Logan Utah Mortgages and Real Estate

Logan Utah Mortgage Rate Update 8/9/2010

John Neil (Wasatch Mortgage Solutions) — Mon, 09 Aug 2010 13:39:44 -0400

Interest rates for the Logan Utah mortgage market are better than they have ever been this morning. Check out some of these rates!

30 year fixed 4.25% (APR 4.344%)
15 year fixed 3.75% (APR 3.882%)
5/1 ARM 3.375% (APR 3.399%)
7/1 ARM 3.75% (APR 3.787%)

FHA 30 year 4.25% (APR 4.554%)
FHA 15 year 4.0% (APR 4.433%)

"NO COST" 30 year 4.625% (APR 4.625%)
"NO COST" 15 year 4.375% (APR 4.375%)

"NO COST" FHA 30 year 4.5% (APR 4.788%)
"NO COST" FHA 15 year 4.25% (APR 4.537%)

Please call me at 435-755-2177 for details about the "NO COST" option to see if you are eligible.

Carolyn Capalbo Is A REALTOR In Northern Virginia That Needs Your Help

John Neil (Wasatch Mortgage Solutions) — Wed, 04 Aug 2010 16:00:26 -0400

Via Lisa Udy Realtor Utah Real Estate Specialist (Logan Utah Real Estate The Platinum Real Estate Group):

Carolyn Capalbo Is A REALTOR In Northern Virginia That Needs Your Help

Carolyn Capalbo is a real estate agent in Northern Virgina that is being punished for having the wrong name. In 2008 a women with the same name as Carolyn Capalbo broke into the news, and it wasn't pretty. The "other" Carolyn had a daughter that was involved with a New York governor in a promiscuous way. Long story short, it was ugly, and now when you google Carolyn Capalbo, you get the results of the other women.

You can read the full story here.

Here's the deal. Because of this other women, Carolyn's business has suffered, and I thought we could help her get her name back. Clients of her's have Googled her name and found this other women intruding on her brand with scandolous news blogs and have mistaken her for Carolyn Capalbo the REALTOR.

Before you help Carolyn Capalbo You Should Know Her Story

Carolyn is a military spouse, she has family that has served this country, and I think we can serve her family with the help we can provide with this post. Carolyn has a degree in economics and is continuously a top agent in residential sales in Northern, Virginia. Carolyn is a respectable business women that goes above and beyond for her clients.

She continues to be a top producing agent in Northern, Virigina and, by no fault of her own, has had to deal with national news outlets calling her personal phone, business acquaintances, her daughters school and even her brokerage looking for the "juicy" story.

Imagine, while at work with clients, ABC News, CBS News, The Washington Post, and The New York Times calling your workplace to get the scoop on a scandal that you were never apart of. Imagine these reporters asking promiscuous questions from your co-workers and people you do business with everyday. What would it be like for your little girl having to answer questions about some women in the news asked by your own teacher.

This is the nightmare that Carolyn Capalbo is having to deal with and this is where you come in. Let's help Carolyn take her name back from a scandal that has nothing to do with her.

How do we help Carolyn? Simple. Use your knowledge that you've learned from blogging here on Activerain to push her name above the fold in the search engine results pages.

Here's How We Can Help Carolyn Capalbo Take Her Name Back:

RE-Blog this post and write a short story above the post about how you would feel if your name was tarnished by such a scandal.

Link to this post with "Carolyn Capalbo" as your anchor text within the blog and any other blog or website you have.

Push as many links and people to this post as you can. Get this post to the top and in turn we can push Carolyn Capalbo's reputation back to where it should be.

Write your own blog on how you feel about this situation and link back using "Carolyn Capalbo" as your anchor text.

I want you all to know that there is more to this story. There is a reward for having your post at the top of the search engines by August 25th. If we can get Carolyn Capalbo's name within the top 2-4 spots for her name in Google, the poster gets a prize. I am shamelessly asking you Activerainers to help Carolyn Capalbo, while also helping my brokerage. Many people have asked for your help before and you have come to the rescue.

I am asking you to help my brokerage get this post to the top of the search engines to get Carolyn's name back where it needs to be and to help my brokerage get a new website. What's in it for you? Two things.

First: Knowing you helped someone clear their name by no fault of their own is a great feeling.

Second: For your links to this post with the anchor text "Carolyn Capalbo" I will return the favor. I have many websites and blogs that I can give you a link with the anchor text of your choice. These links will be on their own page of either my blog or, if you give this post enough love, a link on the home page of my websites with page ranks of 2+. These links will remain until my websites die. :)

So, Activerainers, I ask you to help Carolyn Capalbo get her name back. All you have to do is RE-Blog this post or link to this post with her name as the anchor text.
Lisa Udy

Platinum Real Estate Group

Please Help Carolyn Capalbo

Logan Utah Mortgage Rate Update 07/01/2010

John Neil (Wasatch Mortgage Solutions) — Thu, 01 Jul 2010 15:25:26 -0400

Mortgage rates continued to fall this week...

Conventional

30 year fixed 4.375% (APR 4.445%)
15 year fixed 4.000% (APR 4.127%)
5/1 ARM 3.625% (APR 3.554%)
7/1 ARM 3.875% (APR 3.644%)

FHA

30 year fixed 4.5% (APR 4.995%)
15 year fixed 4.0% (APR 4.449%)

With interest rates being lower than they ever have been in 50 years, now may be a great time to refinance. Give me a call at 435-755-2177 to see if it makes sense for you to refinance.

FNMA Pushing Lenders to Pull New Credit Reports Right before Closings!

John Neil (Wasatch Mortgage Solutions) — Mon, 21 Jun 2010 17:47:09 -0400

Via Drew Sygit (The Lending Edge) Real Estate Financing Expert (The Lending Edge):

FNMA Pushing Lenders to Pull New Credit Reports Right before Closings!

The lending world just keeps getting tougher.

As of June 1, 2010 FNMA guidelines now require lenders to pull a new credit report right before closing a loan in addition to the credit report pulled at application.

This new required practice will take some time for homebuyers and industry professionals to get used to. Unfortunately, it'll become more common for purchase transactions to fall apart at the last minute.

How?

Let's say a homebuyer barely has the credit score required to qualify for their mortgage. They get pre-approved for a conforming mortgage, find a home they like, sign a purchae contract and apply for their mortgage. So far, so good. Then, sometime during the approval process, they innocently charge a tank of gas for their car on a credit card. That small transaction could drop their credit score enough to kill their deal.

Or a homebuyer could go out and open a new account at Best Buy and purchase their new appliances ahead of time. The additional credit payments could exceed the debt tolerance they were initially approved for and again kill their transacation at the last minute.

The least controllable situation - the new credit report pulled before closing discloses something a homebuyer did BEFORE they even applied for their mortgage. It's easy to forget that information can take up to 90 days to appear on a credit report. So, an innocent credit transaction leading to an increased balance could pop up and kill a transaction.

So homebuyers need to be VERY prudent about what they do with their credit when buying a home.  Here are some tips:

Turn in all your credit card statements from the last 90 days when applying for a mortgage.

Review your credit report with your Loan Officer and compare what's reported to what's on your credit card statements.

Consider paying down account balances where there's a discrepency.

Disclose any recent new credit accounts opened or large charges.

If you're credit is borderline, consider an FHA mortgage (which isn't requiring the additional credit pull yet)

Be very careful with the use of credit accounts before the closing of your home purchase.

Real estate agents also need to be more aware of this new requrement and start educating homebuyers about it as soon as they start showing them homes.  There will definitely be transactions affected, but throwing a temper tantrum and making the problem 100% the lender's fault will not solve anything. Be professional and part of the solution, not part of the problem!

I do not wish that ugly situation on anyone and I'm dreading when it occurs on one of my transactions.

A more in depth explanation of the new requirement

It's important to note that FNMA hasn't come out and required lenders to pull new credit reports right before closing. What they've done is introduce a new requirement called, "Loan Quality Initiative" (LQI) and that is forcing lenders to take this action to meet the LQI requirements.

Here's the language from FNMA leading to lenders pulling new credit reports right before closings:

Lender must determine that borrower liabilities incurred up to, and concurrent with, closing are disclosed and evaluated in qualifying the borrower for the loan.

Why is FNMA doing this? Well here's as excerpt from FNMA's announcement 2010-03 about LQI released February 26th that supposedly explains why:

Historically, many issues related to compliance with Fannie Mae selling policies are not detected until after loans are delinquent or through the foreclosure process. Loan repurchase requests to lenders have increased in the past three years, highlighting the need for an improved approach for working with lenders to deliver loans that meet Fannie Mae's underwriting and eligibility guidelines. Fannie Mae conducted an extensive analysis to determine the primary drivers of repurchase requests and is launching the Loan Quality Initiative (LQI) to identify and implement policy, process, and technology enhancements to improve the compliance with underwriting and eligibility guidelines and mitigate repurchase risk.

Working with its lender partners, Fannie Mae is implementing the LQI enhancements to promote improved loan delivery data that is complete, accurate, and fully reflective of the terms of the mortgage. The LQI will also help ensure that the loan meets the credit and eligibility standards, pricing guidelines, and other requirements of the Selling Guide or negotiated variances. A primary focus is on capturing critical loan data earlier in the process and validating it before, during, and immediately after loan delivery.

This updated approach is designed to stand the test of time across market cycles and risk tolerances, thus supporting market stability and reducing investor and lender risk. Changes introduced under the LQI are intended to reduce repurchase requests through improved data integrity and consistent and early feedback on policy compliance while maintaining the current business model of relying on lenders to make appropriate decisions in accordance with Fannie Mae's guidelines.

The announcement actually covers a lot more items than just pulling new credit before closings.

Lenders now also have to:

Confirm the identity of all borrowers

Verify all borrowers have a valid social security number

Verify a borrower intends to owner occupy a property

Validate all parties to a transaction and make sure they're not on any government exclusion lists

Reporting & validation of mortgage insurance coverage

Credit scores must be 620 or higher (with some exceptions)

..and more.

FNMA's vagueness about LQI caused such an uproar in the industry that they had to release a clarification statement March 29th.

Oh but wait, it get's better! Because their bureaucratic mumbo jumbo is so clear, FNMA had to publish additional clarifying statements on April 7th and again on June 7th.

FNMA has also created an index page on their website to assist lenders with understanding what they're after.

Is it any wonder why it's seems so difficult to get approved for a mortgage these days?

MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY
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I invite you to connect with me on the social networks below & subscribe to my blog!

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Contact him for The Lending Edge
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Logan Utah Mortgage Rate Update 6/9/10

John Neil (Wasatch Mortgage Solutions) — Tue, 08 Jun 2010 19:33:37 -0400

Interest rates have dropped to truly ridiculous levels today...

30 year fixed 4.625% (APR 4.699%)
15 year fixed 4.125% (APR 4.217%)
7/1 ARM 3.875% (APR 3.755%)
5/1 ARM 3.500% (APR 3.431%)

FHA 30 year fixed 4.5% (APR 4.988%)
FHA 15 year fixed 4.0% (APR 4.456%)
FHA 7/1 ARM 4.0% (APR 4.223%)
FHA 5/1 ARM 3.75% (APR 4.011%)

Based on these incredibly low interest rates, it may be a great time to buy or refinance. Give me a call at 435-770-2709 to see if a purchase or refinance is possible.

Fannie Mae Continues to Tighten Credit Guidelines: Interest Only Loans

John Neil (Wasatch Mortgage Solutions) — Tue, 08 Jun 2010 19:23:50 -0400

Via Mike Jones (SUNSTREET MORTGAGE, LLC):

Interest only loan

My borrowers bought a beautiful second home here in Tucson at the end of May, and wanted to make the smallest possible monthly payment until their retirement in a few years.

The loan that they chose has an Interest Only feature that reduced their payment by many hundreds of dollars when compared to a fully amortized payment. They paid 20% at closing, and financed 80%.

Fannie Mae continues to tighten credit guidelines

Today, FNMA reduced the maximum LTV/CLTV (loan to value / combined loan to value) to 70% on all interest only loans. Had my clients waited a month, they would have had to come out of pocket another 10%!

Fannie Mae announced that they will no longer accept the following transactions with an interest only feature:

Cashout

FLEX mortgages

My Community loans

Investment properties

Duplex to Four Family units

Credit scores below 720

Borrowers with less than 24 months reserves

I'm Mike in Tucson, your preferred Tucson Mortgage Lender.

NMLS #223495

SUNSTREET MORTGAGE llc ~ Mortgage Bankers, Not Brokers!
Offices in Scottsdale, Tucson, and Nogales, AZ, and Albuquerque, NM.

Reach me any time on my Blackberry (520) 349-9090

Logan Utah Mortgage Rate Update for 05/10/2010

John Neil (Wasatch Mortgage Solutions) — Mon, 10 May 2010 11:55:22 -0400

Mortgage rates for the Logan Utah Real Estate market are pretty incredible...

30 year fixed 4.875% (APR 4.944%)
15 year fixed 4.25% (APR 4.322%)
7/1 ARM 4.125% (APR 4.067%)
5/1 ARM 3.75% (APR 3.622%)

FHA 30 year fixed 5.0% (APR 5.556%)
FHA 15 year fixed 4.375% (APR 4.725%)
FHA 7/1 ARM 4.125% (APR 4.299%)
FHA 5/1 ARM 3.875% (APR 4.122%)

Rural Housing 30 year 5.25% (APR 5.622%)

If you have any questions about these rates or if you would like a personalized mortgage quote, call me at 435-755-2177. I look forward to exceeding your expectations.

REALTORS - What are your most desired qualities in a Loan Officer?

John Neil (Wasatch Mortgage Solutions) — Mon, 19 Apr 2010 15:11:31 -0400

Via Nick Pakulla Mortgage Loan Officer in MD, DC, VA (First Place Bank):

It baffles me the numbers of agents I talk with that are nervous about the possibility for a settlement to be delayed, even after the LO knows when the settlement date is, and agrees to do the loan. In my opinion, ALWAYS closing the loan on time is the number one most important goal for any loan officer!

When seeking a mortgage, you don't want clients to be stuck in-between two homes having to stay in a hotel for a week because your loan package has been delayed. Or even worse the deal falls through...

The hardest part about trying to gain a Real Estate Agent’s trust and business really seems to be that they already have something that they know works most of the time, although it may not be the best, and they are hesitant to try something new. aka: Why fix it if it isn't broken?

In my (Loan Officer’s) opinion, the top qualities of a loan officer and lending institution to meet the most important goal, the ability to ALWAYS close the loan on time, are:

Timely response to all requests from clients and agents

Upfront about fees and expectations

Accessibility of underwriting and processing staff

Ability to connect with clients and provide a high level of service

Specific subject knowledge and expertise about the loan process and programs

Competitive interest rates

Delivery of loan package early

Unique loan programs to meet certain clients’ criteria

Ability to make business decisions on loans that don’t fit the exact mold

LAST: The very best interest rates

If you noticed, everything relating to physically ensuring that there will be no mistakes and the loan WILL in fact close on time is near the top, with the very best interest rates being at the bottom.

What are your top qualities / goals for a Loan Officer?

Nick Pakulla / Loan Officer / First Place Bank / 301.585.RATE (7283)

Nick Pakulla - pakullalending.com

Mortgage Logan Utah 4/9/2010: Introducing the Good Credit Rewards Program

John Neil (Wasatch Mortgage Solutions) — Fri, 09 Apr 2010 16:20:24 -0400

Having a great credit score has always been important if you are applying for a mortgage. For most loan programs it will determine how much you will pay for an interest rate. As a loan officer I always love doing mortgages for people who have great credit. Why you ask? Because it makes my job so much easier.

It takes me half the time to process a mortgage for a borrower with a 720 credit score than for someone with a 620 credit score. Because of this fact, my company, Wasatch Mortgage Solutions, of Logan, Utah has decided to reward borrowers with good credit with a new incentive program. We figure that if it takes us half the time to process a good credit mortgage than those borrowers should only pay half the closing costs.

For all conventional loans, borrowers that have at least a 720 credit score and 10% equity will be rewarded with...

       1. Half off the origination fee of 1% (up to $2,085 value, depending on loan amount)
        2. Free appraisal ($395 value)
      3. No processing fee ($250 value)

This program applies to any conventional purchase or refinance transaction and will apply to all borrowers who start their loan application after 4/9/2010 and before 12/31/2010.

To qualify for this program you must

     1. Mention this blog post at the time of the loan application.
     2. Have a credit score over 720 and 10% down payment or equity.
     3. Close your loan with John Neil of Wasatch Mortgage Solutions.

If you have great credit and live in Utah or Idaho and are looking to purchase a home or refinance your existing mortgage, call me at 435-770-2709 for a free consultation. I look forward to exceeding your expectations.

Types of New Construction Loans

John Neil (Wasatch Mortgage Solutions) — Tue, 16 Mar 2010 15:26:48 -0400

Good explanation on the the types of construction loans available.

Via Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty ):

TYPES OF NEW CONSTRUCTION LOANS

Building a new home can be a very exciting experience. Knowing the right questions to ask and what to expect can help remove some of the uncertainty about whether to move forward with new construction.

What types of loans are available for new construction?

There are two general categories: Construction Perm Loans and End Loans

CONSTRUCTION PERM LOANS

Construction Perm Loans are a type of loan where the Buyer first buys the lot from the Builder, then begins the building process. The Buyer is carrying the cost of building the house, and monthly payments begin immediately, increasing each time the Builder draws money from the bank, until the last draw when the loan is converted to a permanent loan at the fully amortized payment for the term of the loan.

Prior to the lot purchase, the plans for the house are decided, and an appraisal is done to determine the value of the home when built, to arrive at a final loan figure. There is generally room for overages in the loan amount.

The number of draws and the work that must be completed with each draw is noted on a Schedule given by the bank. The bank should send an inspector to verify that the work has been completed before the draw is given. The Buyer should sign off on each draw, along with the bank representative.

Types of Construction Perm Loans

Conventional financing is the only type of loan for construction perm. Expect a 20% down payment plus closing costs.

Who uses Construction Perm Loans?

Custom homes and homes built on the buyer's own lot are usually construction perm loans.

Pros and Cons of Construction Perm Loans

Pros ~ The Buyer actually owns the land and the house as it is built. They have more control in the building process and are free to ask the builder to make changes, since they are paying for everything. The house costs the buyer less because the builder is not paying to carry the house during the building process.

Cons ~ There have been instances when builders have taken draws and not finished the work. If subcontractors have not been paid, they file liens against the house that the owner is responsible for, even though the builder received the money.

END LOANS

End loans are a type of loan where the Buyer's loan takes effect at the end of the building process, when the closing takes place and the Buyer moves in. Most new construction loans are end loans.

Types of End Loans

End loans can be FHA, VA, USDA, or conventional. Expect a deposit of $5000 or more to begin construction on a new home, even if it will be refunded later in the case of VA or USDA financing. An experienced new home sales Realtor® can help you negotiate the deposit, especially if there are special circumstances.

Who uses End Loans?

Most Production Builders in new home communities use End Loans. They realize that the Buyer is more comfortable with this type of loan and they have more control over the building process.

Builders typically have relationships with preferred lenders, or their own in-house lenders. There will be special incentives to use their lender. TIP: Buyers can let builder's lender know they are getting quotes from other lenders to keep them competitive.

Pros and Cons of End Loans

Pros ~ The Buyer has more choice for loans. FHA and VA loans are end loans. USDA is also an end loan that qualifies in some circumstances. The Buyer has no responsibility for the house until it is finished.

Cons ~ The Builder owns the house and therefore has control over the house during the building process. The Buyer has limited or no input regarding changes in construction. In some instances, the Builder can void the contract with the Buyer and return their deposit monies if the Buyer is making demands the Builder does not want to meet.

If you are considering building a new home, we strongly recommend having an experienced new home sales Realtor® by your side during the process. They know the situations when builders will negotiate and can help you get the best deal on your brand new dream home.

Click here for our Series on Buying a New Home in Jacksonville Florida.

To reach us, call or text us at 904-673-2308 or e-mail - sharon@teamalters.com

Original Photography, All Rights Reserved.

Disclosure of Material Connection: cmp.ly/0/zzf0wh

You can also find us here!

First Time Homebuyer Class in Logan, Utah 3/15/2010

John Neil (Wasatch Mortgage Solutions) — Mon, 15 Mar 2010 14:00:18 -0400

Please join us on Monday, March 15th from 7:00 pm to 8:00 pm for our free home buying "solutions 101" seminar. The class is free so bring family and friends. Instructors will be Bryan Nelson and Ted Chalfant from @home Realty and John Neil from Wasatch Mortgage Solutions. To register please call 435-890-2434 or 435-770-2709. Hope to see you there!

When: Monday, March 15, 2010 Time: 7:00pm - 8:00pm Location: 1250 North 40 West, #6A, Logan, Utah

Mortgage Logan Utah 3/10/10: Rural Housing running out of money

John Neil (Wasatch Mortgage Solutions) — Wed, 10 Mar 2010 22:08:02 -0500

The USDA issued this statement today regarding funds for their residential mortgage program...

"This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available."

It's not like Rural Housing hasn't run out of money in the past. However, in the past they would issue "conditional commitments" meaning that the lender could still fund the loan and when Rural Housing got funding again they would "guarantee" the loan.

What this means is that somebody who is going through the process of getting a Rural Housing loan could show up to their closing and receive the news that the lender will not go through with the transaction because the Rural Housing department has exhausted their "guarantee" money.

Rural Housing is an excellent loan. You can't get much better than 100% financing with no monthly mortgage insurance. If you are in the process of getting a Rural Housing loan to purchase a home and you are scheduled to close towards the end of April, I would highly recommend that you have a back-up plan. An FHA loan, although not the better option, may prove to be an excellent alternative should Rural Housing run out of funds.

The Rural Housing loan has become a much more popular loan in Cache Valley, Utah over the last couple of years as conventional 100% financing programs have gone away. Hopefully the department will get more funding soon but if not than FHA could become an even bigger player in the real estate market.

If you are looking to purchase a home in Logan, Utah or surrounding areas, give me a call at 435-755-2177 and I would be happy to go over your mortgage options with you. For more information you can also visit my website at www.loganutahmortgages.com or www.mortgageloganutah.com

Mortgage Logan Utah 2/19/2010: The 10 Year Mortgage Loan

John Neil (Wasatch Mortgage Solutions) — Fri, 19 Feb 2010 10:11:59 -0500

Everybody knows that there is a 30 year fixed rate and a 15 year fixed rate but most people are surprised when I tell them that they could also do a 10 year fixed rate.

I'm not talking about a 10 year ARM that is amortized over 30 years. This is actually a 10 year fixed rate amortized for 10 years and paid off in 10 years.

This is a loan program for those that hate debt and want some forced discipline to pay the loan off extremely quick. The interest rates on this program are great also.

Today the 10 year fixed rate is 4.0% (APR 4.122%).

This could be a great loan for somebody that only has 10 years left on their 30 year mortgage but is paying a much higher interest rate.

If you are interested in exploring what the 10 year mortgage can do for you, call me today at 435-755-2177. I look forward to exceeding your expectations.

Logan Utah Mortgages 2/18/2010: Important FHA change on April 5th

John Neil (Wasatch Mortgage Solutions) — Thu, 18 Feb 2010 23:28:31 -0500

For those people that are thinking of buying a home in Logan, Utah with an FHA loan, there is a change occuring on April 5th that will make your FHA loan a tad bit more expensive.

Effective on all FHA case #'s assigned on and after April 5th, the upfront mortgage insurance premium is increasing from 1.75% to 2.25%. On a $100,000 mortgage, that is an extra $500 dollars on your mortgage.

The FHA upfront mortgage insurance is the only closing cost that can be rolled into the mortgage and this won't change but the increase will mean that your monthly payments will be a little bit higher than with the previous 1.75% Upfront fee.

The president of HUD said that this change is necessary to help FHA shore up some of the losses that they have incurred due to foreclosures.

Personally I don't think that this will affect the market very much, if at all, and FHA will still be the best option for many borrowers.

Logan Utah Mortgages 2/11/2010: Loan Program of the Week - "Making Home Affordable" program

John Neil (Wasatch Mortgage Solutions) — Thu, 11 Feb 2010 11:52:16 -0500

Although the homes in Logan, Utah, Cache Valley and surrounding areas haven't depreciated as much as most of the nation (see California and Florida!) I think most real estate agents would agree with me that most every home has depreciated a little. One of the consequences of this depreciation is that it has made it difficult for some borrowers to refinance.

A borrower might have amazing credit and stable employment but if they have lost much of the equity that they once had in their home it can make it difficult for them to refinance, because the bank uses the home as collateral for the loan. However, there is hope with a program that the government has sponsored called "Making Home Affordable" or the Fannie Mae and Freddie Mac Relief Refinance Program.

This program works just like a conventional loan program except it allows for borrowers to refinance even if they have lost all the equity that they had in their homes, up to 105% LTV. This is great news for borrowers that want to take advantage of the lower interest rates right now.

To be eligible for this program...

    1. Your current mortgage must be owned by Freddie Mac or Fannie Mae. Find out here!
     2. Your loan can't currently have mortgage insurance.
     3. The balance on your mortgage can't be more than 105% of the value of your home.

My company is currently originating a lot of loans with this loan program. If you live in Logan, Utah, Cache Valley, or surrounding areas and your current loan is serviced by Bank of America, Wells Fargo, Flagstar, Chase, or Citimortgage, there is a good chance that I can help you refinance to get a lower rate. Give me a call today at 435-755-2177 for a free consultation.