Mortgage Refinancing Advice

by Gill F from Texas

Regarding Mortgage Refinancing Advice: Help! I need refinancing advice! Is there any way I can refinance my mortgage if my property is valued at less than I owe my present mortgage company?

I currently pay 7.25% interest rate in Texas. My mortgage company refused to refinance my loan to a lower rate. The property was valued at $3000 less than the balance of my current loan.

Although I currently have a mortgage with a reputable nationwide loan company, can I and should I shop around?

My credit is not great, I purchased the property in 2006 and it is the first I have purchased in the US. Since I'm pretty new at home ownership, I could really do with some refinancing advice. Please help! Gill

Kate Answers: Mortgage Refinancing Advice

Dear Gill, Congratulations on becoming a homeowner. Now you want to stay a homeowner.

For this reason, please take action if you need to refinance because you cannot afford your monthly payment.

In cases like this, I suggest a couple of steps. You will probably think of more as you start to take action.

1- Call your loan servicer and ask for help. This may or may not be the same company that originated your mortgage. If you are not sure who your actual lender is, go to Locate Your Lender To Stop Foreclosure for help.

2- Homeowners having trouble affording their mortgage payment are being helped by Hope Now, a mortgage industry alliance assisting homeowners in distress.

3- FHASecure is a program that might help in the situation of a low appraisal preventing mortgage relief, as you describe.

4- Now is a great time to go to Eight Strategies To Stop Mortgage Foreclosure because the more you know, the better chance you have of saving your home.

Best Wishes,

Finding HELP You Need For Refinancing

Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.

Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options, a Super Kate overview of available help.

Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.

Are you a homeowner trying to decide if Mortgage Refi is worth the cost?

How To Compare Mortgages - Interest rate, loan amounts, closing costs, cash out, length of term, monthly payments, yes it is enough to make anyone want to toss up their hands.

Real Estate Investor Loans - Three options for investors sandwiched between negative cash flow and plummeting real estate values.

Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?

Refinance With Cash Out - Where is my loan approval?

Save Money Using My Special Refinance Formula "I am a great believer in luck, and I find the harder I work that the more of it I have." --Stephen Leacock

Fresh Refinance Ideas - There are reasons why and why not to refinance promoted by the media, mortgage lenders and financial gurus. The fact is, only you can decide.

What can you do when Refinancing With Bad Credit threatens to derail your dreams?

You don't know it yet but the secrets I am about to share with you have never been explained anywhere else. Don't miss Ask Kate's Secrets To Refinancing!

Low Mortgage Payments For Home Owners - Before you decide on a company, learn how to ask questions and qualify your lender.

Don't be distracted by refinancing lingo. You just need my 10 best kept secrets to Low Mortgage Payments.

Ask Kate About Refinancing - Ask a question to get an answer from Kate.

Refi Stories - A collection of refinancing stories told to Kate by current homeowners.

Refi Ask and Answers - A collection of refinancing questions, each with a individual answer from Kate.

PS What if you could turn YOUR dreams into reality? Now you can. This is MY story of dreams coming true.

Return from Mortgage Refinancing Advice to Get Your Best Mortgage Rate

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com