The loan officer I was working with at the time recommended a “no doc” loan. Since I really wanted the home I was purchasing, I agreed to apply under that premise. At the time, the terms of the mortgage were acceptable to me, and I gladly closed on the loan with the understanding that in a couple of years I could refinance into a conventional loan when I could document my income to the satisfaction of the lender.
Two years later, with the economy in the throws of a recession, and my business struggling, there was no way I could qualify for a conventional loan. I was stuck. Soon after, my ARM “re-set” and my rate went up drastically. I couldn’t believe it when I saw the rate it adjusted to, and I knew I had to do something to modify the loan–or risk losing my home.
Currently, mortgage rates are around 5.05% and have been slowly dropping. This interest rate is still nearly half the rate homeowners pay who bought a home just 10+ years ago.
This will be the lowest mortgage interest rates get, and this will happen around November 2009 and last through April or so of 2010. Many homeowners will use this time to get a mortgage refinancing for themselves, and a much lower interest rate. If you can wait until the rates get lower, you should, but if you need help do something now. Interest rates are still very low, and refinancing will help millions of homeowners save money every month. Weigh your options, and take this mortgage rate prediction into consideration.
Loam modification involves some serious negotiation with your mortgage lender. The first choice you need to make is whether to use the services of an experienced loan modification broker, or whether you feel you can undertake this process yourself. There are pros and cons with each approach, and the right answer for you will depend at least in part on your own situation.
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