The Home Affordable Refinance program can help those whose home values have dropped
If you own real estate in Vail and are worried about the current value of your home there is governmental help available. The Home Affordable Refinance program was designed to help home owners lower their monthly payments while at the same time securing lower interest rate mortgages. The program is aimed at helping home owners whose mortgage loans are more than the value of their home. The program had a value set at 105% and under the Obama Administration this number has become 125%. The Home Affordable Refinance plan is helping home owners who are underwater with their home values restructure their mortgage payments and ease their financial stress. If you are a Vail homeowner and your home is now worth less than what you bought it for you may want to learn more about the plan. A few highlights of the Home Affordable Refinance program are:
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A borrower must be current on his payments in order to qualify for the refinance.
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The refinancing must be completed with a Fannie or Freddie approved lender.
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The new loan would come with mortgage insurance.
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Borrowers cannot take cash out.
If you have Vail real estate and the value of your home has dropped below what it was when you purchased it this could be the program for you.
Check out the Making Home Affordable web site for more information and to see if you qualify.
Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.
Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!
