells Fargo is one of them. These new programs, and Wells Fargos willingness to help homeowners, makes saving a home from being lost a reality for millions of homeowners. Regardless of their financial position or mortgage situation.

Even homeowners who have been denied before when trying to get a mortgage refinance or modification will now find that getting help is easier than ever. Wells Fargo is fully capable of helping homeowners get back on track, and save their home. Now that they are approved to offer these new stimulus refinancing options, they can help more homeowners than ever before. Millions of homeowners are eligible to use this plan for themselves, all thanks to the stimulus and lenders like Wells Fargo.

There are many benefits for a homeowner who uses this mortgage bailout plan for themselves. Some of the bigger ones can include:

-The ability for a homeowner to get help even if they owe as much as 25% more on their mortgage than their homes actual market value. Before this plan, a homeowner with this upside down of a mortgage would not be able to easily find help or approval when refinancing a mortgage.

-Mortgage payments for homeowners who use this plan to get home loan help, will not exceed 31% of their monthly income. Wells Fargo can reduce interest rates to 2%, lengthen the term of the mortgage, or both, in order to meet the stimulus programs guidelines, and help homeowners.

-Homeowners with a “Financial Hardship” which includes, loss of a job, reduced income, hospital bills, or many other expenses, can get help through Wells Fargo and this stimulus plan. To claim this, write a brief letter explaining your hardships, why you want to save your home, and what your new budget would be if you get a mortgage refinancing or modification. This letter will help Wells Fargo understand and offer you the best options possible.

-There are no closing costs or other fees associated with mortgage refinancing or modification when using this bailout plan. This means that thousands of dollars in savings are instant. Otherwise, this money would need to be spent on paying costs and fees like loan origination, points, and other costs. Homeowners who are struggling do not have thousands of dollars to spend, and this plan, along with Wells Fargo, helps them.

If you are looking into getting a mortgage refinance or modification, or if you are at risk of losing your home, contact Wells Fargo today and ask them how this plan can potentially help you. Many people are already seeing the benefits this plan offers and have taken advantage. Do not let this opportunity pass you by, take action now.

-M Petrone
http://www.RefinancingCondo.com

Millions of homeowners are having a hard time making their monthly mortgage payments. Many people have been making late payments, or even missing some altogether. However, there is hope. Mortgage lenders and banks are more willing to help a homeowner than they ever have been before.

It is much more expensive to pay for a foreclosure process, than it is to help a homeowner. With the record number of foreclosures happening right now, it is easier than ever to get approved for a mortgage refinancing or modification. Especially in this market, getting a home loan modification is truly easy, and a good choice for many people.

While the home loan modification process is extensive and can be tiresome, but the benefits more than make up for this. Even if the worst case scenario plays out and you are unable to save your home, at least you know you did everything you could.

A lot of people are stuck in a mortgage they are behind on and need to lower the mortgage payments to an affordable level. A mortgage modification can offer a homeowner lower interest rates, or better terms and conditions, to meet their affordability needs. To avoid a costly foreclosure or short sale, lenders and banks will assist you in nearly any way possible.

Once you have found a lender or bank you want to work with, it is crucial that you remain in contact with them throughout the process. Even if you know you will be missing, or have missed some payments, it is crucial to remain in contact with them. This lets them know you are truly concerned about losing your home, and are doing everything possible to not let that happen. This will give them more of a reason to help you get approved for a mortgage modification. When they do call you, answer and be helpful and polite. Ignoring them will make your problems worse.

Also, another good thing to remember is that within the bank or mortgage lender, there are different departments looking into your loan, finances, and status. This means that if you agree to terms, or a payment with say the loss mitigation department, the credit department may not know about it. It is crucial to have confirmation numbers and names when dealing with these different departments, and inform them of any other arrangements you have made. This will also make it easier, and less frustrating on you.

Getting a home loan modification means that you will need to contact your mortgage lender. If you are late or have missed payments, this is the best way to get things back in order. If you need help, do not hesitate and get it today.

-M Petrone
http://www.RefinancingCondo.com

Bank of America now has new mortgage refinance choices available to all types of homeowners thanks to the Governments housing stimulus program. This plan is aimed at helping struggling homeowners by getting them approved for a mortgage refinance or modification, and lowering their monthly payments. Bank of America is one of the choice lenders who have been approved to offer these options to homeowners. Here is what you should know.

Besides having a good customer service record, Bank of America is one of the largest, most powerful banks in the mortgage industry. Only a selected few lenders or banks are authorized to offer these new stimulus plans to homeowners, and BoA is one of them. With over $75 billion available to help homeowners, Bank of America will find an option that will help you. This money is being given as a cash incentive from the Government to lenders and banks who help homeowners according to the Governments stimulus. Every time an approved bank or lender follows the plan, and helps a homeowner, they get money. This money covers potential losses and risks associated with refinancing a mortgage for a homeowner who is struggling.

The stimulus plan has a big benefit to many homeowners. This is that a person who gets a mortgage refinancing or modification will not have to pay more than 31% of their gross monthly income towards their home loan every month. This includes taxes, insurance, and other fees. Many homeowners will see huge reductions in their monthly payments just do to this. In order to get payments this low, a lender or bank can lower interest rates, extend the length of the home loan, or a combination of both. Millions of people are able to use this program to get a lower, more affordable payment, or save their home from being lost to foreclosure or default.

Getting mortgage refinancing or modification with Bank of America is now much easier. Even for homeowners who:

-Have a home that has dropped in value since purchasing it.

-Have a bad credit rating or other financial hardships.

-Have a mortgage that is worth up to 25% more than the homes market value.

-Are looking to replace their adjusted rate mortgage (ARM) loan for a stable fixed rate mortgage.

An estimated 8 million homeowners are eligible to use this Government program for themselves. Getting help in all types of bad situations is now easier for many more people. Contact Bank of America today and see what they are able to offer you.

-M Petrone
http://www.RefinancingCondo.com

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