Tips to refinance your home loan
Advice from real estate guru Bob Massi
- Duration 3:37
- Date Aug 2, 2012
Advice from real estate guru Bob Massi
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-- Americans across the country try to recover from the housing crisis that you may be in right now many people finding it hard to refinance and pay down their mortgage but.
Our next guest says there is indeed help.
He is fox legal analysts and realistic.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Well so -- gears though if you have an FHA loan that you maybe -- 56 years ago.
It's almost impossible Hugo Bryant to refinance homes but there is what's called -- green line FHA.
And VA by the way.
And it's very important that you always contact the mortgage broker to learn about it but essentially what they can do date being the FHA.
Is they could streamline your mortgage down not -- reduction up principal reduction now.
Like your interest -- from where was what you got it.
And they could stream -- it down and out to around president interest rates or maybe a little bit -- it's a great program that I want and our viewers to know about all right now you say streamline what's unique about this this is filling in talking here.
Is it you don't have to -- -- wanna do more to go through the refinancing process you use your current mortgage and make you work.
You've got -- right odd because you qualified Brian originally for the FHA.
There's no qualifications necessary you literally could be unemployed believe it or not.
There's no credit reporting whatsoever.
I actually just had it done for my side.
And -- thirty days to streamline FHA was approved seemed almost 300 dollars a month and it's just something really that nobody knows about.
That I want our -- -- he got that FHA -- go after she if you could streamline it down anything we should over the guidelines before we move on.
Yeah yeah we'll quick bright idea first of all no appraisals necessary.
That's very very important and you really are looking at a situation right now where if you just get the necessary information.
Two and a mortgage broker of the lender that you're dealing wet.
They will look at this they don't have to -- that credit report like I said it's a no lose situation for the homeowner.
And it gives -- and the most important thing Brian is it doesn't matter if your house is underwater.
Because they're going from the original purchase price.
Taking it down took some.
President interest rate competitive numbers and saving a homeowner money and you of course you must be current on your payment you cannot be behind.
You gotta be current on the payment.
I'd say that's important -- you could save about 300 dollars a month so that you indeed help or more right there Bob this is also adjusting real quick.
Is it if you are lucky enough to have a job be given -- make your payments is is also an opportunity.
For you to to get ahead of the game correct.
Yet it is and I and I had -- -- yes number wide and the other -- Bryant.
Again I just can't.
Can't stress to that we're living in -- time work homeowners.
Have to almost treat this whole thing like a poker game he got to find out what's going out -- out there in the lending market today.
And we heard yesterday that big controversy about.
You know the head of Fannie and Freddie the -- he said they're not gonna principal reduced that's caused a lot of controversy amongst everyone.
But the bottom line is homeowners be aggressive ask questions go to lenders going to particularly of course if your current.
And as weak storm -- continue to cover subjects to rebuild their dreams to get them back on track in different areas.
It's all right he is Bob -- if you have any questions for Bob.
I do it right now I didn't talk to them friend fire FOX & Friends dot com it's the gun shattered dreams and you -- --