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Given today's low interest rates, you may decide to refinance a mortgage loan today but may not get all of the benefits. You have to watch out for high costs in refinancing your mortgage loan and have to make sure the costs don't outweigh the benefits of the lower interest rate. In some cases, the monthly savings will not be enough to cover the costs of the refinance. The best real estate advice you can get is to make sure you can lower your interest rate, shorten the term of your loan, save money on your monthly payment and keep the refinance costs low.

Sometimes your current loan will be a better deal than refinancing an interest only loan. If the closing costs are too high to refinance and your interest rate is reasonable, you might be better off keeping your existing mortgage loan. However, if you have cash sitting around, you might consider paying down the mortgage debt you owe. Depending on the type of loan you have and where you would otherwise invest your money these days, the option to pay down you debt might appeal to many homeowners.

Some borrowers complain that they get nowhere with their lenders in obtaining a loan modification. Other borrowers never even hear from their lenders, but if you are lucky enough to get a loan modification from your lender, you are one of the few. Some borrowers have received documentation from their lenders giving borrowers the right to enter into a trial loan modification but then these trial loan modifications never result in any meaningful benefit for those borrowers when they hear that they are not eligible for a permanent loan modification.
So if you get the news that you are eligible for a permanent loan modification, you are a winner -- that news puts you in a place few borrowers have found. Most other borrowers trying to get help from their lenders are probably still in loan modification hell.

The problems continue for former TBW borrowers. Now these borrowers can't seem to get their 1098 mortgage interest tax forms. They should get the tax forms from TBW, but if they don't maybe their new loan servicing company will send it to them.

Good credit and a high credit score is needed now more than ever. If you have a poor credit score, you may find that you will be unable to get a loan to buy a home, a car or any other consumer purchase. Your credit history is more than just paying one bill or set of bills on time. Your credit history is making sure you pay all of your bills on time, manage your credit carefully and not take on too much debt or use too much of your available credit at one time. You should monitor your credit history and your credit score from time to time to make sure your history is improving and your credit score is rising.

When you have financial troubles, it's hard enough managing one home. If you have multiple homes, you may have even more trouble. You can only have one primary residence. It's at your primary residence that you have your mail sent, where you vote, where you pay income taxes, and where you spend most of your time. If you own two or more homes, only one of those homes can be your primary residence. Having multiple homes and claiming multiple primary residences will spell trouble, particularly if you are looking to refinance the mortgage on your home or want to obtain a loan modification, even if that loan modification is under the Obama Home Affordable Modification Program.

Buying REO properties (Real Estate Owned) is not as simple as buying a home from a seller you can talk to and see. REO properties are sometimes called bank owned properties. These bank owned or REO properties go through the corporate process. When you bid on the home, the bid gets sent to a black hole where a person working for the corporation or bank that is looking to sell that property and thousands of others has to deal with the offer. Sometimes those people dealing with the offers take too much time in responding to offers and in other cases, REO or bank owned property representatives have their own agenda in getting deals done.

As more and more people work towards a loan modification with their lender, they wonder how the loan will affect their credit score and credit history. The answer is not pretty. While it may be in the borrower's best interest to obtain a loan modification, the lender will generally report the borrower either late or delinquent in his or her payments on the loan, particularly during a temporary loan modification. Then with the permanent loan modification, the lender will provide the credit reporting bureaus with information stating that the borrower is paying on the loan under a loan modification.

Are you better off with a loan modification, refinance to a new loan? Will your monthly payments be lower with a new loan? How much will you pay to refinance your loan? Will refinancing cause you to pay more over the long run? If you have a loan modification you may be considering a refinance to help with your mortgage costs. These are just some of the many questions you should be asking yourself before calling a lender to inquire about a refinance.

A lis pendens, or a document that is recorded against the title to the home, may stop you from selling your home. The lis pendens tells potential buyers that there is a lawsuit against the property and they might not want to buy your house. If a lis pendens is filed against your house, you should work with a real estate attorney to work out the case and be able to proceed with the sale of your home.