How Do I Avoid A Foreclosure: Refinance Benefits

If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage at a lower interest rate.

If the homeowner is uncertain about the current value of their property, a Guarantee Real Estate agent can provide them with information about recent sales and current listings in their neighborhood to determine a reasonable value. If you would like to meet with one of our Guarantee Short Sale Specialist (GSSS) agents who is knowledgeable about home values in your area, please contact us. An agent can give you their most accurate opinion of value by visiting your property so that the condition and amenities can be taken into consideration. There is no fee for this service.

One of the Loan Officers at Guarantee Home Loans can discuss mortgage refinance options with you. Please contact us if you would like us to refer you to a Professional Loan Officer about refinancing your property.

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments. According to the resources released by the government, following are a list of qualifications for a Home Affordable Refinance:

You are the owner occupant of a one- to four-unit home

The loan on your property is owned or securitized by Fannie Mae or Freddie Mac. See Useful Links – Fannie Mae Loan Lookup or Freddie Mac Loan Lookup.

At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)

You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house.

You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan

This will lower payments.

Property values in the Central Valley have declined in recent years, depending on how long ago the property was purchased, the amount of the down payment, or if the homeowner has previously refinanced; they may owe more for the home than the current market value. Refinancing costs include loan, appraisal, title, and escrow fees that could either come from the property equity or would need to be paid by the homeowner. .

IMPORTANT NOTICE: Guarantee Real Estate is a real estate broker. The service we provide is to assist in the sale or purchase of real property. We do not negotiate with lenders in an effort to modify mortgages. It is strongly recommended that you seek appropriate professional tax or legal counsel regarding the transfer of real estate. Guarantee Real Estate is not associated with the government and our service is not approved by the government or your lender. Even if you use our service, your lender may not agree to change your loan. If your home is listed for sale, please do not consider this as a solicitation to list your property..