Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owed or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option.
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
Refinancing: Refinancing at a longer repayment term may lower your loan payments, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your loan payments, but may lower the total interest paid over the life of the loan. For example, if you have a 15-year loan that matures in 10 years and you refinance for another 15 years at a lower rate, your payments will be lower but you will pay interest for an additional 5 years. Contact us to discuss the option that best meets your needs.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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