Did you know you can still do a refinance with no equity in the home?
A client of mine called me a few months ago to ask if there were any new programs like the old “Obama Loan” that used to let people refinance even when they did not have equity in the home or were upside down on their mortgage. I let him know that the HARP loan (Home Affordability Refinance Program) was the real name of the program (not the Obama Loan) and that it never went away. It was still alive and well and it would work for him. He was able to lower his interest rate to the mid 3’s AND shorten his term to 15 years. After realizing that he thought the program was no longer available, it occurred to me that there might be other people who thought the same thing. I’m here to tell you it is STILL alive and well.
If you know anyone who needs to lower their rate or shorten their term (or both), have them give us a call.