Loan Modification

So what is a loan modification? A loan modification is a change in one or more of the terms in a mortgage loan so the loan can be reinstated. This allows the consumer to stay in their home and make their payments more affordable. The loan modification process has become more popular in recent years after the adjustable rates on people’s mortgages had expired and their monthly payments drastically increasing. This has caused many to either lose their homes or become very deliquent on their payments which lead to bad credit scores. Some steps to think about before considering using a loan modification company. 1. Use a company that has experience in dealing with many loan modification transactions. There are some companies who will guarantee the success rate of a loan modification, but often fail in delivering that promise while taking a fixed fee upfront. Buyer beware! 2. Educate yourself in the loan modification process. This involves reading up on what the modification entails and visiting your government websites for more information. 3. Finally, work all the numbers and see if it makes sense to you. You can also receive references and advice from your family or other professionals on your course of action. Get...

Debt Consolidation Loans

You are behind with your payments. Your credit cards are at their limit, already bearing a car loan, a consumer loan, and a house payment. Just the fact of paying your bills is making you feel tired and nowhere near to solve the problems. But maybe there is a way to solve it and a tool to help you: a loan calculator. Debt consolidation loan could be a solution and it could help you transform several loans into one big loan. There are many testimonials over the Internet that could assure you to make a consolidation loan. Lots of people state that all their problems were solved with the help of this kind of loan. Let’s do our own analysis. Pros: 1. Several payments in one: A citizen usually pays around 11 different creditors monthly. This way it’s very hard to keep track on all his payments, as for one payment would substantially benefit the debtor. 2. Interest rates are reduced: A credit card is an insecure debt. An unsecured debt has higher interest rates than a secured debt. Therefore the citizen should guarantee with a more reliable good that he possesses. A good example could be the home equity loan, also known as the...

5 Main Reasons To Refinance Your Mortgage

1.  To obtain a lower interest rate 2.  Build equity faster 3.  Change current loan type 4. Take advantage of an improved credit rating, or 5.  Draw on equity already built in the home.

No Cost Refinancing

“No Cost” means the mortgage company will pay for all closing costs and will not charge any points.  “No Cost” does not mean rolling closing costs into the mortgage. It’s true that obtaining a lower interest rate is usually the main reason for homeowners to refinance.  Some are even willing to pay more money upfront so they can receive the lowest rate possible.  But sometimes homeowners will not live in the house long enough to fully recuperate the costs.  So, as a general rule, if you are planning to move in three years or less after you refinance, then our “Rate/Term Refinancing” is probably not the most economical way to save on your monthly payments. There are some solutions that will make refinancing beneficial for just about any homeowner. Eligible loan types for these programs include Fixed Rate Mortgages and Adjustable Rate Mortgages.  With these programs, you will not have to pay points, and the mortgage company will pay all your closing costs such as: title fees, appraisal fees, insurance fees, etc.  This way, you can lower your monthly payment by obtaining a lower interest rate without having to spend a penny of your own money.  In addition, you will be able to...


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