Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for jrod148

New Fannie & Freddie Refinancing

I spoke with my current lender (Landmark Credit Union) last night and he informed me that there is a new Fannie&Freddie refinancing program that they will be offering starting 4/3/09.  He stated it would be a streamline refi where they wouldn't increase the rate due to credit score or the fact that my home is a duplex (two weeks prior he quoted me 5.9% because of rate increases for the duplex and credit score).  Last night he quoted me 5.125% with $995 in closing costs.  Has anyone else heard of this type of program?  I'm more than willing to change lenders if there is a better deal out there.  Or should I lock in?  I've called one other lender today and they had not heard of this program.  Any thoughts?
  • March 25 2009 - Milwaukee
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

You may be eligible for the Making Home Affordable Program that begins after the April 4th weekend. Under this program, you must have either a Fannie Mae or a Freddie Mac mortgage. If you are not paying private mortgage insurance (PMI) now, then you will not have to pay it on your new mortgage. In addition, if you have a Freddie Mac mortgage, all loan level price adjustments (LLPAs) will be waived. To the best of my knowledge, Fannie Mae has not yet made the same offer.

To find out if you have a Freddie Mac mortgage, call toll-free 1-800-FREDDIE (8am to 8pm EST) or go online at https://ww3.freddiemac.com/corporate.

To find out if you have a Fannie Mae mortgage, call toll-free 1-800-7FANNIE (8am to 8pm EST) or go online at http://loanlookup.fanniemae.com/loanlookup.

To find out if you're eligible for the program, go to http://makinghomeaffordable.gov/.

 

  • March 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If he said he can lock you in early I would call another lender that knows what they are doing.
  • March 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jrod148
My lender said he would lock me into the program early at today's rate.  Should I do that or wait a week to see what the rates will be then?  5.125% when I currently have 6.75% is great but do I risk waiting and it potentially going up?  
With this program, I would assume the number of refinances would increase.  Would this drive up the interest rate?
  • March 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

He is referring to the HASP program and nobody knows what the rates are going to be yet. There could be an "adjustement" to the rate but we dont know. First week of April is when to start asking the questions.

If that "one other lender" doesn't know about HASP or hasn't heard about it I would suggest deleting his phone number from your rolodex. There shouldnt be ANY decent loan officer/lender in the country that doesnt know about HASP.

  • March 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Jrod,

If Landmark had not informed you about this you would be none the wiser. The rate and fees given you are very good. What may seem better "out there" may end up a lot worse. You have a relationship with them now. Just do it! .... Best wishes, Rudi
  • March 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jrod148
  • March 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.