REFINANCE
Generally, a refinance can be done on your current loan only if you owe less than the property is worth. Some homeowners are also able to refinance up to 125% of their property's value under the government's Making Home Affordable Refinance Act.
If you owe less than your property is worth you may be able to refinance for better terms or receive money by using the equity in your home. Most homeowners in Arizona have lost all equity in their home and are not eligible for a refinance. To find out if you are eligible for a refinance you will have to contact a mortgage lender.
The Making Home Affordable Refinance Act allows eligible borrowers who are current on their mortgages to refinance up to 125% of their home's value so that they can take advantage of lower interest rates. This program is not available to all homeowners. You may qualify for a refinance under this act if you meet these guidelines:
The loan on your property is owned by Fannie Mae or Freddie Mac (which can be determined by visiting their websites, www.fanniemae.com or www.freddiemac.com)
In order to determine if you qualify you should contact your mortgage lender or a mortgage broker who is approved to work with Fannie Mae and Freddie Mac or visit www.makinghomeaffordable.gov.
If you would like to speak to someone to determine if a refinance would work for you please contact us today.
If you owe less than your property is worth you may be able to refinance for better terms or receive money by using the equity in your home. Most homeowners in Arizona have lost all equity in their home and are not eligible for a refinance. To find out if you are eligible for a refinance you will have to contact a mortgage lender.
The Making Home Affordable Refinance Act allows eligible borrowers who are current on their mortgages to refinance up to 125% of their home's value so that they can take advantage of lower interest rates. This program is not available to all homeowners. You may qualify for a refinance under this act if you meet these guidelines:
The loan on your property is owned by Fannie Mae or Freddie Mac (which can be determined by visiting their websites, www.fanniemae.com or www.freddiemac.com)
- You are current on your mortgage payments and/or have not missed a payment in the last 12 months.
- The amount you owe on your first mortgage does not exceed 125% of the current market value of your home
- You have the ability to pay the new mortgage payment
- The refinance improves the long term affordability or stability of your loan
In order to determine if you qualify you should contact your mortgage lender or a mortgage broker who is approved to work with Fannie Mae and Freddie Mac or visit www.makinghomeaffordable.gov.
If you would like to speak to someone to determine if a refinance would work for you please contact us today.
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7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
