While working families may believe refinancing is out of their reach, RefiNow from Lower helps them gain access to monthly savings, allowing them to invest more in their family without the financial stress of a high home payment.
More than 2 million low-income families did not take advantage of the record low mortgage rates by refinancing.
As interest rates hit historic lows, homeowners have been taking advantage of the opportunity by refinancing. However, for some with less than perfect credit, refinancing has been out of reach, especially for those hit by financial hardships.
Mark Calabria, former director of the Federal Housing Finance Agency, stated that while there was a spike in refinances last year, "more than 2 million low-income families did not take advantage of the record low mortgage rates by refinancing."
Lower.com has solved this by offering a mortgage relief program to help homeowners lower their monthly mortgage payment, even if they have struggled to get approved for a refi in the past.
We've broken down all the details on the RefiNow program and how to help you determine if you qualify for mortgage relief.
Take the first step to getting access to more savings without all the red tape and added stress.
While refinancing a mortgage is often a simple way to make homeownership more affordable, the borrowers who could benefit the most sometimes struggle to take advantage of the lower monthly home payments and overall savings.
For these homeowners, mortgage relief programs can make refinancing within reach. Once borrowers qualify for a refinancing program, their monthly payments will become more affordable, preventing mortgage delinquencies and the worst-case scenario of foreclosures.
Imagine getting kicked out of your own home after all the payments you’ve already made. This is what we’ll help you avoid.
Common Mortgage Relief Programs
When applying for a mortgage relief program, it is not only about the homeowner's qualifications. Sure, the borrower must meet certain qualifications before getting approved for a mortgage relief program, but there are additional factors to consider, such as:
RefiNow is a government mortgage relief program helping homeowners with less-than-perfect credit qualify for refinancing and making homeownership more sustainable. However, the home loan must be backed by Fannie Mae. The main goal for ReFiNow is helping families with a Fannie Mae backed loan affected by the COVID-19 pandemic. If you are unsure if your mortgage loan is owned by Fannie Mae, you can check at: https://www.knowyouroptions.com/loanlookup
RefiNow is the ideal refinance product for homeowners with limited funds for up-front costs and who have high debt-to-income (DTI) ratios.
Whether you choose to use the monthly savings by refinancing your home for groceries, kids' school or sports supplies, or to pay off debt, the choice is up to you as you can finally relax with the financial burden lifted.
Basic Qualifications for RefiNow
If you answered yes to any of the above, contact us to see how much you could save by qualifying for RefiNow. Even if you're over or under qualified for this particular program, we would enjoy the opportunity to help you save on your home, whether with another refinancing product or in other ways.
Benefits of RefiNow for Qualifying Homeowners
Fannie Mae is a government-sponsored enterprise (GSE) created by Congress in 1938. Fannie Mae participates in the secondary mortgage market by purchasing and guaranteeing mortgages issued by financial institutions and forming mortgage-backed securities with them. However, it is important to note that Fannie Mae does not originate mortgage loans. Therefore, if you have a Fannie Mae backed home loan, it doesn’t mean that Fannie Mae is your lender (*cough* but Lower.com could be! *cough*).
To obtain a home loan backed by Fannie Mae, including a refinance loan, you’ll have to go through an approved lender like Lower.com. Approved mortgage lenders have to meet eligibility and underwriting criteria as well as comply with the Statement on Subprime Lending issued by the federal government.
For first-time homebuyers and those who haven't bought a home in several years, you may be wondering the difference between a Fannie Mae backed loan vs. a conventional loan.
A conventional loan is any loan originated by a private entity and not subsidized by a government agency like FHA, VA, or USDA. A Fannie Mae backed loan is one that FNMA has securitized, or holds on its books. Not all conventional loans can be held by Fannie Mae, but all the loans Fannie Mae backs are conventional. Make sense?
As the housing market becomes more competitive, refinancing may be your best option if you are happy with your current home and want to get a lower rate to help reduce your monthly expenses. While working families may believe refinancing is out of their reach, RefiNow from Lower helps them gain access to monthly savings, allowing them to invest more in their family without the financial stress of a high home payment. Contact us to find out how RefiNow from Lower can make refinancing your home easier than ever before.