Problem Remortgage Yorktown Heights NY

When applying for any problem remortgage borrowers must be careful in reading over any loan documents as come predatory lenders will hide in the agreement the fact that the interest rate or the monthly payment will skyrocket after a set period of time.

Local Companies

Chase Bank
(914) 251-3302
2900 Westchester Avenue
Purchase, NY
Mr. Jonathan P. Delo (RFC®), CFP
845 893 0073
200 Business Park Dr Ste 308
Armonk, NY
Superior Mortgage
(203)894-9774
715 Danbury Road
Ridgefield, CT
Home Mortgage Acceptance Corporation
(845)352-0722
300 Saddle River Road
MONSEY, NY
Bank of America Mortgage
(845)638-3500
245 South Main Street
NEW CITY, NY
Chase Bank
(845) 357-4300
67 Lafayette Ave
Suffern, NY
Jared Cutler
611 Pondside Drive
White Plains, NY
Greenwich Bank And Trust Co
(203)618-8900
115 East Putnam Avenue
Greenwich, CT
Household Finance Corporation
(845)352-0108
1 Spring Valley Market
SPRING VALLEY, NY
Genauer Emanuel
(914)238-0578
1 South Greeley Av
CHAPPAQUA, NY
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Even the people with the best credit records can run into problems through medical bills, divorce or other life altering circumstance. At any time, a person can go from the top of the world into the financial pits and have trouble getting loans for their house, even equity loans from traditional lenders. Most financial institutions will not talk to people with less than perfect credit, but there is hope for people trying get what is termed a problem remortgage.

As in most financial transactions, those with past credit problems, loans may be obtained, however the interest rate on these loans tend to be higher than loans for people with exceptional credit. Many problems with credit, if showing good standings for a certain period of time are willing to take a chance, with the house as collateral. A person with less than perfect credit may be better off seeking a problem remortgage rather than a home equity loan, which could provide more collateral than a traditional home equity agreement.

With a problem remortgage, any equity in the house can be seen as an advantage to the lender. For example, a house is appraised at $200,000 and the balance owed on the mortgage is $150,000. The $50,000 in equity can be part of available cash if the homeowner refinances the home at full value. The extra cash could pay off any bills that are behind in payments, giving the homeowner some breathing room in meeting the financial obligations.

Failing to find a lender will to extend a problem remortgage for the full value, a lender may be willing to offer to refinance for the amount owed, with the remaining equity as part of the full price of the house, increasing the value of the borrower s collateral. Lending the full value, the collateral on a $200,000 loan is $200,000. Maintaining the equity in the property, the collateral on the $150,000 loan is $200,000, which is a good deal for any lender.

When applying for any problem remortgage borrowers must be careful in reading over any loan documents as come predatory lenders will hide in the agreement the fact that the interest rate or the monthly payment will skyrocket after a set period of time. Often when that time comes, the homeowner is unable to meet the obligations and the lender forecloses on the property. They owner is suddenly in default and unless they are able to come up with the full amount due, they will lose their home and can expect to get little of their equity in return.

Before agreeing to a problem remortgage it is worth the time and effort of having someone who understands the language in loan documents look them over and analyze the risks to the homeowner. If you know exactly what you are getting into, you will not only save yourself financial risk in the future, but you will also feel good about knowing what to expect with your loan. Taking out a loan that you don t fully understand is a huge mistake.

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