Lower Your Monthly Payment & Rate with a 30 year fixed or loan modification

How do you lower your rate and monthly payment and get into a 30 year fixed without paying junk fees?  With the new larger loan limits that are available in high value areas, up to $729,750 (conforming limit), homeowners are able to combine their first and second mortgages or turn their adjustables into fixed rate mortgages on 30 or 15 year fixed. 

The government passed a $168 billion economic stimulus package through December 31, 2008.   However, starting January 1 2009, the loan limit will be decreased to $625,500.  "We have seen the number of home loan applications increase and borrowers are realizing that they better get into a fixed rate long term loan so that they do not become a statistic to bad credit or foreclosure," says Fred Solomon, loan advisor and radio talk show host of the Solomon Free Money Hour. 

Have you gotten correct or incorrect info on a home loan?  Is your loan getting ready to reset or has it already reset into a high interest rate?  Want a 30 year fixed rate with a payment you can afford? Fred Solomon has made this video available for consumers:
http://www.youtube.com/watch?v=Hi3IGy_FJ0c

One of the biggest myths is that you have to be behind in your mortgage to do what is called a loan modification, an alternative for many homeowners who do not qualify for a refinance.  This is an agreement with the lender to change/modify the terms of a loan  in lieu of a foreclosure or short sale.  It’s a win-win situation for the bank and the owner of the home.  It allows the owner to be able to continue living in their home without being forced to sell or having the bank foreclose on their property.  It allows the lender to save on the costs of a foreclosure or having to take a reduced pay off on a short sale. 

Fred and Lisa Solomon are hosts of The Solomon Free Money Hour with Kerri Kasem trainer-speaker on real estate, foreclosure, current mortgage and market trends; author of PUT YOUR MONEY WHERE YOUR HOUSE IS.

To see if you qualify to lower your rate, go to:
www.freemoneyhour.com/loancost.php