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By Sean A. Kelly

Charter One Mortgage offers a wide range of financial solutions for you to choose from in order to fund the purchase of your home. Mortgage options of a wide variety may be offered to clients like you so that each mortgage program is customized to suit your particular financial capabilities. You may find yourself being at ease with the mortgage of your choice with Charter One because of the reasonable rates and comprehensive repayment plans. However, if the recent economic downturn has caused a slight setback to your financial capabilities and you predict that you probably cannot afford the monthly payments that you are currently making it may be time that you do something about your mortgage to avoid being delinquent on your mortgage.

Some financial advisers may suggest that you opt for a loan modification program to have your monthly payments modified to suit your current financial capabilities. However, it may not be easy to qualify for a loan modification especially if your loan is not backed by Fannie Mae or Freddie Mac. One option you may choose from in order to keep your home may be to refinance your home with Charter One Mortgage. The requirements for a refinance with Charter One may be more stringent than those of a loan modification program. For example, you may still apply for a loan modification program even if your home has decreased in value significantly but if you wish to refinance your home you may be required to have equity. Basically you may need to owe less money in your mortgage than the worth of your home. If you have zero or less than 10% equity on your home you may be more suitable for a loan modification program.

Almost like a loan modification program, refinancing your home may allow you to reduce the amount you may have to pay every single month. This may be because by refinancing you may also be restructuring your entire loan and repayment details down to a rate that you can comfortably afford. Considering the fact that Charter One refinance rate may be low in general, you may be gaining advantage by refinancing as your interest rate may also be lowered especially if you have been a good paymaster and have been paying your due amounts on time every time. Many people refinance to reduce the interest rate they have to pay every month. If you are having financial difficulties and wish to reduce your mortgage burdens you may be killing two birds with one stone as you may reduce your monthly payments and also stop your home from being foreclosed.

In order to determine how refinancing may benefit you financially, you may want to use Charter One mortgage calculator that is made available on their website. If you have used this calculator to estimate the viability of your first mortgage, it probably may not be very difficult for you to understand how to use the calculator. Basically you may be required to key in some information pertaining to your personal finances so that the system may help calculate your interest rates as well as your preferred monthly payment amount. You may want to bear in mind that the amount calculated by the system may simply be an indicator of the average percentage of the interest rate that you may actually qualify for. For a more agreeable rate you may have to have a one-to-one discussion with a representative of Charter One.

Refinancing your mortgage may be one of many options for you to stop your home from being foreclosed. In fact, you may be taking a proactive step to prevent your debt from becoming delinquent before it gets too late. However, if Charter One has approved your refinancing application you may want to make sure that you keep making consistent monthly payment so your original target of avoiding foreclosure may be met.

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