Consolidating first second mortgage loans
Consolidating first second mortgage loans - Sex Chat
Robert Koller With mortgage rates remaining near historic lows, you may be able to save money on your monthly payments by refinancing — even if you a have second loan on your home.Under the government’s Home Affordable Refinance Program (HARP), millions of homeowners, even those who owe more than their homes are worth, have been able to save money on their monthly mortgage payments. HARP gives eligible homeowners who may not qualify for traditional refinancing because of a decline in home value a way to refinance to a lower interest rate and/or more stable mortgage payment.
Even if you have a second loan on your home and think you won’t be eligible to refinance because you owe as much or more than your home is worth, HARP might be an option.Further, the inclusion of any advertisements or other links does not reflect their importance, nor is it intended to endorse any products or services offered.Are you a homeowner looking to simplify the monthly payment you’re making on your home.Perhaps you’re considering a refinancing of your current mortgage to a lower rate, or maybe you’re thinking about consolidating a first and second mortgage into a single mortgage.When you’re ready to find out if HARP can help you save money every month: —————————————————————————————————————————————– Robert Koller is a director in Fannie Mae’s Credit Risk Management division and is responsible for managing Fannie Mae’s Refi Plus™ Initiative, which includes the Home Affordable Refinance Program (HARP).Fannie Mae has helped almost 1.7 million homeowners take advantage of HARP since the program’s inception.
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If you’ve made your mortgage payments on time, your first loan is owned by Fannie Mae or Freddie Mac, and you owe as much or more than your home is worth, you may be eligible for HARP refinancing.
If you are eligible to refinance through HARP, you’ll take out a new mortgage and use those funds to pay off your existing first mortgage and usually the closing costs for the new loan.
It’s important to understand that your “first” and “second” mortgages are separate obligations, and only first mortgages are eligible for HARP refinancing.
But, because lower monthly payments on your first mortgage may improve your likelihood to repay your second mortgage, your second mortgage lender may be willing to cooperate.