Mortgage Refinancing Loans from the Home Loan Magician
Home Loan Magician offers mortgage refinancing loans to borrowers who are searching for a mortgage payment reduction, interest rate revision or cash out. Borrowers can select from various refinance programs such as, FHA, conventional, Jumbo, Sub-Prime, VA and FHA home mortgages.
Mortgage Refinancing Loan Benefits:
- Lower Interest Rates
- Fixed Mortgage Rate Conversion
- Lower Monthly Payments
- Pay off Debts and Collections
- Get Cash for Home Repairs
Foreclosure- Loan Update –In an effort to slow down the increasing pace of home foreclosures, several states are setting up special funds created to help homeowners get out of trouble with their high-risk subprime mortgages refinance to more-affordable loans.
Maryland, Massachusetts, New Jersey, New York, Ohio and Pennsylvania are expected to invest over $500 million collectively in this home financing aid effort.
Some of the loan programs will be similar to existing government home lending programs, in which the state offers mortgages to homeowners and then sells those home mortgage loans, in some cases to companies such as government-sponsored mortgage-finance giants Fannie Mae and Freddie Mac.
Earlier this month, Massachusetts officials said the state's housing agency would team up with Fannie Mae to provide $250 million for a program that could keep about 1,000 delinquent borrowers from losing their homes. The Massachusetts Housing Finance Agency will sell bonds to cover $60 million of the funding, with Fannie Mae providing the remaining $190 million.
New York Mortgage Agency officials say they expect to announce a $100 million program in the next several weeks that would help an estimated 500 homeowners.
More than one million American houses are anticipated to enter payment default this year; the total represents about 2.3% of the nation's 44 million home loans, according to Freddie Mac, which bases its estimate on data provided by Mortgage Bankers Association, a Washington-based trade group. Freddie Mac says about 60% of those homes carry subprime mortgages. Subprime mortgages are home loans made to borrowers with shaky credit records.
Foreclosures have been most common in low- and moderate-income neighborhoods, especially in states like Ohio, Michigan and Indiana, whose economies have been hurt by job losses. In Ohio's Cuyahoga County, which includes Cleveland and 48 suburbs, foreclosure filings rose 95.6% to 13,610 last year from 6,959 in 2001, according to the research group Policy Matters Ohio.
Congress is considering legislation that would allow the Federal Housing Administration to help low- and moderate-income buyers by, among other things, offering overstretched homeowners 40-year loans that would lower monthly payments. But much of the effort to remedy the situation is playing out at the state level. "No one is saying this will solve the problem," says Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard University. "But it could make a difference."