What’s New for Refinancing in 2018

The new year can mean new changes to home refinancing options. Typically, housing market changes reflect the economy. Everything from unemployment rates to the national GDP to public policy can affect how much or how little value the average American can get out of their home. For people who aren’t mortgage experts, understanding the ins and outs of mortgage rates and gathering the paperwork involved can be frustrating. If you’re looking to refinance your home, it’s important to weed through the options in mortgage refinance companies before choosing the right people to trust.

Your best option is to look for lenders who specialize in mortgage loans; more specifically, find a team who works with a lot of refinances if you’re looking to do so in the new year. That’s why this week we’re taking a peek at some changes you’re likely to see in your 2018 home refinancing options. Hopefully, one of the choices below can meet your needs when you’re refinancing your home in the new year!


Streamline Refinance Changes in 2018

All precedents set for streamline refinance loans in 2017 will remain for 2018. Fortunately with streamline refinance loans, the paperwork remains minimal moving into the new year. FHA streamline refinancing remains a great option for homeowners who want to reduce their mortgage insurance through refinancing.

Conventional Loan Changes in 2018

For conventional refinance loans, there are no changes to Freddie Mac in the upcoming year. However, Fannie Mae has launched a new service for the upcoming year called “Day 1 Certainty.” Both Fannie Mae and Freddie Mac are solid options for borrowers to hoping to capitalize on their good credit history and refinance.

What is Day 1 Certainty and Why does it Matter?

Day 1 Certainty is a new service Fannie Mae is offering to lenders in 2018. Basically, it allows an automated service to validate the state of employment, value of assets, and total income of borrowers electronically. This saves man hours in the office filing paperwork which, in turn, helps get borrowers approved faster. No more hunting down physical copies of old pay stubs and w2 forms with this loan type. Additionally, appraisals will no longer be necessary on certain eligible properties which makes the borrowing process even quicker. As Day 1 compliant lenders, Oceanside Mortgage is fully up to speed on Fannie Mae’s Day 1 Certainty service and is prepared to utilize it to expedite the borrowing process in the new year!


Got a question on how Fannie Mae’s Day 1 Certainty service can affect your refinance options? Leave a comment below and we’ll help answer any questions!