• 
  Like
• 
  Follow

Search news    

---

Refinancing may lead to lower monthly payments, higher spending power

January 13, 2010 - Homeowners who are worried they will not be able to make their monthly housing payments, or simply wish to lower the amount they pay may want to consider applying for a mortgage refinance.

These programs are especially popular after the holidays, as many individuals may have larger credit card bills or higher utilities costs during winter months.

Consequently, increasingly more individuals are seeking refinancing options, as applications for these programs have increased by 21 percent since the beginning of the year, Mortgage Daily News reports.

In response to this demand, some companies and organizations are launching initiatives to help real estate owners shrink their monthly payments.

Individuals who anticipate falling behind on their mortgage payments may apply for the Home Affordable Refinance Program, which is intended to help borrowers whose loans are between 105 and 125 percent of their home's value.

Jason Bonarrigo, as senior mortgage banker at Wells Fargo Home Mortgage, told ABC 15 that taking "$300 or $400 off a monthly mortgage payment, it can sometimes make a difference between keeping and losing a home down the road."

Recent Articles

Related Categories