REFINANCE
 
Mortgage rates are at record lows! Refinancing your home could save you hundreds of dollars per month. Contact your trusted mortgage lender to qualify and let them know you would like Olympia Title to handle your closing and issue title insurance. If you cannot qualify under traditional guidelines, the federal government enacted the Making Home Affordable - "Home Affordable Refinance Program." An application is required to be completed, and in order to qualify, a homeowner must:
 
1. Own a one- to four-unit home.
2. Have a first mortgage loan that is owned or guaranteed by Fannie Mae or Freddie Mac
3. Be current on their mortgage payments and have not been 30 days late making a payment within the past 12 months.
4. Must not have a mortgage for more than 125% of the value of their home; you cannot owe more than $375,000 on a first mortgage who’s home value dropped to $300,000.
 
A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. Find out if your home is owned by Fannie or Freddie by using our lender lookup. Simply call your lender and ask them if your loan is held by Fannie or Freddie.
 
This program only applies to loans in First lien position. If you have a 2nd mortgage, your lender will have to agree to remain in 2nd lien position. They should not mind – after all – more money in your pocket increases their chances of you making their mortgage payment. Your new interest rate will be the current market interest rate and no principal will be reduced from the amount you owe. However, locking in a low interest rate can save your hundreds a month – or get you out of a bad adjustable mortgage situation.
 
Homeowners who have missed one or more mortgage payment may be eligible for the Making Home Affordable "Home Affordable Modification Program". An application is required to be completed, and in order to qualify, a homeowner must:
 
1. Be attempting to modify their Primary residence
2. Have a first mortgage loan that has a balance of no more than $729,750
3. Have closed on the mortgage before January 1, 2009
4. Prove they are having a financial hardship (loss of income, medical bills, etc.)
5. Have a payment on their first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income.
 
This is a successful modification case in which a customer applied for, and was denied, the above modification program. Their lender, CitiMortgage, extended an alternate program –which saved the customer over $650.00 per month.
 
Check to see if you quality by using the payment reduction calculator. If you don’t qualify for either of the above two options, please check out some other alternatives to foreclosure. Hopefully one of the alternatives will help your situation.
 
 
 
 
 
BUYERS SELLERS
REFINANCE AGENTS
SHORT SALE    
 

REFINANCE

 
Home Affordable Refinance Program
Lender Lookup
Successful Modification Case
Alternatives to Foreclosure
 
 
 
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