Refinance Opportunities on The Horizon!
Are you currently unable to refinance because your home has decreased in value?
With Obama's "Homeowner Affordability and Stability Plan" promise is on the horizon! Under the plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
If you have both a first and second, as long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. I know I've been working with many of you who have not yet had the opportunity to refinance. I will be reaching out to each of you to discuss the eligibility details after March 4th. If you have not yet contacted me, I can be reached at 415-252-7552 or char@weltax.com to walk you through your eligibility potential.
Now is the time more than ever to be hopeful!!!
Best,
Char
With Obama's "Homeowner Affordability and Stability Plan" promise is on the horizon! Under the plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
If you have both a first and second, as long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. I know I've been working with many of you who have not yet had the opportunity to refinance. I will be reaching out to each of you to discuss the eligibility details after March 4th. If you have not yet contacted me, I can be reached at 415-252-7552 or char@weltax.com to walk you through your eligibility potential.
Now is the time more than ever to be hopeful!!!
Best,
Char
Labels: Homeowner
posted by Char at
4:35 PM
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