

	Good news for Michigan Homeowners... If you've lost so much value in your home that you haven't been able to refinance, the new HARP 2.0 (Home Affordable Refinance Program) could be your ticket to accessing today's excellent interest rates. The major enhancement for this government sponsored program is that most loans will not require an appraisal. This is designed to help over 6 million homeowners across America (and thousands in Michigan) be able to refinance their mortgages that weren't able to before. Since many people have not even heard of the original HARP program, our goal is to spread the word about this enhanced HARP 2.0 program so even more people can lower their mortgage payments. Other perks to this program... • Can be used for Primary or Vacation home. Even Rental/Investment properties can qualify. • Credit score requirements are minimal. • No Private Mortgage Insurance (PMI) even if you're upside down…in most cases. • You can roll your closing costs and escrows into the new loan to minimize out of pocket expenses. Fannie Mae and Freddie Mac announced an official rollout date last week of March 17th, 2012. What Are Your Next Steps? Just because HARP 2.0 won't be rolled out in full until March 17th, doesn't mean you should wait to find out if you are eligible. Demand is likely to be huge, so it's wise to get your ducks in a row early to take advantage of the savings and avoid the rush. Here's how to get started... Eligibility Loan Search - Although you probably send your monthly check to a bank or lending institution, it's very likely that Fannie or Freddie owns your mortgage on the back side. This search takes about 90 seconds... click on each of these links and enter your address. If one of them DOES own your mortgage, proceed to step 2. If neither owns your mortgage, you won't qualify for HARP 2.0, but don't dismay, there are other options available... let's talk. Fannie Mae Loan Search \| Freddie Mac Loan Search Current on Your Mortgage? - HARP 2.0 allows zero 30 day late payments in the 6 months prior to applying and only one 30 day late payment in the 6 months prior to that. We're talking about 30 day late payments here. If you were just a couple days late, it won't count against you. And remember that if you don't meet this requirement, it may be possible for you to apply at a later time when you have met the requirement by making timely payments. Timeline - Your current mortgage must have been delivered to Fannie or Freddie before May 31st, 2009. Look in the closing package you received at your closing or call the title company where you closed to find out when your loan closed. Again, if you didn't meet this cut off, it's still smart to inquire about our other refinance options to see if you can put these low rates to work for you. Be Prepared - HARP 2.0 is a reduced documentation program, but there are still some docs we'll need for underwriting; most recent pay-stubs, copy of your mortgage statement, identification, the Note, etc. It's wise to have all of the required documentation ready so when March 17th rolls around you'll be ready to go. Complete the Bay Mortgage Online Application - Click Apply Now and use the "long loan application" when given the option. This will take you about 10 minutes to complete and it's free. There is no application fee or upfront costs. It's a secure site, the application comes directly to us and we don't share your info with anyone. We also will not pull your credit until you've given us permission to do so. We'll review your file and contact you within 24 hours to discuss your options. If you're one of the many Michigan homeowners who have lost value in their home in the last few years, it's likely that we can help you lower your mortgage payment significantly with HARP 2.0. Even if you don't meet the criteria for HARP 2.0, there could be some options for you to refinance. Let's talk it over and see. Apply Now