What is Ginnie Mae?

The Government National Mortgage Association (GNMA), or Ginnie Mae as it is nicknamed, is responsible for allowing mortgage lenders to obtain a better price for their loans in the capital markets. Recently, Ginnie Mae announced that it has guaranteed more than $41 billion in mortgage-backed securities (MBS) as of December 2012. These are a dependable source of liquidity for loan originators who work with government-backed mortgages.

Ginnie Mae finances housing mortgage insurance programs that are run by the FHA, the VA, and other programs, by raising capital from investors in the global credit market. This ensures liquidity for affordable rental and homeownership for everyone across the nation.

Unlike Fannie Mae and Freddie mac, who are "government-sponsored enterprises" or GSEs, Ginnie Mae is a wholly owned government corporation. Ginnie Mae is the guarantor of MBS issued by government-approved securities issuers who participate in Ginnie Mae's program.

It has always been Ginnie Mae's mission to expand affordable housing throughout the US. Ginnie Mae is an essential part of the housing finance market and its economy recovery.

The Future of Refinancing

How would you like to be among the millions of responsible homeowners who can refinance their mortgages at a lower rate in order to save thousands of dollars each year? It's within your reach!

Especially now that U.S. Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) have introduced this legislation in the 112th Congress. It is called "The Responsible Homeowner Refinancing Act of 2013" and it plans to remove the barriers that are currently preventing borrowers from obtaining the lowest rate possible.

This bill would streamline refinancing as we know it for all of Fannie Mae and Freddie Mac's borrowers whether they are underwater or not. Up-front fees would be reduced, appraisal costs for borrowers would be eliminated, and the HARP program would be extended by one year to allow eligible borrowers to take advantage of it.

This would be done at no cost to taxpayers. It is intended to stimulate the economy by lowering borrowers' monthly mortgage payments. This would hopefully reduce the number of foreclosures around the nation while boosting the housing market.

That’s why the Menendez-Boxer bill has such broad support from industry and consumer groups. With the recent record-low rates for a 30-year mortgage averaging around 3.53%, you could be one of the nearly 12 million homeowners guaranteed by Fannie Mae and Freddie Mac who could refinance! There are many who are not currently able to refinance because of policies and high fees, but if the Menendez-Boxer bill goes into effect, all that red tape would be gone!  In fact, through HARP, the average homeowner saves $2,500 per year as it currently is. The bill plans on increasing that amount by expanding refinancing opportunities for all those who are eligible.

If you are ready to take advantage of the current low rates, find out if you are qualified for a loan now! Call Quest Loans at 888-883-5252 to find out when it is the right time for you to refinance! We will answer all your questions!