July 02, 2009

New Rule for Making Home Affordable

Loan to value ratio now acceptable at 125%

Not too long ago, a new program to help homeowners refinance was introduced. Making Home Affordable offered incentives to borrowers and mortgage lenders to help them refinance their homes to lower interest rates -- resulting in lower payments.

Originally, the idea was to allow those with a loan to value ratio of up to 105% to be able to refinance under this program. This allowed those whose home values dropped significantly to refinance -- even though they owed more than the home was worth.

The program has been expanded in response to its limited success. Instead of 105%, the program will now allow homeowners to refinance if they have up to 125% for a loan to value ratio. If your ski resort home has dropped in value, it might be worth it to see whether you can take care of the new rules offered by this program. It could save you a great deal over the long haul.

Topic Tags: loan to value ratio, mortgage interest, mortgage lenders, mortgage rates, refinance, ski resort, ski resort home

by Ski Resort Markets

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