Thursday, September 12, 2013

With values increasing many more now can refinance

Increased Values Help Many that Couldn’t Refinance”


There are many homeowners that wanted to refinance, but couldn’t. There were programs for folks that had mortgages owned by Fannie Mae, Freddie Mac, FHA and VA loans and the value was lower than the mortgage(s). There were many that didn’t fit into this category that had no options, but wanted to keep owning their homes and kept paying.


refinanceJeff and Brenda did a mortgage application with me a year ago, but the appraisal came out too low. Last time around the appraisal came in a $240,000, which meant they would have had to come up with $26,000, which they didn’t have.


One year later the appraisal came in at $286,000, how crazy is that. Unfortunately they could no longer get a mortgage in the 3’s, but ended up 1% higher, this still saved $411 per month. That is like getting a $5,000 a year pay increase.


Many are in the same boat, but with the increased values, they can now refinance.
image courtesy of ddpavumba/freedigitalphotos.net

Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
www.righttracfg.com
www.joepetrowsky.com
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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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