Where to find the best mortgage refinancing
If you've been reading the news lately, you've heard of Obama's smoking hot mortagage refinancing initiatives.
No Extensive Underwriting Requirements
Even if you have less than perfect credit, you will still qualify.
Here are some key points of Obama's mortgage rules:
No extensive underwriter requirements
Mortgage must be current
Fannie Mae and Freddie Mac will waive fees
No matter how far underwater you are on your current mortgage, you will still qualify for a refinance.
Mortgage Must Be Current
One missed payment within the past six months makes you ineligible. Even if your lender told you to stop making payments, you are still ineligible.
Fannie Mae and Freddie Mac Will Wave Fees
Your loan must be owned by Freddie or Fannie in order to qualify at all under this plan. The loan has to have been sold to Fannie or Freddie before June, 2009. Find out if your loan is owned by Freddie Mac or Fannie Mae prior to signing up for this new plan. Fannie and Freddie will waive some of the fees associated with closing to reduce the cost of refinancing.
To look for the best mortagage refinancing, check our site sponsors or bankrate.com.
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