Treasury Makes Refinancing More Attractive
The Treasury Department on Wednesday expanded its foreclosure prevention plan, lifting the current 105 percent loan-to-value cap to refinance up to 125 percent of a home's value.

Applications to refinance mortgages have fallen as rates have increased in the last couple of weeks, but this move may bring more borrowers to the table.

At the same time, Fannie Mae and Freddie Mac have agreed to reduce the processing fee for borrowers who select a 25-year mortgage.

Fannie said in a statement, "The reduction is intended to lure borrowers to select shorter terms and build positive equity in their homes sooner than with a typical 30-year mortgage."

Source: Reuters News, Patrick Rucker (07/01/2009)

The Jones Group
Jacksonville and Orange Park
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(904) 874-0423

Mike and Cindy Jones selling Jacksonville homes

Mike & Cindy Jones

Keller Williams First Coast Realty

Posted by Mike & Cindy Jones~Jacksonville, Fl Real Estate~(904) 874-0422 on 07/02/2009 01:26 PM

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Mike & Cindy Jones~Jacksonville, Fl Real Estate~(904) 874-0422

Jacksonville, FL

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