Ask any homeowner and they’ll tell you how they’d love to pay off their homes sooner, possibly with a fixed-rate loan. However, only a handful go through the process because of refinance horror stories or their inability to qualify. Luckily, there are several programs which can help you get a loan with low rates, and decrease your interest or monthly payment.
High LTV Refinance is one of two programs which replaced Home Affordable Refinance Program (HARP) after the latter retired in December 2018. Offered only for homeowners with a Fannie Mae mortgage, high LTV refi can lower mortgage payment by:
The second alternative to HARP refinance, FMERR benefits Freddie Mac mortgages who have always made timely payments yet are unable to obtain home loan refinance due to declining property values. Through this option, you can:
Another home loan refinance option you can discuss with your mortgage consultant is the Federal Housing Administration (FHA) Streamline Refinancing. This product is offered for borrowers with existing FHA mortgages to help them benefit by:
If your current home loan isn’t with Fannie Mae, Freddie Mac, or FHA, don’t worry. There are other home loan refinance programs available for non-government backed loans. As these may be restrictive and require your current lender’s support, make sure to get the help of a skilled mortgage consultant.
Their experience can help you find a good product to lower mortgage payment, and that too quickly. As a result, you can get favorable rates easily. So, don’t hesitate to reach out for help from the right people.
Resource By: https://www.prlog.org/12783815-your-home-loan-refinance-options-for-2019.html