Rapid Refinance - No Up Front Fee Refinance

Sat - 2/4/2012

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The Novation Rapid Refinance

Status Statement and Quick History

Don't wait until you are in too much trouble to get out! Right now there are millions of Americans facing financial trouble because their interest rate is going to rise. In a nutshell here is what happened:

The Mortgage industry listened to the cries of America saying that banks were not providing equal treatment to borrowers and that banks were preventing lower income families from having the option of purchasing their own homes. Subprime mortgages were created and millions of people who would otherwise never have owned a home became homeowners. Unfortunately about 14% of those people for one reason or another were not able to make their mortgage payments and the media started a blood fest which resulted in thousands of investors pulling their money out of the funds that provided the needed money to lend for these loans and in early and mid 2007 the subprime market collapsed.

The above story is a problem because had subprime continued many of the homeowners who were in ARM financing for their homes would have easily been able to refinance into a fixed rate mortgage after having developed or stabilized their credit. However, the media won the battle so now many homeowners, maybe you, are "stuck" in a rising rate mortgage.

What You Should Do Now

Many of those homeowners who have not yet entered their adjustment period or who have entered their adjustment period and are barely able to make their mortgage payment may be able to refinance right now using the Novation Mortgage Rapid Refinance Loan.

What It Is

The Novation Mortgage Rapid Refinance Loan is a conforming refinance with fixed rates based on the risk of the borrower. Rates are competitive with all other agency type loans but the underwriting is slightly more flexible and common sense than those of FHA.

The FHA Secure Refinance

This new loan is not available until January of 2008 and has some very strict lending guidelines. First you must have excellent credit and secondly you must already be in default on your mortgage. The FHA Secure Refinance will have an expensive Private Mortgage Attached to it while the Novation Mortgage Rapid Refinance may is available to some borrowers with a greatly reduced PMI cost (almost 50% less)!

What To Do

Call your Novation Mortgage branch today and speak with a mortgage refinance specialist at 866-946-0120

At this time the Novation Mortgage Rapid Refinance is available only in Georgia Florida and Alaska.

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