We would all love to have lower loan payments. In this poor economic environment many of us have also had trouble meeting our debt requirements. As a result our credit rating might not be as good as it was three to five years ago. Yet refinancing with poor credit is a possibility.
FHA Loans
The FHA (Federal Housing Administration) allows for refinancing with poor credit. Several refinancing programs have been set up to help homeowners in this bad economy. Among the refinance loans available include loans with low interest rates that result in lower monthly payments. Homeowners can actually borrow more money that is owed on the mortgage to help payoff debt.
Using a Mortgage Broker
Many of us refinancing with poor credit must rely on more creative or alternative ways to do this. A mortgage broker becomes a necessity in this case as they have the knowledge of where to go to apply for an affordable loan. The mortgage broker with look at your credit history, ask you what you can afford as a monthly payment and will examine any collateral you wish to put up to get the loan. The mortgage broker will then shop around to different lenders to find a lender that will approve your loan request for the lowest interest and longest term.
The New Government Loans
Under President Obama, and in response to the dire world wide economic recession, there have been new government programs launched to help refinance mortgages for borrowers who can no longer afford their payments. This new government loan is especially helpful to those individuals with variable rate loans who got caught in the increased interest rates. Many of us found our mortgage payments had doubled overnight. Called the Home Affordable Modification Program, this home loan refinancing provides borrowers with low interest, low payment, home loans.
Thanks to the current poor economic environment and the crash in the real estate market, many borrowers are finding themselves unable to afford their home loan payments. However, several programs have been put in place to help borrowers refinance their loans to a lower interest rate, longer term and lower loan payments.
FHA Loans
The FHA (Federal Housing Administration) allows for refinancing with poor credit. Several refinancing programs have been set up to help homeowners in this bad economy. Among the refinance loans available include loans with low interest rates that result in lower monthly payments. Homeowners can actually borrow more money that is owed on the mortgage to help payoff debt.
Using a Mortgage Broker
Many of us refinancing with poor credit must rely on more creative or alternative ways to do this. A mortgage broker becomes a necessity in this case as they have the knowledge of where to go to apply for an affordable loan. The mortgage broker with look at your credit history, ask you what you can afford as a monthly payment and will examine any collateral you wish to put up to get the loan. The mortgage broker will then shop around to different lenders to find a lender that will approve your loan request for the lowest interest and longest term.
The New Government Loans
Under President Obama, and in response to the dire world wide economic recession, there have been new government programs launched to help refinance mortgages for borrowers who can no longer afford their payments. This new government loan is especially helpful to those individuals with variable rate loans who got caught in the increased interest rates. Many of us found our mortgage payments had doubled overnight. Called the Home Affordable Modification Program, this home loan refinancing provides borrowers with low interest, low payment, home loans.
Thanks to the current poor economic environment and the crash in the real estate market, many borrowers are finding themselves unable to afford their home loan payments. However, several programs have been put in place to help borrowers refinance their loans to a lower interest rate, longer term and lower loan payments.
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