Mortgage Refinancing Options Suggested by Bank of America

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Education & Training with Retired Real Estate Broker, Maryland Blogger
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Mortgage Refinancing Options Suggested by Bank of America

We received this email from Rich Godbout at Bank of America Home Loans:

I’m sharing a great opportunity for you to reach out to your past clients now and remind them that refinancing options are availble.

For FHA Loans  

This Monday June 11th, FHA Streamline Refinance Enhancements kick in and it’s a fantastic opportunity for anyone with and FHA Loan older than May of 2009 to streamline refinance into better terms.

·         Streamline Refinance = No Appraisal, No Income Verification, Limited to No Asset Verification

·         No LTV/CLTV Limits – upside down properties qualify.

·         The loan can be structured with little to no out of pocket expense.

·         There mortgage insurance premiums will no longer need to be adjusted to the higher mortgage insurance premiums normally required.

For Conventional Loans

The HARP Version 2 is a great opportunity for existing Fannie & Freddie loans older than May of 2009  that qualify to streamline refinance into better terms.

Streamline Refinance = No Appraisal*, No Income Verification*, Limited to No Asset Verification (*Some changes to existing loan require appraisal and possibly income verification).

·         No LTV/CLTV Limits – upside down properties qualify.

·         The loan can be structured with little to no out of pocket expense.

·         THE FUTURE HARP Version 3 - There are talks of a HARP Enhancements that will allow for Non-Fannie & Freddie loans to refinance into more favorable terms.  We can place your clients on our HARP update list and let them know if the enhancements will improve their situation.

Rich Godbout , Senior Mortgage Loan Officer, Platinum Club

Bank of America Home Loans, 3 Bethesda Metro Center Suite 950, Bethesda, MD 20814

(301) 634-4478 Direct   (240) 372-RICH (7424) Cell  Rich.Godbout@BankofAmerica.com

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Photograph by Roy Kelley using a Canon PowerShot G11 camera.

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Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates.Ā 



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Rainmaker
1,366,189
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Thanks for the heads-up on these mortgage refinance options Roy...I will check them out for my past clients.

June 09, 2012 06:12 AM #1
Rainmaker
1,072,306
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Good Morning Roy, This is a great program from bank of America. I do alot of work with them and they are a pleasure to work with. I sure hope this program can help those hoem owners who have been waiting for help.  Have a great Satuday

June 09, 2012 06:14 AM #2
Rainmaker
161,251
Randy Mitchelson
iPartnerMedia.com and Homeland Heroes Home Loans - Estero, FL
Internet Marketing Expert, Author, Activist

It's only fair that private owned mortgage get the same privileged treatment as Freddie/Fannie loans are getting under HARP2.

I hope Chase reaches out to their customers with similar communication inviting people to lock in a historically low long-term rate.

People that have 5/1 and 7/1 ARMS that are converting to variable now are seeing a favorable LIBOR but that won't last forever. Getting into a fixed asap in their best interest and given all the free tax payer money the government has allocated to struggling homeowners, those that managed to make all their payments on-time should get soe love too.

June 09, 2012 07:21 AM #3
Rainmaker
1,951,781
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for your comments.  The record low interest rates make this a very good time to refinance home mortgages.



June 09, 2012 08:06 AM #4
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