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First National Bank-Fox Valley Offers Expanded Mortgage Refinancing Options(December 27, 2011)
Neenah, WI (PRWEB) December 27, 2011
First National Bank-Fox Valley is expanding its participation in the HARP program which will offer a broader group of homeowners the opportunity to refinance or pay down their home mortgages faster.
HARP the Home Affordable Refinance Program is for loans owned by Fannie Mae or Freddie Mac. Changes made to the program enable borrowers who owe more than their home is worth to refinance. Current homeowners may be eligible to take advantage beginning December 1, 2011.
Karri Bedor, vice president-mortgage banking manager at First National Bank Fox Valley, says the expanded guidelines will benefit homeowners who have seen a drop in the value of their home.
There are many homeowners who are eligible for this program who can now take advantage of the current historically low interest rates to refinance into a shorter-term loan, said Bedor. We work with borrowers to set up a plan that fits their financial needs.
Homeowners can determine if their mortgage is currently owned by either Freddie Mac or Fannie Mae by checking the following websites: http://www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.
General eligibility guidelines outlining the key aspects of the enhanced HARP program include:
- As a result of the refinancing, the borrower must benefit from a reduced interest rate,
- No cash out can be given, including paying off of a second lien or any other debts
outside of the first mortgage.
- No maximum loan-to-value ceiling for fixed-rate mortgages backed by Fannie Mae and
- Mortgage insurance may still be required.
- Loan must have been purchased by Fannie Mae/Freddie Mac by May 31, 2009.
- You must be current on your mortgage at the time of application with an acceptable
-The need for an appraisal may be waived.
The HARP program will remain in effect until Dec. 31, 2013 for loans originally sold on or before May 31, 2009.
For more information on this program visit http://www.makinghomeaffordable.gov.
First-National Bank-Fox Valley (NMLS# 424203) invites interested homeowners to visit one of the banks locations in Oshkosh, Appleton, Neenah or Menasha to speak with a mortgage specialist about refinancing options or call (920) 729-6900.
About First National Bank-Fox Valley
Established in 1887, First National Bank-Fox Valley is one of the oldest banks in the Fox Cities. The privately-held community bank offers a full array of retail, mortgage and commercial services and products. First National Bank-Fox Valley offers full service banking to businesses and residents throughout the Fox Valley, including: advanced online banking options, customized lending to meet the clients unique needs as well as treasury and cash management services. In 2010, First National Bank-Fox Valley was designated as a Small Business Association (SBA) Preferred Lender, which enables the bank to provide a quicker turnaround time when responding to SBA guaranteed financing requests. With approximately $312 million in assets as of June 2011, First National Bank-Fox Valley has 64 employees and operates four convenient locations in Appleton, Neenah, Menasha and Oshkosh. For more information, visit http://www.fnbfoxvalley.com.
Read the full story at http://www.prweb.com/releases/HARP/mortgage_refinance/prweb9061956.htm.
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