{"id":184,"date":"2012-09-11T20:51:12","date_gmt":"2012-09-11T20:51:12","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=184"},"modified":"2012-09-11T20:51:12","modified_gmt":"2012-09-11T20:51:12","slug":"how-to-refinance-your-home-if-its-underwater","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/how-to-refinance-your-home-if-its-underwater\/","title":{"rendered":"How to refinance your home if it’s underwater"},"content":{"rendered":"

By <\/cite>Pat Mertz Esswein<\/em> <\/cite>
\n<\/abbr><\/cite><\/p>\n

If the value of your home is less than you owe
\non your mortgage, refinancing to take advantage of today’s low interest rates –
\nrecently 3.7% on a 30-year fixed-rate loan – may seem out of reach. But if
\nyou’re up-to-date on your mortgage payments, you may be able to refinance
\nthrough one of two programs. Lenders participate voluntarily and can adapt the
\nterms, so there’s no guarantee you’ll qualify. But you won’t know until you
\ncall your lender.<\/p>\n

If you want help (it’s free) before you make that call, consult a housing
\ncounselor approved by the Department of Housing and Urban Development<\/a> (call
\n888-995-4673).<\/p>\n

With the Home Affordable Refinance Program (HARP), you can refinance to a lower
\nrate and payment or a shorter term. Many more borrowers have refinanced through
\nthe program since the upper limit for the loan-to-value ratio (the loan balance
\ndivided by the market value of the home) was eliminated. However, some lenders
\nstill impose a loan-to-value limit of 150%, says Keith Gumbinger, with HSH.com,
\na mortgage-tracking firm.<\/p>\n

To qualify, you must have no late payments for the past six months and no more
\nthan one late payment in the past 12 months. Also, Fannie Mae or Freddie Mac
\nmust have owned your existing mortgage prior to June 1, 2009. (To check your
\nmortgage, go to www.fanniemae.com\/loanlookup<\/a> or call 800-732-6643. Also
\ntry www.freddiemac.com\/mymortgage<\/a>
\nor call 800-373-3343.) Lenders may charge you a slightly higher interest rate
\nthan for a “regular” refinancing — say, one-fourth percentage point
\nmore. You’ll pay closing costs just as you would with any refi.<\/p>\n

If you have an FHA mortgage, you can reduce your monthly payment or switch from
\nan adjustable rate to a fixed rate with Streamline FHA<\/a>.
\nYou must have had your current FHA loan for at least 210 days and have made at
\nleast six payments. If you’ve had the loan a year or less, you can’t have any
\nlate payments on your record. The refi must reduce your monthly payment
\n(principal, interest and mortgage insurance) by at least 5%. No appraisal or
\nverification of employment, income or credit score is required.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Pat Mertz Esswein If the value of your home is less than you owe on your mortgage, refinancing to take advantage of today’s low interest rates – recently 3.7% […]<\/p>\n","protected":false},"author":88890,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-184","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nHow to refinance your home if it's underwater - Ayoub Sidhum & Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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