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Lowest Mortgage Interest Rates
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Lowest Mortgage Interest RatesMortgage
rates are near record lows and it may be time for you to take
advantage! Even existing home owners may qualify to refinance
their current mortgage to a lower rate resulting in lower mortgage
payments. In many cases now, homeowners realize they owe more
on
their house than it is worth. If you qualify, refinancing to
a
lower rate may ease the pain in this situation. Also, there
are
government programs specifically designed for those who owe more than
the home is worth. Regardless of your situation, lower mortgage
interest rates are a big plus for consumers in these uncertain times.
A loan modification may be an option in some cases depending on your situation. If a homeowner convinces the lender to modify a loan then mortgage payments will be reduced and hopefully also some financial strain. The hard part is convincing the lender to change the terms of the loan. If job loss or other severe financial circumstance is affecting you please research this option.
On the
other side of the equation, home prices are very reasonable.
Those that have been fortunate to keep their jobs and heads above water
have a great opportunity to take advantage of lower housing prices on
top of lower mortgage interest rates. Many will and may they
prosper for years to come.
In trying to keep emotions in check in writing on this subject, it is indeed an emotional one and a very important one. If it is at all possible to refinance or qualify for a goverment program to help ease the financial strain then do it. Research all of your options and be sure to talk to homeowners that have participated in some of the programs outlined above if possible before making a final decision. Many
mortgage companies will send prescreened offers of approval for a home
loan or refinance. For those that qualify, they help
many.
However, just because it says preapproved or approval upon phone call
doesn't mean the loan is a go. For someone struggling with a
mortgage payment that may have a high interest rate, a letter like this
may seem like an answer to prayer. Hopes are elevated as the
homeowner calls only to find out the approval was conditional on the
equity in the home. These days equity may be hard to find
with
prices of homes falling! They can be misleading because the
reader feels that the lender sending the letter has already checked out
the situation. Bottom line: If you bought your house only two
or
three years ago or if the value of your home has dropped dramatically
there's no help from one of these preapproved offers. If you
are
struggling with mortgage payments because of the economy and there
seems to be no help...go check out the bottom of this page. For
those deciding on a period of time to pay back the loan, there are
several options. The most common are the 15 and 30 year
terms. I have heard of a 25 year term as well. The
15 year
term usually has a lower interest rate and saves money over the term of
the loan. A 30 year term will have a lower monthly payment
but
much more in interest will be paid over the life of the loan.
These apply to fixed rate mortgages.
Adustable
rate mortgages may start with a lower rate but after a starter period,
for example after 5 years, the rate may go up drastically and many find
themselves unable to make monthly payments. Be careful if
considering an adjustable rate mortgage often referred to as an
ARM. However if the homeowner plans sell the home within a
few
years then an ARM may be the right solution. If you
happen to be in good financial shape this year then take advantage of
the housing market and get into your dream house. Who knows
when
interest rates will be this low again?
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If all options have been exhausted and there seems to be no hope of avoiding foreclosure or bankruptcy, no matter your situation or history, don't discount the power of Jesus Christ. His Father owns all the money in the world anyways. I know He has sustained us no matter the circumstance and He wants to help you too because He loves you. The Holy Bible is full of financial guidance. However, the most important verse in the Bible is this: "For God so loved the world that He gave His only begotten son that whosoever believes in Him should not perish but have everlasting life." -John 3:16 Need help getting your finances in
order? Go see Dave Ramsey.
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