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President’s updated mortgage relief program- UPDATE

Home Affordable Refinance Program (HARP)
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP.

HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process as this is not a modification.

As we near the rollout of the new program, there are some points to consider:

1. Qualified Mortgage must have been transferred to Fannie or Freddie by May 31, 2009. Please ask us to check for you!
2. Loans with balances over 105% of your value are limited to fixed-rate mortgages up to 30 yr. term
3. No limit how much negative equity you have for existing 2nd lien
4. 30-year Fixed Rate, over 125% of your value available February 1, 2012,
5. 15-year Fixed Rate, over 125% of your value available June 1, 2012
6. 15-year Fixed Rate with balances between 105.01% thru 125% of your value available June 1, 2012.
7. Subject Property may currently be listed for sale
8. Borrower(s) may be removed through the refinance transaction
9. The remaining borrower may not “buy out” the interest of another borrower
10. Jumbo-Conforming Mortgage or high-balance loan may qualify for refinance

While some of these changes are taking place sooner than others, March is the estimated rollout date for all guidelines. Many of these rules and regulations is information that only we can look up for you, so please don’t hesitate to call and see if you qualify. This is new and improved and the ins and outs can be confusing, but you can trust that MBA Mortgage Corporation will conduct “over the top” research to ensure you are making the most educated decisions for what’s best for you! 

What’s the Fuss about Appraisals? What are they? What do they mean to me? Do I even need one?

In today’s uncertainty about home values, there is an ever increasing fear and worries from the part of home owners, buyers and sellers about their most important asset: their homes. What’s the answer to that? An easy answer is to call MBA Mortgage Corporation. We will explain what these appraisals mean to you. How it can affect your financing, your buying and selling, or if you even need one at all!!

What is an appraisal?

The process of home appraising revolves around the opinion of a professional appraiser on the market value of a home based on a survey done using a standard method of practice. The appraisal is usually done by a professional at the request of a bank for a mortgage loan that is being approved for a borrower. However, these options can vary dramatically depending on many parameters such as timing and the actual appraiser used.

Here at MBA Mortgage Corp, we capitalize on our outstanding relationships with many professionals, to help us look at the information an appraiser will provide. We partnered with top real estate professionals in your area to help us get a better idea on what we are looking at and what the potential appraiser would be looking at. Upfront! So you can make a more informed decision about getting one and how it may or may not affect you

What does the Appraisal have to do with my refinance?

Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. MBA Mortgage loan officers always make this process as smooth as possible. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property. A lender needs to find out how much your home is worth to determine how much they will loan you.

In addition with all the new and changing programs that keep coming out, Appraisal requirements can be less stringent and in some cases can be eliminated altogether. Speak with an MBA expert and ask if you can refinance your property without an appraisal.

At MBA Mortgage we have established many outstanding and lasting relationships with many market actors. These resources are available to our clients at no costs and are free added services to you. If you have any questions or just not sure about something, speaking with an MBA expert can save you a lot of time and most probably some money.

Is an Annual Mortgage Check-Up Really Necessary?

You get your yearly physical, your car tuned-up every year, and your HVAC serviced annually, why wouldn't you get an annual Mortgage Check-Up as well? Lots of reasons, according to MBA Mortgage, industry leading mortgage professionals. With new programs and products coming out from the Federal Government and local lenders it is more important than ever to know if you qualify for money saving refinance programs. Imagine what you would do with an extra $150/month? Sounds like a needed Date Night to us!

Q: Are annual Mortgage Check-Ups necessary?

A: The debate about this question has been going on for years. In the 1990s and 2000s there was little concern over rates as home prices were on the rise — people who had annual Mortgage Check-Ups benefited the most since they were able to utilize the increase in their home equity for needed upgrades and repairs to their home while still maintaining a steady control over their monthly payments. By knowing what options were available to them on a yearly basis, people who looked into their mortgage, were able to make educated decisions about their financial future, utilizing all the information that was available on the market. Sounds like a lot of work, right? MBA Mortgage helps our clients with the task of doing all the necessary research by making the experience streamlined, informative and fun. Have one of MBA Mortgage experts show you what you can do with your mortgage, you WILL BE pleasantly surprised by the results of an annual Mortgage Check-Up.
We discuss what your long term goals are for your home as well as what changes took place in your life in the past year. The best time to get a Mortgage Check-Up is now, right before you file your taxes. One of the major goals of our work at MBA Mortgage is to bring an understanding to you, so you can better plan your financial future through leveraging your mortgage towards your benefit. Together we work until we come to goal of where you want to be and what you should do to get there. First step, get a Mortgage Check-Up. Like everything in your life, even your mortgage needs attention.