Here's more...

1.  Fannie to Fannie OR Freddie to Freddie loan..  For the best refinance scenario, your existing mortgage should currently be held by Fannie Mae or Freddie Mac. You may be sending your monthly check to a bank address, but over 70% of all conventional mortgages are "owned" by Fannie or Freddie. Check at these links to see if you have a Fannie Mae or Freddie Mac loan...

http://loanlookup.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

If you DO have a Fannie or Freddie loan, continue reading about the benefits of the Refi Plus plan. If it was found that you DO NOT have one of these loans, contact Bay Mortgage to see if you have other options.

2.  Up to 125% LTV. The new plan will allow you to refinance at a much higher Loan to Value (LTV). Here's an example: Even if your home may appraised today at $100,000 and you owe $125,000, this would be acceptable. (Why would they do this? Well, if Fannie or Freddie already hold your mortgage and you've proven that you make your current payment on time, they are confident that you can make a new lower payment too.)

3.  No minimum credit score.  As long as you're current on your mortgage, you will qualify. However, as with any mortgage today, your credit score will help determine your upfront fees. The better your score; the fewer the upfront fees. If you've been late on your mortgage payment at least twice in the last 12 months, see notes below. **

4.  Private Mortgage Insurance (PMI).  If you are currently paying PMI and you refinance to an LTV greater than 80%, you will still pay the same or less PMI. If you currently do not pay PMI, you will not have to pay PMI regardless of your new LTV.

5.  All occupancy types permitted.  Owner occupied, 2nd home, and investment properties.

6.  Include Closing Costs.  To minimize out of pocket expenses, you are allowed to roll closing costs and escrows into your new mortgage.

This is an excellent program to reward those that have managed to stay current on their mortgage payments. With today's low rates, it can provide significant and immediate benefits to those that qualify. To determine whether your refinance scenario qualifies, please complete our online application today and a Bay Mortgage representative will contact you to discuss your situation. It costs you nothing to explore your options and, as always, we only move forward if you see a real financial benefit in refinancing.

Get Pre-Qualified today. Apply Online

**With 2 or more late mortgage payments, you may only qualify for the "Loan Modification" program. You will need to contact your current mortgage servicer for more details. Bay Mortgage does not currently offer the "Loan Modification" program.