Mortgage Refinance – FAQ and Tips about refinancing home loans

Mortgage refinance is one of the best ways to reduce your monthly mortgage payments – the interest rates have been reduce to an unbelievably lower rate because of the housing crisis.Obama’s Making home affordable plan has been introduce and this is helping people who have less equity on their homes to get a mortgage refinance.

Upside down mortgages and the mortgage refinance:

Mortgage refinance an easily be obtained by people who are undergoing problems because of the upside down mortgages.Earlier the home owners were required to have at least 20 percent equity to get a lowest interest mortgage refinance but now this requirement has been eliminated and thus this is the right time to approach the lender and ask him if you would qualify for the approval.

Things to remember about the Mortgage Refinance:

=>If you have lost your job,getting the refinancing is going to be almost impossible – i am sorry to say this but that is the truth,

=>I have seen people who had lost their jobs three months ago – but they had been paying the mortgage payments promptly but still the lenders were not ready to give them a mortgage refinance.The borrower told me that the he got a call from the lender and although they talked about everything,ultimately he was rejected.

=>So the only way to refinance the mortgage would be to get employed and then ask the lenders for a refinance.If your spouse is employed and making decent amount of money then mortgage refinance is possible.But your spouse must making enough to manage the monthly payments.