That’s right, you read correctly. Now available are two special programs to help out home owners that want a lower fixed interest rate, but have lost equity over the past few years. Interest rates have dropped AGAIN dramatically, so now is the time to take advantage as this program and these LOW interest rates won’t last long!
Even if you’ve tried to refinance before and were denied because of your home’s value, you might qualify because of this New Special Program that allows you to refinance up to 125% of your home’s current value.
So how does this work?
If you currently have a Fannie Mae or Freddie Mac mortgage, you might be eligible for an interest rate reduction, even if you have little or no equity. You might even be completely upside down on your home and have a large second mortgage or home equity line of credit but might still qualify to lower your payments each month. If you currently have an interest rate at or above 6.00% or you would like to lower the term of your loan, then this program will be of great benefit to you!
Who qualifies?
To be considered for this loan you must:
- Have at least a 620 credit score
- Not have any 30 day late mortgage payments in the last 12 months
- Be able to document your income
- Have a loan that’s currently owed by Freddie Mac or Fannie Mae; it doesn’t matter who is your current servicer (Wells Fargo, Chase, CitiMortgage, etc)
- Generally, cannot have a loan that does not currently have monthly mortgage insurance (in some cases mortgage insurance is acceptable)
Your loan-to-value, that is your present mortgage balance versus your appraised value, can be over 80% but not above 125%. Traditionally when you would refinance, you would need to be at a minimum of 80% loan to value to avoid paying monthly mortgage insurance. The beauty of this program is that even if you are above 80% loan-to-value, your new loan will not have mortgage insurance!
Some of you might have purchased your home with 20% down and now your property value has dropped. Or perhaps you took out a second mortgage and are now over 80% loan-to-value. That’s not an issue with this new government program. This program was designed for people just like you!
Here are a few typical examples:
Example 1:
You purchased a home in 2006 for $200,000 and put 20% down. A year later, you took out a home equity line of credit (HELOC) for $20,000. Today your home is worth $190,000 and you already tried to refinance, but were told you didn’t have enough equity to qualify. Your total loans are $180,000 and your loan-to-value is over 80%.
Example 2:
You bought a home in 2007 for $180,000 and put 10% down, with a first and second mortgage. Your home is now worth $170,000. You would qualify for this new program!
Example 3:
In 2006, you refinanced your old mortgage because you had 20% equity. Your home was appraised at $250,000, so your new mortgage was $200,000. Today, your home is worth $215,000. I will be able to refinance you into a new mortgage, lower your rate, and payment!
In all of these scenarios, you will save hundreds of dollars each month and thousands in interest over the life of the loan!
Here is what some of our clients are saying:
“Our first mortgage was over $300,000 and a second mortgage for $80,000. We bought during the recent real estate boom and our value had plummeted to $320,000. Thanks to this program and Advisors Mortgage, we were able to refinance our first mortgage into a lower rate and save over $285/month!”
Nathan and Stacey, Ham Lake, MN
“I tried to refinance with my current lender but was denied based on my home’s value. My Adjustable Rate Mortgage was about to come due and my payment was going to increase over $200/month. Advisor’s was able plug me into a new fixed rate mortgage and keep my payment the same. Thanks for all your help!”
Hawo Elmi, Roseville, MN
So how do you get started?
To see if you qualify for this once-in-a-lifetime opportunity, please click below:
Or give me a call directly at 763-746-0621
You will get a FREE analysis to see if we can better your situation. I will be able to tell you if your loan is currently owned by Freddie Mac or Fannie Mae and if you qualify for one of these great programs.
Don’t Delay! This is limited time opportunity and you don’t want to miss out on these historically low interest rates.
Sincerely,
Ryan D. Colbert
NMLS ID# 284290
Mortgage Advisor
O. 763-746-0621
C. 651-329-5835
E. ryan@mortgagesdoneright.com
P. S. Even if you were previously turned down or it didn’t make sense to refinance before, NOW is the time to explore this tremendous opportunity and get your FREE analysis. Just imagine what you could do with a couple extra hundred dollars each month!
P.P.S. My low rates and closing costs beat the big banks everyday!
This is not an offer to lend. Loan approval is not guaranteed. All loans must conform to individual investor guidelines and are subject to verification of credit, income, assets and appraisal. Programs and guidelines are subject to change at any time without notice. Advisor’s Mortgage LLC is a licensed mortgage broker in the state of MN, license #20202335. We are an equal housing opportunity lender.
