 Refinance
What Is A Refinance?
Refinance typically
refers to substituting existing loan obligation with another
debt that will contain new terms.
What Is The Purpose Of
Refinancing?
Most common reasons
for refinancing include: (1) reducing monthly payment by
reducing the interest, (2) reducing or extending the term of the
loan, (3) consolidating multiple loans into one, (4) switching
from an adjustable rate mortgage to a fixed rate, (5) building
up equity in the home more quickly, (6) freeing up some cash by
agreeing to a longer term of the loan.
When Is Refinancing
An Option For You?
Refinancing is
always an option when you have good credit history and you could
easily qualify for a loan. It is much more complex when you have
stopped making mortgage payments and your credit history has
been damaged. Therefore,
refinancing with the
Home Affordable Refinance Program (HARP) still requires you to
apply for a loan and qualify. If you are unable to meet
the requirements for the minimum credit score,
debt-to-income ratios or out of pocket expenses, you may not
qualify.
How
Do You Choose Between Refinance And
Loan Modification?
Loan modifications are an option only if
you cannot qualify for a loan. If you are in
foreclosure,
there is a great chance that you could not afford to make your
original monthly payments which led to your default. In such
cases, you would likely not be eligible to refinance and
loan
modification would be a much better alternative.
Click
here for
HARP eligibility.
Why
Do You Need An Experienced Attorney To
Help You Refinance?
An
experienced attorney would first
determine if your mortgage servicer participates in HARP.
If the servicer indeed is a HARP participant, then an attorney will review all the contractual documents and
disclosures, advise you of their meaning, your obligations, and
handle the entire negotiation process with the lender. An
attorney will then be there to protect your rights and interests
at closing, ensuring compliance in accordance with the
executed written instruments.
Call our firm today
at 718-444-1115 and our
experienced staff will provide the utmost attention to your case to deliver the best outcome for you!
|
