...but she wanted to refinance into a lower rate.

Today we closed on a refinance for a woman who owes $125,000 on a townhome that is only worth $90,000. How did we do it? Her old mortgage was opened prior to 5/2009 and backed by Fannie Mae. Because she has excellent credit and never late on her mortgage payments, we were able to refinance her loan from an interest rate of 7% to 4% because of the HARP programs out there for Fannie Mae and Freddie Mac backed mortgages.

The best part about this was we were able to save her over $200 per month, which is a lot of money since she's on a fixed income. Also, an appraisal wasn't required for this refinance o we saved her an additional $450. We were able to better her financial situation and that's why I do what I do.