Prevent Foreclosures » Refinancing http://www.prevent-foreclosures.net Lets Stop It Before Its Too Late! Mon, 10 Jan 2011 18:23:48 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 http://www.prevent-foreclosures.net http://www.prevent-foreclosures.net/wp-content/plugins/maxblogpress-favicon/icons/favicon-36.ico Prevent Foreclosures Refinancing http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/refinancing http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/refinancing#comments Tue, 04 Jan 2011 15:54:04 +0000 admin http://www.prevent-foreclosures.net/?p=2010 Refinancing is a post from: Prevent Foreclosures

]]> In certain circumstances and for some homeowners, refinancing is a great idea to prevent foreclosure. Refinancing replaces your existing mortgage with a completely new one. There are many benefits to refinancing other than preventing and avoiding foreclosure. Refinancing could put you in a better financial position, especially if:

  • You’ve kept up with current mortgage payments, but would like to lower your mortgage interest rate
  • You have an adjustable rate mortgage with payments that could increase in the near future
  • You have equity built up in your home (Even if you have little or no equity, you may still be able to refinance through Home Affordable Refinance Program.)

Home Affordable Refinance Program & Refinancing

Many homeowners don’t have enough equity to qualify for traditional refinance options. The federal government created the Home Affordable Refinance Program to give these homeowners an opportunity to refinance.
You may be eligible for the program if:

  • You have kept up with your mortgage payments
  • Your loan is owned or guaranteed by either Fannie Mae or Freddie Mac
  • Your first mortgage amount is no more than 105% of the home’s current value


Reduce Your Credit Card Payments by 50%

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]]> http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/refinancing/feed 0 Finding a Lender to Refinance Out of Foreclosure http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/finding-a-lender-to-refinance-out-of-foreclosure http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/finding-a-lender-to-refinance-out-of-foreclosure#comments Thu, 17 Sep 2009 02:23:38 +0000 admin http://www.prevent-foreclosures.net/?p=369 Finding a Lender to Refinance Out of Foreclosure is a post from: Prevent Foreclosures

]]> When you are in foreclosure, you need to expect fewer lenders to want to work with you. That is normal but you should not be discouraged. You might have to convince a lender to work with you and you might have to put up with lenders refusing to discuss any loans with you but many homeowners in foreclosure just kept calling lenders and talking to reputable real estate agents and eventually they found lenders that were willing to assist them. You can also get advice from experts such as HUD counselors. Even if you keep getting rejected by lenders, you should still keep trying because you never know when you will come across one that will accept you.

Lenders to consider

  • Commercial banks
  • Savings banks
  • Mortgage companies
  • Credit unions
  • Life insurance companies
  • Stock brokerage houses
  • Hard money lenders
  • Individuals

Each lender that you talk to will have different loans and different interest rates to offer. You need to inspect all the details of the loans they are offering and compare them against each other. You need to shop around. Do not think that you need to take any loan that comes your way just because you are in foreclosure and you do not have a choice. Do shop around and do compare all the loans on the table. Now that the interest rates are low, you may be able to find better loans and better interest rates.

Shop around!

It is important that you shop around. Do not sign anything until you have been on your computer a long time looking around and shopping for the best loans and the best rates. We have introduced many books on refinancing and loan modification so you should be familiar with what are out there. Knowledge is key and do not be pressured into getting a loan that might not be the best for your situation.

Talk to a reputable Realtor

If you are in foreclosure, do not be afraid to ask a Real estate agent for help. A Realtor can be a great resource for you even if you do not buy or sell with him or her. A Realtor is often very helpful and has lots of contact and connections. He/she can give you the names of banks, mortgage brokers, and other institutions that give great loans for people in similar situations to you. A Realtor can advice you on what you can do and what your options are.

If you are ready to talk to a Realtor about your situation, use the free service below to find one.

Save on REALTOR® Fees. Let listing agents compete for your business!

Finding a Lender to Refinance Out of Foreclosure is a post from: Prevent Foreclosures

]]> http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/finding-a-lender-to-refinance-out-of-foreclosure/feed 0 So You Want to Refinance http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/so-you-want-to-refinance http://www.prevent-foreclosures.net/avoid-foreclosure/refinance-foreclosure/so-you-want-to-refinance#comments Fri, 11 Sep 2009 00:32:25 +0000 admin http://www.prevent-foreclosures.net/?p=355 So You Want to Refinance is a post from: Prevent Foreclosures

]]> So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

There are many homeowners with horrible mortgages and they want to refinance. By refinancing, they could lower their monthly payments. Many have refinanced and reduced their mortgage payments by half which help them afford the payments and prevent foreclosure. The problem is that, there are people who fall for bad deals again even when they are refinancing. So, there are lots of things you need to know before you refinance and the more you know, the more prepared you are at choosing the right loan for yourself. Don't let the mortgage company recommend a loan to you without you verifying that it is a good loan. Too many homeowners do not verify and end up with loans that will come back to haunt them later on.

Are you paying more than you need to?

In this book a mortgage lending insider reveals her answer to this question - and more - in her best selling So You Want to Refinance. If you are baffled by the dizzying array of mortgage companies, sales pitches, and loan products, this book is for you.

The book walks you through each step of the loan process in easy-to-understand language to help you make an informed decision that's good for YOU-not for your loan officer. The book explains how to asses and rebuild your credit score, accurately calculate the equity in your home, and how to make sure that you present your situation in the best possible light. More than just an introduction to getting a home loan - this book will show you how to get the best deal possible. This book is a must-have for any current or potential homeowner thinking of refinancing.

Key topics include:

-Refinancing Adjustable Rate Mortgages (ARMS)
-Understanding Broker Incentives
-Getting the Best Appraisal -Processing and Underwriting
-Cleaning up your Credit Report
-Signing Tips, Tricks, and Negotiation Strategies

From the Publisher

"A must-have for any home owner looking to refinance" -
Terri Williams, Homeowner

Buy So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

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