A time for many people to start thinking about mortgage refinancing is when they are headed for foreclosure. Many people get into trouble because they are not able to keep up with their payments; the payment is either larger than they anticipated or their finances have taken a turn for the worse and they can no longer afford the mortgage.
Foreclosure is a scary thing; however, instead of waiting for the lender to foreclose why not refinance and keep your home?
Save Your Home by Mortgage Refinancing
When you find yourself under water and cannot afford your mortgage payments don’t just stand by and let foreclosure happen. Take action instead of defaulting on the loan. Refinancing your mortgage can be as simple as filling out a form on the Internet and your problem could be solved. Lowering your monthly payment by 50 to 100 dollars could mean the difference between making or breaking your finances.
Mortgage refinancing can also save you money. There are a number of programs available to reduce your mortgage rate and payment. Depending on the type and amount of your current mortgage you could knock several points off your interest rate. Doing a bit of comparison shopping could surprise you just how much you can save every month.
Mortgage Refinancing Help is Available
If you don’t think you’ll qualify or that help is available to you, consider contacting your current lender about a payment arrangement or forbearance. Mortgage lenders don’t want to foreclose on your home; foreclosure is a losing proposition for everyone. Don’t sit back and watch your home and finances slip away…pick up the phone and call your existing lender. There are also government programs for homeowners with Adjustable Rate Mortgages that you might not know about. FHASecure mortgages are one such program. There are other programs available for homeowners with fixed rate mortgages.
Mortgage refinancing could be the lifeline you need to save your home. The best way to get started refinancing your mortgage is to contact a local mortgage broker. There are risks involved when dealing with mortgage brokers; most will markup your rate for a commission and frequently slip junk fees into your contract. You can learn how to avoid this markup and junk fees by registering for the free videos found on this website. Register today and you’ll receive a list of recommended mortgage brokers in your area that do not mark up mortgage rates for a commission. You can find out more about the free videos using the links at the top of this page.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
