Obama Mortgage Bailout Short Minded In Arizona – Consider Short Refinance
If your a resident of Arizona, do you think that President Obama’s Mortgage Bailout Plan is the best option for you or do you think that there may be a better solution? Well, the short answer is yes, there may be a better solution for you. The long answer is an option called the Short Refinance. That’s basically the long and short of it.
The reason that the Obama Mortgage Bailout Plan may still leave you short of your expectations is because it’s short minded. Yes, that’s correct. Even if you go through the entire process of Obamas’ Mortgage Bailout Plan, you may be still be upside on your mortgage. And that would leave you very short of your temper. Don’t you agree? Yes, I thought so. Lets take a look at this situation and you decide if you, as an Arizona mortgage holder, will be satisfied with the end result.
The short comings of the problem are easy to understand. Your mortgage payment can still go through the adjust stage after the initial setup. Sound familiar? Yes, that’s very similar to the problem that got you into this situation originally. So, your Obama Mortgage Bailout Plan may end up being short on expectations because you might just go around in a circle and end up where you started, which is behind on your mortgage payments.
What should be considered as a different option is not a short minded plan, but a Short Refinance. The Short Refinance offers a negotiation process with the current mortgage company to accept a mortgage payoff under the current appraised value. Using this payoff, the homeowner is able to get a new thirty year fixed rate mortgage using refinance as a method.
This Short Refinance plan will give you a fixed payment that will not change if interest rates change. The new loan amount has to be lower than appraised value and you get a 30 year fixed rate mortgage which are two things that the Obama plan does not guarantee.
Don’t be short minded when it concerns your home mortgage. Consider a Short Refinance instead of Obama’s Bailout Plan.
Consider Surefast Mortgage at http://www.surefastmortgage.com for a short refinance located in Phoenix Arizona.
Watch the video related to refinance offers
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Help answer the question about refinance offers
What is the average finance fee of an FHA streamline refinance?this local company offers me to refinance at 5.25% fixed over 30 but asks close to 5000$ in fees. is that reasonable ? should i shop around ?
About Author
Adam Lieberman writes about topics within the mortgage industry.
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May 26th, 2009 at 12:11 am
No idea. If you can actually figure that out, you can make a ton of money! Unfortunately, there are only so many ways lenders can contact you. Believe it or not, people respond to some of that stuff. I am in the industry and I only send out personally addressed and written letters. With you, I too open 5-10 of those official looking "bills" or "checks" every dang week.
I hate people blindly stating they can lower my rate and then stating a rate that is higher than what I have now – ridiculous.
Here's to hoping they stop!
Regards,
Joe…
May 26th, 2009 at 12:54 am
These no cost loans, mean no closing costs will be paid by you. But, the lender will give you a higher interest rate so they can afford to pay for those closing costs. Ultmiately whether you like it or not it will end up coming out of your pocket. Typically unless you plan to sell or refi again in the near future it is worth paying the closing costs up front and taking a lower interest rate. It may cost a few thousand at first, but you will end up saving money in the long run if you plan on staying in the property for more than a few years.
May 26th, 2009 at 1:04 am
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May 26th, 2009 at 1:36 am
The “no start up cost” is because the “start up” is the initial email right? And *then* you have to buy something? Just a guess…
May 26th, 2009 at 10:57 am
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May 26th, 2009 at 11:18 pm
because the tail has not caught up with the dog!!!
May 26th, 2009 at 9:04 pm
Wow, just what I have been looking for.
May 26th, 2009 at 9:46 pm
This system works because it is simple and anyone who takes action can make it work for them. Great Video!
May 27th, 2009 at 9:54 am
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
May 28th, 2009 at 11:10 am
All of the internet sites will require someone to call you back before you will get any quotes. In fact, without reviewing your credit or at least knowing your score, knowing about your employment/ income, it is impossible to get a reliable quote. I would be happy to converse with you via email to give you quotes if needed.
May 28th, 2009 at 4:23 pm
Capitol One is supposed to have good refinance rates. You might also check out Roadloans.com. Keep in mind, you will be financing a used car, so the interest rate is usally higher. If you had to go 30 payments, at least your payment amount would drop. You could always pay more each month, so you would have the note paid in 22 months instead of 30.
May 28th, 2009 at 4:38 pm
I1). If you own a home it doesn't matter whether you have a beacon score of 500 or 800, the mortgage company will try to get your business.
2). The credit bureaus offer a toll-free number that enables you to “opt-out” of having pre-approved credit offers sent to you for two years. Call 1-888-5-OPTOUT (567-8688). Opt out can be permanent or for a limited amount of time (usually five years). It will ask you what you want when you call.
May 28th, 2009 at 6:26 pm