Phoenix, AZ -- (SBWIRE) -- 02/26/2013 -- Credit-yogi.com would like to provide important information about mortgage loan refinancing, such as:
- Explaining Refinancing
- Refinance Prevents Foreclosure
- When to Apply
- Where to Obtain Refinancing
Refinance Defined
When a homeowner looks into refinance to stop foreclosure, he might want to know ahead of time what, exactly, it means to refinance his mortgage loan. Refinancing is similar to modifying a mortgage, except that with a refinance, the original mortgage is totally paid off. A new one, usually with a new lender, is crafted and this one has better terms than the first one. Perhaps the new mortgage had a lower interest rate or maybe a longer repayment period. Whatever the difference is, it’s meant to make homeowner’s payment more affordable.
Foreclosure and Refinancing
Before a homeowner begins to panic about losing his home, he must understand that mortgage loan refinance can stop foreclosure. He must contact his original mortgage holder to find out if an in-house refinance program is available. Many lenders have such programs; however, not all do. There are other financial institutions that do have these programs in place, and they will be discussed shortly. The point is that by getting a mortgage refinance, a property owner can retain the deed to his home.
People who are looking to refinance to stop foreclosure can request with credit-yogi
The Time to Apply
The very instant one realizes that there is a financial hardship is the time to apply for a mortgage refinance. The original mortgage lender cannot help if he is not aware that there’s a problem. Contact him right away to see if he can provide a refinance to stop foreclosure. If he cannot, ask him who can. He should be able to point a homeowner in the right direction.
Finding Refinancing
As mentioned above, it’s a good idea to start with one’s original lender for refinance to stop foreclosure. If that lender is unable to help, check the Internet. There are many online lenders who are willing and able to assist a troubled homeowner. They have comparable interest rates and terms, so it will be worth the time to look them over. Be sure to check with the Better Business Bureau to see potential lenders’ ratings. Also, the government can help. The HAMP program was developed to keep struggling homeowners in their abodes. HAMP has many ways in which it can help; apply through any participating lender.
About Credit-yogi
Credit-yogi.com is a highly respected consumer resource website located in Pittsfield, Massachusetts. There is never a fee for this service, and over 260,000 professionals are available to address issues of either finances or law. For a free initial conference, during which one can ask any question, dial 866-964-9644.