Making Affordable Home Refinancing Possible for US Homeowners Facing Credit Crisis

The home affordable refinance program is made for people who are not yet in default but are in danger of being in default in near future. Suppose the value of your home has declined and you find that you are not able to get conventional refinancing.

Bell, FL (prHWY.com) May 28, 2012 - As you decide to go in for Home Affordable Refinance the process can become overpowering. It would be best if you work with a housing expert to smooth the process in a quicker way. An HUD-approved housing counselor can explain you the details and make you understand your options in order to make the right choices. He can help prepare your application and work on your behalf with your mortgage company.

Meeting the making home affordable eligibility criteria is important for your application to be considered by your lender. Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. The date of validity for this is on or before May 31, 2009. The mortgage must not show refinance unless it is a Fannie Mae loan refinanced between March and May 2009. Your loan-to-value ratio of your home mortgage must be more than 80%. You must be regular with mortgage payments at the time of the refinance and show appropriate payment for past 12 months.

In order to get the benefit of the Making Home Affordable Refinance Program, you must contact your mortgage servicer first. Negotiations based on comparison of rates and costs with other mortgage companies are advisable to get the best refinance terms.

Homeowners working with housing experts are more likely to succeed and have better long-term success. The refinance interest rate is based on market rates at the time of the refinance. Rates may vary according to lenders and from time to time as market rates adjust. The aim of refinance is to help homeowners with an opportunity to have a new mortgage with affordable and possible monthly payments.

Those homeowners whose interest rates have skyrocketed can see an immediate reduction in their payments. Homeowners paying interest only, have a low introductory rate, or have a balloon payment cannot benefit. Homeowners find that refinancing into a fixed-rate loan can give more stability. They can avoid future mortgage payment increases. This will more than likely improve the continued payments on refinanced lower interest mortgages over the long-term.

For More Details Visit Us: http://www.refinanceitt.com/bad-credit-mortgage-refinance.php

Company bio:
RefinanceITT is an approved housing refinancing counseling company. We are working since years in helping struggling homeowners to get relief for their mortgage payments.


Contact Details
Refinanceitt.com
New Maxico
FL
Website: http://www.refinanceitt.com/
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Tag Words: home affordable refinance

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