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09 Aug 10 Is It Time for Home Refinancing?

QUESTION: Our mortgage lender said it was difficult for us to qualify because our mortgage was greater than our home value.  He said our mortgage was under-water. Do we still qualify for fixed rate mortgage refinancing?

ANSWER:  You might, bvecause there are few government loan programs that are available for homeowners struggling to refinance because their mortgage is under-wtarer. If you have a Fannie Mae-owned loan, you may qualify for refinancing up to 125% of your home’s value. To see if you have a Fannie Mae loan, go to fanniemae.com/loanlookup. There’s a similar program for Freddie Mac loans, too. Go to https://ww3.freddiemac.com/corporate/, to see if you have a Freddie Mac loan.

Read more online > When Is the Best Time for Home Mortgage Refinancing?

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