A. Many people are currently faced with rising interest rates. Borrowers closed on there loans as an adjustable rate mortgage (ARM). If your rate has or is going to rise and you are afraid that you will not be able to afford the new monthly payment then you should consult with a mortgage loan expert immediately. The last thing that you want to do is to start paying the mortgage late. This will only impact your options the next time you try to refinance or purchase.
A. If you were happy with the services that your original loan officer provided, then it is recommended that you consult with the same individual. They will have a better understanding of your situation as well as your personal history. Of you chose not to use the services of your original mortgage broker/banker then it is recommended that you ask friends or family if they have someone whose service was worthy of a referral. If a referral does not seem to work for you then you may want to do some research on the internet and find a reputable and established company.
A. We suggest that you first speak with a reputable loan consultant. By doing this they may have alternatives for you or may be able to contact the existing lender on your behalf and see if there is a way to lower your monthly payments. FHA lending may be an option that you want to look into. If your credit score is low but you have been making your mortgage payments on time and have some equity in the property, the lender may be willing to work something out with you. You may also want to try and contact your existing lender yourself and explain your situation to them and see if they can offer any assistance. Remember, the bank does not want to foreclose on the home.