The Freddie Mac Home Affordable Refinance Program is the best program that I've seen the government roll out so far to help ailing home owners refinance their mortgages into a new home loan at a lower mortgage interest rate. This program is available to individuals that own a single family residence, second home or investment property. Yes, you read correct, EVEN investment properties where the owner of the home owes more on the home than the home is worth.

Here is the BEST part about it. If your home loan is owned by Freddie Mac (email me your address and I will search it for you) and your home is worth less than you owe, you may be eligible to refinance your existing loan balance into a new loan with a lower interest rate and consquent lower monthly payment.

Consider it kind of a short refinance, without any derrogatory credit implications. You will still have a 30 year fixed loan if you already do and if you have an adjustable rate you can move it into a fixed rate mortgage and alleviate any future mortgage interest resets.

Now the big question that everyone has asked me is "Do I have to get mortgage insurance now since my new loan is over 80%?" The answer is no, if your existing home loan doesn't have PMI (Private Mortgage Insurance) then your new loan WILL NOT have PMI, even if it is over 80%! Pretty cool, huh? If your existing loan already has PMI, your new one will as well.

So don't wait. Get some piece of mind and stop stressing. I can check this out for you for free. All that you need to do is Email me the names on the existing loan, the complete property address, who you pay your existing mortgage payments to and if it is a primary residence, second home or investment property. Let's see if I can save you some money!!

Brian can be reached by email at besquivel@bncnationalbank.com or by phone at 602-688-1339. BNC National Bank is an Equal Housing Lender, Member FDIC.