16th September 2009
The lending industry has changed dramatically in the past two years. Declining home-equity, credit problems, loss of income and a tightening of lending guidelines have made it impossible for many homeowners to refinance into a lower payment. As a result...
10th September 2009
So, what is a refinance? Refinancing is the process of replacing your existing loan with a new one. There could be several reasons for doing this. However, the primary one today is to lower the monthly payments. The entire process takes about 30 days, ...
03rd September 2009
Not long ago there were hundreds of loan programs available which were able provide consumers an extremely low payment on a big mortgage. Remember the 1% loans? It was possible to have a payment less than $500 on a $150,000 mortgage. With the collapse ...
13th August 2009
The concept of a loan modification is not new. In fact, its been a useful part of the lending business for years. This relatively obscure phrase has now taken center stage as a result of the weakening economy. Now considered common language, loan modif...
10th August 2009
As mortgage rates hit historically low levels, loan applications are exploding because homeowners are looking to refinance to try and cut their monthly payments. Mortgage companies are offering interest rates below 5%. Some Banks are even advertising 'no...
05th August 2009
In the past, the average consumer took out a new mortgage loan about every 7 years. Today, times have changed. As we approach some of the lowest rates in recorded history, borrowers are trying to lock in on even better rates. One of the fastest ways to...
31st July 2009
Interest rates are at an all time low. Although the housing market is weak, refinance business is booming. However, a big segment of the market is asking-How do I negotiate a mortgage refinance if I've lost my job?
It is a great question and one that...
19th July 2009
Up until recently, it was really unknown as to the criterion banks were using to evaluate loan modifications for approval. As time passed and the popularity of modifications exploded, a consistency in the approval process became evident. The calculation o...
28th June 2009
If you are considering reducing your mortgage payments, you have two options. You can elect to refinance your home or see if you qualify for a mortgage loan modification.
With interest rates at all time lows, many consumers are looking for ways to re...
18th June 2009
Many homeowners who are facing difficult times are comparing the costs of foreclosure versus a loan modification. Regardless of how bad your situation may be, a foreclosure should never be an option for you.
Many homeowners mistaking think that that t...
15th June 2009
With interest rates at historically low levels, now is the time to do your own mortgage modification. The results are very similar to a refinance, but without any of the costs.
For the first time in history, banks are taking a serious look at their p...
11th June 2009
The loan modification business is exploding. With interest rates at the lowest levels in history, many homeowners are taking advantage of the opportunity to negotiate a lower interest rate and better terms with their bank.
Doing a loan modification...
05th June 2009
During the past 21 years in the mortgage and finance industry, I have never seen interest rates as low as they are today. There has been a surge in refinance applications within the past 4 months as a result. I used to think that 6.25% was an excellent...
05th June 2009
The laws and guidelines are changing to make loan modifications easier for homeowners. Not more than a year ago the word ‘modification’ sounded scary and complicated. Homeowners had only heard of these words from attorneys or loss mitigation compa...
