Many a time, home â€“ owners might take out a mortgage on their property in order to extend the purchasing power they currently have for a number of equally valid reasons. However, certain factors beyond the control of these people who own a home like say the instability of the economy might put a rather severe amount of financial stress on them, leaving them unable to repay their mortgage at the current rates of interest.
Such a condition can also lead to the lending institution raising interest rates in order to protect its own investments, further compounding the problem for home â€“ owners. In such cases, many a time these people might not be able to pay back their mortgage installments in the agreed upon time frame, if at all, further lowering their credit rating to a point wherein they get a bad credit rating, further exacerbating their problems.
However, by refinancing their home loan, people who own a home can make sure that they stay free from such problems. A refinanced mortgage means that the applicant approaches either the same lending institution which lent them the mortgage or another one to refinance the mortgage which means the lending institution which offers this service will pay off the existing mortgage in return for a new one with a lower rate of interest.
Home â€“ owners who wish to apply for a refinanced mortgage will have their case examined by the lending institution again to see whether their current financial situation validates the approval of said refinancing.
Ratebeat NMLS Number : NMLS NO1267188
Registered New York Mortgage Broker – All mortgage loans arranged with third party providers.
Figure: 7 TAC §80.200(b)
“consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550. the department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. a written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. for more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.”