Question by waddle02: how does refinancing your home work exactly? say i have a 15 year mortgage with about 50k left on it, if i want to refinance to 30 years…can someone tell me how it works? do we get any money back? such as the difference of how much i have on the mortgage [...]
Question by GranolaGurl: What is the best way to go about refinancing your home mortgage? I generally know that I would try to find a bank or lending place that will offer me a lower rate than I currently have, but was wondering how to make sure the new terms are to my advantage. For [...]
Foreclosure is just one ‘hardship letter’ away. A homeowner who is facing foreclosure can stop this through home refinancing and most mortgage lenders require a ‘hardship letter’ to complete the process. What is a hardship letter? A hardship letter is a description of the reasons why a borrower was not able to make his/her mortgage payments. It is a written request to a creditor, lender, or similar institution that appeals for an alteration of payments or fees because of financial hardship.
One of the official duties of the new president was to ensure the FHA loan limits would change. With the fall of Fannie Mae and Freddie Mac it has been essential to try and re-stimulate the economy. The stimulus bill has allowed for Fannie Mae and Freddie Mac to guarantee loans at new limits. It [...]
Question by Melissa: Is refinancing your home possible with bad credit? I entered into a Debt management plan a couple of months ago to consolidate my bills, my credit was over exstended and to keep from getting behind we entered this program. I now realize that I could probally refinance my home and borrow on [...]