Posts Tagged ‘refinance’
Home Loan Mortgage Modification In Northern California
Thursday, September 2nd, 2010
Able Financial Solutions specializes in Home Loan Modifications in the Southern California area. We’ve gone way above and beyond the call of duty to familiarize ourselves with the unique circumstances home owners contend with from Long Beach to Riverside; from Orange County to San Diego. Our expertise rests in our ability to understand and connect with the average person dealing with hardships. loan modification
At Able Financial Solutions, we pride ourselves in bringing forth factual, up-to-date information that helps struggling and savvy homeowners alike make intelligent and informed decisions about Home Loan Modifications. We also acknowledge there are a lot of Home Loan Modification experts who can make the negotiation process with your lender appear more intimidating than it really is…
We’re not here to necessarily convince you to do business with us (although we appreciate everyone who is drawn to work with us). Our mission of sorts is to increase the positive awareness about Home Loan Modifications, especially as it pertains to the Southern California area where we reside.
Home Loan Modifications in Southern California are an amazing opportunity for any homeowner who seeks out their government supported right for mortgage restructuring!
There are a lot of misconceptions, misinformation, and old truths not yet retold about Home Loan Modifications. If you’re a homeowner in L.A., Riverside, San Bernardino, O.C., or San Diego, listen up: The information we’re inspired to share with you is going to help you tremendously in making the right decision about your ever-expanding mortgage restructuring options.home loan modification
Let’s get straight to the heart about the Home Loan Modification reality:
- The Obama Administration believes Home Loan Modifications are an essential piece for economic recovery. Obama has created a 75 million dollar federal program that helps people with home loans of less than $729,750 succeed in restructuring their mortgages.
- Lenders like Chase, Bank of America, and Citi Bank (just to name a few) are extremely compliable about approving Home Loan Modifications. Whereas, a couple years ago, California lenders were quite stubborn about approving home loan restructuring of any kind. New precedence about government funding and overseeing has changed the way lenders treat mortgage loan modifications. These are empowering times for homeowners, as much as they are scary for people who don’t know their rights and options. (Note: Individual lenders are more apt to approve different aspects about your home loan modification. Contact Able Financial Solutions to learn more about your distinctive situation.)
The truth is that Home Loan Modifications are absolutely perfectly suited for anyone unhappy with the structure of their mortgage:
- Are you paying a loan that’s under water, e.g. no equity?
- Have you been unable to pay your monthly mortgage and need to find a solution immediately to prevent foreclosure?
- Are you already in the midst of foreclosure proceedings and are experiencing a lot of fear about what options you have to save your home?
A lot of people fail to seek out the options they have to restructure their home loans because of fearing the unknown. These ever-changing economic times, while difficult for a lot of people; are also affording YOU the opportunity to renegotiate with lenders in ways that weren’t as possible a few years ago. Lenders in Southern California don’t want an abundance of foreclosed properties. That’s to nobody’s benefit. Don’t let the noise in your head prevent you from taking action to better your life because of not fully knowing your options. The fact is that Home Loan Modifications are appropriate for anyone in the Southern California area who wants to:loan modification
- Lower their interest rate.
- Lower their loan principle to be more in harmony with today’s reduced home and property values.
- Stop paying ridiculous monthly payments for their outdated principle loan.
No, you are not helpless.
No, your home loan circumstances are not hopeless; even if you were rejected for a Home Loan Modification in the past.
Able Financial Solutions has special relationships with many of the lenders in Southern California that allow us to complete a modification in 3-5 weeks. Our unique ability to expedite your Home Loan Modification is a peace of mind we enjoy giving our customers.
When you work directly with Able Financial Solutions, we also take the burden of stress off your shoulders by:
- Determining the outcome of your Home Loan Modification before imparting any financial obligation to you.
- We also work with you to create a monthly payment you can afford before there is any cost to you.
In plain black & white English, there are absolutely no upfront costs for your Home Loan Modification. You can take that to the, um, lender!
Take the first step and contact us today. We’re here to provide you with more information about your Loan Modification options. More importantly, Able Financial Solutions will give you the freedom to finally leave behind all the stress, worry, doubt, and fear about your cherished home. We proudly facilitate the ability for you to regain your sanity and equilibrium so can live a better more hassle free life. Isn’t that what we all want?
How To Save Your Home From Foreclosure
Wednesday, August 25th, 2010Lenders are conscious about the financial circumstances and problems that may affect their clients. Lately, thousands of individuals have encountered issues trying to repay their home loan, pressuring them to deal with foreclosure of their homes. For anyone who is looking to avoid foreclosure of your home, you should consider a loan modification.
Folks usually think that their loan providers are interested in removing their properties. This really is far from the truth in the present financial situation. Because of the economy, foreclosed houses usually do not sell fast and they usually have to be sold below the market value. So the lenders usually lose more money if the property goes into foreclosure.
For most folks, the loan modification procedure is not simple. Each lender functions differently, with their own rules and restrictions. Knowing these guidelines will boost your chances of approval.
For starters, acquire your monthly income stubs, tax information and any other financial documents. You’ll be required to write a hardship letter, describing the reason why you fell behind (this could be from a loss of job, illness, sudden death in the family, etc). You must say why a loan modification would help you. Make sure to be totally truthful in your letter. Additionally, you will need to supply a financial worksheet. This is where you must record your monthly income and expenditures. Make sure you include every little thing.
You might want to consider a loan modification service to speed up the process, as they’ll do all of the crucial paperwork for you. Because these experts talk your lender’s language, the odds of approval are better.
Many loan modification services offer free consultations, so I highly recommend you make use of a free consult to decide the best strategy. Stopping foreclosure is doable, providing you take quick action.
Related: ham home loan | secrets how to stop foreclosure
Considering A Short Sale? Of Course You Are
Tuesday, August 17th, 2010Short sales are currently considered one of the most unpleasant forms of real estate transactions. Nevertheless, many homeowners in southern California are turning to them as a way to improve their financial situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders.
Here is our policy on finding short sale solutions for you:
loan modification 1: Try a Loan Modification First
Indeed, you should fully exhaust all possible options for loan modification before considering a short sale. Our Iron Clad Guarantee promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale.
Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:
- For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan completely and adequately to endure this challenge.
- For Lenders — Short sales are tremendously expensive for lenders, which makes them unlikely to pursue them without an aggressive negotiation.
When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal.
home loan modification 3: Execute the Short Sale
Short sales can take between 150 and 200 days to complete in southern California, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.
With Low Mortgage Rates, Why Now Is A Great Time For A Refinance Home Loan
Saturday, August 14th, 2010With mortgage rates falling to all time lows, many homeowners are wondering if refinancing their mortgage loan is a good idea. Obviously, there are many reasons to consider a home refinance, especially with mortgage rates so low. A few reasons to consider a home refinance are reduce monthly payment, lower interest rate, get extra cash, change mortgage term and go from an adjustable rate loan to a fixed rate loan.
Mortgage Rates At All Time Lows
The current market has caused mortgage loan rates to fall to historic lows making this a outstanding time to think about a home refinance. As long as there is a benefit to the new home loan, now is the best time to refinance your home loan. There are many opportunities to save thousands of dollars in today’s loan rate environment and mortgage loan rates will not stay at these levels forever.
Time to refinance and save money has never been better, but remember, it is important that you have a reason to refinance along with a benefit for the new mortgage home loan. Below are a few of the benefits to refinancing a mortgage loan.
Lower Monthly Loan Payment
When considering refinancing your home to lower your monthly payment, you need to take into consideration how much your payment will reduce by. The rule of thumb is that the payment must be lowered by at least 5% in order for the refinance to have a benefit.
Lower Mortgage Rate
Lowering your payment is greatly affected by the interest rate. If you refinance your home and reduce the interest rate by at least 1%, then you will see a decrease in payment as well. Many homeowners do not consider refinancing if the rate does not drop by at least 1%. Keep in mind, that even a small reduction in rate can have a major impact on the loan.
Cash Out Home Loan Option
Many homeowners will pull out cash during a refinance. The cash out home loans allow homeowners to refinance their existing mortgage loan and get extra cash that can go towards debt consolidation, home improvements or anything else the homeowner may want to use the cash for. Keep in mind that cash out loans have a slightly higher rate and that a homeowner needs to take into consideration the overall financial picture. There are times that a cash out refinance mortgage could have a higher rate than the current mortgage, but the overall benefit for the mortgage could outweigh the higher rate. For example, if a person has a $100,000 mortgage loan at 5% with a payment at $750 and has over $10,000 in credit card debt paying $500 per month, by refinancing into a new loan at 5.25% with a payment of $1000 will save this person $250 a month.
Change in Loan Term
Some people refinance their house to change the term of the mortgage. The most common change is to go from a 30-year loan to a 15-year note. The idea is to pay off the home loan quicker and save more money over the lifetime of the note. The payment could increase, but the benefit to this type of refinance is paying the property off sooner.
ARM to Fixed Rate Mortgage
Finally, another reason to consider refinancing is when you are taking an adjustable rate note and refinancing into a fixed rate mortgage. ARM loans can have a low rate, but the rate is variable and will change throughout the loan. ARM mortgages are designed for homeowners who plan on only staying in the home for a short amount of time, usually 5-7 years. By refinancing into a fixed rate mortgage, you are locking in the rate for the entire mortgage term.
There are some reasons to not refinance. If you are planning on selling your home in the next year or so, refinancing might not be the best option. You will have to consider the amount of money of refinancing and what the overall benefit will be.
With rates at all time lows, it’s crucial to talk with a mortgage officer and discuss your loan options to see if there is a benefit to a refinance home loan.
David White specializes in Home Loans. David is a Sr. Home Loan Banker with over 12 years experience with refinance home loans.
Is Refinancing Your Home A Good Idea?
Saturday, July 31st, 2010If you, like many homeowners, want to discover the advantages of getting a low mortgage rate refinance, this article will show you what it is and how you can get one. Refinancing happens when a homeowner acquires a new mortgage with a better interest rate and term. The goal of refinancing is to pay off the original mortgage and gain a more affordable rate. It also allows for freedom, as refinancing homeowners don’t have to stick with their original lender to refinance.
Refinancing is done for several reasons. One of the most common is to unlock the equity in your home. Doing this frees up cash for major purchases and home renovations. Protection against high interest rates by switching from an adjustable rate to a fixed rate loan is another reason homeowners choose to refinance. An improved credit score can result in a better rate, which many homeowners take advantage of by refinancing.
Refinancing rarely occurs without cost. Legal services, realty transfer taxes and the like can all add up quickly. So it’s a good idea to ensure that you can recover the overall cost of refinancing within two years. If you want to be sure that your refinance will be worthwhile, simply look at the current interest rate. If it’s one percent or more below the rate on your current loan, the time is right.
To make your refinance really worthwhile, it’s a good idea to stay in your home for a few years after the refinance has been completed. This has many advantages. For example, by remaining in your home and not shopping around for other mortgages, the inquiries on your credit report are reduced, increasing your chances of acquiring an even better mortgage down the road.
Above all, any low mortgage rate refinance should always involve a professional who understands how the market and the banks operate. Having this knowledge on your side can help you avoid many pitfalls and extra costs in the future.
If you liked this article, you may check out more information about low mortgage rate refinance from author Penny Dominus.
Top Foreclosure FAQs
Wednesday, July 21st, 2010Whenever people initially get into debt, many people frequently ponder about foreclosure. Foreclosure is really a big problem for people in debt, so it’s reasonable they would have several concerns. You can find many common foreclosure Q and A’s, and this article will talk about 2 of the most popular.
Just what Alternatives Do Individuals Facing Foreclosure Have? – This is often among the most frequent foreclosure inquiries. People would like to know if they can prevent foreclosure, and the way to do it. You’ll find many options for people dealing with bankruptcy. Bankruptcy, debt settlement, and debt consolidation are great options. The key is to find out which alternative is best based on your financial situation.
Bankruptcy is the one alternative that must be considered last, however. Bankruptcy destroys credit scores, which makes getting back on your feet after debt extremely difficult. Debt settlement, however, enables you more overall flexibility on reducing your loans.
What Can I Do to Maintain My House? – This is among the biggest foreclosure q and a’s. To keep your home, you have to take action as soon as you get into debt. Most individuals decide to dismiss debt, simply because it stresses them out. This is certainly one of the most unfortunate choices you could do.
Disregarding your debt won’t make it go away. It simply makes it continue to increase with nothing stopping it. As soon as you see you’re in debt, get in touch with your loan provider. Notify them concerning your situation, and work out a deal. In many instances, they’ll be inclined to work with you, because they don’t want to lose all the money they have let you borrow.
These are two of the most commonly asked foreclosure questions and answers. If you are experiencing foreclosure, know that you are able to avoid it. If you take action the instant you end up in debt, you will have a good possibility of retaining your house. Start today by visiting: loan modification approval
Related: my loan modification denied
