On behalf of our client, who we previously helped obtain a purchase loan for her condominium unit in Miami, Florida, we refinanced her into a 30-year, fixed-rate mortgage at a lower interest rate of 2.875%, and a loan-to-value (LTV) of nearly 90%, under Freddie Mac’s Home Possible program.
As a result of the rate-and-term refinance, she has enjoyed several benefits, including:
- Significant savings on her monthly payments, as her previous interest rate was 4.375%.
- Paying off not only her existing mortgage, but also her second mortgage (a home equity line of credit (HELOC)), so that she now only has one mortgage on her home.
- No cash to close — We were able to structure the loan so that she did not have to bring any funds to the closing table.
To see if a rate-and-term refinance is right for you, please contact us today.