wwww.lasvegasmtg.com Report: Refinances are King in Las Vegas NV.
wwww.lasvegasmtg.com Report: Refinances are King in Las Vegas NV. With little in inventory for the last several months for consumers looking to buy a home in Las Vegas this is a welcome market to keep the mortgage business active. For the last 20 months Refinances have been king for loan officers for a number of loan types.
HARP 2.0 has been the dominating product since the HARP 2.0 Release in April 2012. With the HARP 2.0 changes that allow unlimited LTV for Fannie Mae and Freddie Mac loans that were written prior to June 2009. By doing this has allowed more people who have demonstrated they have been responsible by being current on their home loan can now take advantage of the current historically low payments. HARP 2.0 requires very little in documentation and does not need an appraisal when Desktop Underwriter or Loan Prospect gives a Property inspection Waiver. Click here for HARP 2.0 questionnaire.
FHA Streamline loans are the second most refinance product especially since the new FHA guidelines for FHA loans that were insured by FHA prior to June 2009 have received reduced Upfront MIP and a reduced Annual MIP payments to take advantage of the new low current rates. With very few documents needed and no appraisal required this is a no brain-er to lower monthly mortgage payments. Click here for FHA Streamline questionnaire.
VA IRRRL is a very powerful loan option for existing VA home loans to reduce the monthly mortgage payments the veteran is currently paying. The VA IRRRL was designed to create a program for veterans so little documentation is needed and a low VA funding fee of .5% and VA non allowed closing cost fees to help the veteran refinance their existing VA home loan. By the VA IRRRL was created so a veteran can lower their current interest rate without having a large out of pocket expenses.
A Reverse Mortgage or HECM is also a refinance program that is especially designed for seniors 62 and over. The HECM allows seniors to refinance their existing home with equity or allows the senior to bring money to the table to refinance and not having to repay the loan while still retaining the home as their primary home. This frees up monthly mortgage expenses that seniors currently would be paying and at the same time increasing the quality of the senior life.
To find out more about specific loan program please click here.