Real help for struggling Indiana homeowners is now available through the new FHA streamline refinance program.

Merrillville, IN -- (SBWIRE) -- 05/21/2013 -- Indiana mortgage lender, Larry Penilla has finally announced the release of the FHA Streamline Refinance program which can really help struggling local homeowners since qualifying for this program is easier than ever.

Many homeowners have become weary after years of promises that real help was on the way which would make their mortgage payments more affordable and enable them to avoid falling into foreclosure. However, until now initiative after initiative seemed unable to provide real assistance to property owners with FHA home loans.

HARP 2.0 delivered relief for some homeowners, but only for those with mortgages backed by Fannie Mae or Freddie Mac.

Thankfully, a real effort has been made to assist Indiana borrowers with FHA mortgages to reduce their monthly payments and take advantage of low interest rates.

This now means there are no appraisals being required to qualify so being underwater or upside down on their mortgage will not prevent homeowners from refinancing. The FHA has also announced that it is waiving the necessity for credit reports and income verification to enable more Indiana homeowners to qualify. However, it is important to note that individual mortgage lenders all have their own underwriting guidelines which may mean some income verification is needed as well as a credit check but most will still be far more lenient than trying to get approved for any conventional home loan today.

What is really different about the new FHA Streamline refinance program is the reduction in mortgage insurance for those who had their loans endorsed on or before May 31st, 2009. Until now, recent rate increases had eliminated much of the savings for those attempting to refinance or meant they had to bring cash to closing. Now 'no-cost' refinancing is available and that coupled with lower mortgage insurance rates can equal thousands of dollars in savings.

When asked about the new FHA streamline program benefits Larry Penilla of A&M Mortgage Group said "This program finally delivers really substantial savings to underwater homeowners and anyone with an FHA loan who has not refinanced in the last six months should seriously consider this option, even if turned down before".

Those interested in finding out more about the FHA Streamline Program or would like to see if they qualify can discover more details on eligibility and receive a customized rate quote by visiting http://larrythemortgageguy.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Merrillville, IN -- (SBWIRE) -- 05/13/2013 -- Merrillville, Indiana Based Mortgage Broker Reveals 3 Things Lenders Don't Want You to Know About Shopping for a Mortgage Online

Anyone who's even remotely interested in shopping for a home loan has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare mortgage offers from the comfort of your home. You may even have tried a couple of them yourself. But Larry Penilla, a Loan Officer with A&M Mortgage Group, says Merrillville, Indiana residents need to watch out when trying to use the Internet to do the heavy lifting for them.

"Sometimes, these Internet services might work fairly well for certain people." "But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren't the best for them, or even worse, they may be shut out of the process altogether."

Larry Penilla says the problem with these services is that they never really get to know anything about your financial situation other than your credit history and income level. "So basically what winds up happening is that you're reduced to a number to them. And if they don't like whatever that number is, you're out of luck."

Here are three things you should watch out for when shopping for home-finance products on the Internet – things most online mortgage sites hope you ignore:

- Do they take the time to find out about your unique situation, or are you just a cyber-borrower in their eyes? Most of these sites simply don't have the manpower to individually work with every borrower. So a lot of times you wind up with a bad loan simply because there was no one to check if they could have gotten you a better deal.

- What do they offer people in special financial circumstances – such as the self-employed or people with damaged credit? Most of these sites don't even want to work with you unless you meet their stringent criteria.

- Do they provide advice to help when choosing between loan products? Most sites simply gather offers, throw them in your lap, and pressure you to choose between them. Unless you're a pretty experienced mortgage pro, deciding on the best offer can be difficult, if not impossible.

So, what's the solution? Use the Internet to educate yourself and then work with a real human being. You may not have thought about "old-fashioned" methods of finding the best deal, such as working with a mortgage broker. "But for anyone who values a real person sitting down with you and working through the process, there's no better option," says Penilla.

About Larry Penilla
Merrillville, Indiana - based mortgage expert Larry Penilla specializes in providing information to Indiana residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Larry Penilla is available for interviews and will welcome all your mortgage related questions.

Call 219-794-0600 Ext. 241 for a Free No-Obligation Consultation or visit:

http://larrythemortgageguy.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Merrillville, Indiana Based Mortgage Lender Larry Penilla reveals mortgage secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give consumers all the facts so they can make an educated decision when obtaining a mortgage.

Merrillville, IN -- (SBWIRE) -- 01/09/2013 -- Merrillville Indiana based Mortgage Expert finally reveals the secrets at a brand new website http://www.larrythemortgageguy.com

This site is loaded with FREE REPORTS, an informative home buying guide, mortgage calculators consumers can use to run various loan scenarios and home buying resources you can use to save time and money before and after you purchase your home.

If you're planning to buy your next home, your first home, that dream home, a condo, vacation home, investment property or looking to refinance in Indiana or the surrounding areas, you will find that this site is a complete resource full of insider secrets that will allow you to choose the loan program best suited to your financial needs.

Here is just a small sample of the secrets revealed on this site...

- Little Known Secrets That Will Show You How To Improve Your Credit Score
- Important Terms You Must Know BEFORE Obtaining A Mortgage
- Tested and Proven Strategies For Building A Better Credit Record Faster and Easier
- The Top Mortgage Questions Borrowers Must Ask Before Applying For A Mortgage
- How To Finally Stop Renting And Own A Home Of Your Own
- How To Own A Home With Low Interest Rates And A Low Down Payment, Regardless Of Your Credit
- 7 Things You Should NOT Do When Applying For A Home Loan
- 12 Secrets To Lowering Your Homeowners Insurance Cost Your Agent Doesn't Want You To Know

Merrillville, Indiana - based mortgage expert Larry Penilla specializes in providing information to consumers that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Larry Penilla is available for interviews and will welcome all your mortgage related questions.

Call 219-794-0600 Ext. 241 for a Free No-Obligation Consultation or visit

http://www.larrythemortgageguy.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm