Refinance Before Making Late Mortgage Payments

by Joshua Dorkin on December 8, 2006

real estate tipsIn the current housing bubble, hundreds of thousands of people, if not millions got themselves into risky mortgages. Often times people will not realize that they cannot afford their home until it is too late! If you’re having problems paying your mortgage and you want to refinance, do it before falling behind or making that late payment.

According to The Mortgage Blog, “banks really look at whether or not you can handle a mortgage payment responsibly. If you’ve been late on your mortgage more than 30 days, what we call a 30 day late, that counts against you.”

That’s a tip we should all keep in mind!

{ 3 comments… read them below or add one }

1 Jim April 16, 2008 at 4:05 pm

The subprime meltdown has caused lenders to become even stricter with mortgage lates. You can be denied outright for a refinance, have a lower LTV amount to borrow, and most likely get a higher interest rate. It really pays to pay your mortgage. No pun intended.

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2 Halifax mortgages April 22, 2008 at 10:20 pm

it is a real big issue
mortgages late effects in our business.in other hand refinance can just put u in some relax..

Reply

3 FHA Loan August 5, 2008 at 5:24 pm

Refinancing through fha is one of the few options ava…

Reply

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