Try to refinance a mortgage with bad credit? Trying to stop a foreclosure home? Your refinance already been denied once or several times during the past year? You should know that there are new loan programs that were designed specifically to reduce foreclosures in the United States. These programs, it is easier to refinance and save your home.
Loan officers tend to specialize
It is important to understand that loan officers and brokers usually specialize in certain types of loan products and certain types of customers. For example, one can specialize in working with first home buyers, while another specializes in working with investors and another specializing in luxury real estate homes. This does not necessarily mean a loan officer is better than another. There are literally hundreds of loan products out there, even with the current mortgage mess. It is humanly impossible to stay on top of all developments in all categories of loans.
Your broker can not specialize on working with people in your situation
Your situation may have changed since your home purchase or refinance last. You can now find yourself in financial trouble, with some negative marks on your credit. You may even be behind in your mortgage payments. What you need more than anything else is the new beginning that comes with a refinancing. But at this point you need to avoid a common mistake.
Loan officers do not always know what they do not know
This is the mistake some homeowners make. They return to their previous mortgage broker – who do not specialize in working with owners in financial difficulties – to see if they can refinance. The broker told them that they are not eligible for refinancing. They abandon their quest immediately.
Find the one who knows what they need to know to help you
Don’t give up at this point. Keep searching until you find a broker who specializes in working with homeowners with less than perfect credit history and keeps an eye on lenders who work with impaired loans … in other words – the subprime lender, high mortgage lender’s risk, or a bad credit mortgage lender.