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Mortgage NewsBlog posted On June 04, 2021
Fannie Mae has launched RefiNow, a new refinance program designed for eligible homeowners who have not yet taken advantage of record-low mortgage rates. Fannie Mae RefiNow guarantees homeowners will get an average interest rate reduction 0.25%* lower than their qualifying market mortgage rate. As an added bonus, CMG Financial will give homeowners a $500 appraisal credit.
Fannie Mae RefiNow is available for homeowners whose income is less than or equal to their county’s 80% Area Median Income (AMI). Their loan must be a conventional loan owned or securitized by Fannie Mae. To find out if your loan is owned by Fannie Mae, click here.
Federal Housing Finance Agency (FHFA) director Mark Calabria explained that even though the past year saw a surge in refinance activity, “more than 2 million low-income families did not take advantage of the record low mortgage rates by refinancing.” The FHFA estimates that this new refinance option could save borrowers an average of between $100 and $250 on their monthly mortgage payments.
If you have any questions about Fannie Mae RefiNow, or other refinance opportunities, let us know. Historically low rates won’t last forever, review your refinance options today.
Sources: HousingWire
Disclaimer:
Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option.
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
o Freddie Mac Loan Look-up Tool: www.loanlookup.freddiemac.com/
o Fannie Mae Mortgage Loan Lookup: www.knowyouroptions.com/loanlookup
* Payment example: If you choose a $250,000, 30 year loan at a fixed rate of 2.5% (APR 2.75%), with a loan-to-value of 80%, you would make 360 payments of $1,021.00. Payment stated does not include taxes and insurance, which will result in a higher payment.
