We have excellent news if you have a conventional first mortgage or combination first and second mortgage that exceed the value of your home. You can now refinance and lower your interest rate on your first mortgage and save hundreds of dollars a month! The program is called the Home Affordable Refinance Program (HARP) and recently there were changes that are now in effect and ones upcoming after mid-March, 2012, that provide an inexpensive to "no cost" means of lowering your interest rate and payments-regardless of whether the home is owner-occupied, a second or vacation home or a rental property. And after mid-March of 2012, most homes will not need an appraisal-at most a nominal inspection fee!

 

Here are some of the major requirements which you should check first or call us to discuss:

 

1-Was the first mortgage loan closed before June 1, 2009? Anything afterwards does not qualify;

 

2-Is the loan held by either Fannie Mae or Freddie Mac? To find out, go to these sites and enter the information requested-

 

 

 

3-If there is a 2^nd Mortgage or Home Equity loan as well, there must be 5 years or more remaining on its term;

 

4-There cannot be any mortgage late payments in the past 12 months;

 

5-Minimum credit scores of 620 for Owner-occupied loans and 680 for 2^nd homes and rentals;

 

6-There is usually no mortgage insurance required if the current loan does not have it;

 

7-Normal income and asset verification is required;

 

8-Rates are approximately 1/2% higher than corresponding loans with 20% or more equity.

 

 

We are experienced in closing these loans and have some of the best pricing available. CALL US to discuss you needs.