Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

05/13/2008
Are there special programs to assist in non ARM refinancing?
Are there any programs available that would help refinance to a lower interest rate if you do not have an adjustable rate mortgage?
Lisa A. Arcangeli:
expert info »
There are many refinance options available. You do not have to have an adjustable rate to refinance. The rate you could get depends on what the market is doing at that time, how much equity you have and how much you qualify for. If fixed rates are higher than the fixed rate you already have, then refinancing is not a good idea.
Julie Ann Johnson:
expert info »
There are numerous mortgage programs available on the market today, and, depending on your credit score situation, you will qualify for many of them. Look for a mortgage "specialist", not just a mortgage loan originator, to help you sort through the options available to you.
Sharon P. Hardy, CFE:
expert info »
One that I'm aware of is offered through the United States Department of Agriculture Rural Development Loan Program.
Jody Rorick, CPA:
expert info »
There are varying term lengths available for fixed rate mortgages; the longer the term--which can be as long as 50 years--the higher the rate will be. You will definitely find a lower rate if you're able to reduce the term length. Also, if the amount of your mortgage compared to the total value of your house is low, and you have excellent credit, you will be offered a lower fixed rate.
Bettye J. Banks:
expert info »
Do you have an FHA loan? If you have been in the house for one year with an on-time pay record, you can do a stream-line refinance without going through much of the hassle, including a credit check. Your mortgage company should be able to talk to you about refinance options. If you have a good payment history and they won't deal with you, consider looking elsewhere. As always seek wise counsel from a HUD approved housing counseling agency BEFORE you make your decision. You can go to the HUD website for a list of approved counseling agencies. (www.hud.gov)