The mortgage experts at Team Mortgage Company can help you determine if now is the right time for you to refinance your mortgage loan. Our professional lenders will work with you to lower your monthly payments or reduce the time it takes to pay off your loan.


There are numerous benefits to refinancing in today’s market. Primarily, you will be able to lower your rate and reduce your monthly payments and interest costs. In addition, you may be eligible to convert your adjustable-rate mortgage (ARM) to a more secure fixed-rate mortgage. You might also qualify to combine your first and second mortgages into one mortgage at a lower rate. Finally, refinancing may allow you to pay off installment debts and credit cards if you qualify.


The primary benefits of refinancing with us include our low rates, easy online application and the support and guidance you need from an experienced loan professional.


DU Refi Plus

Desktop Underwriter Refi Plus is a program offered by Fannie Mae that can make refinancing faster and easier for many homeowners. This streamlined refinancing program offers looser lending restrictions that can mean lower monthly payments for borrowers qualifying for the Fannie Mae refinancing program.


Under DU Refi Plus, our expert lenders will identify existing Fannie Mae loans and check their performance history. Homeowners can use DU Refi Plus to refinance up 105 percent of their home’s value and can provide only one pay stub for income documentation. In some instances, the Fannie Mae refinancing program will approve homeowners with credit scores under 580, the current minimum.


DU Refi Plus Major Features & Benefits:

  • The Fannie Mae streamlined refinancing is open to condos, co-ops, PUDs, manufactured homes, and other common property types.
  • Second homes can qualify for Du Refi Plus if they are just one unit, but one to four unit primary residences and investment properties are eligible for the DU refinancing.
  • Loan-to-values of the property can go up to 105 percent, and there is no maximum limit on combined-loan-to-values. Subordinate financing is prohibited, which means second mortgages must be re-subordinated.
  • If the loan-to-value is 80 percent or less, homeowner can have a credit score below 580.
  • If the mortgage has an adjustable rate, the minimum credit score of 680 is waived when the loan-to-value ratio falls below 80 percent.
  • Homes previously subjected to a 75% LTV/CLTV/HCLTV are now eligible for up to 80% LTV/CLTV/HCLTV. Eligible properties include two-unit primary residences with high-balance loans, and three- to four-unit primary residences, investment properties and second home co-ops).
  • Salaried workers need just one pay stub and verbal verification of employment.
  • Commissioned or self-employed borrowers must submit 1 year of federal tax returns.
  • In some circumstances the homeowner may not need to pay for an appraisal.


Refinancing Borrower Benefits

These refinance options are intended to assist borrowers by providing a benefit that seeks to ensure long-term homeownership sustainability. The lender must represent and warrant that the borrower is receiving a benefit in the form of either:

  • A reduced monthly mortgage principal and interest (P&I) payment
  • A reduced interest rate
  • A reduced amortization term, or
  • A more stable mortgage product; movement from an ARM to a fixed-rate
  • Lenders may solicit borrowers with mortgages owned or securitized by Fannie Mae for a refinance, provided:
  • The LTV ratio of the loans is greater than 80%.
  • The lender simultaneously applies the same advertising and solicitation activities to all mortgages owned, or securitized by either government-sponsored enterprise (GSE).
  • The lender must use specific language in any communications.


For more information about refinancing from the experts at Team Mortgage Company, contact us here  or call us at 616.974.9710.