Have you been wondering if now is the best time to refinance or how much you could save by refinancing your current mortgage? I’m John the Mortgage Man and I’ve helped people in Corpus Christi, San Antonio, Austin and through out Texas figure out the answer to both of those questions.
Interest rates have been the lower than they’ve been in decades so now is the best time to refinance your current mortgage.
If you’ve purchased your home in the past few years and think you’ve gotten the lowest rate possible, think again. There are always opportunities to save money and the years you’ve been paying your current mortgage may just help you get a lower interest rate. Just take a look at the difference in monthly payments on a 30 year fixed rate through the last few years on a $150,000 loan.
| 30 Year Fixed Rate | Monthly Payment |
|---|---|
| 6.04% on May 2008 | $903.19 |
| 4.66% on May 2011 | $774.35 |
| 3.54% on May 2013 | $676.92 |
I of course offer very competitive conventional loan refinance loans, with both fixed and adjustable rate options, with many length options. But I can also do FHA Streamline and VA Streamline refinances for government loans. The streamline refinance is a great option as it provides a much quicker refinance process. Just like the name streamline implies, it streamlines that whole refinance process with less paperwork and fees.
Take the wonder out of a refinance, I make it easy for you to get started by using my Refinance Advisor tool. Just give me your information and I’ll run the numbers so you can see if a refinance is the right choice for you
Have you been trying to refinance but have been denied because you owe more on your home then it is worth? Did you feel like you are stuck paying high mortgage payments, while other people are refinancing into record low rates? Well there is now a solution. The government recently created the HARP 2.0 refinance program to help people refinance even if they are underwater on their mortgage. There are many people in Corpus Christi, San Antonio, Austin and through Texas that were affected by home prices falling, who would greatly benefit from this program.
When they purchased their home it was worth a good amount, but then the housing bubble burst and they were stuck paying high mortgage payments. An unfortunate side effect was that people who couldn’t refinance to lower payments just stopped paying their mortgage and let the home go into foreclosure. Most foreclosed home end up empty and run down for long periods of time, which brings down the property values. The Harp 2.0 refinance program helps prevent this occurrence by allowing people to refinance homes that were not eligible for a conventional refinance.
The qualifications for the HARP 2.0 program are pretty straight forward and almost anybody can qualify no matter how underwater you might be. To be eligible for the HARP 2.0 refinance the following must be true:
Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
You must be current on the mortgage and have no late payments in the last six months. A late payment is defined as one that’s more than 30 days overdue.
You must not have more than one late payment in the past 12 months.
This must be your first refinance through HARP. If you have refinanced under an earlier version of HARP, then you do not qualify.
To see if you can qualify for the HARP 2.0 just use my Refinance Advisor and I’ll let you know. Contact me today.
John McCoy NMLS #308360
NEXA Mortgage, LLC NMLS# 1660690
AZMB 0944059
