California Mortgage Associates has access to loan programs that will allow you to refinance your current mortgage into a lower interest rate new mortgage, saving you up to hundreds of dollars per month. The best part... you can qualify EVEN IF you are UPSIDE DOWN on your current mortgage.
What is the Making Home Affordable Plan?
If you're current on your mortgage payments but unable to refinance because you owe more on your mortgage than your home is currently worth, you may be able to refinance to a lower or more stable rate through a Home Affordable Refinance, part of the Federal Making Home Affordable program.
A Home Affordable Refinance can help you obtain a monthly payment you can afford, and result in one of the following:
- A reduction in your interest rate
- A fixed-rate mortgage in place of an adjustable-rate, interest-only or balloon/reset mortgage
- A reduction in the term of your mortgage (i.e., from 40 years to 30 years)
How can I Qualify?
If your mortgage is owned by Freddie Mac or Fannie Mae, you may be able to obtain a refinance through this program if:
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You are current on your mortgage payments (and you haven't been over 30 days late with a mortgage payment in the past 12 months)
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Your current mortgage closed prior to March 2009
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Your first mortgage is less than or equal to 125 percent of the current market value of your home
How do I know if my Mortgage is Owned by Freddie Mac or Fannie Mae?
You can check on-line via the websites below.
I think I Qualify. Now What Do I Do?
Call California Mortgage Associates today at (209) 524-6000 and we'll get your refinance going today and starting saving you money next month!