Relief Refinance Mortgage
Ask Kate about Relief Refinance Mortgage Program: Hi Kate, I am trying to refinance my loan to see if I can enjoy the low rates now. I heard about relief refinance mortgage programs from one of the lenders.
I started to investigate last night. It appears that there was another extension last June. Is this correct?
My own bank does not know about it (one of the largest banks). I sent them the web pages with the latest information, Are they pulling my leg? I'm assuming it's not good business for them and that is why "they do not know"?
Any way, most lenders just say no right away as my LTV is around 94 percent.
My FICO at 703, is that good or bad score these days?
One lender offered 4.5 percent with .9 points, my bank says no way anybody can do that. The best they can do is 5.25 percent with no points. Or 5.0 percent with 1 point. My loan is $306K.
How come so much difference? Thanks! Olga
Kate Answers: Relief Refinance Mortgage
Dear Olga, let me see if I can help with your questions.
First of all, have you determined whether you have an existing Fannie Mae or Freddie Mac mortgage?
You can call these numbers to check:
Fannie Mae 800-7FANNIE and Freddie Mac 800-FREDDIE.
If so, you may qualify for the Home Affordable Refinance Program (HARP) which allows up to 125 percent loan to value.Freddie's Relief Refinance Mortgage – Open Access
Freddie Mac recently followed Fannie Mae in allowing homeowners to shop for lenders instead of being forced to return to their current servicer for their relief refinance mortgage. Freddie's version is called Open Access.
Follow this link to one of my pages jam packed with relief refinance mortgage questions and answers along with other Home Affordable Refinance Mortgage (HARP) topics. Be sure to check them out. You'll feel like you hit a gold mine
!Credit Score and Mortgage Rate Answers
Olga, you also asked if your 703 credit score is good. Although requirements for credit scores have become more restrictive, 703 is nothing to sneeze at! Read more about major credit reporting agencies
and credit scoring here and how they work.
Lastly, you asked why mortgage rate and fee quotes vary so much from lender to lender. Start here with How To Avoid Hidden Mortgage Fees
which will lead you through a series of pages I've written addressing mortgage rates and fees in an easy to understand manner.
Best wishes for your refinance,
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