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Tuesday, 16-Feb-2010 12:51 Email | Share | | Bookmark
Don’t Give Up on Getting a Home Mortgage Refinance Loan

President Obama has introduced a new mortgage refinancing program designed to help you stay in your home when you are “under water” with your mortgage. Getting Home Mortgage Refinance loans in today’s economic environment is very hard to do. Bad credit mortgage refinance loans are even harder to obtain. A Home Mortgage Refinance Loan is now, at least, a possibility with the new Obama plan.

These plans go by various names, the most common being HAMP and HARP. In order to participate in them and take advantage of a mortgage refinancing you must qualify. Let’s take a minute to review the most basic qualifications they include;

You can’t be currently late on your mortgage payment. If you were late even within the past 12 months this can be problematic. So try and get current if there’s any way you can. Bad credit mortgage refinance loans are very hard to get without the help of HARP or HEMP.

You must live in the home or condo and it must be your primary resident. You won’t qualify for a Mortgage Refinance Home Loan if you aren’t living in the residence. This is a simple requirement but one that trips up a lot of people. If your mortgage is over 125% of your “net adjusted income” you don’t qualify. Net adjusted income is a complex term which we won’t go into here. Just remember if you are really deep “under water” that help is less likely available.

Don’t get discouraged. Obama has made a Mortgage Refinance loan available for many of you who otherwise would have had nowhere to turn. He is also continuously working on changes and modification that will allow mortgage refinancing be an option for more and more people.

Bad credit mortgage refinance home loans that can address under the Obama programs is where serious help arrives for the distressed homeowner. There’s really no way to accomplish this with help through one of the Obama plans. It’s probably worth getting expert help to work with you in trudging through the various steps that are required. If the outcome is a Home Mortgage Refinance loan, it will have well been worth any effort that was expended. You just have to be patient and persevere.

Friday, 12-Feb-2010 11:14 Email | Share | | Bookmark
Mortgage Refinance for Bad Credit Means Understanding Your Prese

In order to assess the true cost of a home mortgage refinance loan, start by getting out the paperwork on your current mortgage. Here are some questions that you should find answers to before starting a mortgage refinancing:

Does your loan have a prepayment penalty?

Some loans charge a fee for paying off your loan early, either in the form of a flat fee or as a percentage of the loan balance. The penalty is usually triggered when you pay off your loan (by mortgage refinancing) in the first three to five years. For example, if your mortgage balance was $220,000 and the lender charged a 2 percent prepayment penalty – you’d be hit with a $4,400 fee for refinancing.

How much equity to do you has?

This is an important question if you are interested in getting a cash-out refinance by trading in your current mortgage for a larger loan. In this scenario, you’d be getting cash based on the equity you’ve built up in your home. To find out exactly how much equity you have, use a home value tool like Domania to estimate how much your home is worth. Then, subtract the balance of your mortgage. (You’ll find your loan balance on your monthly statements.) Keep in mind this is only an estimate – the lender will most likely order an appraisal to give you the true amount of your equity.

What is your interest rate?

In order to figure out how much you could save by getting a home mortgage refinance loan, or have bad credit and need one of the bad credit mortgage refinance loans you need to know what interest rate your current mortgage is. This is essential for mortgage refinance for bad credit. For instance, let’s say you got a mortgage three years ago for $250,000 at 6.50 percent with a payment of $1,580. You want to refinance your current mortgage – $241,043 – at an interest rate of 5.50 percent. Your new payment would be $1,369.

Once you’ve gathered the information on your current mortgage, you can start to plan for your mortgage refinance by calculating your new monthly payment and estimating closing costs, including the pre-payment penalty if there is one.


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