MK Lending Corp. is excited to announce new refinance option will be available starting June 5, 2021.
Please see below for details:
RefiNow helps homeowners by:
- Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points (0.500%) and a savings of at least $50.00 in the homeowner’s monthly mortgage payment.
- Appraisal fee will be reimbursed (up to $500.00 value) if qualified.
To qualify for RefiNow, homeowners must have:
- Existing Loan must be owned by Fannie Mae;
-> Brokers/Homeowners can determine if Fannie Mae owns their mortgage by visiting Fannie Mae’s Loan Lookup Tool.
- 1-unit and primary residence only;
- A current income at or below 80% of the AMI (not the income as of origination of the original loan);
- Not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past 12 months; and
- A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.