Category Archives: Refinance
Do you have a mortgage interest rate of 4.25% or more?
If you have a mortgage interest rate of 4.25% or higher call us for a refinance benefit analysis.
Save hundreds per month
Save thousands in interest
Payoff your mortgage early
Call Nick or Jennie Garofalo for more information!
(410) 414-7334/(888) 891-8353
American Mortgage Professionals/NMLS #188832
Does Freddie Mac Own Your Loan?
If Freddie Mac owns your loan, you may be eligible for the HARP program. The HARP program has helped many homeowners refinance to market rates that have not been able to refinance in the past due to declining real estate values. Find out if Freddie Mac Owns Your Loan here:
USDA = 100% Financing
USDA Offers 100% Financing on Purchase and Refinance Loans
On a purchase loan, the loan amount can be increased above 100% to include closing costs if the appraised value exceeds the sales price.
USDA refinances are limited to existing USDA loans. Streamline refinances are available without appraisals and are limited to paying off the balance of the loan only and closing costs cannot be rolled in. Regular refinances allow for rolling in of closing costs based on the appraised value.
The property must be in a eligible zone and the household income must be at or below the limit for the area.
Give Nick or Jennie Garofalo a call at (410) 414-7334 for more information on USDA loans. Funding for refinances is exhausted for this fiscal year but is expected to be replenished for FY13 in October. Loan applications can still be submitted and underwritten but just cannot close until funding is available.
Homeowners are Taking Advantage of Low Interest Rates to Shorten their Mortgage Terms
Many homeowners are refinancing and opting for shorter term, 15- and 20-year mortgages. Almost 30% of all refinances are shorter amortization products, up from just 5% in 2007. This is very good news because it means homeowners will be building equity at a much faster rate than if they opted for 30-year mortgages.
If you are interested in information on a shorter term mortgage, give us a call at (888) 891-8353 or fill out the form below and we will contact you.
Refinancing A Home That’s Been On The Market
The general rule from most lenders is that a home has to be off the market for 6 months before being eligible to refinance it. A few lenders have relaxed this rule and will allow a home to be refinanced if it has been off the market for just 1 day. This is a tremendous help for homeowners that have been unsuccessful in selling their homes and have decided to take their property off the market and take advantage of refinancing to a lower interest rate.
My Mortgage Advisors 