Yesterday, BankUnited announced that they were launching a Mortgage Assistance Program to help people who are currently in an option arm and need to get into a conventional or FHA mortgage.
According to Ramiro Ortiz, BankUnited's president and COO:
"This is one of the most sweeping, broad-based programs of its kind. It will literally provide people with a map (MAP) to find their way back into a more financially stable environment for their home mortgages."
Benefits to borrowers include waived pre-payment penalties, minimal modification fees and a variety of loan choices, including traditional mortgage products and government agency loans. Customers can refinance with other lenders and still take advantage of the prepayment waiver. By taking action now, homeowners can lock in during a low interest rate environment. In addition, they can avoid potential higher payments when loans recast in the future.
