Many home owners that have ARM home loans are unable to refinance their mortgage for a variety of reasons. If you are one of these home owners take the time to read this article because it will give you some valuable tips on how to save your home from your adjustable loan.Why You Are Unable To Refinance Your ARM Home Loan
Programs that you once used are now gone. This is especially true for people who used sub prime loans and or stated and no doc loan programs to purchase their homes
Your property values have dropped and you now owe more then the house is worth. This is true for many areas around the country especially on the east and west coasts.
Your credit score is to low. Lenders to day require good to excellent credit in order to approve a loan. Even the FHA which at one time did not have a credit score requirement now wants to see a score of 620.
What Can You Do If You Are Unable To Refinance Your MortgageIf refinancing your ARM home loan is not an option that you can qualify for the best chance you have at saving your home is by working with your current lender on a loan modification.A loan modification will change the terms of your loan making it either a fixed rate or a making the fixed rate period of your ARM longer.A loan modification works good for people who are unable to refinance their ARM home loan for the reasons listed above. If you are in a home you simply cannot afford then you want to consider selling it.