West Sacramento Short Sale Information - Options to Stay in Your West Sacramento Home - Refinancing

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today we continue our “Ways to Stay in Your Home” series as presented by Fannie Mae on their Know Your Options website. Let’s talk about refinancing.

If you are worried about an adjustable rate mortgage and variable interest rates increasing your payment, or if you are just beginning to have payment problems, you may be able to Refinance.

What is a Refinance?

With this option, you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.

Refinancing may be an option if:

• You are current on your mortgage payments 
• If you haven’t been late on your mortgage payment in the last 6 months, you may also qualify for the government’s Home Affordable Refinance Program
• You have an adjustable rate mortgage or a high interest rate 
• You have equity built up in your home 
• If you don’t have any equity, you may still qualify for the government’s Home Affordable Refinance Program.

What are the benefits?

• Make your payment more affordable by lowering your interest rate or adjusting the other terms of your loan 
• Creates no negative activity or event on your credit history 
• Stay in your home and avoid foreclosure

How does it work?

If you qualify to refinance your mortgage, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). Your mortgage company will work with you through every step, and will help determine the best mortgage option for your specific needs.

Next steps

• Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need: 
• your mortgage statements, including information on a second mortgage (if applicable); 
• your other monthly debt payments (e.g., car or student loans, credit card payments); and 
• your income details (paystubs and income tax returns). 

Contact a mortgage company— Tell them you are interested in Refinancing and you want to see if you qualify. If you need a good referral call us and we’ll be happy to supply the names of some great lenders. We hope this helps

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.