Refinance Loans are a great way to save thousands of dollars in interest payments, or to take some equity out of your house for home improvements or other uses. Minnesotans have a number of options for their refinance options.
By far the most common one for people looking to save money is the FHA Streamline Refinance. The FHA Streamline will let you to get either a 15 or 30 year loan at today’s interest rate. This is most useful when today’s interest rate is several percent lower than your current mortgage rate.
The Home Affordable Refinance Program or HARP 2 as it is commonly known by, is great for homeowners underwater on their mortgage. For many this will be the only option they have for getting them into a better interest rate and lowering their monthly payment. If your mortgage is more than your home is worth, strongly consider a HARP 2 Refinance.
If your home is paid off, or nearly paid off, and you are 62 or older and having difficulties making ends meet, a Reverse Mortgage could be for you. Reverse Mortgages give you money each month that you can use for home improvements, or generally anything you want to use it on. If you are interested in finding more information on our Reverse Mortgages please check out our information page.
Also it is important to say that on our Main Page we have current news that relates to these types of loans. I encourage you to take a look if you have not already to stay informed