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Refinance

The mortgage experts at Team Mortgage Company can help you determine if now is the right time for you to refinance. Our professional lenders will work with you to lower your monthly payments or reduce the time it takes to pay off your loan.

There are numerous benefits to refinancing in today’s market. Primarily, you will be able to lower your rate and reduce your monthly payments and interest costs. In addition, you may be eligible to convert your adjustable-rate mortgage (ARM) to a more secure fixed-rate mortgage. You might also qualify to combine your first and second mortgages into one mortgage at a lower rate. Finally, refinancing may allow you to pay off installment debts and credit cards if you qualify.

The Benefits of Refinancing with us:

  • Low rates
  • Easy online application
  • All types of mortgage programs
  • Guidance and advice from an experienced loan professional

Most Popular Refinancing Programs

The Home Affordable Refinance Program provides refinance opportunities to borrowers with existing Fannie Mae loans who have demonstrated an acceptable payment history on their mortgage, but have been unable to refinance to obtain a lower payment or move to a more stable product. DU Refi Plus and Refi Plus offer lenders both DU and manual underwriting options for Fannie Mae to Fannie Mae refinances.

Home Affordable Refinance Program (HARP)

If you are not behind on your mortgage payments but have been unable to get traditional refinancing because your home’s value has decreased, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable and more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here. This specific Program ends on December 31, 2013.

Three simple steps to your HARP Refinance

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac
  • Contact Team Mortgage Company to inquire about HARP.
  • Compare rates and costs to ensure the best refinance terms

DU Refi Plus

Desktop Underwriter Refi Plus is a new program offered by Fannie Mae that can make refinancing faster and easier for many homeowners. This streamlined refinancing program offerslooser lending restrictions that can mean lower monthly payments for borrowers qualifying for the Fannie Mae refinancing program.

DU Refi Plus, as part of the Making Home Affordable program the government recently introduced to improve the housing market. Homeowners can obtain refinancing through DU Refi Plus even if they have lower credit scores and less income documentation. In some cases, the DU Refi will waive the requirement for an appraisal.

Under DU Refi Plus, our expert lenders will identify existing Fannie Mae loans and check their performance history. Homeowners can use DU Refi Plus to refinance up 105 percent of their home’s value and can provide only one pay stub for income documentation. In some instances, the Fannie Mae refinancing program will approve homeowners with credit scores under 580, the current minimum.

DU Refi Plus is designed to help financially struggling homeowners meet their mortgage payments to keep their homes by refinancing their mortgage and lowering their monthly payments. All home mortgages that Fannie Mae now owns or guarantees are eligible for the streamlined refinancing.

DU Refi Plus Major Features & Benefits:

  • The Fannie Mae streamlined refinancing is open to condos, co-ops, PUDs, manufactured homes, and other common property types.
  • Second homes can qualify for Du Refi Plus if they are just one unit, but one to four unit primary residences and investment properties are eligible for the DU refinancing.
  • Loan-to-values of the property can go up to 105 percent, and there is no maximum limit on combined-loan-to-values. Subordinate financing is prohibited, which means second mortgages must be re-subordinated.
  • If the loan-to-value is 80 percent or less, the homeowner can have a credit score below 580.
  • If the mortgage has an adjustable rate, the minimum credit score of 680 is waived when the loan-to-value ratio falls below 80 percent.
  • Homes previously subjected to a 75% LTV/CLTV/HCLTV are now eligible for up to 80% LTV/CLTV/HCLTV. Eligible properties include two-unit primary residences with high-balance loans, and three- to four-unit primary residences, investment properties and second home co-ops).
  • Salaried workers need just one pay stub and verbal verification of employment.
  • Commissioned or self-employed borrowers should submit one year of federal tax returns.
  • In some circumstances the homeowner may not need to pay for an appraisal.

Refinancing Borrower Benefits

These refinance options are intended to assist borrowers by providing a benefit that seeks to ensure long-term homeownership sustainability. The lender must represent and warrant that the borrower is receiving a benefit in the form of either:

  • A reduced monthly mortgage principal and interest (P&I) payment
  • A reduced interest rate
  • A reduced amortization term, or
  • A more stable mortgage product; movement from an ARM to a fixed-rate

Lenders may solicit borrowers with mortgages owned or securitized by Fannie Mae for a refinance, provided:  The LTV ratio of the loans is greater than 80%.

  • The lender simultaneously applies the same advertising and solicitation activities to all mortgages owned, or securitized by either government-sponsored enterprise (GSE).
  • The lender must use specific language in any communications.