Currently viewing the tag: "refinance"
As promised, some additional guidance came out last week surrounding the newly reformed Fannie Mae and Freddie Mac underwater refinance program. Unfortunately, as I imagined, it will likely still be a while before it’s actually available under the new terms by investors.
Cornerstone Mortgage Company had the lowest refinance rate among reporting lenders in the second quarter 2010.
The message below about refinancing homes that are “upside down” or “underwater” and a new program that MAY end up helping a few of the responsible homeowners who have been limited in their ability to refinance due to declining market value of their homes.
PENCIL PUSHING: Do the math for yourself: 6% is a pretty normal rate in a normal economy. Just how good are rates now? On a $200,000 loan, the difference in 4.25% and 6% is $213 per month! The 6% rate produces a payment of $1,193 vs. a $980 payment at 4.25%, a difference of 17.85%!
Get educated on Minnesota Housing Finance Agency Fix-up Funds, 203K’s, Home Equity Lines and straight-up cash-out refinances and find out what makes the most sense for you. I promise the hour you spend checking it out will FAR out-weigh the insane interest you will be paying on credit cards!
Watch this video for information on the upcoming First Time Home Buyer Class
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