Refinancing When you are Upside Down

Great News!!!  Rates are at all time lows.

Frustrating News!!!  Many people don’t have enough equity to refinance their homes.

While not everyone that is the lucky owner of a home that has decreased in value has an option to refinance, many equity deficient homeowners have options.  Phoenix Area Mortgage Rates are at all time lows and now is the time to take advantage!  Here are a few options for homeowners that do not have equity in their current home:

1. FHA, VA and USDA homeowners: These homeowners have the option to do a streamline refi which does not require an appraisal and therefore value is not a factor

2. FANNIE MAE SERVICED LOANS: Homeowners that have loans currently serviced by Fannie Mae have access to a refinance that will allow them to borrow/refi up to 125% of their homes value.  Visit this website – click HERE  to find out if your mortgage is serviced by Fannie Mae and see if you are eligible.

The best thing to do is to call me!  There are way too many misleading options posted on the internet.  This is my absolute favorite internet myth:

“Refinance at 3% today!”  – 30 year fixed rates are low, they are not and will not be at 3%.  This is a bait and switch!  The rate is typically for a 3 year ARM (meaning after 3 years it can increase often times 6% higher than the start rate).

By Jeremy House

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