The mortgage market remains in flux. Refinancing a subprime loan into a regular conventional mortgage is the big topic here in the Phoenix, Arizona market. The Arizona Mortgage Guru addressed this issue with a practical six step guide on how to refinance a subprime mortgage. The refinance post received heavy traffic, so it's on a lot of borrowers minds, however, the Arizona Mortgage Guru also wrote some very relevant posts for borrowers.

1. Facing Foreclosure? 12 Things You Should Know When You Call Your Lender - The Mortgage Bankers Association has created a foreclosure avoidance center website. Under this page it has published a twelve-step guide on the things you need to know when you call your lender. This should ease your fears a bit. Read full article.
   
2. Mortgage Forgiveness Debt Relief Passes US House - I have been following the progress of the Mortgage Forgiveness Debt Relief Act, and I'm happy to tell  you that it passed the US House. It is now headed to the Senate. I'm pretty sure it'll pass and I'm sure President Bush is pretty eager to sign this one into law. Read full article.
   
3. FHA's Upfront Mortgage Insurance Premium and Monthly MI- FHA under the 203b, 234(c), & 203k programs charges an upfront MIP equal to 1.5% of the loan amount. If you end up selling the home or refinancing the loan within the first 84 months (7 years) you are entitled to a refund of the balance. MIP can be wrapped into your loan, but you have the option to make a cash payment at close as well. Read full article.
   
4. Bad Credit Can Cost You Your Next Job and Your Dream Promotion - Not only can bad credit cost you big bucks, it could even cost you that new job you want or the promotion you've been working so hard to get.  It's hard to believe, but it's true, more and more employers are pulling credit and screening out job applicants. Read full article.
   
5. Refinance Your Subprime Mortgage in Six Easy Steps- I have prepared a checklist of six things you need to do so you can make a smooth transition from an adjustable subprime mortgage to a conventional one. This is not a quick fix, I suggest you allow six months to get all this in order. As I explain you'll see why. Read full article.
   

Whether purchasing a home, refinancing a home loan or wanting to look at investment properties, Aimee and Shailesh at CTX Mortgage can do it all. You can reach the Phoenix home mortgage lender at (480) 516-1819. As always, the Arizona Mortgage Guru Blog has relevant, smart and insightful comments, commentary on your home loans. Be sure to visit often