“We saved over $204 per month. Your service helped us save our home and we would recommend you to anyone whose adjustable rate
is out of control”
Joan and Bob A. – Altoona, IA
“We were turned down by 4 different lenders. Everyone we talked to told
us that there was nothing they could do because we purchased our home 2 years earlier with no money down and we had negative equity.
I’m sure glad we called you guys.”
Josephine and Dale O. – Provo, UT
"You kept me informed at every step of the process."
Richard
C. - Lima, OH
- Unlike most lenders, we believe that a well informed consumer will make the best decision possible for their situation, ultimately creating a satisfied client. This means that we want you to know both the pros AND cons of refinancing a property that is “upside down” in terms of equity.
- Your new mortgage will be an affordable fixed rate that will never adjust (FHA rates are approximately .5%
higher than a conventional interest rate).
This is the ONLY program on the market that will allow you to refinance your 1st mortgage when the total amount that you owe is more than your home is worth.
- An FHA mortgage requires that you have monthly mortgage insurance on your 1st mortgage. This amount can be approximately calculated by multiplying your mortgage amount by .00042 (i.e. A $100,000 loan would have monthly mortgage insurance of approximately $42 per month – $100,000 x .00042 = $42). In most cases, this monthly insurance will drop off after 5 years or when the remaining balance on the loan is 78% of the value of the property – whichever is longer.
- In addition to monthly mortgage insurance, an FHA mortgage requires that you pay what is called “Up Front Mortgage Insurance Premium.” (UFMIP). UFMIP is a percentage of the loan, typically 1.25% -1.75% depending on your credit, that will be financed into the new mortgage. These are the funds that are used to reimburse lenders when an FHA mortgage goes into foreclosure.
- An FHA mortgage requires that you escrow your taxes and insurance.
- Your equity position in your home will actually get worse - as your 1st mortgage amount will increase due to creating a new escrow account, closing costs and the FHA Up Front Mortgage Insurance Premium.
- FHA sets limits as to the maximum amount that they will insure. The maximum amount is determined by the County where you are located. Use the attached link to determine your maximum loan amount: FHA Mortgage Limits page (click)
Cons
Pros
You Have Options.
Call Us Today!
Call Us Now: 1-866-928-0777
You Have Options.
Call Us Today!
1-866-928-0777
Pros and Cons
UpsideDown8020mortgage.com 1-866-928-0777 info@UpsideDown8020mortgage.com
