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August 31, 2009
Many homeowners elect to refinance mortgages to obtain a reduced interest rate. This can be a smart financial decision when borrowers hold a first and second mortgage. Both home loans can be rolled into one new loan; reducing monthly payments and lowering the risk of default.
In order to refinance mortgages borrowers must apply for a new loan. Homeowners can refinance through their current lender or seek out banks offering the lowest rate of interest. Financial experts recommend shopping around for a new home loan before entering into an agreement.
August 28, 2009
Obtaining a home mortgage loan today is considerably more difficult than a few years ago. Unfortunately, too many people were approved for mortgage loans that weren't financially qualified to repay the debt. The end result is the massive amount of foreclosures sitting abandoned all across the country.
Today, borrowers seeking a home mortgage through traditional lenders must have nearly perfect credit, along with a strong history of paying debts on time and a solid work history. While this can be frustrating for people with less than perfect credit, alternative options exist for buying a home.
September 10, 2008
Foreclosure rates are skyrocketing and millions of Americans are facing the very real possibility of losing their home. Many homeowners are choosing to walk away from their house because they can no longer afford to pay high-interest mortgage notes on real estate which is now worth less than it was when they purchased it.
Foreclosure is also affecting numerous unsuspecting tenants. Oftentimes, homeowners rent their distressed property in hopes of being able to retain their property. If they end up losing their home to foreclosure, tenants are forced to move and generally end up losing their security deposit and advanced rent monies.