A huge percentage of home owners are underwater. Meaning the value of their home is lower than what they owe on it. The incredibly low refinance interest rates have been a tease and a taunt to almost all of them. Until now! Fannie Mae and Freddie Mac have released programs which are not denied because a home is underwater. You will not be able to take cash out of your home. Which is logical - there is no cash to be had. However, you can reduce your interest rates and therefore reduce your monthly payment. Many people have come to me over the past couple of weeks not just to lower their payment. Their goal is actually to pay the same payment they always have been but since a smaller payment is required they put the difference right onto their principle. Paying off their mortgage even sooner. To learn if your loan might qualify for the Fannie or Freddie version check out these links to see if one of them ownes your note.

For Fannie Mae - http://www.fanniemae.com/loanlookup

For Freddie Mac - https://ww3.freddiemac.com/corporate

You should know that this can also be done if you have an FHA loan, a VA loan and a USDA loan. Different requirements apply to each program. Will focus on each in coming blog posts. If you have questions please post them below.