Today's mortgage rates are at historic lows. But lending standards continue to tighten, making it tough for even people with good credit to get approved for a home loan or refinance.
Mortgage refinancing is difficult because of rising default rates and bank losses, which have led to higher fees and private mortgage insurance rates. Because the economy is still suffering, mortgage lenders are pricing rates more conservatively.
But if your mortgage is owned or insured by Freddie Mac and Fannie Mae you may be eligible for help through the Making Home Affordable Program.
Making Home Affordable Program is available for refinances of existing Fannie Mae and Freddie Mac loans only. The goal of the refinance effort is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a mortgage will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. The program provides mortgage refinances for current Loan to Values (LTV) up to 125 percent, and mortgage insurance flexibilities.
Meaning, if your current mortgage balance is near or even below the current value of your home a refinance may be available without the requirement of private mortgage insurance on the new loan
The first step is to determine whether or not your mortgage is owned by Fannie Mae or Freddie Mac.
Does Fannie Mae own my mortgage?
Does Freddie Mac own my mortgage?
The second step is to call our team of refinance professionals.1-888-4- REFI HELP
Mortgage refinancing is difficult because of rising default rates and bank losses, which have led to higher fees and private mortgage insurance rates. Because the economy is still suffering, mortgage lenders are pricing rates more conservatively.
But if your mortgage is owned or insured by Freddie Mac and Fannie Mae you may be eligible for help through the Making Home Affordable Program.
Making Home Affordable Program is available for refinances of existing Fannie Mae and Freddie Mac loans only. The goal of the refinance effort is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a mortgage will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. The program provides mortgage refinances for current Loan to Values (LTV) up to 125 percent, and mortgage insurance flexibilities.
Meaning, if your current mortgage balance is near or even below the current value of your home a refinance may be available without the requirement of private mortgage insurance on the new loan
The first step is to determine whether or not your mortgage is owned by Fannie Mae or Freddie Mac.
Does Fannie Mae own my mortgage?
Does Freddie Mac own my mortgage?
The second step is to call our team of refinance professionals.1-888-4- REFI HELP
Call Today! 1-888-4- REFI HELP
(888-473-3443)
It's local. It's free.
Let's Talk!
(888-473-3443)
It's local. It's free.
Let's Talk!
