Your Questions About Mortgage Refinancing Programs

John asks…

What are the best mortgage programs and rates and how do you know what is the best?

I have talked and gone over different programs and rates countless times now, and find the programs are so many and complicated, I don’t know which way to go. Please tell me if there is an official office or business that directs persons refinancing, etc with the right information and what to look for when applying. I have stopped doing anything on my home because of the conflicting offers and interest rates.
Example: one lender offered 5.75% fixed rate-interest only for 5-7-or 10 years, with a payment of $1,245.00 per month. Another lender said, that’s not possible, and offered the same deal, except 6.75 fixed rate. He said, better ask how much of your money you will be paying to the lender over the term you choose, etc. They either will charge points, or there is more to the loan than they are stating.

John answers:

Missy….A website I have found very useful for your situation is bankrate.com. Regardless of whether you use bankrate.com, I suggest obtaining what is called a “good faith estimate” from several mortgage brokers. To help you compare apples to apples I suggest you first determine the number of points you wish to pay on the loan (the higher the points or upfront fees…the lower the interest rate…..the lower the points…the higher the interest rate.) In any event, have all mortgage brokers or banks you which to obtain quotes from base their good faith estimate on zero points, one point or two points. One important suggestion is to obtain all the quotes on the same business day because quoted rates change ever single day. Good luck with the process.

David asks…

Obama Mortgage refinance program, eligibility tool?

I applied for refinancing with Obama’s plan back in March 2009. The financier, keeps telling me that the “TOOL” (system) used for “eligibility” is NOT up and running yet, and he cannot submit my file?

He keeps saying he will submit it when it is? Does anyone know of problems with this system holding up refi’s?

Or am I just getting the RUNAROUND?

John answers:

Getting the run around.

Joseph asks…

What Companies Offer Lender Paid Mortgage Insurance Programs?

Please provide links to companies that offer Lender Paid Mortgage Insurance Programs, also known as LPMI. This is because I am trying to refinance my house and don’t want to pay Private Mortgage Insurance.

John answers:

Lenders don’t technically pay the MI – it’s a form of paying it up front. But you’re smart for wanting to explore all your options. Check out the link for more details – our version is referred to as PMI Buster.

Ken asks…

what can i do to lower my mortgage interest rate without refinancing? somebody knows, about programs? help plz

i am behind my payments due to increases in taxes, and now i can’t refinance for the late payments history. i am wonder if is there any program for me , i am a student and self employee.

John answers:

If you are behind on your payments, then you may want to consider a loan modification. Most lenders are now doing these for free. However, before you do that, you may want to consider a Forensic Mortgage Audit. These audits look for hidden fraudulent charges that are illegal. If found they could help you rescind your mortgage. Find out more at www.mfi-miami.com.

We fight mortgage fraud everyday! That’s all we do!

Richard asks…

Has anyone with a Wachovia mortgage had any success refinancing or modifying their loan?

I just spoke to a Wachovia rep and he said they’re not offering the Hope for Homeowners program nor the Homeowner’s Affordability Program. What’s going on? I thought the government put these programs in place to help stabilize the mortgage crisis. Has anyone out there had success with a refinance/modify on their mortgage? If so, which bank are you with and how did you do it?

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