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Portland foreclosure Is refinancing right for you under the Making Home Affordable Program?

Mortgage refinancing for homeowners

Deciding to refinance your home is one of the most important financial decisions you can make. The transaction could help you better your long-term finance prospects in many ways:
  • Lower your monthly payments; or
  • Build-up equity more quickly; or
  • Move to a fully amortizing-loan from an interest-only loan; or
  • Move from an adjustable rate or balloon program to the security of a fixed-rate mortgage
With so many choices--how can you be sure you are making the right decision? Such an important decision should not be left open to chance. With so many mortgage programs and interest rate options to choose from, you must have the advice of a professional. Many times, going to your exisitng lender for advice is advantagous. However, getting an outside opinion could save you money in the long-term. Many lenders may modify your loan for very little out of pocket, but you may qualify for better rates and costs, just doing a normal refinance.

What limitations does the program have? Refinancing with the Making Home Affordable Program still requires you to apply for a loan and qualify. If you are unable to meet credit, debt-to-income ratios or out of pocket expenses, you may not be able to refinance. Some unique program limitations include:
  • You can work with any lender you want, but will need to have your new lender service it with either Fannie Mae or Freddie Mac, depending on who currently holds your note.
  • If you have co-signers on the current mortgage, you can't remove or add any new borrowers. Doing so, will disqualify you from the program.
  • Both Fannie Mae and Freddie Mac have differnt out of pocket expense thresholds. Fannie will let you increase the loan amount to pay for expenses, Freddie Mac will not. So Freddie loans end up costing more.
  • If you have mortgage insurance on your mortgage, you will not be able to participate currently. In the future, they are planning on adding that option.
  • If you've purchased your property after January 1, 2009, you are inelgible
  • If you've been banned by the government from doing business with them, you will not qualify for this program
  • If you've already modified or refinanced your loan with this program, you are also inelgible to do it again.
Why would someone want to refinance instead of doing a loan modification? Loan modifications are only offered if you can not qualify for a loan. For borrowers that have financial difficulty because of job loss, increased interest rate and unexpected health concerns. Most modifications are not permenant; they usually involve a few years of lowered payments then increase back or close to the original terms. Remember, banks want to help, but they are in the business to generate a profit.

Alternatives to foreclosures include:

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