Refinancing Benefits May End Sooner Than Later So Act Now!

January 26, 2013

If you have been considering refinancing your current loan, it may be time to act or your potentially benefits of refinancing may be lost! Why is that you ask? Well, all signs show a rise in Interest Rates which are clearly evident over the last 30 days and with housing prices starting to rebound, the Interest Rates will very likely begin their upward climb as the stabilization continues!

If you have a FHA Insured Loan, here are some things for you to consider:

FHA Streamline Refinance

1. No Appraisal Required
2. No Income Documents Needed
3. No Asset Documents Needed (unless there are funds needed to close)
4. No Tax Returns Needed
5. Lender Closing Cost Credit can be used to cover your closing costs (the larger the loan, the more likely the chance to bring little to no money to closing)
6. Refinance Must Provided a Minimum of a 5% Benefit from Existing Loan
7. Mortgage late payments may still be allowed, subject to restrictions
8. Minimum Credit Scores Apply

FHA Non Streamline Refinance

1. Appraisal Required
2. Can use as a Debt Consolidation to pay off Credit Cards and take cash out up to 85% Loan to Value
3. Can Payoff Non FHA Insured and FHA Insured 1st & 2nd Mortgage (with restrictions) up to a 97.75% Loan To Value
4. Mortgage late payments may still be allowed, subject to restrictions
5. Minimum Credit Scores Apply

If you have a Fannie Mae or Freddie Mac Owned Loan, here are some things for you to consider for the HARP Refinance:

Fannie Mae

1. Make sure your loan is Owned by Fannie Mae by visiting the link here:
https://www.knowyouroptions.com/loanlookup
2. If your loan was purchased by Fannie Mae prior to May 31, 2009, you may be eligible for the HARP Refinance Program
3. HARP Refinancing can provide Loan To Values that Exceed 100%, so if you are upside down, this is the primary option to consider
4. Refinancing can be considered for Owner Occupied, Non Owner Occupied, Vacation and 2nd Homes up to 4 Units
5. Minimum Credit Scores Apply

Freddie Mac:

1. Make sure you loan is Owned by Freddie Mac by visiting the link here:
https://ww3.freddiemac.com/corporate/
2. If your loan was purchased by Freddie Mac prior to May 31, 2009, you may be eligible for the HARP Refinance Program
3. HARP Refinancing can provide Loan To Values that Exceed 100%, so if you are upside down, this is the primary option to consider
4. Refinancing can be considered for Owner Occupied, Non Owner Occupied, Vacation and 2nd Homes up to 4 Units
5. Minimum Credit Scores Apply

SUMMARY:

If you have Equity in your property and want to consider some options, I would be happy to review all possible options for you. Interest rates are low, but as noted above, have been gradually increasing so if you don't consider taking advantage of this potential opportunity to lower your interest rate and/or term of your loan, you may be waiting a long time for rates to be as low as we have seen in recent months!

Good Luck and Happy 2013!

Steven Ceceri
Senior Loan Officer
First National Bank of Layton (Closing Loans in all 50 States)
Email: SCeceri@fnbmtg.com
Website: www.123LoanYes.com (Secure Online Loan Application Available)