Mortgage and refinancing options got you confused? A new web tool can help

Wondering if you can qualify for President Obama's mortgage-assistance program? Or just wondering what type of programs are available to refinance?

Now one place has all those answers, and will even provide an assessment of your financial position. MortgageReport went live Wednesday, a well-designed site with all the basic information about mortgage options, and all the details you'll need to act. And it's all free.
Start by filling out basic information about your mortgage, home, credit status, and income. With the mortgage report complete, you instantly get a report online that summarizes the input data. You'll then get a summary of some key data:

Loan-to-value ratio. This will tell you whether you qualify for a traditional refinance. In today's economy, most lenders look for at least an 80% loan-to-value ratio; as long as yours is below 105%, you may qualify for special assistance under the Home Affordable Refinancing. The report will show options.

Debt-to-income ratio. You must be spending less than 38% of what you bring in to qualify for a traditional refinancing, but with extra help under the Home Affordable Refinancing, you may still be able to refinance.

Current mortgage payment. You'll get information about your payment, as well as your best option given market conditions. The report will also estimate how much you can save monthly if you refinance.

"Information like one's estimated home value, loan-to-value ratio and debt-to-income ratio are as critical as a credit score in today's distressed financial environment," MortgageReport notes in a statement, "yet the average homeowner doesn't know how to quickly assess his or her individual situation so they can take action."

So if you're looking to refinance, before you enter into a new loan agreement, you've got a new online tool to try.

Lita Epstein has written more than 25 books, including The 250 Questions You Should Ask to Avoid Foreclosure and The Complete Idiot's Guide to Improving Your Credit Score.
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