Borrower Benefits:
- Lower mortgage payments
- Lower interest rates
- Shorten loan term
- Switch from ARM to fixed
- PMI may be transferred or not required at all*
Features & Terms:
- Streamlined documentation
- Appraisals typically not required
- All property types, including investment
- The borrower must have made 12 payments on the loan being refinanced and it must not be a HARP loan