So You Think You Can’t Refinance Because You’re Underwater On Your Mortgage?

Guest Blogger : Equity Mortgage Lending

What would you say if I told you there was a federally funded government program designed to help the 5 million homeowners “underwater” on their mortgage and that only 894,000 of them have used this program to refinance their loan and save themselves money?

I’d say, WHAT ARE YOU WAITING FOR? The Home Affordable Refinance Program (HARP) allows qualified borrowers to refinance a loan that has a loan-to-value ratio of 80% to 125% and sometimes even higher. This is just one of the refinance programs designed to help people in this circumstance. If you have a conventional FHA, or VA loan and thought you couldn’t refinance because you are underwater, now is the time to see if you qualify for one of these programs.

There are only a couple of quick steps you need to take to see if you may qualify.

If you have a conventional loan-

First, your home mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac prior to June of 2009. The bank that collects your payments is most likely just the servicer of your loan. There is a very good chance Fannie or Freddie owns your loan and you were never made aware of this.

To see if this is the case, you will need to go to each of the websites below to determine whether Fannie Mae or Freddie Mac owes your loan. All the information you will need to do this is your name, address and the last 4 digits of your social security number.

Fannie Mae- www.fanniemae.com/loanlookup

Freddie Mac- www.freddiemac.com/mymortgage

Once you have determined that Fannie or Freddie owns your loan, please contact your local, licensed mortgage professional to continue the qualification process.

If you have an FHA or VA loan, you should qualify for a streamline refinance. Streamline refinances typically require very little documentation and often have no closing costs to obtain.

For more information, please contact Ken Venick of Equity Mortgage Lending:

Ken Venick, Certified Mortgage Consultant NMLS#138175

Direct: 443.471.4310

Cell: 410.598.9410

Fax: 410.581.5047

Email: kvenick@equitymortgagelending.com

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