Over 9 Million Taxpayers Who Own a Home Can Get a Reduced Mortgage Payment This Month.
Rates hit a 4-year low. About 9.4 million borrowers could save an average $272 per month or more if they were to refinance to a lower rate, according to calculations by Black Knight Inc.
Rather than reducing your mortgage through a bank consumers should compare private lenders for a lower rate without adding refi-costs or extending their loan.
One of the best sources to lock in a lower rate and payment is through the Enhanced Relief Website. The consumer based website will let you calculate your new payment moving forward in real-time with no obligation.
Here's How to Get Started:
Step 1: Type the Balance of Your Mortgage
Step 2: Get a lower rate & payment in marketplace.
Important: You don't have to cash-out or extend your loan to get a lower payment. However many homeowners do take cash-out to do home remodels, improvements or pay off other debts at a nearly "free-rate"
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source: https://www.cnbc.com/2020/01/31/more-than-9-million-homeowners-could-save-big-money-on-a-refinance.html
The information provided on this website is for informational purposes only. It is not intended to be, nor does it constitute any kind of financial advice. Please seek advice from a qualified professional prior to making any financial decisions based on the information provided.
FHA's nationwide forward mortgage limit "floor" and "ceiling" for a one-unit property in Calendar Year 2019 are $314,827 and $726,525, respectively. https://www.hud.gov/program_offices/housing/sfh/lender/originati A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. More information can be found at https://www.quickenloans.com/mortgage-options/fixed-home-loans Two new refinance programs replaced HARP (which expired December 31, 2018). The HARP replacement programs are called "High LTV Refinance Option" (Fannie Mae) and the "Freddie Mac Enhanced Relief Refinance" or "FMERR". http://www.freddiemac.com/ "To encourage borrowers to make the decision to rebuild equity in their homes, we are proposing that the legislation provide for the GSEs and FHA to cover the closing costs of borrowers who chose this option - a benefit averaging about $3,000 per homeowner. To be eligible, a participant in either program must agree to refinance into a loan with a no more than 20 year term with monthly payments roughly equal to those they make under their current loan. For those who agree to these terms, the lender will receive payment for all closing costs directly from the GSEs or the FHA, depending on the entity involved." https://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h On a $200,000 loan, a homeowner in a 30 year fixed at 6.25% would end up paying the bank $443,316. That same homeowner, if they switched to a 15 year fixed at today's rate of 3.58% APR would own their home for only $250,779. Estimated monthly payments, results, and savings calculated using prevailing market rates within the preceding 30 days. Additional conditions or eligibility requirements may apply.
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