Avail Best Home Loan Mortgage Refinance: Check-List For Instant Approval

May 27, 2013 - PRLog -- One way to do it is to refinance the loan, but how is one to know what the best home loan mortgage refinance process is? Real-estate-yogi.com has some replies to that query, such as:

· Local Lenders

· Lending Companies

· HARP

· HUD Refinance Options

Traditional Financers

A homeowner can apply for a home loan mortgage refinance (loan) with any local lender. He must be prepared to provide proof of income, at least two years’ worth of tax returns, financial hardship, and good credit to qualify for refinancing. These days, most financers have in-house loan refinancing or modification available, so making an appointment with one of them is a step in the right direction. If one’s regular lender does not have such a program, read on to find out where else to look.

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Independent Lending Companies

Another option for getting a home mortgage loan refinance is to contact a non-traditional, independent financing business. Finding one of them is as easy as turning on a computer. Simply scan the Web, and hundreds of these companies will turn up. The plus of these enterprises is that they can find refinancing for homeowners whose credit is not great. The drawback is that the borrower will have to accept a higher interest rate.

HARP

The best home loan mortgage refinance program is offered by the federal government. It is called Home Affordable Refinance Program, and it is for use only by homeowners whose mortgages are owned or serviced by Freddie Mac or Fannie Mae. The mortgage must also have been obtained before June 1, 2009. The property’s most recent loan-to-value ratio must be greater than 80%, and the applicant must be current on it. He must also have a good payment history on the mortgage for the past year.

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Refinance through HUD

The Department of Housing and Urban Development has some options for a home mortgage loan refinance in addition to the government’s HARP. Under the Making Home Affordable program, a homeowner can apply for the Principal Reduction Alternative (PRA) if his home is worth less than what he owes on it. If a property owner becomes unemployed, HUD can help by offering the Home Affordable Unemployment Plan (UP). This allows for a temporary reduction or postponement of his mortgage payments for up to 1 year while he seeks employment. HUD has more choices; check them out on the government’s website.

www.real-estate-yogi.com is a highly esteemed, no-cost website that assists homeowners in getting the answers to their property-related questions by connecting them with experts in the field who can provide them. For a free initial consult, dial 1-800-987-1397.