page33 2008-03-07T11:54:19.982-06:00 Which_lenders_will_refinance_a_ 2008-03-07T11:54:19.982-06:00 At present, the only area lender which provides fixed-rate 15 to 30 year mortgages for MACLT homes is AnchorBank. The reason for this is that AnchorBank is the only Fannie Mae lender in the Madison area that is set up to provide fixed-rate CLT mortgages. MACLT has worked with AnchorBank for nearly 15 years, which demonstrated their long-term commitment to serving MACLT homeowners. Is_there_a_difference_between_r 2008-03-07T11:53:32.536-06:00 Actually, they are going to be pretty similar. AnchorBank will be your option for a fixed-rate mortgage of 15 to 30 years (because they are a Fannie Mae-certified CLT lender). In terms of calculating the value of your home for lending purposes, the lender will look at the allowable resale price of your home. <br /><ul class="disc"><li>For income-restricted homeowners, the resale price is set by deed restriction (what you paid plus 25% of the increase in market value). </li><li>For market-rate homeowners, the resale price will be appraised market value.</li></ul> Should_I_expect_my_lender_to_co 2008-03-07T11:51:35.666-06:00 The short answer is no. It is up to each homeowner to keep track of interest rates, and then to contact your lender if you think that it might be a good time to refinance. Will_I_pay_higher_interest_or_l 2008-03-04T14:18:52.207-06:00 The short answer is no, you will not. AnchorBank's Fannie Mae loan products are priced the same as any other bank or credit union's mortgage products. Why_are_Fannie_Mae_mortgages_th 2008-03-04T14:17:10.632-06:00 There have been extensive negotiations between CLT representatives and Fannie Mae over the past ten years, which resulted in Fannie Mae agreeing to provide mortgage products to CLT homebuyers/homeowners. Fannie Mae includes a "rider" on CLT mortgages that essentially mirror the terms of the standard CLT ground lease, which clearly defines what happens in the event of a foreclosure.<br /><br />To date, we have not been able to reach a national agreement with Freddie Mac, the other very major player in the secondary market. We hope to have an agreement with Freddie Mac negotiated within the next 5 years. My_original_mortgage_is_with_WH 2008-03-04T13:16:04.503-06:00 The short answer is no. WHEDA only offers loans to first-time homebuyers. So when you refinance, you are no longer eligible for their loan products. When_is_it_a_good_time_to_refin 2008-03-04T13:14:53.169-06:00 Here are some reasons why people refinance their homes:<br /><ul class="disc"><li>If interest rates have dropped significantly since you last financed your home. [Remember that you need to factor in loan application fees and closing costs.]</li><li>If you have an adjustable rate mortgage and you want to convert it to a long-term fixed-rate loan.</li><li>If you want to refinance into a shorter loan term in order to pay off your loan earlier (like going from a 30-year loan to a 20-year loan).</li><li>If you have consumer debt that you would like to roll into your primary mortgage. Just be very, very cautious about this one, as refinancing to pay off consumer debt has gotten lots of people across the country into mortgages that they simply cannot afford to carry. </li></ul> Question 2008-03-04T13:07:50.563-06:00 The maximum you can borrow against your home is the amount of money you could sell it for. For market-rate homeowners, that is the appraised market value of your home. For income-restricted homeowners, that is the formula resale price (what you paid plus 25% of the increase in market value of your home). Who_should_I_contact_at_AnchorB 2008-03-04T13:06:05.788-06:00 You should contact Renae Stafslien at AnchorBank-Capitol Square. Renae has done a number of MACLT mortgages, and is very familiar with our program. Her phone number is (608)252-8806, and her email address is <a href="mailto:rstafslien@anchorbank.com" rel="self">rstafslien@anchorbank.com</a><br /> What_is_Fannie_Mae 2008-03-04T12:56:08.149-06:00 Fannie Mae purchases loans from banks and credit unions from around the US and packages them into investments. In combination with Freddie Mac, they dominate what is called the "secondary mortgage market".