How can I reduce my mortgage?

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I applied for the “stability plan owner,” but does not qualify because I just too much money (must be the household income and mortgage loans at 30% I 31%). I am yet just what my mortgage is there a way to reduce my mortgage without missing a payment I receive letters from my work on credit, but I’m skeptical. Please help.

  1. Reply
    May 15, 2011 at 1:54 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  2. Reply
    May 15, 2011 at 2:46 am

    You may be able to lower your mortgage depending on the rate you currently have. Generally you want to lower your rate at least 1% when doing a refinance. Also depending on how much you owe on the home it may or may not be worth it. You need to speak with a banker to determine your options. You would not need to miss a payment in order to get approved you must be on time. Who ever came up with this modification rule that a homeowner must miss payments is ruining this country.

  3. Reply
    Quicken Loans
    May 15, 2011 at 3:21 am

    This depends on a lot of different factors. For example, what type of mortgage do you have? You may want to consider refinancing and locking in at a lower interest rate. Use a refinance calculator to find out if you’ll save with this option:

    But keep in mind you’ll have to pay for closing costs again, although you may be able to roll them into the amount of the loan — providing that your home appraises well. If this doesn’t work, then try contacting your lender and see what they can work with you on, most of the time lenders try to be flexible because they don’t want to foreclose on you either. Another option is selling the house if you really can’t afford it and don’t want your credit to drop from missed payments — or a short sale situation if the house doesn’t appraise well.

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