If you are looking into refinancing an investment property in Michigan you might want to look into speaking to a professional to ensure you get the best deal possible. Fannie Mae is government funded and helps people to get refinance mortgages who would otherwise struggle. They do so by letting their lenders reinvest assets that they already have which reduces the need for loan associations and similar.
We can help with these refinances, they are very straight forward!
They are constantly working to improve their performance so that they can provide the best possible service for people refinancing an investment property in Michigan. From the beginning of 2009 up till the end of 2013 they were able to help 3.7 million people to purchase a home of their own and 12.3 million to refinance their existing one. Many people have been able to remain in the home they were set to lose due to the help that Fannie Mae provided.
They have a program called HARP which stands for home affordable refinance to help people who already have a mortgage but are struggling to make repayments. This can be the case if you have invested in a property to sell on, but have found that the process is taking longer than expected. A short term interest only mortgage or a short term ARM could leave borrowers in a situation where they never make headway on their repayments so Fannie Mae can help them to switch their current mortgage to one that has less risk and suits their current situation better.
Mortgage insurance can affect people from refinancing; more so if they have LTV’s that exceed 80%. Fannie Mae can provide a solution to get them out of this clause and onto a repayment schedule they are able to stomach without losing their property. There are unfortunately many unscrupulous lenders out there, but the aim of Fannie Mae is to change this and help people that have fallen into the financial trap they see no way out of.
They also have an online tool that people can use to find out whether or not a property has finance has been invested in by Fannie Mae before they make any decisions as to what to do next. This saves them having to call the lender company to find the information. They can help to arrange refinance through customers’ existing lender or help them to find a new one that suits their financial situation better in many cases.
We can help to refinancing an investment property in Michigan and existing subordinate loans. We have a wide variety of solution that can help people with their needs for refinancing an investment property in Michigan. When you feel there is no way out, need advice and/or assistance we are here to help. There have been many changes to the laws surrounding mortgages so there is no need to feel trapped in your existing one if it is causing you financial hardship.