Mortgage Loan Modification For Subprime

by Amanda from Lakewood, WA USA

Regarding mortgage loan modification for subprime: Dear Kate, I am not late on any monthly house payments but can no longer afford them. My loan is an all interest 30-70 loan at a high interest rate. How do I get my bank to do a loan modification without having to go delinquent and ruin my credit first?

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Or how do I refinance at a 30 year fixed low rate without having to pay any fees, such as closing costs and appraisals?

Kate Answers: Mortgage Loan Modification For Subprime

Dear Amanda, Many homeowners with these subprime terms are benefiting from mortgage loan modification programs to help make the monthly house payments more affordable.

As a sidebar for other visitors who may not understand the lingo, the "30-70 all interest loan" is a no downpayment mortgage program that does not reduce the loan balance.

Mortgage loan modification is all the buzz. In order to qualify for a mortgage loan modification, you do not have to be late on your monthly payments.

Go here and discover the main differences between handling it yourself or paying out thousands of dollars to a mortgage loan modification company.

Refinancing has closing costs. Here are two possibilities for not paying them with cash.

Mortgage closing costs can be wrapped into your loan amount if you have enough equity. Equity means the house is worth more than you owe on the mortgage. Otherwise mortgage closing costs can be financed by increasing the interest rate.

If the mystery of mortgage closing costs is overwhelming, here is an easy way to sort them out.

I hope you'll come back to my website again in the future. Of course, all of my information is free.

So remember to bookmark Get-Your-Best-Mortgage-Rate.com to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice. You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

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You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

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