| Homeowners who think they can't refinance their real | | | | The reason for this is of course, lower equity |
| estate mortgage because of a low FICO score or bad | | | | increases the risk of the lender. |
| credit, need to think again. There are many | | | | Many homeowners who have been told, "NO!" for a |
| homeowners today who got caught up in the | | | | mortgage refinance may have given up on trying. |
| mortgage loan implosion. This occurred after | | | | They may have given up too soon. The future may be |
| foreclosure rates went up and the more lenient loan | | | | brighter for some who apply. Right now there is a |
| programs were eliminated as a result of foreclosures | | | | program available 95% loan to value with cash out to |
| increasing. These homeowners may have got into their | | | | those with low FICO scores and in some cases can |
| home loan mortgages with low qualifications and low | | | | go to as low as a 530 FICO score. The interest rate |
| FICO scores and now they cannot get out of them. | | | | for this low equity loan program is about the same as |
| Some borrowers are in adjustable rate mortgage | | | | the best conforming rates for borrowers with 20% |
| loans where the interest rates continue to rise. As the | | | | equity or more. |
| real estate mortgage crisis continues, lending guidelines | | | | The loan program is far more lenient than standard |
| continue to get tighter, increasing the number of | | | | agency loan programs which are Fannie Mae or |
| homeowners who cannot get refinanced. | | | | Freddie Mac approved. This will help many |
| In the face of the lending underwriting guidelines getting | | | | homeowners perhaps get out of the jam they are in |
| stricter, the real estate market does not seem to be | | | | buy getting them refinanced into a lower rate and help |
| cooperating. As the number of foreclosures and bank | | | | them take some cash out too. The first step is to |
| owned properties goes up, real estate equity goes | | | | contact a seasoned mortgage expert to assist you in |
| down due to the declining real estate markets. As the | | | | your mortgage refinance. |
| equity shrinks on real estate, the credit denials increase. | | | | |