Oct 19, 2011

Tip 39-2011: Refinance Stimulus Program

As reported in many recent media sources, interest rates on real estate loans are at historic lows.  According, it is an excellent time to refinance everyone’s personal residence.  Unfortunately with the decline in real estate values, some properties are “upside down” or will not appraise at a high enough amount to qualify for a refinance.  But as long as the borrower’s credit is good, there are still opportunities to refinance. 

There are  several loan products available through Fannie Mae or Freddie Mac that allow high loan to value financing. The amount allowed under these programs can be up to 125% of the value of the property.  These programs also may qualify for no mortgage insurance (DU Refi Plus).  Homeowners may even consider reducing the loan term (for example from 30 years to 15 years.)  With the lower rates for a 15 year loan, the new payment may be close to the old 30 year payment, while cutting years off the mortgage.  Another possibility is to pay down the principal balance in order to qualify for a reduced loan amount. 

The main message with this Tucker’s Tip is to tell “everyone you know” to call our excellent local lenders to discuss their specific situation and the availability of a refinance.  A refinance at lower interest rates will usually mean lower monthly payments and more disposable money to help stimulate the economy.  Let’s all do our part!  Refinance now and Stimulate the Economy!!

Please contact our firm if you have questions or need legal advice.  

Tucker Griffin Barnes - Where deep insight equals powerful advantage.

Senior Partner
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBLaw.com
www.TGBLaw.com

Facebook
Twitter
YouTube

7 comments:

  1. Unfortunately with the abatement in absolute acreage values, some backdrop are “upside down” or will not adjudge at a top abundant bulk to authorize for a refinance.

    Community Association Management

    ReplyDelete
  2. Unfortunately with the abatement in absolute acreage values, some backdrop are “upside down” or will not adjudge at a top abundant bulk to authorize for a refinance.

    HOA Management Services

    ReplyDelete
  3. The home refinance bang amalgamation and accommodation modification would awning as abundant as 9 actor mortgages and the government would absorb $75 billion for allowance the homeowners.

    Condo Management

    ReplyDelete
  4. As appear in abounding contempo media sources, absorption ante on absolute acreage loans are at celebrated lows.

    Real Estate Management

    ReplyDelete
  5. Unfortunately, with the decrease in total area, some are decorated "upside down" or is considered an abundance of high to allow the refinancing.

    ReplyDelete
  6. Integration bang home refinance and accommodation would result in a change of the Marquis as well as nine mortgages actress and the government should take home $ 75 billion request for corrections.

    ReplyDelete
  7. The home remortgage beat combination and housing modification would awnings as considerable as 9 acting professional home mortgages and the government would soak up $75 million for allowance the property owners.

    ReplyDelete