Are you considering refinancing your mortgage? If so, you'll definitely want to learn more about Fannie Mae's RefiNow™ Program. This innovative program is designed to help homeowners like you save money and simplify the refinancing process.
With RefiNow™, eligible borrowers can take advantage of lower interest rates and reduced monthly payments. Plus, the program offers benefits such as no appraisal or minimum credit score requirements, making it easier than ever to refinance your home loan.
So, how do you know if you qualify for RefiNow™? Generally, borrowers must have a Fannie Mae-backed mortgage, be current on their payments, and meet certain income requirements. To learn more about the program and determine your eligibility, contact us at Jhenesis Mortgage. Our team of experts can provide personalized guidance and support throughout the refinancing process.
What is the RefiNow™ Program?
The RefiNow™ program is part of Fannie Mae's efforts to make refinancing more accessible for homeowners, particularly those with moderate incomes. It was launched to address some of the barriers that prevent homeowners from refinancing, such as high closing costs and fees.
Who Qualifies for RefiNow™?
To qualify for the RefiNow™ program, borrowers must meet certain eligibility criteria, including:
1. Loan Eligibility: Your existing mortgage must be owned by Fannie Mae, and it must have originated on or after October 1, 2017.
2. Income Limits: Your income must be at or below 80% of the area median income (AMI) for your location, as determined by Fannie Mae.
3. Occupancy: You must occupy the home as your primary residence.
4. Loan-to-Value Ratio: Your current loan-to-value (LTV) ratio should be greater than 80%.
How Does RefiNow™ Work?
If you qualify for the RefiNow™ program, you can expect the following benefits:
- Reduced Costs: Fannie Mae has mandated reduced costs for refinancing under this program, which could include lower appraisal fees and no upfront fees or points.
- Streamlined Process: The application process for RefiNow™ is designed to be simpler and more straightforward, making it easier for homeowners to refinance their mortgages.
- Competitive Interest Rates: Borrowers may be able to secure competitive interest rates, potentially reducing their monthly mortgage payments.
Why Consider RefiNow™?
There are several reasons why homeowners might consider participating in the RefiNow™ program:
1. Lower Monthly Payments: By refinancing at a lower interest rate, you could potentially reduce your monthly mortgage payments, freeing up funds for other expenses or savings.
2. Save on Interest: Refinancing to a lower rate could save you thousands of dollars in interest payments over the life of your loan.
3. Financial Stability: Refinancing could provide more financial stability by locking in a predictable mortgage payment, especially if you currently have an adjustable-rate mortgage (ARM).
How to Apply for RefiNow
If you're interested in applying for the RefiNow™ program, the first step is to contact Jhenesis Mortgage. We can help determine if you meet the eligibility criteria and guide you through the application process. Be prepared to provide documentation of your income, assets, and current mortgage information.
Fannie Mae's RefiNow™ program offers a valuable opportunity for eligible homeowners to refinance their mortgages with reduced costs and a streamlined process. Whether you're looking to lower your monthly payments, save on interest, or achieve greater financial stability, RefiNow™ could be a beneficial option for you. Contact your lender today to see if you qualify and start exploring how you can take advantage of this program to achieve your financial goals.
Remember, refinancing involves certain costs and considerations, so it's essential to weigh the benefits against any potential drawbacks or fees. However, for many homeowners, the RefiNow™ program represents a promising opportunity to improve their financial situation and secure a more manageable mortgage.
