วันพุธที่ 20 สิงหาคม พ.ศ. 2551

Mortgage Refinancing in Canada

Mortgage Refinancing in Canada

By: D Morris

Everything is looking good, you've got your new home, thanks to that mortgage loan, life could not be better, till the rising interest rates start getting to you. However all is not lost, you don't have to bear the brunt of it, there are options that could help you out. One such option is, refinancing your mortgage, which means you use your existing property for a new mortgage to pay off the existing one. To pay off your high interest bills, mortgage refinancing is one of the best options that you, if you don't mind making a single payment each month, due to combing both the old and the new mortgage.

The primary reason why most people desire refinancing is the low mortgage interest rates and lower monthly payments. In this scenario, you can lower your monthly payments only if you don't go in for a higher mortgage principal amount. Building equity faster on your property is another reason why refinancing is preferred. This is feasible only for those who can afford to a higher monthly mortgage payment. Some part of this goes toward the interest and the remaining is applied to the principal. You could even change the type of the mortgage loan by refinancing.

Refinancing may not be your best bet if you are planning to sell off your house in the near future. If you are going to stay in the house for many years to come, see if it is worth paying a refinancing fee to avail the lower interest rates. There are "refinancing calculators" online which help you in evaluating the savings that you could make by taking another loan i.e. refinancing.

You need to speak with your mortgage lender about the prerequisites for refinancing. Some information that most mortgage banks would consider include your current monthly payment, insurance statements, status of property tax and outstanding mortgage balance among others. The new lender would also need information about debts and assets, an appraisal, site survey and verification of employment and debts. Refinancing almost always involves an additional charge as the loan taken is considered to be as good as new. However, check with your mortgage broker if there are banks that offer refinancing with little or no "processing charges". In this case, you you may have to pay a higher rate of interest.

There are many people who are enjoying the benefits of refinancing. They are paying lower monthly benefits thanks to the low mortgage rates. For an ARM mortgage borrower, it maybe better to opt for refinancing and change to a fixed rate loan, according to real estate experts in Canada. Lower monthly payments will definitely reduce your monthly expenses. You could benefit from the flexible terms and amortization periods. The fixed stable installments definitely bring you peace of mind. Under refinancing, you could borrow up to 100% of the loan (OAC) and you also know the exact terms of your mortgage loan. However, you need to see if this scheme would be suitable for you, after understanding the risks involved. Speak with a few mortgage loan officer and shop for the best rate and package. Get the best deal possible and with the way the real estate market is spiraling downwards, refinancing could be considered, say mortgage lenders in Canada.

D. Morris has numerous years in the lending business and has been a successful real estate investor. He is able to think outside the box and provides your avenue to the best rates and terms in the Canadian market. http://www.residentialmortgagecanada.com

Article Source: http://www.ArticleBiz.com

IndyMac Homeowners Seek Loan Modification Assistance

IndyMac Homeowners Seek Loan Modification Assistance

By: Jason Sharp

Now that IndyMac has officially closed its doors it has now opened a whole other can of worms. Home owners have been freezing up the phone lines hoping to work out a deal. What homeowners must realize is your loan is going to be serviced by the US government so you had better get used to waiting in long lines and listening to that annoying hold music because that’s as far as you’re going to get. The sad part is as more and more lenders are going belly up, there is no end in sight.

So what’s a borrower to do when their loan has adjusted sky high, they are behind on their payments, their lender has gone sideways and the government who took over their loan is of no help? What can be done if you home is now upside down and you owe more than it’s worth? Should you just walk away and destroy your credit and borrowing power for the next 7-10 years? These are the questions that homeowners across the nation are ever so desperately asking and getting nowhere!

Fortunately there are companies out there who are backed by legal teams who have been negotiating with lenders and the US government alike to lower your payments, reduce your loan balance, fix your credit, stop foreclosure and forgive defaulted loan payments with as much as a 95% success rate! This is what’s known as a loan modification or loan mod. One company that has exploded with growth since the foreclosure boom is LIG Loan Modification Services. You may also call them direct at 1(888)220-9787.

Other options a borrower has is the short sale or deed in lieu of foreclosure. A short sale is when your lender agrees to let you sell the home for less than what’s owed. A deed in lieu is when you deed the home back to the lender and walk away. This has been also been called, cash for keys or keys for cash. The only problem is it’s not as easy as it sounds. There are many loopholes that if you are not aware of you could be in for a real surprise and the paperwork involved seems to have no end. That’s why companies like LIG loan mods who have their own legal department to negotiate loan modification, short sale, and deed in lieu on your behalf are worth their weight in gold. A homeowner should never try this on their own. The legal teams have the connections and needed experience to make things happen very quickly so you avoid trouble and you won’t have to lift a finger.

Jason Sharp is the founder of Sharp a better way of life. He is a writer who sheds light on current events that affect his fellow people. To contact Jason you may send an email to Jasharp302@yahoo.com

For help in Loan Modification Assistance, visit http://www.ligloanmods.com/index.html

Article Source: http://www.ArticleBiz.com

 
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