Saturday, January 1, 2011

Refinance Help - Lower Mortgage Payment

Many homeowners, who are still current on their mortgage, are worried about making their next monthly mortgage payment on time. Some will be able to make the next payment, but they know that something has to be done in the near future, or they will default.

These homeowners need help making home affordable for the long term.

If you are a homeowner who has found yourself amidst a financial hardship during these slow economic times than you know of the stress and worry it brings to your life.

If you are dealing with this stress, if you are a homeowner who knows you have to do something or you will eventually default on your mortgage, than be sure to read the rest of this post.

You can refinance your mortgage to a loan with more favorable terms. You can lower your monthly payment.

Characteristics of Homeowners who May Be Able to Lower Their Mortgage Payment by Refinancing

  • They have at least 9 - 12 percent of home equity that has accumulated.
  • They are still current on their mortgage payments.

Those are only generic qualifications. If you are interested in a specific program than you need to reference the applicable qualifications for that refinance program of interest.

If you are a homeowner who meets this basic borrower profile than you may be able to refinance and lower your mortgage payment.

Where to Go From Here

If you want to explore this opportunity or move forward towards refinancing your mortgage loan than I suggest taking a look at another recent article of mine that lists all the steps involved in refinancing your loan to lower your mortgage payment. The post is titled and linked below...

How to Refinance and Lower Your Monthly Payment