Idaho Home owners are facing declining home values. Falling home values makes it hard to refinance a home mortgage and take advantage of the great interest rates available.
The problem home owners have with refinancing when housing prices have fallen is that many home owners are upside down in there home. Meaning they owe more on their home than their home is worth. Banks are obviously very hesitant to lend money on a home that is worth less than the home owner owes on it.
If you are like the majority of home owners in the nation that suffer from falling home prices and would like to take advantage of todays great interest rates there are still options out there for you. If you have a mortgage that is owned by fannie mae or freddie mac there is loan programs that allow borrowers to finance up to 125% of the value of your home. This is great for the home owner because it enables them to refinance at todays interest rates and lower their payments.
If you have an FHA mortgage there is a loan program available called an FHA streamline refinance that allows borrowers to refinance their home without needing an appraisal. Without needing an appraisal the borrower is able to refinance without the complications of dealing with home value issues.
Even though home prices have decreased over the last few years it is still possible to refinance. If you or anyone you know needs to refinance or inquire about refinancing please give me a call and I can discuss the options available.
Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com
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*This is not an offer to lend. 
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