No Cost Mortgage Refinance – how can one get refinancing without any costs?

This article discusses about the no cost mortgage refinance.Getting the mortgage refinance without any closing costs might be possible – but is that a good solutions?Are the lenders really gonna lose money by saying NO to closing costs.That is shocking,right?But the truth is different.

Although the no closing mortgage refinance might seem juicy,they are actually not.The problem with this thing is that you are going to pay the money in the form on higher interests.If you get a refinance which requires a closing cost then the interest rate would be much more low than the refinance with zero closing costs.This is the catch behind this concept.Thus it is better to know the options before getting amazed by the zero closing costs home loan refinancing.

Is Mortgage refinance a better solution?

If you had got a high interest rate home loan and are looking to get a lower rate mortgage then this is the perfect option for you.You can do the following things with a refinance:

1.convert a adjustable rate mortgage to a fixed rate mortgage,

2.reduce the higher interest rate to a low mortgage rate,

3.it is also possible to refinance as many times as possible.Do not think that there are limits to how many times a refinance can be done.

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.

Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the making home affordable plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing market.

After you find that you are about to default,follow these stages:

1.contact the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.

DU Refi Plus Program by the Fannie Mae – here is another mortgage refinance

It is nice to see several refinance programs introduced so as to help the home owners avoid the home foreclosures.You might have heard that it is now possible to get the refinance from the lenders easily because the mortgage stimulus plan.This is the right time for people who have undergone serious problems because of bad credit mortgages to get a refinance and reduce the monthly mortgage payments.Before you apply for the mortgage refinance,make sure that you are reading all the guidelines given by the lender.

Requirements:

These are the requirements to get qualified for the refinance through the DY Refi plus program:

1.your existing mortgage must not be a interest only mortgage – these will not be accepted for approval at all,

2.Loans must be guaranteed by the Fannie Mae,

3.Apart from the interest only mortgages,the balloon mortgages are also not eligible for approval.

4.Moreover the adjustable rate mortgages whose fixed term was five years are also not eligible for approval.

Getting the refinance is easy because of the housing crisis:

Understand that the lenders are now becoming a bit lenient because of the mortgage stimulus plan – thus if you had obtained a high interest rate mortgage,this is the right time for you to convert the high mortgage rate to a very low mortgage rate.Do not lose this opportunity to refinance your mortgage loan.

Home Loan Foreclosure

Many people are researching a lot for avoiding the home loan foreclosure.Avoiding these things is not going to be hard at all.By researching in the internet,you will see that lots of options are waiting for you.Although people say that the lenders are not very kind in lending you solutions for the foreclosure,the truth is different.The truth is that the lenders would always want avoid the home loan foreclosures happening because of bad credit mortgages and other loans.They are rejecting the applications only after knowing that the borrower is definitely not meeting their requirements.You will also be rejected if you give false details about your hardships to the lender along with the application.Incomplate application is another reson for rejection.

Why would a lender want to avoid the home loan foreclosures?

Every lender dislikes the foreclosure because of 2 reasons:

1. The main reason is that there are so many costs associated with the foreclosure proceedings and the lender has to deal with everyone of them like the court fees and the lawyer fees,
2. The foreclosure proceeding are going to take 2 or 3 months – thus the lender has to wait for a long time until he gets the home owner rights in his hand.

Two solutions to avoid the foreclosures:

FORECLOSURE HELP can be given by two solutions which are as follows:

• refinance and
• loan modification

Another solutions is the mortgage forbearance which as the name indications,you will not be required to deal with the mortgage payment for a few months – this will be very useful to people who are just let down by temporary hardships.

A single decision can cost hundreds dollars per month !

While getting the bad credit mortgages,people have more likeliness for the adjustable rate mortgages.This is understandable – who would not like a low interest rate while getting a home loan for the first time?But you need to give it a second thought – “Am i doing the right thing?”.

Ask the Experts:

Instead of falling into a debt trap later in your life,it is better to act now by following certain steps.One step that you need to take is getting advice from experts – do not worry about the fee involved with getting advice.It is totally worth.The major risk in getting the ARM is that nobody knows about the future mortgage rates – you might be ending in a EXTREMELY high rates in future – that could cost you a extra 100 dollars per month [you could have saved it by a fixed rate mortgage].

How to escape from the clutches of a ARM?:

adjustable rate mortgage refinance

Getting the refinance would be the only best way to avoid the ARM later in the future – many home owners have the practice of waiting long until they see a major increase in the mortgage rates.You can do the same way – but make sure you are not ending in missed payments.If there comes a situation when you find that you can no longer pay for the mortgage,it is better to refinance the ARM and get relief.A loan modification might also help you in such situations.

Upside down mortgages relief and help

Its very hard to see the grief of the home owners.Many people are experiencing the upside down mortgages.Are you wondering about what it means?Let me explain in detail about this term.

What is the meaning of a upside down mortgage?

It means that the borrower is paying the lender more than the market value of the house.This is due to the housing crisis which has impinged the word RECESSION every where.It is almost in all news papers and all media everyday,all around the globe.Its impact is huge and unbelievable.

Are there any solutions to prevent these mortgage foreclosures?

The major solution to get relieved off the foreclosure is to use a refinance.This has been facilitated after the introduction of the MAKING HOME AFFORDABLE plan by the government.This gives incentives to people who are going for refinance instead of losing their homes to a short sale or to a sheriff sale.It is a very good move at such a bad economic condition.Getting the bad credit mortgage loans is also one of the reasons for people experiencing the difficulties.But instead of thinking about what has happened in the past,it is better to look forward for the future.It is also better to get a fixed rate mortgage and throw the ARM.

Mortgage relief through the loan modification:

Mortgage modification has also become one of the best ways to get a mortgage modified and to prevent the foreclosures.Opting for the forbearance will also be sensible during these situations.