Thousands of Texas homebuyers with adjustable mortgages will have a chance to benefit from a new program announced by the Bush administration on December 7, 2007.
The plan is a voluntary agreement with servicers for many sub prime mortgages. Customers that qualify may be able to refinance into a fixed rate loan or have the current loan frozen at the introductory rate for five years. Refinancing options may include the recently announced FHASecure program. In most cases it would be better to get the refinance option if the new rate would be better than current terms. However some borrowers may not qualify because of credit or other reasons.
The other option is to get a freeze at the starting "teaser rate". There are a number of restrictions to qualify for the freeze program:
· Living in the residence for the mortgage
· Have a loan that started between 1-1-2006 and 7-31-2007
· Have a interest rate that will reset between 1-1-2008 and 7-31-2008
· Be unlikely to qualify for refinancing
· Have less than 3% equity in the home
· Have a monthly payment that would rise by more than 10%
· Borrowers should not be more than 30 days late currently and can't have been more than 60 days late in the last year.
Call your mortgage service provider for details and the latest program update. There is also a hotline for information at 1-888-995-HOPE.
If you wish to refinance you are not restricted to the company that currently holds your loan. Texas residents can get more information about mortgage refinancing at my Texas mortgage website.
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