Februari 2012

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Home loan modification is the process of adjusting the contract made between the borrower and lender. Banks are here to do business with their clients and no personnel would be highly interested in making a selling in case of non-payments. The borrower has got all the rights to speak to the lenders on a loan modification plan. If the borrower can substantiate his thoughts, then the banks may reconsider their decisions on foreclosure and defer their decisions. Depth understanding of personal finance must be there for the individuals. The borrower must have a definite plan of home loan modification before approaching the banks.

There can be many adjustments made in the process to bring the contract live and dilute the dire need of seizing the property. Lender may help the borrowers if they can have a proper idea about their fiscal situation. They can help in

o Reduction of interest rates and monthly payments

o Reducing the loan amount

o Saying no to foreclosure

o Stopping auction

Lenders know very well that they have to suffer a huge loss if they have to stay in the delinquent status for a longer period of time. A loan modification might help the borrower to ease out his fiscal situation and the monthly paybacks. Considerable amount of outstanding can be reduced or the interest rates might be reduced. It is a win-win situation for both the borrowers and lenders in the case of home modification loans. This will prevent the borrower from getting a bad credit score. Lenders may have more profits by extending the time period of loan. Usually the borrowers will end up paying huge amount as monthly interest amounts. There is no better alternative in the current recession hit scenario.

With the current performance of economy, homeowners need the assistance of lenders and lenders are more likely to modify the loan amount. This process will benefit both the cases. Foreclosure involves heavy expenditure and legal proceedings. Loan modifications help the homeowner to stay back in their home and that is the popular reason why it is gaining.

Author: Jake Spears

To avoid foreclosures in the continuing housing market crisis, the FHA has been given permission to insure up to $300 billion in new loans, as long as lenders are willing to cooperate with home loan modification programs. The funds and expanded authority were granted to the FHA under the recently passed Housing and Economic Recovery Act of 2008.

The Act also includes nearly $15 billion in housing tax breaks, including valuable tax incentives for first-time homebuyers. But American consumers faced with troublesome mortgage payments are most exited about the home loan modification programs that will allow the FHA to basically assume responsibility for bad loans and borrowers and refinance them into new, FHA-insured 30-year fixed-rate mortgages.

To participate in the emergency program banks and mortgage companies have to voluntarily agree to do loan modifications and mortgage rewrites to make sure that homeowners do not owe more than the current market value of their houses. In return for the write-downs and more user-friendly terms, borrowers agree to share potential profits from future sales of their homes with the FHA. That helps to offset the financial burden on taxpayers by reducing the overall cost of the initiative.

When Congress passed the Housing and Economic Recovery Act of 2008 during the summer, it did so by a wide bipartisan margin but the Bush administration promised to veto it. The president backed down and signed the bill, however, once it reached his desk.

Since the bill passed the economy has worsened, and the entire world faces one of the worst financial crises in history. Some homeowners worried that the big $700 billion rescue plan might overshadow the FHA loan modification project

Author: Craig Jones

In simplest terms, a loan modification restructures the terms of a loan without actually refinancing the property it secures. A loan modification can be defined as an agreement between the lender and the borrower which stipulates a long term relief from unaffordable loan terms. Modification of a loan applies to the terms governing the interest rate, the amount of the monthly payment, and in some cases also the loan amount.

A permanent change in one or more of the terms of your loan, gives you a fresh start, and results in a payment that you can afford. The sole purpose of a modifying your home loan is to enable the borrower to meet the terms of the new loan for the foreseeable future. The cost of default is more than modifying a loan therefore a lender is likely to be open to loan modification.

Should I try modifying my home loan myself  ?

No. If you have a claim with an insurance company you will be treated much better with a public adjuster pushing the insurance company to treat you fairly. A public adjuster works for you, not the insurance company. The bank is not your friend. You need someone who understands your rights and the process of loan modification.

Congress recently passed laws that give you special rights to help you modify your loan. We work for you. We are your advocate throughout the process. Possibly the most important reason you should work with us is the fact that all families who are candidates for loan modification are experiencing very difficult times. Extremely high levels of stress cause sadness and confusion. You need an advocate who understands how difficult it is for you and your family to weather such a storm.

Author: Paul Sikes

Do You Need a Lawyer to Modify Your Loan ?

Foreclosures are a common problem that we see today. This is because of the recession and the global financial crisis. If a person has to face foreclosure they should ask for assistance from professionals who know about mortgages and loans.

hey can ask from lawyers who are experts in loan modifications. These lawyers know it all when it comes to modifying loan policies. People don't have to worry about finding a good lawyer to help them.

A lot of lawyers are focusing on helping people face foreclosure. This is due to the fact that modifying loans are effective in solving foreclosures. With the proficiency of these lawyers in lending policies, they negotiate with the lender to find ways to prevent homes from being foreclosed. Furthermore, a number of clients are seeking the help of lawyers, and consequently, the more the clients the more money they can earn.

Lawyers are skilled in representing a person who is facing foreclosure, or just in the brink of experiencing one. They provide suggestions and negotiate with the lender about modifying loan terms or decreasing the interest rates. Lawyers can also help the homeowner by giving them good options on how to tackle the problem of their mortgages.

Not only that a lawyer represents the law so the lender would have to listen to the clients concern regarding the foreclosure. Most importantly, lawyers almost always give their clients the best possible options that would be of utmost benefit to their clients.

You must choose a good lawyer, one that would represent you and thinks of your welfare. Moreover, a lawyer should be trustworthy, being able to tell you all the available options. You should choose a lawyer who is capable of providing you information on loan modification, such as the requirements and the corresponding qualifications. You must be able to trust them with important documents regarding your loan policies so that they in turn can show you your options.

The lawyers deal with the lender will influence your finances during the months to come regarding your payments. The lawyers main goal is to have your loan payments lowered each month or they may opt to decrease the interest rates with your lender. Whatever the deal for you is it will be in your best interests that you get a good deal.

There are many lenders who will ignore everything from an individual and let the home fall into foreclosure but as soon as they hear from a lawyer they sit up and take notice. If you are behind with your payments either contact a lawy

Author: Steve Wrangler

When the homeowner deals directly with the lender, there shouldn't be any fees associated with the modifying your mortgage. When you negotiate with your lender, it is important to be prepared. Have a complete financial analysis - this includes all sources of income and all expenses. It is important to have all documents prepared to negotiate with your lender, a complete loan modification kit can help with this.

Also keep in mind that lenders negotiate with the following guidelines :

o  Maximizing returns on mortgages
o  Minimizing losses on mortgages
o  The best interest of the stockholders and the bottom line

If you don't feel that you can successfully negotiate for yourself, there are other options. Using a home loan modification company is one such option. If you choose to use a professional like a home loan modification company, there will be fees paid for services rendered. A company that specifically deals with modifying home loans will have a diverse staff with the experience needed to successfully negotiate with your lender. The combined experiences and backgrounds of the company's employees can be a powerful force in your favor when negotiating a home loan modification. When choosing a company, make sure they are able to deliver what they promise. Never work with a company that asks for an upfront fee and always check with references.

Another option is housing counseling agencies that have been approved by HUD. These agencies are funded by tax dollars and perform home loan modifications at no cost to the consumer. With the current economic down turn and the rise in the number of homeowners needing assistance, these agencies have become overwhelmed with cases and are forced to turn people away.

If you do not feel comfortable negotiating for yourself, you may feel that hiring an attorney is right for you. Make sure to find one that will fight for your best interest. A good attorney with ample experience negotiating modifications to mortgages can be a good way to get yourself a modification that will get you back on track and keep you there. Many home loan modification companies have attorneys on staff, which is something else to consider.

Remember, that while lenders are going to negotiate for terms that are in their best interest, an attorney or home loan modification company will fight for yours. If you are going to hire either a company or attorney, it is a good idea to conduct an interviews. If possible, conduct the interview in person and at their office in order to get the most accurate impression.

Questions to ask :
o What are all the costs associated with getting you a home loan modification ?
o Are the fees flat or hourly ?
o How many modifications have you successfully completed ?
o Are there any customers you can speak with to get a recommendation ?

If you find yourself falling behind on your mortgage, there are remedies available. Calling your lender and opening the lines of communication is the first step in solving your mortgage problem. When entering into negotiations with your lender, remember that they will have their best interests in mind, it is your job to fight for your best interests. If you feel that you will not be able to successfully negotiate for yourself, there are agencies, companies, and professionals available to assist you. Using one of these options may cost more than negotiating for yourself, but they be better able to get you a modification that will be a long term solution.

Author: Steve Wrangler

The step by step process will be explained for you here, this may help you complete a modification if you have the time to spend on actually getting it done yourself.
A successful modification can be completed for you by a professional within roughly 90 days as the experience and the man power on doing and completing this process the right way is already known and practiced daily.

  • Get the loan modification forms that will be required by your lender. Financial statement, hardship affidavit, hardship explanation letter
  • Income documentation-paycheck stubs, W2's, tax returns, award letters, bank statements
  • Get out your monthly bills-itemize your expenses and you should be as accurate as possible
  • Now complete your financial statement by itemizing your household gross income and your monthly expenses.
  • Fine tune your financial statement with any changes required so that you know your budget fits into the approval guidelines based on your banks requirements.
  • Put together all of the forms, income and asset documentation, hardship letter and organize them into a folder for handy reference ( this part is critical because if you do not make it "easy for the bank" they will put your file to the side and not even contact you ).
  • Now, call your lender and tell them you want to apply for a loan modification or a loan restructure, have all of you

Author: Steve Wrangler

It seems every time we turn around there are more families who are having financial difficulties of some sort, and in order to stay in their homes they are going to their lenders to see if they can get home loan modification hardship assistance. For many families they need the help from the Home Affordable Modification Plan to help them as they work towards home loan modification hardship assistance and to keep from foreclosing.

Home loan modification hardship assistance is an agreement that is between the homeowner and the lender that essentially gives the homeowner lower mortgage payments. This happens by adding five additional years onto the mortgage and then lowering the interest rate. Since the mortgage is being extended, the amount of the mortgage and how much is left at the time you receive assistance, the payments may rise at the end of the mortgage. For many homeowners who are really in need of help now, this is worth it.

Modified loans and refinancing are two different things, and some homeowners mix them up.

Refinancing is totally redoing your mortgage so you, the homeowner, can get some cash out of what you have already put into your home, as the value of the home has gone down. With refinancing you, the homeowner, has really good credit and payment history on your mortgage, which may not be the case for you at the moment.

Loan modification hardship assistance is lowering the payments and interest rate. With this modification assistance your credit can be a little less than perfect, been late on mortgage payments, and may even be going through or have gone through bankruptcy. It is easier to get help from the modified loan hardship assistance than refinancing for those homeowners who have had a problem making ends meet.

It is worth at least checking into home loan modification hardship assistance if you are having financial difficulties. The guideline to qualify for assistance includes a large group of people and get some free counseling is a great way to get started on getting help. The plan the current Administration put together for the home modified loan hardship assistance covers the many different people who are having financial difficu

Author: Paul Sikes

A Chance For a New Start

Negotiating a home loan modification may sound like a very intimidating prospect. But considering that the alternative may be losing your home, and of course, the emotional turmoil it would put your family through, it isn't such a bad deal.
So, you may think, I'll just go to my lender and tell them what I can afford right now and we'll work something out. It just won't be that easy. Remember, the goal of any company, mortgage companies included, is to do what's best for them, not necessarily for you. There are however, things you can do to prepare which will give you a better chance at successfully negotiating a home loan modification.

First of all, get all your paperwork together. You will need proof of current income, proof of your expenses, a credit report, and your current credit score. Also, make a list of your assets and your current debts. Of course you'll need all the documentation from your current mortgage. You may want to be prepared to suggest a solution to the problem, at least figure out what you will be able to pay each month without getting behind again.

Being well prepared will increase your chances of success. But more importantly, being in a real financial hardship of some kind will make a big difference. First, if it is legitimate, it demonstrates that you were not just careless about paying on time. Also, the lender stands to lose money if they foreclose on your home, so they really would rather work out a new arrangement if they believe you will abide by it.

With so much at stake, many smart homeowners have sought the help of a loan modification company to help them renegotiate. Having experienced help will increase your chances of success and may help you get the best terms. Imagine how much better you will feel having representation when you are dealing with the lender. A professional who is experienced at negotiating a home loan modification. Their fee will be more than offset by the money you save in the long run. As an alternative, informative packages are available that provide the info

Author: Steve Wrangler

What is a mortgage modification ?
Under the terms and guidelines of the Economic Recovery Act of 2009, eligible homeowners may refinance their home mortgage loans, securing lower fixed rates for twenty- and thirty-year mortgages underwritten by Fannie May and Freddie Mac. Working with their lenders and the Office of Housing and Urban Development, homeowners may prevent foreclosure even after they have defaulted on several months' mortgage payments.

Who is eligible for a mortgage modification ?

Approximately nine million American families are eligible for federal assistance under this legislation. Those families who do not qualify for loan modification may still qualify for federally assisted home loan refinancing. All families who face imminent foreclosure should contact their lenders and HUD right away, because some of the provisions include time limits on applications and funding.

In general, a family with a Fannie May or Freddie Mac mortgage on a home valued at $720,000 or less will meet the basic qualifying standards. They must, however, have suffered a significant "hardship," which has driven their home mortgage payment to more than 31% of their monthly gross income. The hardship must have befallen them through no fault of their own-lay-offs, downsizing, and health issues lead list of hardship causes. 

How do people apply for a mortgage modification ?
People at risk of foreclosure should contact their local Office of Housing and Urban Development (HUD) as soon as possible; or they may visit the HUD website for very detailed but also easily understandable explanations of the terms and requirements. Applicants also should contact their lenders right away, not only alerting their mortgage holders that they intend to apply for modification but also enlisting their help and support. Most lenders will help applicants document their financial histories and often will help them make the case for "hardship." HUD representatives will guide applicants systematically through the process, clarifying procedural details and cutting through bureaucratic red tape.

Why should people apply for a mortgage modification ?
The home mortgage loan modification program is one of two stimulus measures the government has established to help troubled homeowners and to ease the strain on lending institutions. For the majority of cash-strapped homeowners, these programs represent the best way to secure a fixed-rate hom

Author: Paul Sikes

Full Disclosure and Shows of Good Faith

You need not suffer the shame, humiliation, and hardship of foreclosure on your home. Apply for a home loan modification.
More than 2000 hardworking American families will lose their homes tomorrow. For some, the foreclosure process had proceeded too far or the circumstances were too desperate for the people to prevent the disaster. For most, however, foreclosure results from circumstances well beyond their control; the prospect of homelessness looms despite the fact that they have done everything right.

Many families facing foreclosure, however, fail to recognize or fail to act on the federal government's offers of either home loan refinancing or modification. These programs, part of President Obama's economic stimulus package, can save both their homes and their dignity. If you are in jeopardy of foreclosure on your Fanny May or Freddie Mac mortgage, contact your local office of Housing and Urban Development, and begin the process of applying for a federally subsidized home loan modification.

Your lender wants to assist your home loan modification.

Your lender has every good reason to assist you as you prepare your documents and make your case for a home loan modification. Your lender especially can help with documenting your financial history, showing that your monthly mortgage payment escalated to considerably more than 31% of your monthly gross income. Especially if you bought the house with an adjustable rate mortgage that changed rates just as your ability to pay decreased, you will meet the government's qualifying criteria. Your lender prefers you qualify for assistance and pay regularly on a modified mortgage; your lender does not want another devalued home among his assets.

HUD assists with home loan modifications.

The Office of Housing and Urban Development administers the government's home refinancing programs, and its agents are specially trained to help homeowners meet the programs' requirements. Develop a healthy, productive working relationship with your local HUD representative, helping to assure your qualification for refinancing or mo

Author: Craig Jones

Home Loan Modification and Bankruptcy

Don't start packing up your life if you can no longer meet your monthly home loans. Instead, if you know your options, you just might be able to prevent or stop foreclosure. Home modification and bankruptcy options are two solid ways to avoid this issue. Take the time to explore these options to see if they will work for you. Why lose your home when you can keep it just by picking up the phone and doing some work ?


Many people in need often find that loan modification is a successful way to prevent foreclosure. Basically, you just need to pick up the phone and call the lending organization that granted the home loan. Explain exactly what is going on with you so that they understand why you have not been able to keep up with loan payments. Banks want to avoid seizing a home because it is a time consuming and costly process. Instead, if you talk to them about how much time you need and what amount you can pay, the bank may be willing to renegotiate the terms and rates of the loan so that the monthly payments are more manageable. Even lowering the payments by a hundred dollars could help you catch up.


This isn't the best option because it could seriously tarnish your credit score for quite some time. However, if you are smart about this, you could really save your home. This is often a last-ditch effort for people who have tried all other options and are losing time. Once you file for bankruptcy, foreclosure proceedings stop. Thus, you have the time to really negotiate favorable terms on credit card balances and other bills so that you can give the bank the money you owe. There are many different types of solutions. If you file for Chapter 13, you will be given a set amount of time in which you can pay off your debts. This can give you the time to negotiate favorable repayment plans with other organizations so that you can then focus on your home loan.

Adjusting your payments and Chapter 13 are two ways to save your home. Don't throw in the towel before you try each and every option available to you. If your home is important enough, you will work hard to keep it. Explore loan modification and bankruptcy so that you have a chance of keeping your home.

Author: Jake Spears

As the housing crisis continues to build momentum across the country, successful home loan modifications are the only course of action standing between homeowners' ability to stay in their homes and being forced to move due to a foreclosure. If events leading to a foreclosure are unfolding quickly, a modification becomes a one shot chance that must be done correctly and as efficiently as possible. The following are the five big mistakes homeowners commonly make which can slow the process to a crawl or result in non-approval. They are :

1. Being unrealistic :  If you are falling behind on your mortgage payments without a foreseeable change such as a raise or a higher paying new job, the problem is not going to go away on its own. Start pulling your paperwork together, learn as much as you can about loan modifications, and begin interviewing to get the best representation possible for your situation.

2. Dishonesty : You can assume that just about all your past sins can be discovered during the loan modification process. The new 4506-T form will allow your lender to pull the tax returns you filed to see if they match the returns you turned in with your application. Different versions can be a big problem for the homeowner. Many homeowners don't realize that their lender still has the original application file when they were trying to look as good as possible in order to get that approval. Trying to hide a big account when applying for a loan modification will raise questions about your integrity and, at the very least, slow the modification process. It's much better to lay all your cards on the table and let your attorney decide how to best present it.

3. A poorly written hardship letter : The main requirement for a loan modification is verifiable financial hardship. A poorly written letter which doesn't explain your hardship or how you are handling it can get you kicked out of the process before it starts. Instead, writing a letter which details the events leading to the hardship with backing documents is a great start. Finishing the letter with your plan on solving your existing situation will give your lender the confidence that your circumstances are temporary and that you are still a good loan risk.

4. Incomplete documents : Nothing slows down a loan modification like waiting for documents. Furnish everything asked of you at the beginning of the process as quickly as possible, making copies of it before turning it in. Additionally, if you are asked for supplemental paperwork like pay stubs along the way, get them in as quickly as possible.

5. Going it alone : Getting a executed to avoid foreclosure with terms that address your specific needs is no small undertaking. Going it alone in one of the most important missions in your life may save you some money initially but over the long term is likely to be more expensive and could literally cost you the roof over your head. Instead, hire an experienced loan modification attorney to give yourself the best chance at a successful modification with terms that are within your budget and sustainable for the long term.

And one critical mistake many homeowners make after a successful loan modification :

6. Using the extra money resulting from lower mortgage payments on unnecessary stuff - A high number of loan modifications go back into default within months of the modification's completion because the borrowers go back to spending money over and above their budget. Instead, save the extra funds to start rebuilding your sa

Author: Craig Jones

Thanks to the new home bailout programs from the Government, modifying a home loan with Wells Fargo is now easier for struggling homeowners. This government bailout will give millions of homeowners a chance to reduce their home interest rates and get into a new, lower monthly mortgage payment. Do you know how to apply ?

If you have already attempted to modify your home loan with Wells Fargo and have been denied, or are still awaiting a reply, you should reapply using Obama's "Making Home Affordable" plan. A lot of homeowners can take advantage of this plan and would have a chance at receiving:

  1. Interest rates reduced to as low as 2%
  2. Mortgage length extended for up to a 40 year period
  3. Portions of the principal balance may be deferred

These options may be combined in order for the homeowners monthly mortgage payment to not exceed 31% of their gross monthly income, which is what Obama's plan calls for. A lot of homeowners pay 50% or more of their income towards their home every month. Another benefit is that a Wells Fargo home loan modification using the Government bailout plan offers all the traditional refinance and modification options, without the negotiation or added fees and hassle. The best thing you can do to help yourself is make sure that your mortgage modification applications are all filled out completely and in full.

It should also be remembered that there is no costs associated with this home refinance stimulus plan and also that free mortgage and debt counseling is available from the HUD website. These professional mortgage and debt counselors will assist you in filling your paper work and applying for the correct type of loan modification or refinance package that is right for you. They will increase your chances of being approved due to their experience and professional knowledge.

If getting a home mortgage modification from Wells Fargo make sure you do some basic research and come prepared. It is not hard to get all your paperwork lined up and corrected in order to streamline the modification process, and increase your chances of being approved. Look into modifying your Wells Fargo home loan today and see how much potential savings there is to be had.

Author: Steve Wrangler

We all like to renovate our house, especially if it is a few years old, because over time, every house requires certain improvements. Renovating your house is a big deal, especially if you do not have an unlimited budget, and in such scenarios you can apply for home improvement loans. Home improvement mainly includes updating your flooring, plumbing fixtures and countertops, which will certainly enhance the beauty of your home, but the home improvement project may turn out to be a costly affair.  By going in for a home improvement loan, you can change your house as per your dreams and ideas.

Tips for getting a home improvement loan :

1)         Firstly, you need to have a clear cut picture on what kind of home improvement plans you need to take up. Based on your ideas, you can hire a contractor who will be able to provide you with an approximate budget for the entire project. Once you understand the total amount of money required for the renovation project, you can have an idea how much you can invest on yourself and how much loan you need to borrow.

2)         In order to apply for loans, you need to make sure that you have all the relevant documents and details before you go to the lenders. Important documents in this regard include the tax form confirmations of the previous two years', verification documents regarding employment, your credit history or credit report, evidence of any additional income source which mainly includes gains through social security, income proof, debt to income ratio, etc.

3)         You can ask for a free credit report from any of the three bureaus which you are entitled to in a year. In case you take note of any errors, you can sort it out with the credit agencies.

4)         You will be surprised to note that as you shop for products and items, you also need to shop for lenders regarding interest rates and also about their reputation in the market. When you choose your lender, make sure that he has a good history and make sure that you are well-versed with the terms of the loan which you are procuring. In case you are getting your loan online, always make sure that your personal information which you are submitting must be through secure means so that you can avoid any possibility of identity thefts.

5)         You need to decide whether you have to go in for a home equity line or a line of credit for home improvement. These loan varieties are treated as second mortgages and while the first one represents lump sum of cash at a fixed interest rate while the other loan seems to be like a credit card.

6)         Prior to signing the loan agreement, you should read through it carefully and should be well-versed with the entire clause. If you have any doubts regarding the agreement, you should seek the expertise of an attorney or you can also search for another lender.

7)         Always ensure that you are able to pay the monthly installments on your loan and if you default out on your loan, there is a possibility that you can lose your home.

Author: Frank Black

President Obama announced the Homeowner Affordability and Stability Plan on February 18, 2009 which provides for the Home Affordable Modification Program (HMP) for banks servicing home mortgages. This program will completely change the landscape for the millions of American homeowners with problems with their home mortgage looking for help and loan modifications.

This Program provides financial incentives for participating lenders as well as up to $5000 reduction of principle to homeowners who stay current on their loans for over five years! This is a significant plan and everyone considering a loan modification should find out if they qualify.

A mortgage loan is eligible for the HMP if it is from a participating lender and all of the following criteria are met:

  • · The mortgage loan is a first lien conventional mortgage loan originated on or before January 1, 2009. Some "Jumbo" conforming loans are eligible.

  • · The mortgage loan has not been previously modified under the Program.

  • · The property securing the mortgage loan cannot not be vacant or condemned.

  • · The mortgage loan is delinquent or default is reasonably foreseeable; loans currently in foreclosure are eligible!

  • · The mortgage loan is secured by a one- to four-unit property, as long as one unit is the borrower's principal residence. One-unit condominiums and manufactured homes are eligible.

  • · The borrower must document a financial hardship with clearly documented income. There is a new form, a Home Affordable Modification Program Hardship Affidavit (Form 1021).

  • · The documentation of supporting income may not be more than 90 days old.

  • · A borrower in active litigation regarding the mortgage loan is eligible and the lender cannot require a borrower to waive legal rights as a condition.

  • · A borrower actively involved in a bankruptcy proceeding is eligible at the lenders discretion.

  • · Borrowers who have received a Chapter 7 bankruptcy are eligible, provided they fit under the "Acceptable Revisions to HMP Documents" section of the Program.

  • · The borrower agrees to set up an escrow account for taxes and insurance if one does not currently exist.

  • · The mortgage loan is not insured or guaranteed by a federal government agency like FHA.

This is a four year window. The Home Affordable Modification Program expires on December 31, 2012.

There are other programs for those who are not eligible like HomeSaver Forbearance foreclosure prevention option which helps those homeowners that can not qualify for the Home Affordable Modification Program.

Author: Steve Wrangler

America's Homeowners have growing concerns following the recent reports that Bank of America has only Permanently Modified a few home loans under Obama's government Home Affordable Modification Program HAMP. The media is now scrutinizing Bank of America's recent performance with the program and so are the many homeowners who are waiting on pins and needles for a response to their request.

Bank of America has now made a new commitment to Improve the Customer Experience, lets hope so because so many customers are complaining about the lack of knowledgeable and consistent answers when they call in. I am not sure if the executive team is aware of how difficult it is for homeowners to get the correct answers.

Bank of America claims to have made a corporate commitment and announced that they have taken some major steps to work with borrowers on their eligibility for Obamas Home Affordable Modification Program HAMP and do their best to work with homeowners and improve the level of service homeowners receive.

These are some of the ways they intend to accomplish the above :
  • Bank of America intends to Increase default/loss mitigation staff to 13,000.
  • Their plan includes a reassignment several hundred mortgage loan officers to serve in the capacity of case workers to assist homeowners convert from trial to permanent modifications.
  • Bank of America will launch a home loans assistance Web site this year that has the capacity to give home loan customers the simplicity of online access to be able to get answers to their loan modification process questions.

In addition, in an effort to reach unresponsive or difficult to get a hold of borrowers Bank of America plans to implement a door-to-door campaign in the hopes to obtain the necessary documentation to offer a trial Home Affordable Modification Program HAMP. Bank of America is participating in over 200 community outreach events. They are sponsors for several community programs and they are piloting a Customer Assistance Center in Brea, CA to offer face to face counseling for mortgage, home equity loans, personal loans as well as credit cards.

The key to working with Bank of America is to have a solid organized financial package put together, have a lot of patience, and do not give up. Keep calling, and escalate when necessary. Stay calm and be nice to the person on the other end.

Author: Craig Jone

Wells Fargo has introduced a new way to modify your existing home loan with the new government bailout program. This program will give literally millions of people the chance to lower their rates and keep their homes from going into foreclosure.
This is a new program that was not available in the past. If you had already applied for a home modification loan with Wells Fargo and had previously been denied approval, this program could make all the difference. You should consider reapplying using President Obama's Making Home Affordable plan.

There are a lot of advantages to this new plan:

  • Under the new program your interest rates could be reduced down to as low as 2%.
  • The length of your mortgage can be extended up to a 40 year period, which will make payments lower.
  • You maybe able to defer a portion of the principal balance under this new program.

It is possible for the above three options to be put together in order to make your monthly mortgage payment to not go over 31%. This is thanks to Obama !. It is normal now a days for many homeowners to be paying 50% or more of their monthly income to their mortgages every month. Falling behind by one payment could have detrimental results in this situation! By applying for a home modification loan under the government bailout program with Wells Fargo, you get the added benefit of a lower interest rate without all the hidden fees and costs usually associated with a refinancing of a home.

Researching your possibilities is important. Talk with a professional regarding your situation and to get answers to any questions you may have. There are free debt counseling services available through the HUD website. They will go as far as helping you fill out your paperwork to make sure you have included all the information that is needed and putting it down the correct way. Being prepared can greatly increase your chance of an approval.

This is a great opportunity to take advantage of! Contact your loan mitigation department at Wells Fargo today to discuss this plan and see if it will work for you. The savings could really add up.

Author: Steve Wrangler

Are you among the millions of U.S. homeowners hit the hardest by the current financial crisis in America ? Are you concerned that you can't make your monthly mortgage payments anymore ? If you're nodding your head, you need to hurry to a financial counselor today and ask about home loan modification vs. FHA refinance.

Loan modification and FHA refinance are helping hundreds of thousands of homeowners prevent foreclosure when they can't pay their mortgages. Which one is best for you depends mostly on who backs your loan. To learn about your loan insurer, call your lender and ask. Most loans are insured by the FHA, Freddie Mac, or Fannie Mae. None of these three organizations are actual lenders, but they insure the loans and guarantee the full amount of the loan. Doing this lessens the risk for lenders and helps borrowers get lower interest rates.

How can you tell apart an FHA loan and a Fannie or Freddie loan ?
From the outside, you really can't. There isn't much difference between the loans, aside from who happens to insure them. A lot of homeowners don't even know who insures their loan, and that's because they rarely need to know that information. When they do need it is when they want to modify their loan to decrease their monthly payments. If your loan is a Fannie or Freddie loan, then you could be eligible for President Obama's Making Home Affordable mortgage loan modification plan. If you have got an FHA loan, then you should look into the HOPE for Homeowners plan, which is a special FHA plan to refinance mortgages through equity sharing.

Refinancing with HOPE for Homeowners with FHA loans opens up the possibility of refinancing to thousands of individuals who didn't used to qualify under old refinancing laws. Decreasing house prices have caused a drop in the home equity that people hold, and that drop has made some unable to refinance traditionally. If they have lost enough equity that they no longer have 20% equity, they used to be unable to finance.

The Making Home Affordable plan, in contrast, is not a refinancing program. Instead, it is a loan modification program, which requires participating lenders to follow a standard procedure to lower homeowner's monthly payments to affordable levels. The plan includes $75 billion of incentives paid out to both lenders and borrowers for successfully modified loans.

Author: Steve Wrangler

President Obama knows that the current economic crisis that we are facing has been crippling for many homeowners. Foreclosures are at an all-time high. House prices have plummeted because a foreclosed home in the neighborhood decreases the price of surrounding houses by as much as 9%. House prices have dropped so dramatically that many people now owe more on their home than it is even worth. Because of these problems, the administration has introduced Obama's home loan modification plan.

The plan was announced in February of 2009 and implemented in March 2009. One arm of the plan is designed to help homeowners at risk for foreclosure to refinance. Rapidly falling house prices mean that people often no longer have 20% equity in their homes like they used to, and so they are ineligible for traditional refinancing. The President plans to make refinancing easier so that people can better manage their monthly payments and avoid foreclosure.

The home loan modification plan aims to keep 5 million people in their houses by offering a set of guidelines and rules about modifying mortgage loans. Mortgage lenders will get incentives from the government to modify the loans of at-risk homeowners and work with them to find workable solutions to lower their monthly payments.

Homeowners who use loan modification will get their mortgages are restructured by the lenders. Interest rates on a modified loan must be lowered in order to put the monthly payment at 38% of a borrower's gross monthly income. Lenders are given further incentives to decrease the interest amount even more, getting a matching dollar amount from the Homeowner Stability Initiative to lower their interest rates to 31% of a borrower's total monthly gross income. In these trying times where layoffs have often pushed a person's monthly mortgage payment to 40% or even 50% of their gross monthly earnings, a loan modification is absolutely necessary for people who need to remain in their homes.

The U.S. Treasury has implemented an exact series of steps that a lending institution must complete when modifying troubled loans. This clear set of guidelines should streamline the process and avoid more foreclosures than past initiatives have. In the past loans have been modified by tacking on missed payments to the principal of the loan, which did nothing to lower monthly payments. President Obama's home loan modification plan addresses the i

Author: Craig Jones

Thanks to the new home bailout programs from the Government, modifying a home loan with Wells Fargo is now easier for struggling homeowners. This government bailout will give millions of homeowners a chance to reduce their home interest rates and get into a new, lower monthly mortgage payment.

Do you know how to apply?

If you have already attempted to modify your home loan with Wells Fargo and have been denied, or are still awaiting a reply, you should reapply using Obama's "Making Home Affordable" plan. A lot of homeowners can take advantage of this plan and would have a chance at receiving:

- Interest rates reduced to as low as 2%
- Mortgage length extended for up to a 40 year period
- Portions of the principal balance may be deferred

These options may be combined in order for the homeowners monthly mortgage payment to not exceed 31% of their gross monthly income, which is what Obama's plan calls for. A lot of homeowners pay 50% or more of their income towards their home every month. Another benefit is that a Wells Fargo home loan modification using the Government bailout plan offers all the traditional refinance and modification options, without the negotiation or added fees and hassle. The best thing you can do to help yourself is make sure that your mortgage modification applications are all filled out completely and in full.

It should also be remembered that there is no costs associated with this home refinance stimulus plan and also that free mortgage and debt counseling is available from the HUD website. These professional mortgage and debt counselors will assist you in filling your paper work and applying for the correct type of loan modification or refinance package that is right for you. They will increase your chances of being approved due to their experience and professional knowledge.

If getting a home mortgage modification from Wells Fargo make sure you do some basic research and come prepared. It is not hard to get all your paperwork lined up and corrected in order to streamline the modification process, and increase your chances of being approved. Look into modifying your Wells Fargo home loan today and see how much potential savings there is to be had.

Author: Steve Wrangler

Getting a home loan could look complicated and you might be concerned that you would not know the wording used by the mortgage market. There is not much to be anxious about as the internet will provide all the information, explanation, jargon, mortgage loan rates, mortgage quotes and you can further apply straight to your selected lender.

Surely there are many factors affecting a home loan qualification and ultimate application. Fundamental ones are; ready down payment or home equity in case of refinance, applicants incomes and credit ratings. For a traditional loan you want to do highly on such areas to be offered the best rates attainable out there. If you score not well in part of these essential areas, you would likely still get a mortgage nonetheless may not be offered the ideal home loan rates you were awaiting for. Mortgage quotes would aid you discovery what rate you might be offered if you were to apply now. Do not be concerned, the quote form does not want your social security number or check your credit history.

All things boil down to mortgage loan rate ultimately. For that reason the rate table widely offered on the internet is quite important for your pursuit. Rate tables supply the average rates throughout the country, but you will find the rates and lenders in your locality by checking your chosen product or submitting your zip code in the chart. Many people will be watching rates for a time to distinguish a favorable moment to catch a good deal. The markets are changing very fast that refinance tables change a few times indeed in a day. Therefore, you Must have an easy path to refinance mortgage rates whenever you want.

One thing you need to accept is that you are certainly the leading person to watch your best interest. You should research details online or from your broker, contemplate it meticulously and come up with a decision that you are totally pleased with. Good luck in your quest.

Author: izibir

Undeniably having online home loan refinance quotes is very user-friendly. People could get as much information as they want, receive quotes and complete applications online. Honestly, all that is now achievable without setting a foot out and in a shorter time then you would pinpoint a reputable mortgage consultant in your locality. You should not defer your home loan refinance hunt any longer when finding a quote is that easy.

Facilitating home loan refinance quote systems are not an easy enterprise. These solutions are complex to run; needs secure and fast operating of all the rate tables and form. They need to be up to date and convey the information in a lightening speed. These companies have extensive research on mortgage rates, lenders and the best technology to bring together a prospective applicant with a competitive lender successfully.

Basically a prospective mortgage applicant finds one of these platforms on the internet. After keeping a close eye on the rates, mortgage seeker goes for quotes to learn what refinance rate he might be offered for his situation. A simple form is filled and submitted. Then the system goes through list of lenders to provide their best rates for the applicant. Each lender knows well that there will be rival mortgage providers quoting their best rates for the same candidate. So the moment you complete your quote form the race is on between the lenders.

This is the whole notion behind the quote platforms. Let the lenders compete for your business while you are grabing your cup of tea. They do the search and supply you with their best offers. If any of the quotes tempt you, then you have already got the ball rolling for a successful mortgage refinance. Otherwise, keep checking the rates and carry out the very undertaking if the rates decline further.

Author: izibir

Home mortgage refinance rates have been hovering in low levels for some time now. There has been a surge in mortgage refinance requests, nevertheless it looks like to be slowing down just now. Maybe consumers are waiting for more fall. Amazingly, number of homeowners see the historic low rates and desire some more. They may be fortunate to get marginally more decline on the rates until the end of the year.
The reality is that there are a few people out there who would like to have these rates, if they could be accepted. One of the major reasons for homeowners falling short of qualifying for these low rates is the reduced equity. Not many homeowners have enough equity in their home after the descent in property valuations. Other main reasons that block people from refinancing are poor income and credit history.
According to reports, higher than 20 million Americans are still paying on mortgage rates at least two percentage point over the existing rates. Some people are caught and have no way out of it. However it is more than likely that several million of such consumers are wasting money on higher mortgage rates as a result of negligible excuses or scares that refinancing process may be complex. It would be real shame for homeowners passing these excellent rates since they do not appreciate how to get started with refinancing their mortgage.

Anyone could commence refinancing course. Just go online, fill your key details in any of the mortgage quote forms and right away you would get up to 4 full refinance quotes from alternative refinance mortgage companies. No social security number necessary and no credit check done. It only cost you few minutes time and you are under positively no restraint to take any of the quotes you are given by these reputable lenders. It might be good time to find out if you would profit from refinancing your home loan.

Author: izibir

Mortgage modification with no upfront charges.

Many individuals have attempted to get in touch with their lenders and get a mortgage modification authorized. Many individuals have also been denied after attempting this!
This is where it may be a good concept to contact a loan modification business to handle this process for you. A great modification company understands exactly what to do to get your modification approved.

You will find many companies now that do not charge upfront charges. This means, you don't pay anything unless they really get your mortgage modification authorized. This is the way to go in the event you require assistance, since you're only paying for services rendered and you can't be ripped off.

Obtaining a mortgage modification is really a time consuming procedure and these businesses will handle every aspect of the procedure together with your financial institution. You only need to supply them with the necessary information that your lender requires.

This saves countless hours on the phone together with your lender for you !

If you have tried to deal together with your lender, you already know how difficult it could be. They do not seem to want to assist homeowners who desperately require it. With a great business on your side, you are able to rest simple knowing that your greatest interests are being taken care of. With someone who knows precisely how the whole procedure works and what guidelines your financial institution is searching for on your side, you'll have the greatest chance for a effective no upfront charge mortgage modification.

If you're interested in a fantastic company with almost 4 years of no upfront charge loan modification
encounter, just go to the links below.

Author: Bob Mason

Loan refinancing and home equity loans, and give the opportunity to raise the funds for loans in the area. Although both options can be a good way to save and make money, there are certain things you should know before you or refinancing a mortgage loan :

Looking for a good reason to get a loan

If you thought refinancing a loan or mortgage, you must have a good reason to spend the money necessary toClose the loan. Well, the need may be a better price and terms or need cash to consolidate debt or outstanding invoices to be paid. In any case, make sure that the money will be saved the long-term loan, and above all safe, you pay the new loan.

Refinancing conditions Vary

Not all refinancing is the same. Some have lower payments during the period and a lump sum at the end. Some terms in the last 30 years, whileothers are only 15 If you intend to get a refinancing, make sure that the conditions are manageable for you.

Home Equity Loan vary

What loan terms, home equity refinance loans may also vary. Some loans are variable interest rate options, while others are fixed. Periods may also fall into the overall design, making it a good idea to evaluate all options available before making final decisions.

Introductory rates can beMisleading

Teasers times introductory sentences on paper, but can be very misleading. Before going into a loan with introductory rates, you must have a clear understanding if the rate will be compared with what is the limit, and what the payment is likely that its maximum.

Fees must be compared

When most people look for a refinance or a loan, compare interest rates. Although it isTo do something, intelligent, interest rates will not be the only thing that must be addressed in the comparison process. As loan rates and closing costs vary from one institution to another, will also be the time to make comparisons between these variables.

The interest on the loan is not always tax deductible

Contrary to popular belief, the interest of a mortgage or refinancing to pay is not always deductible. Before you can be automatically Taxation of savings, contact a qualified accountant. Association of professional accountants in a position to their situation and review any loan to determine if you qualify for tax relief.

There is no such thing as an interest-free loan

Do not let the creditors, leaving no closing costs to refinance loans or home equity loans offered to deceive. There's nothing like an interest-free loan. If you do not pay the initial fee, you pay for them later inready. This may not be as bad, remember that you also pay interest on anything that is not paid in advance.

Negative amortization loans are risky

Although not as popular as in the past, negative amortization loans are still offered by lenders. These loans present a serious risk to the borrower of the loan as the payments are not always sufficient for the payment of interest are required. Interest paid on the balance outstanding principal struck, sovery difficult to repay the loan on time.

Tax assessments are not binding

If you remember, always a loan or mortgage refinancing, do not assume that the tax assessor is the actual market value of your home. Ratings tax assessments are not mandatory. Your home may be useful to show a little 'more or a little' less the amount on your tax notice. The only way to know how much is your homereally worth it to turn to an independent assessor estate.

You Can not Back Out

Federal law gives you the opportunity to refinance loans, home loans, or any other type of loan that will help your home and property as collateral. They have a total of three days to change your mind after the loan is closed. If you are unsure of the loan, for whatever reason, this window of opportunity, the opportunity to be before it is too late.

Author: Ramiro Junior

Are you looking for some financial assistance to meet your instant expenses ? Yes, then you can avail the most convenient home equity loans. You must be eager to know what are these home equity loans ? These are the loans that are availed against your home. These loans are secured loans in which the equity of home is placed as security against the loan availed.

The best part of these loans is that they are available to the people with the bad as well as good credit records. Thus, people who are having the bad credit scores like CCJs, late payments, missed payments etc can avail these loans very easily. A borrower can avail good amount of cash with the help of these loans.

Under this category, one can easily meet his bigger expenses like wedding expenses, purchasing a vehicle, medical bills, renovating home, educational expenses and much more. The rate of interest may vary depending upon the option one may select. It also depends on the term of the loan and the amount of loan one is availing. The longer repayment period and feasible interest rate is paid by the borrower.

There are different types of available like home equity loans hybrid, standard home equity loans and home equity line of credit. Now a day, applying for any loan has become much easier. An applicant can easily apply for the loan online sitting at the comfort of their home or office. A simple application form can be submitted by filling up all the required details. Once an application gets submitted and it gets approved, the loan amount requested will get transferred into an active bank account of the borrower.

These loans are most popular loans that are availed by large number of people to meet their instant expenses. People who are in urgencies can avail good amount of cash with the help of these loans. Large number of lenders and financial institutions are providing these loans at easy terms and conditions. One can find a most reliable lender by making a little effort online.The need of one borrower is different from the other.

Author: Aaden Marsh

Harrisburg, PA - Gateway Funding was recently honored by the Pennsylvania Housing Finance Agency as one of the top-10 participating lenders for homeownership programs. A banquet was held on March 16, 2011 at the agency's headquarters in Harrisburg, Pennsylvania.

The lenders honored as the Top-10 assist homebuyers throughout the state in the application, processing, and closing of PHFA loans. Brian Hudson, executive director and CEO, recognized these outstanding organizations in their efforts to assist Commonwealth families and individuals achieve the American dream of homeownership.

Out of approximately 120 participating lenders, the top 10 were presented awards at the banquet and were recognized for home loans funded by PHFA in 2010. Gateway Funding was ranked 5th out of approximately 120 participating lenders. The agency's honorary partners are, in ranking order: Sovereign Bank, Howard Hanna Financial Services, West Penn Financial Service Center; Jersey Shore State Bank, Gateway Funding Diversified Mortgage Services, Wells Fargo Home Mortgage, Boulevard Mortgage Company of PA, Allegheny Mortgage Corp, Huntingdon Valley Bank, and Fulton Mortgage Company.

Some lenders were further recognized for the quality of their loan packages and/or production of various specialty home loan products. Special award recipients were: Sovereign Bank for the Most Keystone Assistance Loans, Most Loans to Minority Homebuyers, and Most New Construction Loans; Jersey Shore State Bank for the Most HOMEstead Loans and the Best Quality Post-Closing Submissions; Howard Hanna Financial Services for being the Top Disclose Lender; Allegheny Mortgage Corp for the Best Quality Underwriting Submissions; West Penn Financial Service Center for the Most Tax Credit Advance Loans; First American Mortgage for the Number One New Lender; and Select Mortgage for the Top Third Party Originator category.

About Gateway Funding

Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer's current financial needs.

About PHFA

The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for older adults, lower- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state.

Since its creation by the legislature in 1972, it has generated $9.9 billion of funding for more than 141,700 single-family home mortgage loans and 83,000 rental units, while saving the homes of nearly 45,500 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities with the exception of its Homeowners' Emergency Mortgage Assistance Program, which it receives a state appropriation to administer. PHFA is governed by a 14-member board of directors.

For additional information, contact :
Keith Godburn
Gateway Funding Diversified Mortgage Services LP
300 Welsh Road, Building 5
Horsham, PA 19044
kgodburn ( @ ) gateway-funding dot com

Author: donald hood

We have decided that we would like to start looking at townhouses or small homes. We are now financially steady enough to cover our first property and even though this is an exciting time in our life, we can not help but stress about being approved for a home mortgage and I believe that a lot of people just like us go through the worrying stage in buying a home, unless they are able to afford to purchase a home without a mortgage.

Thankfully we've got access to the greatest information highway in the world, the web. Finding information on the web about what requirements we need to meet before even thinking of obtaining a home loan was really easy. We also decided to visit the FNB home loans division to talk about what specifications we need to fulfill and also to collect the relevant forms we need to fill out once we are certain.

We realized that one of the biggest, if not the biggest requirement you would need to fulfill to be approved for a mortgage loan would be to have a perfect credit score. If you have ever been blacklisted or have had any trouble with your creditors, you will not be approved for the loan. Buying a home is not a light matter, naturally the financial institution have to be sure that you will be able to pay for the mortgage and that you are a dependable individual. Purchasing a home is not merely opening an account with a clothing store or investing in a vehicle. The risk involved in buying property is so much bigger than any other economic risk. The values of these properties are incredibly high and the organizations must know that they can trust you as a client. The FNB home loans department advised us to never ever miss any payments. Do not just let a repayment slip simply because you can't pay: phone the accounts department of the creditor and speak to them about it; usually they'll understand and provide you with additional time, but don't just let it by.

In addition to this, the FNB home loans section advised us that our incomes needed to be adequate to cover the mortgage. Usually, the home loan of the property mustn't be greater than 30% of your monthly salary. If you're applying for a joint loan, it also needs to be less that 30% of your monthly earnings put together. You need to be 21 in order to be able to make application for a bank loan and you also need to be working for at the very least Six months permanently, or should you own your own company, 2 years.

You'll find so much more that you need to know before you should apply for a home loan. I would recommend that you do proper research to avoid wasting your time and getting turned down as a result of technicality. It takes some time to be approved, so you will want to prepare yourself when you apply in order to get the transactions going immediately. Once you are certain you understand everything you need to know and you can provide them with all the information required, you can apply for the loan.

Author: Veronique Jackdaw

Many home buyers wonder if they should lock in a fixed interest rate or choose a variable rate.  There are pros and cons of each type of home loan and understanding the rates and potential savings and losses is important.  By doing a bit of research online or by visiting lenders, one can get a better idea about how fixed and variable rates work.  Looking into the history and future predictions about rates can help one make a decision about which type of home loan is right for them.

Fixed Rate Investor

Most economists agree that fixed rates are typically chosen by the cautions investor.  This might be the person who has unstable employment, not a lot of savings, or is just leery of changing interest rates.  People who choose fixed rates are often afraid that they won't be able to afford the increase in monthly mortgage repayment amounts should interest rates increase.  These people choose a fixed rate loan so they know exactly what their repayments will be each month.

Variable Rate Investor

People who choose variable interest rates are typically people who have good jobs, steady incomes and are able to ride out increases in interest rates.  These people are able to afford their mortgage repayments each month, even if they increase due to increasing interest rates.  They are often the more long sited of investors, and can see that while rates may increase, there is also a good chance for a decrease and money savings.

There is no right or wrong type of home loan to choose.  However, economists to suggest that the variable loan rate usually has better long term advantages then fixed loans.

Over the next couple of years, economists are predicting that interest rates may climb by 1% or so.  They are anticipating a few small increases this year and perhaps a couple next year.  Then they expect that levels will ease up by the end of 2012.  Rates could drop if people get worried about a stock market crisis or another big down turn in the economy.  In the past, interest rates have peaked around 9%, but economists predict that potential home owners will be cautious about rates that reach the high 8 per cents and therefore will hurt business.  So lenders may cap rates if they begin to rise that high.


For those potential home owners who prefer a fixed rate.  They might choose to fix half or ¾ of their home loan, rather then the whole thing.  Then if the variable part of the loan increases, or drops through the course of the loan the interest should balance out.  It's also possible for potential home owners to choose a short term fixed rate loan, perhaps just three years.  This way they can re-evaluate their loan in the future.

Whichever type of loan a home owner chooses, it is best to be educated.  Knowing what type of loan works for their particular situation or family will ensure confidence in the home loan application process.  Choosing a fixed home loan or a variable home loan does not have to be a daunting task.  Understanding the rates and what is predicted to come for the rates can make the decision an easy one.

Author: Howard Pinkston

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