Article by L. Sampson
To help you recover from your poor credit status, consider refinancing your home mortgage loan to improve your financial situation for the long term. When you work with a high risk refi lender, you can secure near market rates and lock in reasonable fees. Sub prime lenders also allow you maximum flexibility with your loan terms, allowing you to design your own debt elimination plan.
Getting The Most Out Of A Refinanced Mortgage
To get the most out of your refi, identify your financial goals for the refi process. Do you simply want lower payments with your home loan or you looking at your total debt picture? Do you want to sell in a couple of years? How soon do you want to be out of debt?
The answers to these questions will help you pick the best refinance package for your goals and budget. If you are planning to apply for a home equity loan in the future, you may do better to cash out your home's value now to save on fees and rates. That way you can consolidate credit card debt and other high interest bills.
For those planning to move or refinance in a few years, don't pay a lot in upfront fees and points. Even though these closing costs can lock in a lower rate, you won't have enough time to recoup the cost, let alone see a savings.
To get out of debt faster, shorten your loan period. You may also reduce your rates with this step.
Focusing On The Numbers Gets You A Better Refi
Focus your lender search on loan quotes. When you request these no risk loan estimates, you get numbers on interest rates and fees that you can compare. Based on your general credit standing, you also get an idea on your monthly payments.
In today's lending climate, many more companies offer sub prime financing. So don't rule out banks or credit unions in your loan search. Recommended financial companies are a good place to start your search. But remember that the more lenders you investigate, the more likely you are to find a low cost loan.
About the AuthorVisit Refinance Smarts for help in finding the best Subprime Mortgage Refi Lender.
Cory Kessenich with Inlanta Mortgage gives a simple overview of the process of mortgage lending This video is meant to help first time home buyers understand the approval process and what to expect in today's market. The lending process is so detail orientated there is no way to give you all of the information in one video. Since qualification requires so many components it's important to work with a mortgage professional that is experienced. Resources: The loan process: www.madisonmortgageguys.com What not to do after you apply for a mortgage: www.madisonmortgageguys.com Steps for Handling Bank Accounts Prior to Home Purchase: www.madisonmortgageguys.com Visit us online at www.madisonmortgageguys.com Cory Kessenich Mortgage Consultant Toll Free 877-240-5810 cory.kessenich@madisonmortgageguys.com www.realestatemarbles.com NMLS ID# 208789 Inlanta Mortgage is a mortgage banker licensed in Wisconsin, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri and North Dakota. We offer USDA Rural Housing loans for purchase and refinance transactions. Pre-qualify today! www.madisonmortgageloans.com
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