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Archive for Mortgage Help

Did you know that over 70% of homeowners that are eligible for the “Home Affordable Refinance Program” have taken advantage of this government backed refinance program? It’s pretty shocking that there are people out there that have 5 and 6% rates on underwater mortgages and they have not reached out to HARP lenders for a solution that guarantees a fixed rate solution with a lower interest rate and reduced monthly payment. The underwater mortgage refinance has already helped over a million homeowners secure a competitive fixed interest rate, even though the borrower owe more on their mortgage than their property is appraised it.

I asked a few seasoned loan veterans how this could be. There theory is that many homeowners are not aware that they are eligible for no equity home refinancing. Despite massive marketing campaigns on radio, television and direct mail, many homeowners are simply out of the loop. The HARP 2.0 will not last forever, so hopefully these homeowners will be reached so that they can realize the benefits of refinancing underwater loans. If you are a homeowner that closed your last home loan prior to June 1, 2009 and your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for underwater mortgage refinancing.

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Some good news for distressed homeowners that were hit by Hurricane Sandy is that the government sponsored agencies, Fannie Mae and Freddie Mac have committed to offering mortgage relief . Unfortunately thousands of families will be forced to deal with the devastation of Sandy.  According to a Reuters report thousands of homes in Delaware, New Jersey and New York have been severely damaged or destroyed by the hurricane this week.

Both Fannie Mae and Freddie Mac have been pretty good about extending mortgage relief to borrowers that have been hit by natural disasters like Hurricane Sandy. If you have been struck by the disaster may be eligible for a temporary break on their mortgage payments from Fannie Mae (FNMA) 0.00% and Freddie Mac (FMCC) 0.00%.

Both Fannie and Freddie confirmed Tuesday that home loans companies that collect payments for them can extend relief to homeowners that were directly affected by the storm. According to the Wall Street Journal, the “mortgage aid will come in the form of a forbearance plan, which allows homeowners to delay payment on some or part of the loan, but the amount is still owed.”

Fannie Mae Relief: In addition, Fannie Mae announced that mortgages servicers cans temporarily suspend or reduce a homeowner’s mortgage payments for up to 90 days without reaching the homeowner. After that, homeowners may get additional aid, typically for up to a year. “We understand the disruption that a storm such as Sandy can have on people’s lives, and we’ve made it easy for our servicers to offer relief to those who need it,” said Leslie Peeler, senior vice president of Fannie’s loan servicing operations.

Look for Fannie Mae Announcements- When a major disaster like Hurricane Sandy hits home it can have adverse effects either the property value of properties and can significantly hinder the borrower’s ability to make their loan payments on time or for a period. Fannie Mae will be issue special announcements, lender letters and Notices with updates in regards to temporary relief policies in conjunction with Hurricane Sandy. To reach Fannie Mae, visit their website in regards to Fannie mortgage help for disaster victims or call 1-800-732-6643.

Freddie Mac Relief: Freddie Mac, meanwhile, said homeowners can receive a break on payments for up to a year. The company also said it encourages loan servicing companies to suspend foreclosures and evictions on borrowers for up to 12 months, waiving fees and not reporting delinquencies caused by the disaster to credit bureaus.

Call Freddie Mac at 1-800-373-3343, or read Freddie Mac’s disaster relief policies.

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More and more people are shopping home loans online these days.  Most consumers trust mortgage lenders for assistance with home purchase loans, equity loans and mortgage refinancing rate options. We head to the internet for everything from online banking to credit cards and home buying to loan financing.  There are some fantastic home loan lending companies online, but there are also thousands of fraudulent and predatory websites out there preying on people who don’t know how to find the best mortgage lender online.  Savvy shoppers know to shop for home loans from mortgage lenders that have experience.  More than that, they know to look for lenders and banks that have experience with the type of loan you need specifically.  For example if you need a FHA mortgage, then find a FHA lender that specializes in government home financing.

The reason you look for lenders and banks that have experience with the type of loan you need to find the best lenders is simple.  They have streamlined processes that make getting a mortgage easy and straightforward.  Here are a few tips on how to find the best mortgage lenders online in addition to choosing to shop for mortgages from lenders that have experience.

One of the most important items to look for when you want to know how to find the best mortgage companies online is the website itself.  Most lenders, both online and in a traditional office are going to need your personal and financial information to offer an interest rate and loan terms.  The best mortgage lenders keep this information confidential and very private.  On the internet, this means that the website needs security.  Look for the icon on the website that indicates a secure connection for entering your information when you shop for mortgages from lenders that have experience.  Look for lenders and banks that have experience with the type of loan you need and that interact with you in a secure manner.

You can check on the companies you are considering by seeing if they are a member of the Mortgage Bankers Association or the Better Business Bureau.

 

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Feb
09

Mortgage and Refinance Help

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The housing market has been beaten to a bloody pulp but people still need mortgage and refinance help. Millions of homeowners are still stuck with adjustable rate mortgages and option ARM loan that are about to reset.  Most analysts agree that when these home loans reset, the delinquency and foreclosure rates will set new records. The sad reality is that most lenders are not offering mortgage refinance help, not because they don’t want to, but because nobody will insure this type of refinancing.  The Home Affordable Refinance Program extends borrowers new home refinancing opportunities up to 125%, but only a select few are actually eligible for HARP. The no documentation refinance is becoming more difficult to find as most lenders have strayed away for this type of risky loan.

Get Mortgage Help from Experienced Loan Professionals

1. Work with the Best Mortgage Lenders – Now is not the time to experiment with a loan officer because they are your friend or a relative.

2. Keep your credit score high so you retain eligibility for Fannie Mae and Freddie Mac refinancing

3. If you have had isolated late payments, consider a FHA refinance.

4. Discuss a note modification with your lender directly.  Many borrowers who have an option ARM may be eligible for a fixed rate adjustment.

5. Don’t rule out a loan modification if you have explored all viable mortgage refinancing options

2011 will likely not be remembered for the year that lenders eased the loan refinancing guidelines.  All indications point toward tighter underwriting and stiffer loan requirements.  However, with the federal reach, 2011 may turn out to be the best year for mortgage and refinance help.  Don’t forget that the U.S government continues to offer incentives to banks in lenders for extending mortgage help, forgiveness and loan modifications in an effort to prevent foreclosures.

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