Jon Karuschkat a residential loan originator with Shea Mortgage in Highlands Ranch, Colorado has worked with many clients whose homes have lost value over the past few years. There are some products that do not require an appraisal so this may not be an issue.
In today’s economic market most residential homes have lost some of their value. In some cases the value has gone down so much as to prevent the owners from taking advantage of the historically low interest rates. While many people have been able to refinance, there are still a great many individuals who have not been able to refinance due to low property values. Many of these people have a mortgage rate higher than 5%.
Jon a 20 year veteran in the mortgage business knows that some home owners have not even tried to refinance simply because they know the value of their property have decreased. However, there are some government guaranteed and insured products available that do not require an appraisal. Quite often if packaged correctly, many conventional mortgages do not require an appraisal as well. Thus if the loan is packaged correctly, it does not matter what the value of the home is.
These profucts are standard mortgage loans with today’s market rates. This is a full refinance. This is not a modification, so there are no harmful effects on one’s credit. Some of the basic requirements are: owning your home for at least 1 year, no recent late payments on your mortgage, and reasonable credit. Jon said: “it is a shame to not take advantage of the low rates of today. Yes, in some cases there is nothing that we can do, but we have helped many others save hundreds of dollars each month. We offer a free consultation to determine if someone qualifies to refinance with no appraisal. Whether by telephone or email or in person, there is no cost to discover what options are available.” Jon can be reached at 720-289-7484 or jon.karuschkat@