Enhanced Relief Refinance is something new for homeowners, and Freddie Mac Enhanced Relief Refinance might be a very helpful program to many homeowners.  You see, some people have been a little distressed that HARP expired. And here, just when they were about ready to refinance, some folks were expressing disappointment. Fear not, Freddie Mac is here with the Freddie Mac Enhanced Relief Refinance program.

Enhanced Relief Refinance a New Program by Freddie Mac.

Check Out the FMERR Program for Instructions on Refinancing Your Home.

The Freddie Mac Enhanced Relief Refinance has a shiny new name. However, underneath it is a program that looks a great deal like the old HARP program.

With the FMERR, you can find a refinance option.  Of course, you will want to look at other refinance options, too. Additionally, remember that and Palm State Mortgage Company is here to help. However, for this blog, let’s take a look at the Freddie Mac Enhanced Relief Refinance. Thus, when you hear about the “new” program, FMERR, you will know what it means to homeowners?

Freddie Mac Enhanced Relief Refinance

With this new program, fortunate homeowners who qualify will grab a lower interest rate. So, that might mean is you will be able to attain some attractive advantages:

  • Perhaps you will have less out-of-pocket costs each month.
  • You might obtain a shorter loan term.
  • Possibly you could change from an adjustable to a fixed-rate mortgage.
  • Here’s the surprise:  A minimum credit score won’t be required.

Keep in mind that over 3.4 million homeowners have saved money, time and stress by the previous
refinancing with the HARP program.  Authorities expect the new program FMERR to be equally powerful.

Fun FMERR Fact Number One:  Lower Monthly Payments

Have you ever considered refinancing a mortgage with a lower interest rate?  Amazingly, you could pay less each month as well as over the life of the loan. Additionally, we can help you see if it makes sense within your fiscal life.

Fun FMERR Fact Number Two:  Today’s Low-Interest Rates

Current low-interest rates are great for refinancing Loans Did you know your market rates are more than 30% lower than 2008?  Today’s low interest rates make refinancing highly beneficial to many homeowners.  Visit Palm State Mortgage Company and we will help you honestly decide if Freddie Mac Enhanced Relief Refinance makes it a great time for you to refi.

Fun Freddie Mac Enhanced Relief Refinance Fact Number Three:

Happy Families Often Seek Refinancing to Lessen Monthly Payments on Mortgages.

Build up equity by changing your mortgage from a 30-year loan to a 15-year loan.  By switching from a 30-year to a 15-year loan, you could build some serious equity.

How Does The Freddie Mac Enhanced Relief Refinance Program Work?

If you choose this method of refinancing, you will have to do some paper-work, just like you did when you bought the original mortgage.  With the “Freddie Mac Enhanced Relief Refinance Program, you’ll go through an application, approval and closing process (similar to when you got your original mortgage).”

Palm State Mortgage Company will find a perfect lender for you and take you through the process, step by step.   That procedure would operate something like this:

First Step:  Verify your eligibility.

We can help you with your FMERR verification or application process or you can go to an online verification tool.

You can thus discover if you are eligible for the Freddie Mac Enhanced Relief Refinance program.

Second Step:  Collect All of Your Financial Data

You will want to collect your basic financial data. Locate those loan papers and make sure you have organized them.  Here’s your basic list:

  • Your mortgage statements,
  • Second mortgage papers if you made a second mortgage.
  • Income tax return, W-2’s or 1040’s and (maybe) paystubs—at least 2.

Other Financial Data You Might Need:

Will Re-financing Help Your Family Save Money? Check with Palm State Mortgage for Answers.

Whether you go with the option of Freddie Mac Enhanced Relief Refinance or a different program for refinancing you might also need to collect other documents, as stated in a giant list at this valuable online resource. 

They remind you to have asset statements available online or in-person at all your financial institutions.

You will include more than bank accounts. Also, you must list retirement plans, investment accounts. And include documented debts, like child support, that might not appear elsewhere.

More Financial Papers You Might Require

You will also need the validation of your homeowner’s insurance declaration page, either online or you’re your original paperwork.  Remember too that if the names or your marital status have changed, you will need to show a copy of your divorce decree.

We will help you find a list of lenders who will work with the Freddie Mac Enhanced Relief Refinance Program. Then we’ll see what you qualify to attain—and discuss your options. 

Third Step:  One Step at the Time

Once we have a lender, you will go through the approval and closing process.  Finally, you will breathe a sigh of relief.  It’s time to sit back and enjoy the benefits of your refinancing journey, whether you have utilized the Freddie Mac Enhanced Relief Refinance.  Whether you utilize this program or not, at least now you know what is meant by FFEMR.

COVID-19:  Palm State Mortgage Addresses The Elephant in the Room

We cannot really talk about the housing market, the stock market or the current financial picture of life in our communities without mentioning the Coronavirus and the disease, COVID-19.  By now, everyone in your life has told you to wash your hands and stay home if you are sick with flu symptoms.  Then, today the World Health Organization declared COVID-19 to be a pandemic.  Palm State Mortgage Company would feel remiss if we did not mention it.

Most Importantly:  Do not Panic

We know you are probably keeping up with the current news, but the CDC has a constantly updating online resource to help you at this time. 

We know that this virus most threatens people over 60, especially those with underlying health issues. If you are at higher risk of getting very sick from COVID-19, you should:

  • Bring in some extra supplies.

    Take Care of Your Self and Your Family During the COVID-19 Attack.

  • Use care to keep space between yourself and other people.
  • When you go out in public, remember to avoid others who are sick.  Please limit close contact. (Will you choose the toe touch, elbow bump or the Vulcan hand sign greeting?)  Of course, we must say that washing your hands often is vital to your well-being, both in regard to COVID-19 and the Flu.
  • As we see more and more public events canceling, we remind you to avoid crowds.

This is not a good time for a vacation, spring-break or otherwise.  The government has warned us to stay away from ships and planes.

And last but not least, “During a COVID-19 outbreak in your community, stay home as much as possible to further reduce your risk of being exposed.”Palm State Mortgage Company sees that as a sane and sensible approach.  Don’t panic, just prepare.