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The Refinancing Process
Refinancing a mortgage can present a number of potential benefits and, in some cases, can reduce your monthly mortgage payments. This overview will walk you through what’s involved in refinancing a mortgage loan, with a focus on lowering your monthly payments. If you have questions, an experienced PHH Mortgage loan consultant is available to help you with answers – just call (800) 210-8849. Decide if Refinancing is Right for You Your loan consultant will help you determine if now is an appropriate time for you to refinance. You'll simply answer a few questions about your current loan and the new loan you are considering, and we'll calculate your potential savings.
Can I Refinance My Home If It Is Worth Less Than What I Bought It For?
The amount of equity you've built up can impact your ability to refinance. Your ability to refinance your primary residence depends on the ratio between the amount you owe and the value of your home. If you've paid down your mortgage and owe less than the assessed value of your home, the equity you've built can help you qualify for a refinance even if your home dropped in value after you bought it. When declining value means you owe more than your home's current worth, your refinancing options dwindle, but special programs may help you qualify.
Refinance, frequently asked questions
About Mortgage Choice Established in 1992 by brothers Rod and Peter Higgins, Mortgage Choice was founded with the aim to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional. Since that time, we have grown and developed into a fully fledged financial services provider, and our founding principle remains very much at the heart of what we do. Over 20 years of industry experience has taught us that you want advice you can trust and understand, from experts who have your best interests at heart.
HARP Extended Until 2015
In an April 11 press release, the Federal Housing Finance Agency (FHFA) extended the deadline for the Home Affordable Refinance Program (HARP) to December 31, 2015 (the program was set to expire December 31, 2013). HARP is a federal government program that enables eligible homeowners with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. Several changes have been made since HARP’s introduction in 2009, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth).
Frequently Asked Questions
Your credit may not be as bad as you think it is! Our approval process isn’t based solely on your credit score. We take your character and your income into account, and we’ll do everything we can to help you get approved. We can also help you find additional discounts through programs like direct deposit. If you have an exceptionally high rate, we might be able to reduce it by more than 50%. How are you able to do that? What’s the catch? We’re a credit union, not a bank, so we’re not-for-profit. Part of our mission is to support the local economy and the community.
HARP (Home Affordable Refinance Program)
HARP 2. 0 aims to help more homeowners. Government program removes cap on refinancing with negative equity. A recent expansion of the U. S. government's Home Affordable Refinance Program, or "HARP," will give homeowners who owe more than their home is worth a new opportunity to refinance at today's low interest rates. The Federal Housing Finance Agency (FHFA) announced the latest updates to the program. These changes, denoted "HARP Phase II" or "HARP 2. 0," are intended to let more homeowners refinance even if they have no equity, a position known as being "underwater" or "upside-down.
3 Reasons Why Refinancing Your Mortgage Today Isn't Smart
Many homeowners look to refinance so they can take advantage of more attractive interest rates. In a nutshell, refinancing is the process of exchanging your current mortgage for a new one, typically with a better interest rate. The goal of refinancing is usually to lower one's monthly payments, though some people refinance to change the length of their loans -- a move that won't necessarily reduce your payments (such as moving from a 30-year loan to a 15-year loan), but will leave you liable for fewer payments over time. Though refinancing can be a wise move for some people, it's not always the best way to go.
Post-HARP® Refinance Options for Underwater Mortgages
The Home Affordable Refinance Program®, as extended, will expire in September 2017. In its place, the Federal Housing Finance Agency has two streamlined refinance programs for borrowers with underwater mortgages. Fannie Mae’s High Loan-to-Value Refinance Option and Freddie Mac’s Enhanced Relief Refinance℠ will begin accepting applications in October 2017. Find out if you are eligible for refinancing. » Streamlined Refinance Options This October Fannie Mae’s High LTV Refinance Option and Freddie Mac’s Enhanced Relief Refinance℠ are open to holders of Fannie Mae and Freddie Mac mortgages whose loan-to-value ratios exceed the maximum LTVs allowed by the GSEs for their standard refinances.
SoFi Mortgages Review: Are You "Great" Enough For A SoFi Mortgage?
SoFi and other innovative online lenders like it are disrupting the mortgage business. Well, they are if you are a high earner with outstanding credit. As SoFi so bluntly put it in its first Super Bowl ad (see below), SoFi has great rates for great people. The not-so-great among us can take a hike. A rate hike that is. Mortgages are SoFi’s most recent loan product. As with its student loans and personal loans, SoFi manages to undercut the interest rates of most traditional and alternative lenders and still offer excellent terms. If we sound excited about SoFi’s mortgages, it’s because we are.
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