The number of programs to refinance your MN mortgage has changed over the past decade or so from exotic home loans to upside down streamline refinances and other specialty programs. So, how do you know which mortgage refinance program is for you?
If you are lucky enough to have equity in your home and do not need a specialty program there will always be your traditional fixed and adjustable rate mortgages to help you refinance into current mortgage rates.
However, if you are upside down on your mortgage or have little equity to work with then determining which government entity currently endorses or insures your mortgage, if any, may open refinance MN mortgage programs options to help you take advantage of current mortgage rates.
The first place to start looking for information on which government entity currently holds your mortgage, if you don’t already know, would be to pull out the loan documentation that was given to you at the closing your current mortgage. In this documentation you should easily be able to locate whether your loan is conforming, FHA or another type of mortgage.
If your loan is through the FHA you may qualify for the FHA streamline refinance that may allow for an appraisal waiver and a waiver for income and assets. This program is by far the fastest and easiest way for a home owner to refinance with closings happening in as little as 15 days.
If your loan is not owned by the FHA you will want to use either the Fannie Mae or Freddie Mac loan tool look up to see if either of these entities currently insures your mortgage. If the loan look up tool finds a match and your loan was originated before June 2009 you may qualify for the Home Affordable Refinance Program (HARP) which also allows an appraisal waiver but does require that you prove your income and assets.
For those whose mortgages are not owned by either entities, or by the VA, currently have little to no options to refinance if you are upside down on your home. However, talk of the #MyRefi HARP 3 program which would allow non agency home owners refinance may be just around the corner.
Ask questions, talk to lenders and be sure to do your research online as adjustments to many of the MN refinance mortgage programs occur frequently.