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One of the initiatives in this program is aimed at helping responsible homeowners “refinance” their loans to take advantage of historically low interest rates. Here are some common Questions and Answers about the Refinancing Initiative in the program.

REFINANCING INITIATIVE

1) Who is eligible?

You may be eligible if:

* You own and currently occupy a one- to four-unit home.
* Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
* You are current on your mortgage payments.
* The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
* And, you have a stable income sufficient to support the new mortgage payments.

2) How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?

Simply call or email me. I’ll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac.

3) I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

4) If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?

No. But the good news is, you may qualify for the Modification Initiative. Contact me to discuss your situation and review your options.

5) I have both a first and a second mortgage. Do I still qualify to refinance under Making Home Affordable?

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible for the Refinance Initiative.

6) Will refinancing lower my payments?

That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount.

However, if you are paying interest only on your mortgage, you may not see your payment go down. BUT… you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

7) What are the terms of the refinance and what will the interest rate be?

All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate.

The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which make this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?

No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

9) Can I get cash out to pay other debts?

No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.

10) How do I apply for the Refinance Initiative?

Call or email me today to discuss your specific situation and to examine your options. If this plan is right for you, we can begin working on your refinance immediately.

As part of the discussion, we may need to look at the following information:

* Recent pay stubs to help determine your gross (before tax) household income.
* Your most recent income tax return.
* Information about any second mortgage on your house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all other debts, such as student loans and car loans.

 

 

Remember that our system is about helping you to first modify your loan if you qualify.  Second, helping you to have better habits by getting you on the Money Merge Account system from United First Financial. This system will help you to make better financial decisions and guide you to becoming totally debt free in as little as 1/3 to ½ the time, even if you don’t refinance, or qualify for a loan modification.

So after you have read this your next step is to e-mail me, or go back to the link below for the Free Financial Analysis. Click HERE…

 

Regards,

 

Darin Stubbs

Branch Manager, United First Financial

UFirst Tackles the most frequently asked questions. From Success From Home Jan 2009

Q. Why do I need the Money Merge Account Program? Can I do this myself?

A: Absolutely.  The concept is sound, and anyone can attempt to do something similar on their own.  However, our Clients’ success has proven that it takes a complete support system, which includes financial education, coaching and proven software tool specifically designed to dynamically take into account the financial variabbles  of each individual client.

 

Q. Isn’t the Money Merge Account just software?

A: No.  The Money Merge Account program has three important components: Financial Education, Personal Coaching and a Dynamic Software System.  First, we help educate people about interest cancellation and interest savings, as well as the cause and effect of every penny you earn and spend.   Second, with every purchase, the client is assigned a live personal coach, and an 800 number is available for ongoing support. Finally, the software system is the client’s guide that dynamically reacts to each input and acts as the client’s financial GPS.

 

Q. Do I have to refinance my existing mortgage to make this work?

 

A: No.  It is not necessary to refinance your existing mortgage. You may choose to refinance your mortgage for additional interest savings, but it is not required for the Money Merge Account Program to work.

 

Q. What happens if I need money for an emergency or if something comes up?

 

A: You still have total control of your money.  When you initially set up your system with your coach, you decided what your minimum reserves will be.   Your payoff time will adjust every time you make unplanned deposit or withdrawal.

Formula for success

What better guidance can you ask for than a personal financial coach-one that can input your financial situation, analyze the figures, output a personalized financial plan and give you the tools to follow such a plan?  Enter the Money Merge Account system.  Someone wanting to reform their debt-laden ways and begin to aggressively reduce their financial obligations enters all their economic date, income, debts and expenditures… into the software.  The Money Merge Account System, from United First Financial,  will work so people can easily transfer money without incurring more debt through hi interest rates.  The system then calculates some of the quickest and most efficient ways for clients to reduce their debt to ZERO!!

You need to see how this amazing system can help you.  We offer a Free Analysis that will map out step by step how you could be debt free in as little as 1/2 to 1/3 the time. Click Here to find out more.

To watch a short 6 minute video click here.

 

We need to form a new relationship with money based on old-fashioned common sense.

 

Darin Stubbs Branch Manager