Question by vinny: my house was bought i 2005. my 5/1 arm expires oct.1 2010. the govt. refinance program(harp)?
expires june 2010. does it mean that i have to rush and refinance before june 2010 even though 5/1 expires in october 2010, discount cheap (assuming that i may owe more than the value). what is the best thing to do?
Best answer:
Answer by The Mortgage Banker
You may also consider other programs as well through Fannie Mae and Freddie Mac. If you’re loan is currently with Fannie or Freddie there are options for you that allow a refinance of you’re home even if you owe more than it’s current market value. You can check to see if Fannie Mae or Freddie Mac own you’re mortgage by going directly to Fanniemae.com or Freddiemac.com and use the property look up tool.
If it is owned by Fannie or Freddie get in touch with a good lender to see if they can help you refinance.
Should you refinance now – YES. Why? Because interest rates will most likely not return to the current lows we are now experiencing for many years to come. And with all the goverment borrowing we can expect to see inflation hit the market in the future which will lead to higher interest rates.
Please let me know if you have any questions. I am a California Lender.
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