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Foreclosure Warnings
Foreclosure! Ten Ways to Save Your Home
Refinancing Your Mortgage
Finding a new lender to refinance your home is often
the best and fastest solution to save your home,
particularly if you have an adjustable rate mortgage that now carries a high interest rate
that has become difficult to manage. If you can reduce your interest rate or take on a
different type of mortgage you will be able to lower your payments to a
manageable level. You may be surprised at how easy it is.
Since the collapse of the sub-prime market, competition
is fierce among lenders wanting to refinance your home. For example, several
lenders now offer no closing cost refinance loans and
LendingTree even goes so far as to guarantee they will arrange for a lender to meet or beat
any interest rate and fee combination offered by another lender or they will
pay you $500 cash.
Shop around. Don't expect to get the best offer
from your current lender. Find out what other lenders will offer before
approaching your current lender for a rate cut or restructuring offer.
You'll want to gather as many offers as quickly as possible and compare them
carefully to find one that best fits your immediate need.
Online mortgage search
services like
LowerMyBills.com are
confidential and
free. You can fill out one
simple form and within minutes you'll get
offers from up to four lenders who want to work with you. You are under no
obligation to accept an offer.
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Foreclosure Warnings
This article is a general guide only and is not intended to
replace professional legal or financial advice.
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