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 by Kathy Kemper-Green
Come on, really? Well, yes, and potentially saving you a lot of money. But, then again, maybe not. Loan modification, yah, right? But, then again…maybe? To find out if your loan is owned by Freddie or Fannie, go to these websites and find out. No, really, I mean right now, stop what you’re doing and plug these addresses into your computer, it will take you five minutes.
Fannie Mae: http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac: https://ww3.freddiemac.com/corporate/
Now, if your loan is “owned” by one of these entities, AND if you think you have little or no equity in your home, you still may be able to lower your interest rate and therefore save some money…every month…and, yup, save thousands of dollars down the road. I encourage you to take 15 minutes to call me so I can do a bit more research to see if it would make sense for you.
What we know, as of today, is that we can help people up to 105% Loan-to-Value (LTV). Has this really helped anyone? YES! Arbor Mortgage Group employs nine fulltime loan officers and we have completed over 50 of these loans saving our borrowers more than $200 per month, on average.
Below is an example of how Arbor Mortgage Group helped reduce one of our client’s mortgage payments.
| Starting Loan $383,000 |
Ending Loan $383,000 |
| 30 Year Fixed |
30 Year Fixed |
| Rate: 6.000% |
Rate: 4.375% |
| Payment $2,296 |
Payment $1912 |
| Savings = $384/mo. |
Loan-to-Value = 95% |
If this information is not applicable to you, maybe your co-worker, neighbor, or a family member could benefit from knowing about this refinance. Hats off to all of you that have looked at a recent mortgage statement, do you know your rate?
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