Arizona Mortgage Mom – June 2010

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I want to thank Steph and Joy for allowing me the privilege to return as a guest blogger today!

I hope everyone had a relaxing Memorial Day!  Thank you to all of our Men, Women and Families that serve or country!

Looking to refinance your mortgage?

Let’s look at a few options:

1. Loan Modifications– These were designed, with assistance from the government, to help a homeowner avoid foreclosure.  http://makinghomeaffordable.gov/

This is a refinance available through your current mortgage company.  The key is, you must have a PROVEN HARDSHIP to qualify for this.  There are many people charging to help people with this refinance.  I would encourage you to do some research on your own before you pay for services.  When my husband lost his job last year we were able to refinance with our lender.  We had to send in old tax returns and  paystubs and show our new salary letter proving it was less than before.  I have heard of many people paying thousands of dollars to have someone help them refinance only to come up with nothing and a lot of stress months later.  My advice is start with some of your own research first and make sure you want to go the next step.

Please note: It is very RARE, even with a hardship, that the lender will forgive a balance.  What your goal should be from this modification is a fixed loan, paying principal in your payment, with a reduced interest rate.  Typically the rate will lower substantially the first 5 years and after 7 or 8 years it will go back to what it was but remain fixed.  The idea of this program is to help someone stay in their home that has lost a job or as I mentioned had a hardship, this is why it is set up this way. It helps people get back on their feet.   One more thing to mention, many people think they have to be late on their loan to refinance in this manner, this is not true…. we have never paid late.  If you have had a hardship or are in a bad loan and it is your primary residence contact your current lender and tell them you would like to apply for a Making Home Affordable refinance.  This can take several months and phone calls to go through the process but it CAN be done.

2. Home Affordable Refinance–  A refinance designed for the homeowner that would like to refinance and can qualify but their home does not have enough equity.  I can help you with this refinance.

Some specifics are:

-Your new loan amount can be up to 125% of the home’s value for a primary residence.

-You CAN refinance an investment property up to 105% of the home’s value.

-If you do not currently have mortgage insurance you will NOT have mortgage insurance on your new loan.

-Credit score is not a large factor.

-The RATES are SPECTACULAR!!  In fact the same or similar to the current 20% down conventional rate!

3. 95% of Homes Value Conventional or below-If you have a small amount of equity or more and would like to refinance.  Rates are in the upper 4’s for 30 year fixed!

4.  FHA OR VA refinances: Offer great rates and terms on a higher balanced loan with very LOW mortgage insurance!

-Tidbit…..FHA offers a 15 year Fixed refinance to 90% of the home’s value with a TERRIFIC RATE and NO MORTGAGE INSURANCE!! This is a great loan!

It is not cut and dry which mortgage refinance is better.  It depends on many factors.  If you have questions about what options are available to you please give me a call (see below for contact info).  If you end up wanting more information after speaking with me I can ask a few questions and put together a few scenarios for you.  I DO NOT need to pull credit to initially help you decide if it might be worth looking at!

Have a Wonderful WARM Scottsdale week 🙂

Jennifer is a VIP Mortgage, Inc Banker, Wife and Mom… who loves her hubby and kiddos with all her heart!   She has a 5-year-old Josh and a 3-year-old Alexa.  She has been a Mortgage Banker for almost 10 years moving from Omaha, NE in 2006.  Wow!  Who knew it would be a crazy time to move, but it has been an amazing experience!  She loves her career and enjoys helping people through education.

To contact Jen email –  [email protected] and cell – 602 750 0374

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