100 mortgage program

100 mortgage program
As recently in the media, the values of homes continue to fall to a lower level than in recent years and mortgage rates have fallen. This has many homeowners are wondering," Should I refinance my mortgage or not? " "

Under the present conditions, the fact remains that those who prepare for the decline in home values reap big dividends. For example, if the value of your home declines below your current mortgage balance, you may not be able to refinance in the future. Note that you should refinance into a better financial situation. There are many questions that you should before you to refinance. Take a quick quiz to help you decide if now is the right time to refinance.

Refinancing Quiz

1. Would you like to lower your monthly payment?
2. Are you interested in saving thousands of dollars in interest?
3. Do you have debts with the consolidation in 1 slightly lower payment than the many other monthly payments?
4. Do you have an adjustable rate mortgage or a high fixed rate mortgage, you want to change, to secure a low fixed rate?
5. Would you like the opportunity to pay your loan faster than the original 30yr., 20yr. Or 15yr. Term?
6. You need to make money from the equity of your home improvements, college, or leave?

Add the number of you answered yes to a question and see where you are in the assessment manual.

Refinancing Scoring Guide

0-1 No refinancing put off to another time.

Maybe 2-4. Consider a mortgage analysis in the near future. Now might be a good time to refinance and you in a better position.

4-6 Yes. Speak with a mortgage professional soon to verify your loan before the interest rates change.

This should give you a good idea if refinancing is a good choice for you. If you value between 2-6, a mortgage analysis from an experienced mortgage consultant. But before you begin, a lender would like to give you an advance for the notification before your loan. You can not even create the conditions for a loan at the time. If not, you might lose your application, the fee of $ 300 - $ 400 U.S. Dollar. I recommend working with a mortgage that is not professionally a filing fee prior to the review of your credit report. Once you have a mortgage professional, now are you ready for your mortgage analysis.

A mortgage analysis is very simple and it takes only about 10 -15 minutes. The mortgage professional will be questions about residence, employment, income, assets, together with reviewing your credit report. Shortly after you receive a customized proposal for the refinancing loan options. If your results of the analysis, compare them with results from the quiz. At this point you should get a better idea if refinancing is right for you. If you are still unsure, meet with your mortgage, to explain you more options.

Christopher Butcher, MBA, and residential housing consultant offers solutions to your individual needs. Whether you need a mortgage, furniture for your home, online services, or even a car, just contact me or visit homeownershipcentral@verizon.net http://www.homeownershipcentral.blogspot.com You can download for free resources you need to find solutions that work for you.