Costa Mesa Real Estate Blog

We had a great experience in our Mortgage department here today, enough that I had to write about it. President Obama, as part of his economic recovery program, had allowed what he termed a "Making Homes Affordable" program which allowed homeowners to refinance even if their home had lost value in recent years.

Of course there are some caveats to the program, but in this case it allowed our self-employed borrower the opportunity to refinance when it was not even close to possible last year. And she was able to get a prevailing rate of 4.875%, not a rate that had been knocked up for qualifying criteria.

The real beauty of the situation was to see the look on the homeowners face when we told her that yes, we had final approval on the loan, and yes, we would be saving her $450 per month!! The smile was ear to ear!!

So, I say thank you Mr. President for allowing that option to pass into the marketplace, it made a huge difference for our client!

If you are looking for a rate or a refinance for your Costa Mesa real estate, give Colin Delaney a call at 714-743-9882 or e-mail at Colin@VerandaHomes.com.