HARP - For those people who are underwater (your loan amount is greater than the value on your home), the Home Affordable Refinance Program is an option that you can explore. It is a government instituted program to help those who are underwater on their homes to refinance.
FHA Streamline - Those who have currently been in an FHA program and still have a high rate (above 4%), have found it beneficial to refinance under the same program into a lower interest rate, with one caveat; if your value on your home has gone up and/or the amount of your loan has been paid down considerably, it may be better for you to refinance into a Conventional loan.
VA Streamline - As with the FHA streamline, if your rate is above 4%, it could be beneficial to do a VA streamline program to get yourself a lower rate.
Lower Rate - If your rate is currently over 4%, then now would be the time to look into refinancing as we have been seeing a trend of rates rising.
Lower Term and Rate - You may be able to cut down your term and get a lower rate which could balance out to the same or even less of a payment than you are currently making.
Cash-Out - If you have equity in your home, you can get cash-out to reinvest into your home through upgrades, adding on rooms, etc., which will only make the value of your home go up even more as the values on homes are on the rise. It is estimated that values will go up by 7 to 12% by the end of the year and 36% over the course of the next 3-5 years.
If any of these are situations that you or someone you know has questions about, you can reach us at (941) 822-4696 or visit us on the web at www.KesslerHomeLoans.com . We would be happy to answer your questions and help in any way that we can. Have a great day!
No comments:
Post a Comment