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Offering many types of debt consolidation refinancing for Maryland, MD borrowers / homeowners. Maryland properties only. Not in Maryland? Click to www.LowRateMortgages.com for a Lender or Broker licensed in your state for debt consolidation refinancing. maryland debt refinancing We have dozens of loan programs for all types of credit. From perfect credit to slow credit to terrible credit, loan programs may still be available. As you may have read, or have seen on the news, there is a meltdown going on in the mortgage business. In 2007 at least 162 Lenders, Wholesalers, Corespondents, Warehouse Providers, both A, Sub Prime, and everywhere in between have closed their doors. Guidelines have changed. It had to happen, we saw it coming four years ago. Do not get discouraged. Debt consolidation refinancing is still available, at least here in Maryland. Still available: The A Plus, Level 1, 2 & 3 "debt consolidation cash out" from Fannie Mae. These typically have the lowest rates, and is our first choice for automated online approvals if the "numbers" work (Loan to Value and Debt Ratios are calculated first and represent the most important "numbers"). We then consider credit history based on your input and answers to our questions during the initial contact (phone conversation, etc.). This will help us find the right program for you. The Alt-A is still available (for now) for those needing Stated Income, No Income Verification, etc. Alt-A also allows "expanded" guidelines, which means loans with A credit that do not conform to Fannie Mae's requirements for debt consolidation refinancing in MD. These Alt-A programs are also available with Automated Underwriting approvals. MD fixed rate debt consolidation refinancing. The "sub prime" refinancing is still available (for now). Things happen in life. People loose their jobs. Divorce. Death of a Spouse. Things beyond your control may place you in an unpleasant situation. Sub Prime loans are designed to help people through a bad time in their life. They are to be used in conjunction with a plan to get back on your feet and on with your life. They were never designed to keep for more than two or three years. The idea is to fix the current problem, usually cash flow and unable to pay current debts, with a debt consolidation home loan. You are trading equity for some breathing room. As bad as it sounds, sometimes these loans are used to buy time to try to get a house sold. Home loan to pay off debt in MD. The bad side of sub prime loans ... Sometimes there is no equity. On the now discontinued (for the most part) sub prime 80/20, there is not any equity at the time of purchase. The market is not appreciating as fast as it was these last few years. No equity or negative equity. A 2 year A.R.M. first mortgage with a rate above market, and a 2nd mortgage with a rate usually around 12% to 14%. After two years, the rate on the first increases 1% every six months. The increase is just to much for some households to handle. These loans allowed people (who may not otherwise qualify to buy a home) live the American dream of home ownership. 580 credit score stated income loans are no longer available from Consolidated Mortgage for a good reason. Some of these people are now living in the American Nightmare of Foreclosure and Bankruptcy. Help may be available. As much as 100 million may be on the way. Fannie Mae may come out with a loan program to refinance these loan types. There is talk in congress of additional ways to help. Call us for the most recent status. 410-643-8757 Toll free 1-888-643-3659. Or send email. How do I apply?
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