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Aurora Loans
Getting Help with Your Home Loans
Some existing homeowners face the very real threat of foreclosure because they’ve lost their job or been the unfortunate victim of a natural disaster. Here is how ...view moreGetting Help with Your Home Loans
Some existing homeowners face the very real threat of foreclosure because they’ve lost their job or been the unfortunate victim of a natural disaster. Here is how to get some help:
Step One: Talk with Your Servicer First
If you already have a home loan and are facing the possibility of foreclosure or even missing a payment, it’s important to notify your servicer right away. They’ll look at your unique situation and determine whether or not you may qualify for federal or local home loan assistance programs. Many initiatives such as the Making Home Affordable act, or the HOPE NOW program, have helped homeowners avoid foreclosure. Depending on your specific situation, you may also qualify for loan modification if you’ve recently become unemployed or have been the victim of a natural disaster.
Important Information for First Time Homeowners
If you’re considering buying a home, it’s important that you know what options are available to help you choose a home loan. For instance, at the Aurora Bank (Equal Housing Lender, member FDIC) website, you can browse the numerous educational articles to help you decide whether to rent or buy. You can also use the free mortgage calculators and other tools to determine what your approximate monthly payment would be, and how to possibly lower your mortgage over time by making extra payments (either a one-time payment or multiple scheduled payments). It’s a good idea to use the calculator to run different scenarios with regard to your home loan budget and price to see what you may be able to afford. There are a variety of taxes, insurance and other fees involved in home ownership, and knowing what to expect can help you be smart about your finances.
Questions? Talk with a Home Loan Counselor
Many lenders, such as Aurora Bank (Equal Housing Lender, member FDIC), have home loan counselors on staff and available over the phone to help you choose the type of loan that’s right for you. You can also get help moving from an adjustable rate mortgage to a fixed-rate mortgage, or learn how to tap the equity of your home. Because there are so many loan options available today, it’s a good idea to speak with a knowledgeable expert on which ones may suit your particular situation.view less
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