How To Beat The April 2013 FHA Mortgage Insurance Premium (MIP) Increase

For the seventh time in 5 years, the Federal Housing Administration (FHA) is raising its mortgage insurance premium (MIP) schedule for FHA-insured borrowers.

Beginning April 1, 2013 -- 21 days from now -- some FHA-backed homeowners will pay as much as 1.55 percent for annual FHA mortgage insurance, and will pay the FHA MIP for the life of their loan. For others, FHA mortgage insurance terms won't change.

Here's a quick breakdown of the changes ahead.

Click here to beat the FHA MIP increase.

FHA Changing MIP Schedule To "Build Reserves"

The Federal Housing Administration is an insurer of mortgage loans, and its portfolio has increased dramatically since last decade.

In 2006, the FHA insured fewer than 4 percent of all purchase-money mortgages. By 2010, that figure swelled to close to 20 percent. Unfortunately, however, the market share gained by the FHA was off less-than-high quality loans.

There were two reasons why.

First, when the market for second mortgages dried up, U.S. home buyers lost access to the 80/20 financing that allowed for a zero-downpayment mortgage. The shift left the FHA's 3.5% downpayment program as the lowest low-downpayment mortgage program for buyers, resulting in buyers flocking to it.

Not surprisingly, low downpayments correlate highly with foreclosure and default.

Second, when conventional mortgage backers Fannie Mae and Freddie Mac began to add risk-based pricing to their home loans via loan-level pricing adjustments -- raising rates and fees on applicants with FICO scores under 740, for example -- by comparison, the FHA's available mortgage rates were suddenly amazingly low for all "non-prime" borrowers.

Again, not surprisingly, low FICO scores also correlate highly with foreclosure and default.

Shortly thereafter, the rate at which FHA loans went into default increased, which forced the FHA to pay more insurance claims than it had expected. The group was forced to pay claims at such a furious pace that its reserves fund dwindling.

By 2010, the FHA's Mutual Mortgage Insurance (MMI) account had dropped below $2 for every $100 insured, which was a violation of the agency's congressional mandate. Through 2011, the losses continued and, in 2012, the FHA's most recent audit showed the group with negative $1.44 for every $100 insured.

The FHA must rebuild its reserves by law, and this is why the FHA MIP schedule is changing.

Click here to beat the FHA MIP increase.

The New 2013 FHA MIP Schedule

FHA-insured homeowners pay mortgage insurance in two parts.

The first part is called "upfront mortgage insurance" (UFMIP) and it's a one-time payment that is made at closing. UFMIP is traditionally added to your loan size, and is not used in loan-to-value (LTV) calculations for an FHA loan.

The second part of FHA mortgage insurance is known as the annual mortgage insurance premium (MIP). Annual MIP is paid monthly as part of your regular mortgage payment. On a mortgage statement, MIP is sometimes itemized as "HUD ESCROW".

Unlike upfront mortgage insurance premiums, annual MIP payments vary based on your loan term, your loan-to-value, and your loan size.

Refinance An Existing FHA Mortgage From Before June 1, 2009

The FHA rewards its long-time customers with low MIP rates.

If your current FHA-insured mortgage pre-dates June 1, 2009, the FHA will allow to you use the FHA Streamline Refinance program and not require you to pay the new, higher MIP rates.

For these "grandfathered" loans, the UFMIP charged is equal to 0.01% of your loan size, or $10 for every $100,000 borrowed. This amount is added to your loan balance at the time of closing such that a homeowner in Potomac, Maryland borrowing at the FHA jumbo loan limitof $729,750 would pay seventy-three dollars.

The annual mortgage insurance premium schedule for such "old loans" is similarly low :

• 15-year fixed rate mortgage with loan-to-value of 78% or less : No annual MIP required
• 15-year fixed rate mortgage with loan-to-value greater than 78% : 0.55% annual MIP
• 30-year fixed rate mortgage, all loan-to-values: 0.55% annual MIP

In our same example, if the Maryland homeowner uses an FHA Streamline Refinance to refinance into a 30-year FHA mortgage, the monthly MIP would be $334.

Note : These special mortgage insurance rates apply to FHA refinances only. This may include the FHA Streamline Refinance, or a credit-qualifying FHA refinance. By definition, purchases will not qualify for the grandfathered rates because they are not replacing an FHA-insured loan which pre-dates June 1, 2009.

Click here to beat the FHA MIP increase.

All FHA Purchases, And Refinances Of An Existing FHA Mortgage From After June 1, 2009

For new FHA purchase loans, and for refinances of an FHA-backed mortgage from on, or after, June 1, 2009, the federal agency applies a different series of mortgage insurance premiums.

First, the FHA will continue to assess an upfront mortgage insurance premium of 1.75% of the loan size for all new borrowers, or $1,750 for every $100,000 borrowed. This is the same rate at which the FHA currently assesses UFMIP.

Annual mortgage insurance rates, however, are changing.

The annual MIP schedule for newer FHA mortgage varies based on three loan traits : (1) Loan-to-value, (2) Loan term, and (3) Loan size. The annual MIP schedule is as follows :

• 15-year loan term, LTV less than, or equal to, 78 percent : 0.45% annually
  
• 15-year loan term, LTV greater than 78 percent, less than 90 percent : 0.45% annually
• 15-year loan term, LTV greater than 90 percent : 0.70% annually
• 30-year loan term, LTV less than, or equal to, 95 percent : 1.30% annually
• 30-year loan term, LTV greater than 95 percent : 1.35% annually

In addition, FHA mortgages for which the loan size exceeds $625,500 are subject to additional MIP.

Loan terms of 15 years or fewer require an extra 0.25 percentage points of annual MIP. Loan terms of more than 15 years, including the 30-year fixed rate mortgage, are subject to a 0.20 percentage point increase.

The new annual MIP rates go into effect for all new FHA loans, beginning April 1, 2013 with the exception of the 15-year loan term with loan-to-value of seventy-eight percent or less. For this lone combination, the new rate goes into effect June 3, 2013.

In addition, the FHA is changing its policy which allows for MIP cancellation.

Currently, the FHA cancels MIP for homeowners who have paid mortgage insurance for at least 5 years on a 30-year fixed rate loan, and whose loan size is less than 78% of the lower of a home's original purchase price or appraised value.

Beginning in June, the FHA will remove annual MIP after 11 years for homeowners whose starting LTV is 90% or less. For everyone else, including those making a 3.5% downpayment, the FHA will assess MIP for the duration of the loan's term.

Click here to beat the FHA MIP increase.

Apply Now To Beat The April 1, 2013 Deadline

The FHA's mortgage insurance changes don't go into effect until Monday, April 1, 2013 and, once your application is underway, you are protected from future changes.

Therefore, if you've been considering an FHA mortgage for your next home purchase, or a refinance via the FHA Streamline Refinance program, don't delay. The longer you wait, the more you will pay in mortgage insurance.

Be sure to check today's FHA mortgage rates. Get started online, for free.

Click here to beat the FHA MIP increase.

Contact The Mortgage Mark with any questions!!

mark@themortgagemark.com 

My Home Didn’t Appraise For Its Purchase Price. What Are My Options?

Whether you're buying, selling or refinancing a home, the home appraisal is an important part of the process.

What Is A Home Appraisal?

By definition, appraising a home is the act of assigning monetary value to a property; determining its "fair market value".

For today's home buyers, a home appraisal helps to determine whether you're over-paying for a home relative to similar for-sale homes, or getting a "good price". For refinancing households -- save for those using a no-appraisal-needed streamlined refinance -- the appraisal helps to determine your mortgage eligibility.

Appraisals are performed by licensed home appraisers and there are several different methods by which an appraiser will assign value to a home. The Sales Comparison approach is the most common.

Via the Sales Comparison appraisal approach, a home appraiser will compare your home to similar homes in the immediate vicinity with similar physical attributes.

Examples of such traits includes number of bedrooms; number of bathrooms; age of home; quality of home finishes; and square footage. Location matters, too, such that similar homes in different school districts may have different appeal and may not be considered "comparable".

Appraisers will then look at recent sales data of such similar homes, and will assign your property's value based on available data, and with adjustments made for variances between homes. A home with a finished basement, for example, may be adjusted to a higher value; as might a home with recent renovations.

Homes sold in the most recent 90 days will receive the highest weight in the Sales Comparison approach. Homes sold over 6 months are often given no consideration whatsoever.

Click here for today's mortgage rates.

What Happens When A Home Appraises For Less Than Its Purchase Price?

Another home appraisal function is to help set your downpayment amount on a purchase.

Mortgage lenders use home appraisals as the "value" portion of the your mortgage's loan-to-value (LTV) calculation, where "value" is equal to the lower of your home's purchase price or its appraised value.

For example, if you purchase a $410,000 condo in Chicago, Illinois with an appraised value of $400,000, and you plan to make a 3.5 percent downpayment via the FHA, your required downpayment amount is fourteen thousand dollars.

Conversely, if your home appraises for more than the purchase price, the required downpayment amount is $14,350.

When your home appraises for less than its purchase price, there are three potential outcomes :

1. Buyer and seller renegotiate a new, lower home sale price
2. Buyer increases downpayment to meet new LTV and downpayment minimums
3. Buyer chooses neither option, and cancels home purchase contract

The possibility of a "bad appraisal" is among the reasons why the majority of home purchase contracts are written with an appraisal contingency. In the event that the home fails to appraise for its purchase price, the contingency clause gives buyers an opportunity to re-evaluate.

Appraisal contingencies are also sometimes used to renegotiate or exit contracts after an appraiser identifies required repairs, such as chipped paint or cracked windows.

Click here for today's mortgage rates.

How Much Home Can You Afford?

For today's home buyers, a home's appraised value is unlikely to fall short of its sale price. This is because buyers and sellers are more savvy about the "going price of a home" in 2013, and because U.S. housing markets have exhibited steady growth since late-2011.

Home appraisers are likely to consider both factors when assigning a home's Fair Market Value.

If you plan to buy a home in 2013 or 2014, consider your household budget and your expected home downpayment. An appraisal can change your math, and so can rising home prices. See how much home you can afford -- it's free and there's no obligation whatsoever.

Click here for today's mortgage rates.

Contact The Mortgage Mark with any questions!

www.themortgagemark.com     mwilkins@capitalfmc.com  

Data from Inside FHA Lending shows that mortgage bankers funded $233 billion in FHA-insured loans last year, marking a 22 percent increase from the year prior. Recently announced changes, however, may derail that success.
For all FHA borrowers, the Federal Housing Administration has set deadlines for a new mortgage insurance premium schedule; an increase in downpayment minimums; and, new underwriting standards for loans with low credit scores.
All FHA mortgages will be affected.
Click here to check your FHA eligibility.

FHA Mortgage Insurance Premium Changes

The FHA is an insurer of mortgage loans and, by law, it is required to maintain a 2% reserve in its Mutual Mortgage Insurance (MMI) fund. Currently, because of bad loans made last decade, the FHA's reserves are -1.44 percent.
In an effort to rebuild the MMI, therefore, the Federal Housing Administration has planned some changes -- chief among them, an increase in annual mortgage insurance premiums on most FHA-backed mortgages.

New MIP Begins April 1, 2013

Beginning April 1, 2013, most FHA-backed mortgages will be subject to an MIP increase of 10 basis points annually, or 0.10 percentage points. The increase applies to all loan terms, including 15-year fixed-rate FHA loans.
In addition, insurance premiums for jumbo FHA loans will change, too.
Loans with terms of 15 years or less, and balances between $625,500 and $729,750, will be subject to an increase of 10 basis points annually, or 0.10 percentage points. These loans are only available in designated "high cost" areas which include Orange County, California; Montgomery County, Maryland; and Eagle County, Colorado, among others.
Loans with terms of between fifteen and 30 years will be adjusted higher by 5 basis points annually, or 0.05 percentage points, to a the maximum 1.55% annual MIP rate as allowed by law.
The MIP increase will not affect FHA Streamline Refinances which replace FHA loans from before June 1, 2009.

New FHA MIP Cancelation Policy Begins June 3, 2013

The Federal Housing Administration also made a second MIP-related announcement -- the agency is reversing its policy which allows FHA-backed homeowners to cancel mortgage insurance premiums once the outstanding principal balance of an FHA loan reaches 78 percent of the original balance.
Going forward, the FHA will disallow the removal of MIP throughout the life of a loan, if the loan's starting loan balance is higher than 90% of its appraised value. This is true for purchases and refinances.
For loans in which the loan-to-value begins at 90 percent or less, mortgage insurance premiums must be paid for 11 years. This change goes into effect June 3, 2013.

Other Changes To FHA Loans

In addition, the FHA will now require lenders to manually underwrite loans in cases in which borrowers have credit scores lower than 620 and total debt-to-income ratios higher than 43 percent. In these instances, lender must also document any factors that support approving the loan.
Furthermore, the Federal Housing Administration will announce higher down payment requirements for jumbo FHA loans, increasing the minimum from 3.5 percent to 5 percent or more.
Click here to check your FHA eligibility.

How To Get A Mortgage Via The FHA

The good news is that FHA mortgages -- although more restrictive -- remain among the best "deals" for both low-downpayment buyers and current homeowners with FHA-backed loans.
To check your FHA eligibility, and how the agency's new rules may affect your finances, get started with a rate quote online. It's fast, free, and if you get started before the April 1, 2013 deadline, you'll be "grandfathered" in to the current, lower MIP rates.
Click here to get started with today's FHA mortgage rates.


Contact The Mortgage Mark with any Questions!!!

http://www.themortgagemark.com 

Mark@themortgagemark.com 

 

8 Ways To Accidentally “Un-Approve” Your Mortgage

8 Ways To Accidentally “Un-Approve” Your Mortgage

 

 

 

For all the talk of how tough it is to be "mortgage approved", the basics of mortgages haven't changed. Mortgage approvals are still the 3-legged stool of income, equity, and credit.
Sometimes, though, it's not getting approved that's hard -- it's staying approved.
You have to watch out for landmines. 

When Things Go Wrong

Mortgage approvals take time. In a typical home loan market, it's about 3 weeks from start-to-finish.
Approvals can take longer, however, depending on market conditions. For example, if rates are low and there's a refi boom on-going, a refinance can take 6 weeks to close. Banks don't have capacity to do work much faster.
Or, if you're buying a home and it's a short sale or foreclosure, expect delays there, too. With REO, it can take up to 6 months to get to the closing table.
Click to get today's mortgage rates.
Thing is, during that "extra time" -- 3 weeks, 3 months or longer -- a lot can go wrong, and when things go wrong, your loan goes bad. For example, if lose your job, become ill, or see your home damaged by storms, you may lose your mortgage approval -- even if you were previously cleared-to-close.
Unfortunately, these are all events that are beyond your control. You can't control sickness any more than you can control Mother Nature. But you can control yourself during those extra few weeks.
Good behavior matters in mortgage.

Bad Mortgage Behavior, Defined

Keeping "good behavior" in mind, here are 8 things you should absolutely not do between your date of application and your date of funding. I've been doing this long enough that I can say with certainty: Ignore these rules at your own peril.

1. Don't buy a new car or trade-up to a bigger lease
2. Don't quit your job to change industries or start a new company
3. Don't switch from a salaried job to a heavily-commissioned job
4. Don't transfer large sums of money between bank accounts
5. Don't forget to pay your bills -- even the ones in dispute
6. Don't open new credit cards -- even if you're getting 20% off
7. Don't accept a cash gift without filing the proper "gift" paperwork
8. Don't make random, undocumented deposits into your bank account

And that's it.
Now, you may find it 100% impractical to have follow these rules to the letter. I know that.
For example, if your car lease is expiring, you have to do what you have to do. Renew the lease. But before doing it, you should check with your loan officer to see if renting a car in the short-term, instead, would be a more mortgage-friendly solution instead.
The same goes for accepting cash gifts from parents. There's a right way and a wrong way to accept a cash gift from family and if you do it the "wrong way", your gift may be prohibited from use as part of your downpayment funds.
There are a bevy of "gotchas" in Mortgageland and you can't expect to know them all. These 8 rules, however, are a good start.
Click to get today's mortgage rates.

Get Low, Long-Term, Locked Mortgage Rates

Mortgage refinances take time and the best thing while your loan is in process is to keep the status quo. You can't control nature, but you can control you. Be smart with your finances and don't let your mortgage get un-approved.
Click to get today's mortgage rates.

Contact The Mortgage Mark with any questions!!

Mark@themortgagemark.com   www.themortgagemark.com 

Bi-Weekly Mortgage Payments : Will You Pay Your Mortgage Faster?

Bi-Weekly Mortgage Payments : Will You Pay Your Mortgage Faster?

Thinking of starting a bi-weekly mortgage payment plan? You may want to think again. A bi-weekly plan may sound terrific, but it's a program not without its risks.
There may be better, less expensive ways to own your home faster.
Click here to see today's mortgage rates.

Typical Mortgage : 12 Payments Per Year

The typical mortgage asks for one payment per month, which equals 12 payments per year. With a 30-year fixed rate mortgage, therefore, 360 payments are required to pay the loan in full.
Each mortgage payment is split into two parts -- a principal portion and an interest portion. The principal portion is applied to the amount that you owe the bank. This diminishes your remaining loan balance. The interest portion is your cost for borrowing from the bank.
As your loan moves toward maturity, the balance between your mortgage payments' principal-and-interest shifts. In the early years, a significant portion of your payment is comprised of interest and just a small part goes to paying down your balance. It's not until later in your loan's lifecycle does the principal portion of the payment start to grow.
This repayment schedule is the reason why after 5 years or so, your loan's balance has been barely paid down. The technical term for this repayment schedule is amortization (ah-mor-ti-ZHAY-shun).
Click here to see today's mortgage rates.

Bi-Weekly Mortgage Payments : 13 Payments Per Year

A bi-weekly mortgage payment program is meant to short-circuit your loan's amortization schedule. Instead of taking 12 payments per year, the bi-weekly payment plan asks for one payment every two weeks, which adds up to 13 payments per year.
Except that you can't make 13 payments per year on your mortgage -- that's not how a mortgage works.
With a mortgage, you pay a certain amount of interest on an annual basis and that amount is covered in your first twelve payments. The 13th payment has to go somewhere, though, so it gets applied to your principal balance; the amount that you still owe to the bank.
And, this is how a bi-weekly payment plan works. With each "13th payment", your loan balance is reduced by the entire amount of the payment. You reach your loan's payoff date sooner.
At today's mortgage rates, bi-weekly payments shorten your loan term by 4 years.
Click here to see today's mortgage rates.

Effective Alternatives To Bi-Weekly Payments

Bi-weekly payments plans work; there's no doubt about that. It's just basic math. However, there are several reasons why homeowners may want to avoid enrolling in a bi-weekly mortgage payment plan.
The first -- and most obvious -- reason to avoid bi-weekly mortgage payment programs is that homeowners choosing to self-manage their bi-weekly payments get better results than via a bank-managed bi-weekly payment program.
Here's how to self-manage : Rather than sending payments to the bank every other week, achieve the same result by making your regular mortgage payment once monthly, an adding 1/12 of your regular mortgage payment to your check.
For every $1,200 in your mortgage payment, in other words, add $100 to your monthly payment. By sending $1,300 to your lender monthly, you will "overpay" your mortgage by $1,200 annually, which is a 13th payment.
Assuming a $300,000 mortgage at 4.000%, look at how the math works :

• Bank-managed bi-weekly mortgage payments pays off in 26 years, 0 months
• Self-managed bi-weekly mortgage payments pays off in 25 years, 11 months

This math works because banks don't apply that 13th payment until the year is complete. By contrast, your self-managed system applies 12 times per year.
Click here to see today's mortgage rates.
Another reason to skip the bi-weekly mortgage program is that bi-weekly payments are a contract and once that contracts starts, as a homeowner, you're obligated to make those 13 payments per year no matter what.
By contrast, with a self-managed payment plan, you never have that obligation. You can choose to skip a month during the holidays, for example, then double-up on payments later on, or not at all. It's all in your control -- not the bank's.
And, lastly, if you find your bank is charging for it bi-weekly mortgage payment program, make sure to say "no" no matter what. That's just wasted money.
Click here to see today's mortgage rates.

See Your Mortgage Payment Choices By Email

Putting bi-weekly mathematics aside, the thing is, with mortgage rates low, your best alternative to the bi-weekly mortgage plan may be to get a new mortgage altogether.
Extra payments can speed up your payoff, but not as well as taking a zero-closing cost refinance, then putting your monthly savings back to your loan balance. Your mortgage payment stays the same, but your loan payoff date shrinks.
Assuming a 1 percent drop in your mortgage rate, the Refinance-and-Reinvest plan can shorten your loan's term 63% more than via a bi-weekly mortgage payment program.
And with lower interest rates, of course, comes larger long-term savings.
Click here to see today's mortgage rates.

Contact The Mortgage Mark with any questions!!

mark@themortgagemark.com

www.themortgagemark.com

September 12, 2012


Dear Valued Customers and Past Clients,

We have recently been made aware of a deceptive attempt to extract money from unsuspecting customers of banks, including our Bank.

Some Capital Financial Mortgage Corporation customers recently received a Litigation Notification from the Residential Litigation Group, PA. The notification indicates that this “Group” is intending to file a claim against Capital Financial Mortgage Corporation for improper lender actions.

While it may first appear otherwise, this notification is actually an advertisement for a law firm. In fine print on the form itself, it explicitly states that, “This advertisement does not contain or constitute legal advice.”

Do not respond to this letter and please do not send them money. We are taking appropriate action in order to bring such misleading advertising practices to an immediate halt. If you received this letter and have any further questions, we urge you to contact us locally at 267-704-0050 or 610-532-1775.

As always, thank you for being a Capital Financial Mortgage Corporation customer.

How Does Refinancing Work?

In the world of mortgages, the term "financing" refers to borrowing money from a bank to help pay for a property.

If then, at a later date, the homeowner wishes to replace his mortgage with a new one -- one with either a lower mortgage rate, for example, or one that provides cash-out at closing -- the financing process is repeated.
This repeat is called a "refinance". Refinancing is when you obtain a new mortgage loan to pay off and replace an existing one.
Click here to get today's mortgage rates.

Refinances Require Re-Verification

Because a refinance amounts to establishing a brand-new loan with brand-new terms, it follows that refinance applicants are subject to the same approval process as for the initial mortgage which was given at the time of purchase. A refinanced mortgage represents a brand-new debt and must be underwritten accordingly.
As with a home purchase, there are three basic areas against which a refinance applicant is evaluated :

1. Credit Score and Payment History
2. Income and Employment History
3. Retirement Assets and Cash Reserves

Furthermore, the home being refinanced is subject to an appraisal to determine its current value.
Next, the above traits are compared against today's mortgage standards. If both the refinancing household and the home itself meet current mortgage guidelines, the refinance will be approved and the old loan will be replaced.
Click here to get today's mortgage rates.

3 Types Of Mortgage Refinance

Mortgage refinances come in three varieties -- rate-and-term, cash-out, and cash-in. The refinance type that's best for you will depend on your individual circumstance.

Rate-And-Term Refinance

In a rate-and-term refinance, the only terms of the new loan which differ from the original one are either the mortgage rate, the loan term, or both. Loan term is the length of the mortgage. For example, in a rate-and-term refinance, a homeowner may refinance from a 30-year fixed rate mortgage into a 15-year fixed rate mortgage; or, may refinance from a 30-year fixed rate mortgage at 6 percent mortgage rate to a new, 30-year fixed rate mortgage at 4 percent.
With a rate-and-term refinance, a refinancing homeowner may not walk away from closing with more than $2,000 in cash. Closing costs and escrow reserves may be added to the loan balance.
Click here to get today's mortgage rates.

Cash-Out Refinance

In a cash-out refinance, the new mortgage may have a lower mortgage rate or shorter term as compared to the original home loan. However, the defining characteristic of a cash-out mortgage is that the loan balance of the original mortgage is increased to account for cash-in-hand at closing of more than $2,000; for debt consolidation; or, to combine an existing first and second mortgage.
Cash-out mortgages represent more risk to a bank than a rate-and-term refinance and, as such, carry more strict approval standards. For example, a cash-out refinance may be limited to a lower loan size as compared to a rate-and-term refinance; or, may require higher credit scores from the applicant.
Click here to get today's mortgage rates.

Cash-In Refinance

With a cash-in refinance, a refinancing homeowner brings cash to closing in order to pay down the loan balance. The refinanced mortgage may also have a lower mortgage rate, or a shorter loan term, or both. There are several reasons why homeowners opt to do a cash-in mortgage, but the most common reason is to get access to lower mortgage rates which are only available at lower loan-to-values, or to remove mortgage insurance payments for loans over 80% LTV.
A mortgage at 75% loan-to-value, for example, may get better rates than a mortgage at 80% loan-to-value, and conforming loans under 80% LTV pay no PMI.
Click here to get today's mortgage rates.

"Special" Refinance Programs For Homeowners

With respect to refinancing, there are four mortgage programs for which the mortgage approval process is different. Collectively, these programs are known as "streamline" programs because their respective underwriting requirements are grossly simplified.
With a streamline refinance, lender often waive large chunks of the "typical" mortgage approval process which may include waiving appraisals, waiving income verification, and waiving credit score minimums.
Four common streamline refinance programs are :

• FHA Streamline Refinance : For homeowners with an existing FHA mortgage
• VA Interest Rate Reduction Refinancing Loan (IRRRL) : For homeowners with an existing VA mortgage
• Home Affordable Refinance Program (HARP) : For homeowners with an existing Fannie Mae or Freddie Mac mortgage
• USDA Streamline Refinance : For homeowners with an existing USDA mortgage

Streamline refinances are available via any lender and mortgage rates are the same as with "traditional" refinances.

Contact The Mortgage Mark with any Questions!!

mwilkins@capitalfmc.com

www.themortgagemark.com