A large percentage of the home loans in the United States today are owned by Fannie Mae and Freddie Mac. If your loan is owned by one them, you have a tremendous opportunity to refinance into record low 30 year fixed rates.
The first step is the look up if your loan is owned by Fannie Mae or Freddie Mac. Even if you make your payments to Countrywide, Wells Fargo, or any other loan servicer, your loan still might be owned by Fannie Mae or Freddie Mac. So step #1 is to go to these sites and look up your loan.
http://loanlookup.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
If your loan is held by Fannie Mae I can assist your with a refinance. Here are some highlights:
- You can refinance up to 105% of your current property value and there is NO mortgage insurance if you don’t already have it
- You can re-subordinate existing 2nd mortgages to the new 1st mortgage
- You can refinance primary residences, 2nd homes and investment properties
- You have to be current on your mortgage payments to qualify, but there is no minimum credit score associated with the program
This is a good opportunity to refiance from a ARM into a stable 30 year fixed loan, or lower your interest rate on a 30 year fixed to current market rates and not have mortgage insurance. This is especially exciting because even if your property value has declined, you can still refinance with the very best rates with this program.
Rob Chomentowski
Sr. Loan Officer
858-922-7899 (direct)
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