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I want to refinance my 30 year fixed mortgage to either a 15 or 20 year fixed rate mortgage.

After purchasing my home for $300,000, the value has dropped to around $200,000. I have good credit and perfect payment history. Any advice on how to proceed would be appreciated. by MacLeBlorr from Miami, Florida. Mar 19th 2013 Reply


Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

If the current loan is owned by Fannie Mae or Freddie Mac and they obtained it before 6/1/09 you should be eligible for a HARP refinance without an appraisal. Taking it to a 15 or 20 year isn't a problem if you can qualify for the payments. Talk to a local lender that responds here and they can determine exactly what options you have. Good Luck!

Mar 19th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

The only way is if Fannie or Freddie purchased your loan prior to 6/01/2009. To find out check here https://www.knowyouroptions.com/loanlookupAnd here https://ww3.freddiemac.com/corporate/If it is HARP eligible give us a call!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 19th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Also I can do unlimited loan to value!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 19th 2013
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Abdi Mohammadian (mohammadian)
#861 ranked lender in California - 33 contributions

Here are the links:www.fanniemae.com/loanlookup/www.freddiemac.com/corporate/

Mar 19th 2013
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Is your loan currently with fannie mae or fmac if so you may be eligible for the harp program 443 223 0716 or shegarty@amerisave.com. thanks sean hegarty

Mar 19th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

The 15-year option is more popular, and offers more competition between lenders.

Mar 19th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

As you are seeing from others, as long as it was a Fannie or Freddie loan there should not be an issue as long as you qualify for the new payment. You will still need to document your income and any assets needed for closing. Let me know if I can help, but ultimately you just need to pick an experienced, knowledgable lender, local or not, and go through the process. You may find that the bank based lenders rates are a bit higher than through their competition (they are so busy they don't need to compete very hard).

Mar 19th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,993 contributions

Any lender would need more information... you MAY have options depending on what your current loan is, and when you originally obtained the current loan. Visit www.HARP-Refinance-MN.com to see if you qualify for a HARP refinance. If your current loan is FHA, visit www.FHA-Streamline-Refinance-MN.com and if it is a VA loan, visit www.VA-IRRRL-Loan-MN.com for more information.

Mar 19th 2013
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Sean McGrover (sean2109)
#168 ranked lender in Florida - 18 contributions

Mac have you considered approaching your current lender and asking them if they can assist you with the refinance. I know that many of the lenders who are holding those 30 year loans are willing to refinance on shorter terms if they are eligible for HARP. Additionally, there may be less costs if you stay with your current lender. If you use a mortgage broker like me, there is a chance that you may have to pay some additional costs, like an origination fee for the broker to find a new lender, prepare the paperwork and assist you in getting through the loan process and to closing. If you go direct to your lender and do not work with a broker, you may have less costs and potentially better rate. HOWEVER, if you want to work with a broker, I am licensed in Florida and have a great team that can assist you through the whole process. I can even do the search to see if your loan is HARP qualified. Best of luck!Sean

Mar 19th 2013
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