So...the way I read this is, if I pay my mortgage on time and have no trouble paying my mortgage that is fixed at 6%, then I can pretty much refinance at 5% with no closing costs? Is this correct?
No.
zkbeta51 wrote:Maybe. It depends on a lot of things.
So...the way I read this is, if I pay my mortgage on time and have no trouble paying my mortgage that is fixed at 6%, then I can pretty much refinance at 5% with no closing costs? Is this correct?
Since you say you're current and have no trouble playing, it looks like you are looking for "access to refinancing."
From this whitehouse.gov web page, you're in the section under the heading, "Borrowers Who Are Current on Their Mortgage Are Asking." And the question there, "How do I know if I am eligible?", the answer ends with: "The program is limited to loans held or securitized by Fannie Mae or Freddie Mac."
So if your loan isn't held by or securitized by Fannie Mae or Freddie Mac, this plan doesn't apply to you.
If you do have a Fannie or Freddie loan, then you'd have to meet the relaxed standards outlined in this program. For example, your principle balance needs to be less than 105% of your home's appraised value, and so on.