There are 3 home loan programs that will allow you to refinance your existing home loan into a lower fix rate in California and they are the FHA, Fannie Mae/Freddie Mac and the VA home loan programs. We all know the values have not come back enough to refinance to rid your loan with mortgage insurance but below are options.
The FHA home loan programs has a built in feature that if the rates should drop (like they have) and the payment savings is more than 5% of the principle, interest and mortgage insurance than you have this option available, barring that you meet the credit the credit requirements, just need to minimum credit scores and 12 months of on time pay to the current lender in the past 12 months and income documentation is not required (need to have employment). This is a very smooth without a lot of paperwork like there was when you purchased the home. If you have not already explored this option, need to do so right away and have money for the holidays or worst yet the rates start to increase and you would have missed out on a great opportunity to lower your rate and payment.
Fannie Mae and Freddie Mac have programs in place also that can assist you with out an appraisal. This program requires, full documentation on income, credit and assets. To see if your loan is owned by either one of this two GSEs, go to Fannie Mae Lookup and Freddie Mac Lookup and answer the few questions and see if you are owned by one of them. If you are then you have options and welcome the opportunity to discuss them with you. With this program you can be upside down on your equity and still refinance without an appraisal or even having mortgage insurance. If you have not looked to see if you are owned by one of these 2 GSEs, do it right away both this program is gone.
VA also has a refinance home loan program that does not require value in your home in order to reduce your rate and payment called the IRRRL (Interest Rate Reduction Refinance Loan). This program also does not require value or income when you move forward with this option. Must meet minimum credit requirements with credit score and mortgage payment. Just another program to take advantage of right away before the rates climb and then there is not a benefit you on the savings.
These are 3 great home loan programs to refinance your existing home loan into a lower fix rate with minimal documentation required. If you have nt explores these options, do so right away before the program is gone, programs requires additional items to qualify, rates move in the upward or the cost of these programs increase.
Lets get started, I welcome the opportunity to explore one of these home loan programs with you, it does cost anything to talk on how you can take advantage of this benefit. Please contact me right away at 909-503-5600 or email me and I will contact you right away. I look forward in hearing from you.