Hey, we have the leader of the free world advocating refinancing! “The main message we want to send today is there are 7 to 9 million people across the county who right now could be taking advantage of lower mortgage rates.”

Check out this video:

 http://cosmos.bcst.yahoo.com/up/player/popup/index.php?cl=12894847.

We are getting several calls a week from folks requesting refinances. We can help many of these borrowers especially now that the government has rolled out the Making Home Affordable Program.

We can offer you a refinance with record low interest rates if you fit into any of these categories:

• You have a conventional loan up to $417,000
• Your new mortgage will be 80% or less than the current value as determined by an appraisal
• You can verify your income & assets
• Your mortgage payments are current
• Your credit score is 620 or above

If you do not have at least 20% equity, you may still qualify for a refinance.

• Your first mortgage loan-to-value ratio is between 80% and 105%
• Your existing mortgage is owned by Fannie Mae or Freddie Mac.(These agencies do not collect the payments, but they buy loans for banks that collect payments. In other words, you might be making your payments to Wells Fargo, but Fannie Mae owns the loan).
• To determine if Fannie Mae owns your loan, go to www.fanniemae.com. If not, check with www.freddiemac.com. These agencies own more than 40% of all home loans in the United States.

Be patient, the system is taking longer primarily due to capacity. We are inundated with new files, but as an industry, we have not hired back loan processors, underwriters and funders to approve and fund the new loans. Purchase loans will take priority. However, if you hang in there you will be rewarded with a record low interest rate!

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