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fannie mae: Great Rates + Declining Values = No Refi for You. Maybe Not. - 03/10/09 11:38 AM
This great info was shared with us by Tera Gilbert of Wells Fargo Mortgage.
Great Rates + Declining Values = No Refi for You. Maybe Not.While interest rates have been at levels not seen in generations, not everyone has been able to benefit. As home values have come down across the country millions of homeowners have been unable to refinance.
When applying for a home loan, one key component in underwriting is the amount of equity or down payment in the transaction. As home values have declined, even in some cases where someone put a sizable down payment into the purchase … (0 comments)
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fannie mae: Mortgage Update! - 09/16/08 12:33 PM
With the government taking over Fannie Mae and Freddie Mac, rates are finally nicely under 6% for many homeowners and it's been some time since we've seen that. No one can fully predict how long it will last either and many companies offer a free float-down option so there's no excuse for homeowners not to lock in now and protect what's happening in the industry to their benefit.
Also, most homeowners who haven't owned a home in 3 years will qualify for a tax credit of $7,500 so remember even if a seller won't go down to as low of an offer as you had hoped, … (0 comments)
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