How to Get an Affordable Mortgage Today
“How do you know when you qualify for a Obama 105% refinance or a loan modification?“ asks Fred Solomon, author, broker and radio show co-host of the Solomon Free Money Hour. In order to qualify for Obama’s new 105% refinance plan your loan to value cannot be any higher than 105% LTV (loan to value). In other words, if the value of your home is $400,000, your loan cannot be any higher than $420,000 (5% higher than the current market value)" adds Solomon.
Solomon Financial is now able to offer the 105% refinance to homeowners. It is imperative to state that interest rates are at all-time historic record lows, lenders are laying people off, and foreclosures are at all-time record highs. "What does this mean for you and me? The best anology I can give you is, 'It is a beautiful summer day at Disneyland and they are having a huge 50% discount on ticket prices, and they just laid off half of their employees. It’s going to take awhile. Furthermore, there are a lot of things we need to check in order to see if you can qualify for this program before you get too excited. You can’t have any lates on your mortgage. It has to be a Fannie Mae or Freddie Mac loan and a few other things we will have to look up.'" says Solomon.
If you do not happen to qualify for the Obama 105% refi plan, be prepared to be lied to and listen to the lender's scare tactics. This is a $75 billion bailout geared towards refinancing / loan modification. The additional questions we will help you with are: How do you know how to figure out a 31% front end ratio? How do you figure out if the lender is lying to you or not? How do you negotiate with someone who is lying straight to your ear? I guarantee that if you call the lender yourself, the lender will lie to you. People don't want to believe that.
Channel 11, in conjunction with Solomon, is doing a huge story on clients who got taken advantage of. "We have example after example of clients who were lied to," reports Solomon. Solomon Financial Team has dissected the Obama Plan to develop a special software program that lets you input your numbers to determine your qualification for a home loan refinance or federal loan modification. This unique formula combined with an exclusive calculator determines if you qualify. "It takes us five minutes to figure out if you will qualify or not," adds Solomon. For more information, or to see if you are eligible, go to: http://www.freemoneyhour.com/loancost.php for a free consultation.
“My office took this new Obama plan and we have dissected it for you. The first thing we look at is to see whether you qualify for a regular refinance or not. If not, we look at the new Obama refinance plan up to 105% loan to value. If you are too far upside down, then we look to see if you qualify for a loan modification or not,” adds Solomon. For a free consultation to see if you are eligible for a refinance, purchase loan, or Federal loan modification by a Solomon Financial loan advisor, call: (800) 811-7709.
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