- Rates are still really low.
- FNMA DU Refi+ and the Freddie Mac Open Access HARP programs are still around through May.
- You might not have to pay for an appraisal
- Self-employed people can still get a loan.
- 100% Financing is available in rural areas (Frederick/Firestone count as rural)
- FHA has lowered its up-front mortgage insurance premium from 3.5% to 1.0%.
- 100% VA Loans are still available. (Have you ever checked your eligibility?)
- VA interest rate reduction loans are cheap and easy.
- FHA Streamlines don’t require income documentation. (Great if you have kept up on your payments even with a drop in income.)
- Mortgage interest and Mortgage Insurance are still tax deductible!
Posts Tagged ‘No Cost Refinance’
Success Stories #1
July 30th, 2010Over the last few months, The Kunselman Team has had the opportunity to work with some wonderful clients with unique situations, and was able to get them the perfect mortgage solution to fit their needs. We would like to highlight a few of these situations here. The names have been changed but the scenarios are real.
Client #1 Jane
Jane is recently divorced. Per the separation agreement, she would keep their primary residence as her home but she would be required within the first year to refinance the first mortgage on the property into only her name. This stood to be difficult because of the 2nd mortgage that the couple had taken out on the property. Between the two mortgages, they owed more than the home was worth. The solution for Jane was that The Kunselman Team was able to refinance the first mortgage through the Fannie Mae DU Refi+ program into only her name as well as lower her interest rate and payment by 1.316% and $203 respectively.
Client(s) #2 Todd and Stacey
Todd and Stacey had refinance their home a couple years ago into a 5/1 Adjustable Rate Mortgage. They had felt at the time that they would only be in their current home for about three to four more years. Two years into that plan, it had become very clear that they would not be moving any time soon. Their concern was that the rate they got two years ago on their current mortgage was really low. They couldn’t take the payment shock of a large increase in their interest rate. The solution was that The Kunselman Team was able to refinance Todd and Stacey into a 30 year mortgage at the same interest rate as their previous 5/1 ARM with a no cost refinance. Their monthly payments did not go down significantly, but they now had the comfort and security of a 30 year mortgage.
Client(s) #3 John and Sherry
Last November, John and Sherry went to their existing lender to inquire about a refinance. Their existing mortgage was a 30 year fixed with no mortgage insurance on it. The lender required that a new appraisal be done on the property and unfortunately the value came in lower than expected. With the new value, the only option their lender had for them was a new 30 year mortgage with monthly mortgage insurance on it, which would negate most of their savings from the lower interest rate. Frustrated and out the lenders application and appraisal fee they decided not to refinance. A couple months later, John and Stacey were referred to The Kunselman Team by a friend. It turned out that John and Stacey’s existing mortgage was owned by Fannie Mae and they were qualified to do a refinance with no appraisal required and now monthly mortgage insurance. Todd and Stacey’s new mortgage was 1% lower, had a shorter term and still saved them $33 a month in their payment. The real irony to this situation is that The Kunselman Team closed John and Stacey’s new mortgage with their same previous lender that had told them no a few months prior.
These are just a few examples of the unique situation that The Kunselman Team has come across in the last few months. The only thing that is certain anymore is that EVERY LOAN IS UNIQUE! Give The Kunselman Team a call to see if we can help with yours.
