9/14/2012 - Posted by:
Stewart Law Offices, LLC
Phone: 305-590-8909
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Miami Lawyer Michael D. Stewart on Refinance when you might not qualify to change your mortgage terms

REFINANCE YOUR MORTGAGE Michael D. Stewart, Esq. Law Offices of Michael D. Stewart 866-438-6574 www.themiamilaw.com If you currently have an adjustable rate mortgage, with rates subject to increase, or if you are merely having difficulty making your mortgage payments, refinancing your mortgage into a fixed-rate mortgage might be an answer. In a refinance, you and the lender enter into a new loan agreement, which replaces your old loan. Oftentimes, the new loan will contain lower payments. Loans can be restructured with lower fixed-rate interest, shortened payoff term, or a longer payoff term – such as 40 years, whereby you would pay more in the long run, but have a lessened monthly burden. Refinancing may be an option if you are 1) current on your mortgage payments, 2) you have an adjustable rate mortgage or a high interest rate, 3) you have equity in the home. Alternatively, if you haven’t been late on your mortgage payments in the last six (6) months, or you don’t have any equity in your home, you may qualify for the Home Affordable Refinance Program (HARP). Under HARP, if your mortgage is owned by Fannie Mae or Freddie Mac, your home value has decreased, and your mortgage exceeds the market value of the home (being “underwater”), you may qualify. Under HARP, the refinance is the same as a traditional refinance, the old loan is replaced with a new loan with better terms. In addition to refinancing your home, there are other options which can reduce the principal amount owed on your home and lower your interest rate, such as a mortgage loan modification. To discuss your various options, contact Law Offices of Michael D. Stewart at 866-438-6574 today.
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