Bank to partner with Fannie Mae, Freddie Mac to help borrowers lower interest rates and monthly payments
United Community Mortgage Services has announced it is partnering with Fannie Mae and Freddie Mac to offer new refinance options for eligible borrowers under the RefiNowTM and Refi PossibleSM programs. Under these new programs, qualified borrowers can take advantage of historically low interest rates to lower their monthly payment. Approved borrowers could save thousands of dollars per year.
“We are extremely passionate about supporting sustainable homeownership in our communities,” said Mike Davies, President of United Community Mortgage Services. “Borrowers could potentially save hundreds of dollars each month when they refinance their loans, and that is money they can reallocate to other debts, savings or investing. We encourage qualified borrowers to connect with a local mortgage loan originator today and take advantage of this opportunity.”
RefiNowTM and Refi PossibleSM are similar. Borrowers are eligible for one of the two if their mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers can find out which, if any, organization owns their mortgage through the Fannie Mae Mortgage Loan Lookup or Freddie Mac Loan Look-up Tool. Additional eligibility requirements include:
- The applicant’s income must be less than or equal to 80% of the applicable area median income where their home is located.
- The applicant’s existing loan must not exceed $300,000 and it must have closed at least a year ago, but no more than 10 years ago.
- The applicant must have a FICO score of at least 620.
- The applicant has to currently live in the home they are seeking financing for and it must be a one-unit residence.
- The applicant must have made all mortgage payments in the past six months and missed no more than one in the past 12 months.
Upon approval, the new loan must be a fixed-rate mortgage, reduce the applicant’s current interest rate by at least 0.5% and lower their monthly payment by at least $50. Applications for RefiNowTM under Fannie Mae opened June 5, 2021. Applications for Refi PossibleSM with Freddie Mac open August 30, 2021. Interested customers can learn more by visiting a United Community Bank location.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) (United) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. United has $18.6 billion in assets and 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking seven out of the last eight years United earned the coveted award. United was also named “Best Banks to Work For” by American Banker in 2020 for the fourth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall Satisfaction. Additional information about United can be found at www.ucbi.com.