Home Financing Made Easy...
Today we are seeing signs of recovery all around us every single month. Good things are happening. The best thing happening for YOU, the homeowner, is that interest rates are very very low…the lowest in history! What this means is you may be able to refinance your home for a much lower payment which could save you hundreds of dollars a month…or a few thousand a year. The cool part is many of these loans can include no out-of-pocket money at the time of closing! As long as you can re-qualify for the loan with the proper documentation, we can sit down and discuss what refinance programs fit your desires and capabilities best. There are also programs such as HARP 2.0 which allows you to refinance your home even if you are negative equity. This all makes perfect sense because the bank would prefer you be in your home making a monthly payment rather than foreclosing or trying to negotiate a short sale. As I see it everyone wins. With all of these fantastic incentives who wouldn’t want to take advantage? Beware…this won’t last long. Here is what you can do…
There are many options on the table for YOU, the homeowner, as to what you can or should do. Some examples: If you have been in your home for 10 years or so, it might make sense to do a 15-year loan rather than a 30-year loan. You will save a very large amount of money not paying interest for a longer term by doing this. If you have a FHA loan and have 5% equity in your home, it might make sense to refinance into a conventional loan and get rid of your MIP (Mortgage Insurance Premium). If you have a FHA or VA loan, it can make sense to do a “streamline loan.” As you can see, the mortgage industry has changed a lot since the market crashed in 2008. The best thing you can do is reach out to a reputable loan officer who can answer your questions, walk you through the loan process and help you understand how it works. Just as not all Real Estate agents are the same…neither are loan officers. Find a good one…and when you do, team up with him/her for life.
