Freddie Mac is making improvements to the Relief Refinance Mortgage terms. This program is part of the Making Home Affordable plan from the federal government which was intended to help struggling home owners to refinance their mortgage to lower interest rates.
FHMC (Freddie Mac/Federal Home Mortgage Corporation), will allow home owners with a mortgage that is FHMC owned to refinance with any affiliated lender, not just the current servicer of the loan. There could be more costs associated with using a new lender, as opposed to the current one.
Borrowers will also be able to include a larger percentage of closing costs into the loan.The limits for closing costs will be raised to the lower of $5000 or 4% of the loan amount. This could allow home owners to buy down their interest rates more significantly.
No word yet on the exact date that these improvements will take effect
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment