New Jersey DU Refi Plus Mortgage Rates and NJ Obama HARP Mortgage
At First Lenders, we are able to offer you low New Jersey DU Refi Plus Mortgage Rates. The New Jersey DU Refi Plus Mortgage Loan was created through New Jersey Obama HARP Program to help make it easier for lenders to refinance loans that were already in their portfolio. What this means is that you may be able to refinance your home, even if your home's value is less than the amount you still owe on your current mortgage.
With these historically low New Jersey Obama HARP Mortgage Rates, it's the perfect time to refinance your home mortgage. At First Lenders Mortgage, we are able to offer you the lowest rates with the lowest fees to close in New Jersey. We're also one of the few lenders in New Jersey to consistently offer "Closing Cost Credits" to help reduce third party closing costs! We can help you refinance your home mortgage today under our low New Jersey DU Refi Plus Mortgage Rates. To discover if our New Jersey Mortgage Loans are right for you, call (732) 233-1128 or fill out our quick form on the right for an easy rate quote.
How Can I Qualify for New Jersey DU Refi Plus Mortgage Rates?
The Home Affordable Program is designed for homeowners who pay their mortgage on time but are not able to refinance because they have little or no equity in their home.
You must meet the following criteria to qualify for the Home Affordable Program:
- Your current loan must have been sold to Fannie Mae or Freddie Mac. To find out, contact your current loan servicer.
- Your existing loan must have been sold to Fannie Mae or Freddie Mac prior to June 1, 2009.
- During the last 12 months, all of your mortgage payments must have been made within 30 days of the due date.
- Your new loan amount may not exceed 125% of the current appraised value of your home. There will be no maximum Loan to Value restrictions after March 17, 2012.
Frequently Asked Questions
If I have a first and a second mortgage, do I still qualify?
As long as the balance due on the first mortgage is less than 125% of the value of the home (no max after March 17, 2012), you may qualify. The lender on the second would have to agree to subordinate their loan to the new first mortgage, thereby remaining in second position.
Can I combine my first and second mortgages into one loan?
No, unless in the rare event your existing second mortgage is also owned by Fannie Mae and Freddie Mac and was taken out when you originally purchased your home.
Can I get cash out to pay off debts?
No. However, provided the new loan amount will not exceed 125% of the value of the home, you may include all closing costs in the new loan so you don’t have to come out of pocket with any cash.
If I’m delinquent on my mortgage, will I still qualify?
No. Borrowers who are currently delinquent on their mortgage should contact their current lender/servicer and ask about a loan modification.
Will I need mortgage insurance?
If your existing loan does not have Private Mortgage Insurance (PMI), it will not be required as part of your HARP refinance either. If your existing loan has PMI, your HARP refinance will also require it. PMI for this program will only be available through your existing PMI company
First Lenders is able to offer a New Jersey Obama HARP Mortgage Loan to homeowners whose existing mortgages are already in the Fannie Mae portfolio. When you choose to refinance your mortgage through First Lenders, we are able to offer you a low New Jersey DU Refi Plus Mortgage Rate even if Fannie Mae wasn't your original lender since Fannie Mae has bought numerous existing loans in the primary mortgage market in recent years.
Having the ability to refinance your mortgage, even when it is valued higher than the current value of your home, can be very powerful in helping bring down your monthly mortgage payments to something you can afford.
Learn About Our 'Closing Cost Credits'
If you would like to learn if refinancing your home mortgage through our low New Jersey DU Refi Plus Mortgage Rates is right for you, we would be glad to help you take a look at the benefits that would apply to your specific situation. We are different from most larger lenders because we are able to offer you Closing Cost Credits as another way to help you save money in closing fees.
We also want you to know that these historically low New Jersey interest rates on New Jersey Obama HARP Mortgage Loans are not going to last. We recommend that you to give us a call today to lock in our low New Jersey Mortgage Rates when refinancing your home mortgage. Simply fill out the form on the right to get an instant rate quote or give us a call at (732) 233-1128. We'd love to hear from you and let how much we can help you save through our New Jersey DU Refi Plus Mortgages.
