Consolidating debt mortgage refinance

The F&M Bank Mortgage Team is committed to providing clients with the highest quality home loans combined with some of the lowest mortgage rates.

Whether you are a first-time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced team of mortgage bankers can help make your dreams come true.

As before, HARP is available only to homeowners whose mortgages are held or guaranteed by Fannie Mae or Freddie Mac.

“The largest lenders have all agreed to resubordinate their second liens,” says Stefanie Johnson, a spokeswoman in the Office of Congressional Affairs of the Federal Housing Finance Agency, which regulates Fannie and Freddie.

That’s because the second mortgage holder, which is legally entitled to move into first place when the first mortgage is refinanced, has to agree to give up that spot to the refi lender.“The few situations that would cause us to deny the subordination request include those when there are changes in property ownership (for example, collateral vesting changes) or when the home equity account holder is not on the title of the newly refinanced mortgage,” she says.Brown says Wells Fargo typically processes HARP subordination requests within two days and charges fees varying from to 0.“You’re essentially applying for a new loan, and there is a chance that current credit guidelines are tighter today than they were when the original loans were obtained,” she warns.She adds that you should compare the monthly payments and total interest over the life of the new single loan versus what you have now.

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