The Next Home Refinancing Boom?

Beginning this week with the President's Home Affordable Refinance initiative, borrowers may be able to refinance their homes mortgage. Here are some of the specifications:

• The home mortgage may be refinanced if it is already owned or guaranteed by Fannie Mae or Freddie Mac.
  
• Borrowers with loan-to-value ratios between 80% and 105% can refinance at current market rates.
  
• Mortgage insurance requirements have been waived on these refinancing transactions.
• Existing insurance policies will be transferred to the new home loan.

Fannie Mae's March refinancing volume totaled $77 billion, up from February's $41 billion, as borrowers took advantage of the lower mortgage rates and new flexible home refinancing programs. This level of refinancing activity has not been seen since the home refinancing boom of 2003.

After April 4, lenders and brokers are encouraged to use Fannie’s Desktop Underwriter to process those home refinancing applications.

If you have any questions about buying or selling a home in Ann Arbor contact the Wickland Group. Our Ann Arbor Realtor Team includes expereinced marketers and support staff to help you with your real estate needs throughout Washtenaw County. Expect only the best customer service and support from the team, taking all of the stress out of your real estate experience!


by Tammy Mayrend