this is how you will get your payments lowered, prior to you Refinancing your current mortgage--
1. make sure you maintain, or increase your credit score (720 or better is the best). NO late payments
2. minimize your monthly debt, pay off those credit cards.
3. pay off as much of your current mortgage as possible.
4. (you don't need a lot of liquid assets to refi, so don't worry about saving money, but keep a little bit saved).
do all of this, and by the time you are ready to do a refi, your payments will be lowered by a significant amount.
Yes, in most cases, you can. You should try to apply with eloan, they will do the best job with it. They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.
if you tell me how much you owe, how much the home is worth. what your credit is, and how much you make. bankruptcy's?? foreclosures? i am a broker in Miami, fl with First Lincoln and can more likely than not help you out. the office # here is 305-255-6306.. my name is Walter.
Refinance can be pretty complicated, involving costs of early payment, finance fees etc. that have to be factored in to your payments. For a lot of people it winds up being not worthwhile. Try looking for some information at a neutral site like http://www.refinance-and-loans.com/ and also try the lenders compete type of website to find really informed mortgage brokers to speak with. You also can try a direct lender site to get starting point information on applicable interest rates.
If you have paid down you loan a considerable amount or if you can increase you term from 15 or 20 years to 30 years you could lower your payment.
This depends on what you have now.
In many cases borrowers have a first and second mortgage and a refinance enables them to consolidate them both into 1 mortgage which almost always results in a lower overall payment.
hopefully
Probably.
However, you have to ask yourself whether lowering your monthly payments will actually serve your long term goals.
Be careful because a lot of people are falling into traps when it comes to loans that have extremely low payments, but big problems later on.
For instance, there is a loan called an Option ARM that is good for many people when they know how to use it properly. However most people fall into the trap of paying the minimum payment of 1% interest and fail to realize that this is actually making their loan balance increase!
This might not have been so bad a few years ago when property values were going through the roof, but in a slower market it can be a major problem.
There are, however, creative loan programs that are not quite so exotic:
1. Thirty year fixed with a short term discounted rate or an interest only term. This will give you the stability of a fixed rate and a low payment without the negative side effects of an ARM.
2. A hybrid pay option loan which is has a low minimum payment oprtion but it is not tied to an adjustable rate.
3. A short term fixed rate loan which might be good if you are only going to stay in the house for a few years.
You ahev a lot of options and it all depends on your situation. If you'd like you can send me an email and we can taljk about it further. if it doesn't make sense for you to refinance then I will be the first one to tell you.
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