I just received this e-mail from a local lender (and no, I’ve never worked with this person just to be exceedingly clear). I’m hoping it’s a joke…
Just a quick note to let you know that Fannie Mae’s Refi Plus program allows for a total loan-to-value of up to 125% of the appraised value.
With minimal adjustments this is a great option if you have little or no equity and your current rate is around 6%, or if you have an adjustable rate wanting to convert it to a 30-year fixed.
3/1 ARM —————3.375% (3.35% APR)
5/1 ARM ————– 3.375% (3.48% APR)
7/1 ARM ————–3.50% (3.65% APR)
30-Year Fixed ——- 4.625% (4.89% APR)
15-Year Fixed ——— 4.125% (4.32% APR)
*Some restrictions apply. Call me for details
I’m speechless for once…