Home Mortgage Refinancing Guide

Today’s post is short and to the point…

Here’s What I’ve Got

Six online videos you’ll you watch on your PC with just under an hour’s worth of content.

That’s less time than one episode of CSI out of your day…

Here’s What It Will Do For You

These videos will save you thousands of dollars every year by showing you how to refinance your home with a wholesale rate without paying garbage fees. You’ll get a list of recommended mortgage brokers in your area and a rate quote. The videos, resources, and live online support are yours free.

Here’s What You Should Do Next

Register for the videos by Clicking Here. Registration is fast and secure. In a matter of moments you’ll have full access to all of the videos, the list of recommended brokers in your area, and online support…all free.

You’ll get an email from me with instructions for establishing your username and password. I’ll see you in the membership area…

Mortgage closing costs are fees including loan origination fees, underwriting fees, loan processing fees, discount points, title charges and a host of others…some legitimate, others garbage. The closing costs you will be required to pay when refinancing your mortgage are any fees paid to the mortgage broker or any third party company like the title company or your appraiser.

There are other administrative fees that come out of your pocket at closing like any unpaid interest or escrows that are a part of the cash you need to close and are not actually a part of your actual closing costs.

You can pay your closing costs several different ways. Writing a check at the title company is the most common method when purchasing your home. You have the option of including these costs in your loan amount in many cases when refinancing your mortgage. The problem many homeowners are aware of but not sure what to do about is simply knowing which closing costs are necessary and which fees are destined for the mortgage broker’s pocket…

While closing costs are fairly straight forward and you cut the fat once you know what to look for, there is another “junk fee” that many homeowners overlook altogether. If you’re a regular reader of this blog you’ll know that I am referring to Yield Spread Premium.

Mortgage brokers mark up your mortgage rate because the lender pays them a bonus for overcharging you…of course this happens most frequently without your knowledge. The good news for you is that this unnecessary markup of your mortgage rate and the commission it creates known as Yield Spread Premium can be avoided, saving you as much as thousands of dollars each and every year that you keep your home loan. You can learn more about avoiding Yield Spread premium by registering for the free mortgage refinancing videos found on this website.

Are you are a homeowner facing foreclosure? There are several options available to you before buyers and investors line up to purchase your home at auction. Getting out of foreclosure might sound difficult; however, the first step in saving your home is to pick up the phone and call your existing lender.

Here are several tips to help get you back on the right track financially and save your home.

A common homeowner mistake is to not ask the mortgage lender for help; however, it might surprise you to learn that you can easily renegotiate your payments with the lender. Lenders want to avoid foreclosure as much as you do…renegotiating could be the best option for all parties concerned, you just have to ask.

Renegotiating is helpful because you are taking control of your finances and it demonstrates to the lender that you plan to keep the mortgage in place. Many people don’t realize that the lender has no interest in taking your home back; foreclosure is an expensive no-win situation for everyone. Your lender only wants your payments to be made on time to avoid default.

Depending on your financial situation the lender could be required to work with you make up your missing payments with a forbearance agreement. Mortgage forbearance agreements are a special payment plan set up by your lender to help you avoid foreclosure. To request one of these plans you should contact your lender’s customer service and ask for the forbearance agreement department.

Mortgage forbearance agreements serve to reduce or postpone your mortgage payments for a specific period of time. While your payments on the loan are deferred to give you time to catch up, you will still accrue interest on the loan during the forbearance period. When your forbearance is over this interest will be added to your loan balance. Forbearance can be a great way to get out of trouble with your mortgage but you have to ask and be approved by your lender to get one.

Once your forbearance request has been approved by the lender they will typically not begin foreclosure proceedings or accelerate your payments. During this time you must agree not to contest collection actions taken against you if you fail to bring your payments current after the forbearance period ends. Some lenders may require you to give them the deed to your home if you fail to meet the terms of your forbearance agreement.

Once your lender approves your mortgage forbearance agreement your payments may be postponed for a period of four months or longer. There is not limit to the number of months the lender can approve forbearance; however, one forbearance period cannot cover more than 12 payments. Learning about your options when managing your mortgage can help keep you out of trouble by making informed decisions.

Remember that your mortgage lender does not want to foreclose on your home; if you’re falling behind on your payments pick up the phone and call your lender. If your lender has already begun foreclosing on your home or you want to learn more about avoiding foreclosure, click the “Stop Foreclosure” icon on the right hand side of this page.