Bad Credit Home Loans – Should You Refinance in Phoenix in 2010?
Posted on | December 1, 2009 | 1 Comment
There are many homeowners in Phoenix and Las Vegas who have bad credit home loans. These two markets are the two major bubble markets that have seen the biggest drop in home prices since the July 2006 top. Many of these homeowners are looking to refinance in the year 2010. With mortgage interest rates at all-time lows this might be a very good idea.
If you have a home in Phoenix or Las Vegas and you are looking to refinance please be aware of the fact that you will have to get an appraisal that shows that you have increase the equity in your home. This is not likely to be the case for many borrowers who have bought a home in the last five years. Many of these homes are under water and they are going to find it difficult to refinance their current home loan.
Just because you cannot refinance your current home loan does not mean that you cannot lower your monthly mortgage payment. President Obama has created the making home affordable plan which is a way to modify your mortgage to a lower monthly mortgage payment. If you have a house in a bubble market you are likely to be able to benefit from this plan.
It would be a wise decision to go on the making home affordable website and see what options are available for you. The site is very extensive and can explain a lot about the modification process. This process can be very difficult and includes a lot of paperwork so make sure to do your homework before applying for a home loan modification.
If you do have equity in your home and your credit score has not seen a drastic decrease over the last few years than you are likely going to have the ability to refinance your home loan to a lower interest rate. The current 30 year fixed mortgage rate is at 4.55% which is an all-time low. Make sure to take advantage and call your lender so you can refinance at this all-time low rate.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Alan Lake
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December 4th, 2009 @ 1:23 am
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