Vista Mortgage Group Blog

I still consistently get questions regarding refinance options for someone who thinks that their value is close to or below what they owe.....or concerns about being able to refinance IF their value comes in lower than expected (which everyone knows is likely to happen).

I can't stress enough, the importance of working with a Mortgage Broker who is knowledgable about the current loan programs that are available and how one might offer benefits over another, for a client's specific situation.

There are still programs available that will help someone refinance when they owe close to the value or owe more than the current value, but these programs will not be available for ever.  They are currently set to expire at the end of June 2011.

There is also a possibility to bypass having an appraisal altogether, if you are applying for the "right" refinance!

Talk to your Mortgage Broker about current Government-sponsored programs and if you don't have confidence in their response or you are told that they can't help you.....try another!  Granted, there are some people/situations that are "falling through the cracks" right now, but there are also continuous efforts to improve the options that will help more people, so your ability to refinance can change over time.