Short Payoff Refinance Assistance
What is a Short Payoff Refinance?
A Short Payoff Refinance is a refinance of your current mortgage for less than the current amount owed. This refinance is based on current market value and enables those homeowners who owe more than there home is worth to refinance based on new appraised value. In a declining market many home owners are finding themselves upside down in there mortgage not realizing that this is even an option, to see if you may qualify for this short refinance program call or email now for more information.
Recent Short Payoff Refinance Examples
Example 1: Client had a previous mortgage balance $496,000 with 5-year ARM interest only loan and a monthly payment of $2,686. We were able to execute a short payoff refinance based on new appraised value of $258,000. The new loan amount $252,195 over a 30 year fixed mortgage at 5.875%, yielding a monthly payment of $1,837. This short payoff refinance resulted in a reduction in mortgage balance of $243,805.
Example 2: Client had a previous mortgage balance $223,000 with 3-year ARM interest only loan and a HELOC 2nd mortgage with a combined monthly payment of $1,398. We were able to execute a short payoff refinance based on new appraised value of $52,000. The new loan amount $50,724 over a 30 year fixed mortgage at 5.875%, yielding a monthly payment of $490. This short payoff refinance resulted in a reduction in mortgage balance of $172,276.
How do I get started?
To get started on your short payoff refinance contact us immediately and we will guide you ever step of the way!
