Fannie Mae and Freddie Mac to refinance, even if they don’t have any equity in their homes or strong credit
So before stopping at the doorstep or your homeownership dream, think again and reconsider it by taking a look at your refinancing options. Let’s start with the fact that the interest rate on your mortgage is tied directly to how much you pay on your mortgage each month–lower rates usually mean lower payments. You may be able to get a lower rate because of.
If we talk about economic theory and predictions, those factors should be resulting in a boom in mortgage refinancing. But locking in a deal is proving to be a challenge these days — even for well-heeled homeowners. The reason for this is that low appraisals and tight lending standards are making it hard for many borrowers to refinance, even if they have good credit rate and substantial assets. Even those who meet these hurdles can face frustrating waits.
The good news is that borrowers still have something they can do president at mortgage-data provider our experts.
By switching assets to your mortgage Borrower, cleaning up your credit and havign a better understanding of how the new government programs work, you can improve your chances of scoring a good refinance deal.