 Refinancing (by Joyce [MD]) Apr 25, 2012 5:52 AM
 Refinancing (by NC Investor [NC]) Apr 25, 2012 6:22 AM
Refinancing (by Joyce [MD]) Posted on: Apr 25, 2012 5:52 AM
Message:
State Specific Question About: MARYLAND (MD)
I want to refinance my loan and I would need a stated income of no doc loan but I have been told these types of loans are no longer legal in Maryland. How can I refinance my loan now? I have a 30 year mortgage with 7.25% interest rate and I want to reduce my interest rate and maybe do a cash out refi at the same time. --173.69.xxx.xxx |
Refinancing (by NC Investor [NC]) Posted on: Apr 25, 2012 6:22 AM
Message:
If your property is owned by either Fannie or Freddie then you may be able to do a HARP 2 refi. Part of the HARP 2 program is if you refi with your current bank then they do not need to qualify your income provided your payment doesn't increase by 20%. But you cannot get any cash out. If you shop your loan to refi with another bank then they will have to qualify your income.
This is a VERY over simplified recap of HARP 2. For more information go to Fannie or Freddie websites to get the specifics. The programs are almost identical with some slight variations. --173.188.xxx.x |
Reply:
|
|