Refi Plus Benefits
Flexibility in locking interest rate
Rates may be locked up to 24 months in advance of the Prepayment Period End Date of the existing Fannie Mae DUS Mortgage Loan using the Cash Early Rate Lock (ERL) execution.
Lower credit score and appraisal requirements
No minimum credit scores on LTV < = 80%
Appraisals waived (in some cases)
Low out-of-pocket costs
Mortgage Loan delivery is secured by an amendment to the existing mortgage lien. Streamlined documentation requirements mean lower costs and faster approvals.
Fast processing and underwriting
DUS Lenders have delegated authority to underwrite, commit, rate lock and deliver Refi Plus Mortgage Loans without prior review by Fannie Mae.
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