refinancing: President Obama's Housing Plan Gets Mixed Reviews - 02/03/12 11:36 AM
In his State of the Union speech last week, President Obama called for an end to the red tape that plagues underwater homeowners looking to refinance.
According to the new mortgage refinance plan the White House plans to send to Congress, big banks would be forced to foot the bill, which could total anywhere from $5 billion to $10 billion. The plan would allow private-label mortgages - not those guaranteed by Freddie and Fannie - to refinance through the Federal Housing Administration (HUD).
In a speech at Falls Church, Va., on Wednesday, President Obama said:
"I want to be clear. This … (0 comments)
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refinancing: Hidden Costs of Refinancing a Mortgage - 11/15/10 02:34 PM
I got an email today from a woman who has been reading recent columns about refinancing a mortgage.
She read that I paid very little to refinance and another woman paid $2,100 to refinance.
“How can this be when I paid $10,000 to refinance two years ago?” she asked.
It’s a good question because it gets to the heart of why no one seems to have the same refinance experience. There are several different choices you make that will directly affect how much you pay to refinance (or, let’s face it, finance) your mortgage. There are also several factors over which … (1 comments)
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refinancing: Should You Refinance Now? - 09/17/10 11:46 AM
With interest rates steadily dropping, you may be tempted to hit the refinance button right now, but think before you commit.
By weighing out what you will save against how much the refinance will cost you, you may find that it is not worth it to refinance to lock in a lower interest rate right now.
Here is my refinancing story: http://real-estate.equifax.com/2010/09/should-i-refinance-now.html
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refinancing: Dividing Assets After Separation May Result In Lingering Attachment To Home - 06/07/10 12:51 PM
When it comes to personal relationships, it's sometimes easier to part ways with a friend than dividing up assets after a separation. In some cases, a person may have a lingering attachment to a home or personal property items. Here's a question from one of my readers:
Q: About eight years ago, my ex-fiancée and I purchased a home together. The deed is in both of our names. Since then we've gone our separate ways. But she still resides in the house and I've paid the monthly mortgage payment.
We do not want to do anything that would jeopardize the loan … (0 comments)
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refinancing: Mortgage Lender Requirements Result in Closing Problems And A Dry Closing - 04/26/10 11:24 AM
Mortgage lender requirements are confusing brokers, buyers, and even the lenders who are giving the loans. The new world of mortgage financing requires very strict qualifications for the buyers, and brokers and lenders are having trouble keeping track of the rules.
It's very hard to get mortgage financing right now, and some mortgage financing deals are falling through at the last minute because the lenders and brokers don't know what will make the buyer fail to fulfill the mortgage lender requirements. The result of these loan requirements is closing problems and a dry closing.
Read more about this confusion at ThinkGlink.com
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refinancing: Should You Refinance Into An ARM? - 04/05/10 11:49 AM
For some homeowners, an adjustable rate mortgage (ARM) may be perfect for them. If they plan on living in the home up to seven years, an ARM loan may be all they need. For other home owners, the security and stability of a fixed rate thirty year mortgage may be the right thing. If you are considering refinancing, you have options available to you.
Read the full story on how to decide if an adjustable rate mortgage is right for you, and find related articles at: ThinkGlink.com
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refinancing: Whether To Refinance Mortgage Or Pay Down Existing Loan - 03/02/10 03:50 PM
Given today's low interest rates, you may decide to refinance a mortgage loan today but may not get all of the benefits. You have to watch out for high costs in refinancing your mortgage loan and have to make sure the costs don't outweigh the benefits of the lower interest rate.
The best real estate advice you can get is to make sure you can lower your interest rate, shorten the term of your loan, save money on your monthly payment and keep the refinance costs low.
Read more about refinancing your mortgage at: ThinkGlink.com
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refinancing: Option ARMs Coming Due May Still Cause Problems For Banks - 02/23/10 06:16 PM
With an Option ARM, you could have an adjustable rate loan, get a low interest rate and even pick your own payment amount. If you picked a low payment, you would be increasing the amount you owed the lender. The low payment would not have been enough to actually paid what was owed on the loan.
After several years of making a low payment, the payment resets to a much higher amount. But with an increased balance on the loan, the option ARM becomes a real problem for the homeowner and the bank. With dropping home prices, the borrower can't refinance … (0 comments)
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refinancing: Problems Refinancing Condo With New Lending Guidelines - 02/23/10 05:51 PM
Lending guidelines and requirements for condominiums are changing fast. Due to the large number of foreclosures and loan problems with condominium projects and buildings, lenders have become overly cautious in their loan practices.
These guidelines could make your hopes of refinancing your condo problematic.
Some lending regulations get even worse if you are in an area that has been particularly hard hit by falling home prices. Fannie Mae and Freddie Mac have set up guidelines for condominium projects and not all projects can or will qualify under their guidelines. If the condo project is not approved under the required guidelines, a … (0 comments)
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refinancing: Refinancing An Interest Only Loan or Paying Down The Mortgage - 02/10/10 05:50 PM
If you have some extra cash around, it may be smart to consider paying down your mortgage debt.
Sometimes your current loan will be a better deal than refinancing an interest only loan. If the closing costs are too high to refinance and your interest rate is reasonable, you might be better off keeping your existing mortgage loan.
Using your extra cash to pay off your mortgage is another option. Depending on the type of loan you have and where you would otherwise invest your money these days, the option to pay down you debt might appeal to many homeowners.
Read … (0 comments)
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refinancing: Refinancing? Here’s The Mortgage Deal I Choose - 11/30/09 01:07 PM
Yesterday, we started shopping around to refinance our loan. Right now, we have an adjustable rate mortgage (ARM) that’s gone down to 3.35 percent. We also have a home equity line of credit that’s clocking in around 2 percent.
We called three lenders to compare deals. Here’s what they initially offered us on a 15-year fixed-rate loan:
Lender #1: 4.25 percent, around $1,500 in fees/costs Lender #2: 4.35 percent, no costs Lender #3: 4.50 percent, around $1,500 in fees/costs We eliminated Lender #3, because the other deals were better and focused on whether it was better for us to pay the … (1 comments)
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refinancing: Should I Refinance My Mortgage? - 11/17/09 11:25 AM
Mortgage interest rates fell below 5 percent again last week, and this week dropped further, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up.”
Having mortgage interest rates drop below 5 percent combined with the recent extension and expansion of the home buyer tax credits gives buyers a unique opportunity to purchase … (0 comments)
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refinancing: When Should You Refinance Your Mortgage? - 10/06/09 11:50 AM
Refinancing a first mortgage and/or a second mortgage or home equity line of credit may not be right for everybody. If you refinance the mortgages will you reduce the amount you owe on the mortgage loan? Will you reduce the number of years left to pay on the mortgage once you refinance the mortgage and home equity line of credit or second mortgage loan?
If you refinance your mortgage, will the costs you incur by refinancing your mortgage exceed the savings you get? How long will it take for you to break even after you spend money refinancing your mortgages?
Refinance … (0 comments)
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refinancing: Refinancing Mortgages With Falling Home Values And The Revised Obama Plan - 07/03/09 08:14 AM
Falling home values have sure hurt homeowners. As interest rates have come down, these same homeowners are trying to refinance their loans but are having trouble due to the lower value of their homes. Recent Obama administration proposals are attempting to help homeowners.
Before, if your loan was up to 105 percent of the value of your home you could take advantage of the Obama Making Home Affordable program, this past week that amount was raised to 125 percent. We'll see if the continued slide in home prices and the new plan can help homeowners.
Question: I have two mortgages on … (0 comments)
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refinancing: Interest Rates On The Rise As Refinancing Applications Fall - 06/13/09 12:53 PM
by Jennifer A. Freeman
According to a survey from the Mortgage Bankers Association for the week ended June 5, 2009, mortage interest rates are increasing, as refinancing activity falls.
The average rate for 30-year fixed-rate mortgages increased to 5.57 percent from 5.25 percent. The average rate for 15-year fixed-rate mortgages increased to 5.10 percent from 4.80 percent. The average rate for one-year ARMs increased to 6.75 percent from 6.61 percent. The refinancing activity for the week dropped almost 12 percent from the previous week, but the purchasing activity held fairly steady, increasing 1.1 percent over the previous week. Refinancing fell to to … (0 comments)
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refinancing: Great Mortgage Loan Deals: Can You Finance Investment Property for 4%? - 06/08/09 05:17 PM
Mortgage interest rates are super-low at the moment. But the best deals are for owner-occupied homes, not for financing investment property. On a recent radio show, a caller emailed Ilyce to ask about a great loan deal she supposedly got when she financed her investment property. Is it the real deal?
Question: On your radio program one Sunday, you mentioned that you got a very low intereste rate when you refinanced an investment piece of property that you owned. I believe the interest rate on the loan was in the 4 percent range. That sounds just too good to be true. … (0 comments)
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refinancing: Three Rules For Refinancing Your Mortgage Loan - 05/06/09 08:05 PM
Deciding whether to refinance a mortgage loan involves more than just getting a lower interest rate. For a refinance of your mortgage loan to be worth it, you have to achieve three things: lower your mortgage loan interest rate, lower your mortgage loan monthly payment and shorten the length of your mortgage loan. If you can only achieve two out of three of these refinance rules it may still be worth it, but pay attention to closing costs because lenders make a lot of money off of fees these days.
The most successful candidates for a refinance will focus on achieving … (0 comments)
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refinancing: 50% Off Special for May 9 Ilyce Glink Money Makeover Event - 04/27/09 11:07 PM
Here's how to sign up for our May 9 Makeover Your Money event at the Renaissance Waverly hotel at Cobb Galleria.
Go to ThinkGlink.EventBrite.Com.
Click on the $8.27 early bird special.
Enter "savememoney" (one word, no quote marks) in the discount window.
Enter the way you want to pay
And, you'll be signed up -- it's that easy.
I hope you'll join us on May 9. It's going to be an amazing day.
We're going to discuss Debt and Credit, Financing, Refinancing and Foreclosures and how to Invest your money in a wild and crazy stock market.
SIGN UP NOW!!!!
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refinancing: Home Loan: Refinance Or Pay Off Mortgage Loan To Remove Name - 04/17/09 06:19 PM
When you buy a home with someone, regardless of what type of home it is, the only ways to remove yourself or the other party from the mortgage is to either refinance or to pay off the mortgage loan.
While you can ask the mortgage lender to remove one of the name's it's unlikely the lender will agree to do that without refinancing. Learn about what to consider when the property whose mortgage is in question is a manufactured or mobile home by reading the experience of one of my readers.
Question: I have a 30-year old daughter. About one year … (0 comments)
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refinancing: How to Prepare for a Mortgage Refinance - 04/12/09 07:59 PM
With mortage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?
It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup your closing costs in a reasonable amount of time. And unlike during the housing bubble, you now need to provide lots of documentation, including proof of your income, when you want to refinance your mortgage loan.
8 Things You Should Do … (2 comments)
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