Despite weak appraised values you still may be able to take advantage to today’s “crazy” low mortgage rates. Using the “Making Homes Affordable” Freddie Mac Relief Refinance or Fannie Mae DU Refi Plus we can assist customers where the loan amount is up to 105% of the value on the home, with no mortgage insurance. There are a few restrictions with this program; the existing loan cannot presently have mortgage insurance; the new loan cannot absorb a second mortgage; and if there is currently a second mortgage on the property, the holder of the second must agree to subordinate (not always that easy!). Condos may be tough and investment homes may not realize a savings over existing rate.
Our 30 year fixed hit 4.375% and on a $200,000 loan the APR is 4.572%. With no origination the same loan is at 4.625% with an APR of 4.716%.
These rates are from close of business today and can change until locked in. We assume good credit and collection of tax and insurance escrows.
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