It's no secret that the construction trades have been hit real hard in this economy and my business has felt pain. After trying to work with my mortgage company and other mortgage counseling companies and getting nowhere, I was given the number for NACA.
The major benefit of working with a mortgage broker is that once he understands a particular needs and has a good idea of your financial history, he will be able to suggest which lenders might be able and interested in helping you obtain your mortgage. Without the assistance and experience of a mortgage broker you may be forced into dealing with multiple lenders on your own. In this type of scenario may be looking for mortgages from lenders that a mortgage broker would have steered you away from for a variety of reasons.
The US Federal Housing Authority gives loans not only to those who need to buy homes but also to those who need refinancing for their old home mortgage. It also helps homeowners to change their ARM into a lowered rate refinance that makes sure there is a fixed set for every monthly payment up to the point when the all mortgage payments are completed. If one refinances this way, they can rest assured that the rates they can cash out of will be between ninety-five to eighty-five percent of the loan value. Another great thing is that lenders will require a smaller down payment, just two to five percent of the total loan value is required.
Some brokers will charge a flat fee of approximately $1500-$3000. Others will charge a percentage of the requested mortgage. It's always a good idea to know this figure ahead of time because too many people get to the point that they are just waiting for the final paperwork to go to closing and then they are absolutely shocked at what your broker is charging for his fee.
So, if you are having trouble with your mortgage. It doesn't matter if your in foreclosure. I was in foreclosure. It doesn't matter that you already have a sale date. Contact them and they will stop the sale. The chance that it will work for you far out weighs the chance that it won't. I lowered my mortgage from $1527.00 per month to $1052.00 per month and this IS for the life of the loan.
The major benefit of working with a mortgage broker is that once he understands a particular needs and has a good idea of your financial history, he will be able to suggest which lenders might be able and interested in helping you obtain your mortgage. Without the assistance and experience of a mortgage broker you may be forced into dealing with multiple lenders on your own. In this type of scenario may be looking for mortgages from lenders that a mortgage broker would have steered you away from for a variety of reasons.
The US Federal Housing Authority gives loans not only to those who need to buy homes but also to those who need refinancing for their old home mortgage. It also helps homeowners to change their ARM into a lowered rate refinance that makes sure there is a fixed set for every monthly payment up to the point when the all mortgage payments are completed. If one refinances this way, they can rest assured that the rates they can cash out of will be between ninety-five to eighty-five percent of the loan value. Another great thing is that lenders will require a smaller down payment, just two to five percent of the total loan value is required.
Some brokers will charge a flat fee of approximately $1500-$3000. Others will charge a percentage of the requested mortgage. It's always a good idea to know this figure ahead of time because too many people get to the point that they are just waiting for the final paperwork to go to closing and then they are absolutely shocked at what your broker is charging for his fee.
So, if you are having trouble with your mortgage. It doesn't matter if your in foreclosure. I was in foreclosure. It doesn't matter that you already have a sale date. Contact them and they will stop the sale. The chance that it will work for you far out weighs the chance that it won't. I lowered my mortgage from $1527.00 per month to $1052.00 per month and this IS for the life of the loan.
0 comments:
Post a Comment