Do you have a Fannie Mae or Freddie Mac loan and cannot refinance due to declining property values or a loss of income? Most home loans are owned by Fannie or Freddie. The bank you make your check out to, only collects the monthly payment.

We have rates in the 4% to 5% range!  Call today - these rates won't last

Would you like to reduce the cost of your monthly mortgage payments or move into a stable fixed rate mortgage? We may be able to assist through the Homeowner Affordability and Stability Plan.

The Obama Administration "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future.
One of the initiatives in this program is aimed at helping responsible homeowners "refinance" their loans to take advantage of historically low interest rates. Here are some common Questions and Answers about the Refinancing Initiative in the program.

Who is eligible?

You own and currently occupy a one- to four-unit home.
Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
Most home loans are owned by Fannie or Freddie.
The bank you make your check out to only collects the payment.
You are current on your mortgage payments.
The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
And, you have a stable income sufficient to support the new mortgage payments.

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Eligible loans will include those where the first mortgage will not exceed 125% of the current market value of the property. For example, if your property is worth $200,000 but you owe $225,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?
It will only take 2 minutes to find out. Click on the link and fill in the required info: Fannie Mae and Freddie Mac.  You can also call or email me and I'll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac.

To contact them directly:

Fannie Mae
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable

Freddie Mac 
1-800-FREDDIE (8am to 8pm EST)
https://ww3.freddiemac.com/corporate/ or http://www.freddiemac.com/avoidforeclosure/

How do I find out how much my home is worth?

You can do a basic property value check by going to your county's web site and check the tax value.  The second step is to do an internet search of property values in your area.  To do this click here. Type in your address and you will get 3 different opinions of value. This is only a ballpark figure. Then the final determination will be made with a property appraisal that is order at the time of loan application. This must be done by the lender you are working with such as me.

If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?

No. But the good news is, you may qualify for the Modification Initiative. Contact me to discuss your situation and review your options.

Modification Information:
http://makinghomeaffordable.gov/modification_eligibility.html


Today’s interest rates are still low, and Tim's Citywide Team can help lower your monthly payments.

Are you paying too much interest on your current mortgage? Are your home payments too high? Do you need to get out from under an adjustable rate loan and lock into a fixed rate? Interest rates are still low. Refinance your current mortgage and save money with a lower interest rate loan.

One way to reduce your monthly financial burden is to leverage your home's equity and lock into a fixed rate loan. Think of all you can accomplish with a lower, fixed rate loan: Build that new deck, pay for college tuition, remodel the kitchen, consolidate high interest credit cards or just have cash available in case of an unexpected emergency.

Tim's Citywide Team fixed or adjustable rate refinance programs allow you to qualify for:

    * Lower your monthly payments
    * Reduce the amount of interest you pay
    * Use your home's equity to provide cash for any need
    * Ask about our No Closing Cost option 

Use the cash to fix up or remodel your home and improve energy savings.
Click here: Tips for remodel and energy savings

Before interest rates go up once again, leverage your home's equity to get the cash you need. Call Tim's Citywide Team today and we will gladly answer all your refinancing questions.