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Better loan

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Guest	Posted: Sun Jul 04, 2010 1:48 pm    Post subject: Better loan Like 0 Dislike 0 We bought our SFH in AZ in 8/2007 for $267K, owe around $258K... and the current value is maybe $200K. Since we have a few dollars in savings, no other debt and two jobs we cannot qualify for a modification. And the value has dropped too much so that we cannot refinance. We want to improve our payments and lower our interest rate. I forgot to mention our credit is very good and the mortgage is in good standing. Do you have a suggestion for our plight?
nelria12 Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)	Posted: Mon Jul 05, 2010 6:08 am    Post subject: Like 0 Dislike 0 Just check with lender if prepayment can work.... as it will lower interest component...... Also check with lender for lowering interest rate.
shane Joined: 03 Dec 2007 Posts: 240 Location: Orange County, CA 51.84 Dollars($)	Posted: Mon Jul 05, 2010 9:43 am    Post subject: Like 0 Dislike 0 http://makinghomeaffordable.gov/ is a government program that came out a couple years back that allows people with a Fannie Mae or Freddie Mac backed loan to refinance into current interest rates (rate varies depending on the loan amount vs. the value) on loan amounts that are within 125% of the home's appraised value. Yours appears to be about 129%, so that option would require you to bring in a few thousand dollars at the closing table but could still be worth it if the interest savings is significant. That website that I listed has "Eligibility" and "Loan Lookup" sections to help you determine if you are eligible and also if your loan is owned by Fannie or Freddie. If you are eligible and your loan is owned by one of them, the next step would be to contact your current lender and inquire about the Making Home Affordable refinance options. The one for Fannie Mae is called Fannie Mae Refi Plus, and Freddie Mac's is called Freddie Mac Open Access. _________________ Shane Milne TheBestHomeLoans.com More about Shane and Client Testimonials Mortgage Banker & Broker 949-273-4161 Lending in all 50 states FHA/VA/USDA/Coventional
nelria12 Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)	Posted: Tue Jul 06, 2010 7:02 am    Post subject: Like 0 Dislike 0 good information shane... Thanks for adding valuable information.

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