What Struggling Homeowners Should Expect From Their Mortgage Servicers?

It’s a frustrating situation when homeowners start to miss making their monthly mortgage payments. Struggling homeowners are often advised to get in touch with their respective mortgage servicers to help them come up with a workable solution to keep up with their payments and hopefully avoid foreclosure. Homeowners should be familiar with the core duties of the companies that collect their monthly payments so that they can ask the right questions about their mortgage and have an idea of what to expect when they do.      

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Is it Possible to Refinance My Mortgage if I’m Self-employed?

Self-employed homeowners who were able to take out a mortgage to buy a home may possibly refinance their mortgage. Mortgage refinancing could be beneficial in several ways including getting a much lower interest rate, mortgage insurance elimination, cashing-out on home equity, or changing an adjustable-rate mortgage into a fixed-rate mortgage. Refinancing a mortgage as a self-employed homeowner could be a challenge if you’re unfamiliar with the process.   

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Why Mortgage Refinancing Could Be Beneficial

Whenever mortgage interest rates take a plunge, most homeowners could be asking themselves if they would benefit from refinancing their current mortgage. Like taking out a mortgage to buy a home, there are also significant fees associated when refinancing a mortgage. When refinancing a mortgage, homeowners need to determine their financial goals so that they could figure out if they would benefit from the process. As a rule-of-thumb, refinancing could make sense if it will improve the homeowners’ finances along the way.

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Side Gig Ideas That Could Help Boost Your Income

Millions of Americans have recently filed for unemployment claims as the coronavirus disease (COVID-19) continues to snowball, shutting down businesses across the nation. Many families could experience financial difficulties in these trying times. To address the situation, the U.S. Senate had passed a $2 trillion economic stimulus bill to ensure families remain in their homes while the world continues to deal with the pandemic.

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