Posted on: 02nd Jan, 2014 10:41 pm
Hello there... I need a good refinance rate to lower my payments. But my loan is not backed by Fannie Mae. What can I do?
You can contact your present lender and check out what type of rate and term he may offer you if you refinance the loan. This will help you take the decision in this regard.
Hi Penn!
Welcome to the forums!
As the loan is not backed by Fannie Mae, getting good refinance rates can be difficult.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As the loan is not backed by Fannie Mae, getting good refinance rates can be difficult.
Feel free to ask if you've further queries.
Sussane
Your existing loan is not owned by Fannie Mae.
What difference does that make?
You care about what the rate is on the new loan.
If you are trying to tell us that the value of your house is less than the mortgage balance and, therefore, you need to be eligible to do a refinance under the HARP program, then whether or not your loan is owned by Fannie Mae or Freddie Mac does matter.
In that case, since your loan is not owned by either, you cannot refinance until the value of the home increases over time and the balance of your mortgage decreases over time until such time refinancing is possible.
What difference does that make?
You care about what the rate is on the new loan.
If you are trying to tell us that the value of your house is less than the mortgage balance and, therefore, you need to be eligible to do a refinance under the HARP program, then whether or not your loan is owned by Fannie Mae or Freddie Mac does matter.
In that case, since your loan is not owned by either, you cannot refinance until the value of the home increases over time and the balance of your mortgage decreases over time until such time refinancing is possible.
Get with a mortgage pro and see what your options are - you are not required to go back to your current lender but that is an option.
A good pro will pull your credit look at your scenario and lay out all of your best options
Good Luck
Brian
A good pro will pull your credit look at your scenario and lay out all of your best options
Good Luck
Brian
