refi: Refinancing makes sense for over 7 million homeowners
- 10/10/19 12:03 PM
Minneapolis, MN: With average home prices continuing to rise ABOVE the 2007 pre-crash average home value, and with 30-year fixed interest rates ending the week of October 10, 2019 at just 3.57% with 0.6% in points according to the weekly Freddie Mac mortgage rate survey, the combination has says refinancing makes sense for over 7 million homeowners. So simply put, with home prices up and mortgage rates down, millions of people can benefit from a refinance of their current mortgage.
Check Current Nationwide Mortgage Rate Averages
Refinancing is especially smart if a homeowner bought their home roughly one year ago, in the fall … (0 comments)
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refi: Are you a serial refinancer?
- 12/21/12 03:21 AM
Are you a serial refinancer? Minneapolis, MN: As mortgage interest rates drop, many people believe that no cost loans, and refinancing multiples times is a game winning strategy. People who do this are known as "serial refinancers."
A Wall Street Journal report shows about 2.2 million people have refinance their current home loan at least twice since 2009.
All loans have closing costs, so an important aspect to refinancing is the question, "is their a benefit?" Refinancing generally is down to obtain a lower mortgage interest rate, and hence, a lower mortgage payment. Some people also lower their term, going from … (1 comments)
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refi: Have an existing FHA Loan? Learn about the FHA Streamline Refinance Program
- 03/01/12 12:57 AM
FHA Streamline Refinance Program in MNRefinance to today's low rate. No appraisal, no closing costs, and even skip a month of mortgage payments - How cool is that?
APPLY for an FHA Streamline Refinance in MN and WI HERE
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(C) 2012 - Joe Metzler - A LICENSED Mortgage Loan Officer lending in MN and WI only NMLS #274132. ReRe-blog but do not steal! … (0 comments)
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refi: HARP 2.0 Underwater Refinance Guidelines
- 11/19/11 01:51 AM
The Federal Housing Finance Agency (FHFA), who oversees Fannie Mae and Freddie Mac, released the improved HARP program guidelines to lenders this week. The new HARP (Home Affordable Refinance Program) program is a concerted effort by the government to refinance more homes and reduce monthly payments for home owners that are underwater and can’t obtain a traditional refinance. This is being accomplished by expanding the guidelines to more accurately reflects the current state of the real estate market.
Now that lenders have HARP guideline guidance from FHFA they will develop their own guidelines, or “overlays”. An example of an overlay is … (4 comments)
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refi: HARP 2 guidelines released - Refinace program for underwater home owners
- 11/16/11 08:23 AM
HARP II – The Home Affordable Refinance Program has released the updated program guidelines.
St Paul, MN: The HARP program, while not perfect, has been one of the few success stories in the governments attempt to help home owners. HARP has helped close to 1,000,000 homeowners refinance, and a few tweaks to the program have just been announced. No one who closely follows the mortgage industry is expecting HARP 2.0 to generate much in the way of additional refinance opportunities in the real world over the existing HARP program – but HARP IS STILL AN AWESOME PROGRAM for those who qualify.
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refi: Don't worry about someone pulling credit when shopping for a mortgage
- 09/29/11 04:47 AM
Shopping for a mortgage loan? The average person DOESN'T need to worry about inquiries on your credit report
We've all heard it before. Having someone pull your credit will reduce your credit score. Sadly, many people end up making some poor decisions based on half truths, and bad information.
The fear of reduced credit scores with the occasional pull from a creditor is the most annoying, misleading, and misunderstood thing I hear every week in the mortgage business. If you are worried about "inquiries on your report", this isn't the concern most people think it is.
What to know about … (2 comments)
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refi: New Government refinance options coming soon?
- 09/28/11 02:19 AM
Minneapolis, MN: Many reports have surfaced recently that the government is seriously considering a wide range of ideas to assist consumers in refinancing their homes loans owned by Fannie Mae and Freddie Mac to take advantage of today's amazing low interest rates. For a variety of reason, mostly to due to negative equity or current tighter credit underwriting guidelines, large numbers of these homeowners have been left to the sidelines.
As a Mortgage Loan Officer, I have never fully understood some of the silliness in some underwriting guidelines, and have a few suggestions.
If Fannie Mae or Freddie Mac (you … (0 comments)
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refi: Is refinancing easier than buying a home?
- 07/20/11 05:13 AM
A refinance is just as easy to get as your first mortgage… right?
St Paul, MN: Many people think that refinancing is easier than buying a home for two main reasons:
1) you already have a loan on the home, you make your payments, so it should be easy to refinance. 2) your current mortgage lender already has all their information, so they with easily refinance you, and they are the best place to call **
Sorry… Not true on either count.
There are many factors that might make it hard to refinance in MN:
First, understand that no matter who … (2 comments)
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refi: Rates are low. Should I be Refinancing?
- 06/29/11 03:32 AM
Mortgage Interest Rates are hovering near historic lows. Should YOU refinance?
Minnesota and Wisconsin homeowners - The first rule is that there are no rules. You should refinance if it makes sense for you. Many people still think the "Rule Of Thumb" is that that if you could lower your interest rate by 2% or more then you should refinance; Depending on your situation, it may make sense for you to refinance even if you can lower your rate by only 1/2%.
It's time to seriously think about refinancing your current mortgage, especially if your interest rate is 1.0% or higher … (1 comments)
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refi: Previously Modified Mortgages Ineligible for Refinancing
- 05/13/11 05:02 AM
Previously Modified Mortgages Under Attack and maybe Ineligible for Refinancing St Paul, MN: For many reasons, a lot of home owners have attempted and succeeded in getting their current home mortgage loan modified. Modifications come in many forms, including reduced interest rates, both short and long-term, principal foregiveness, etc. Modifications, and short-sales, terms never heard of just four years ago, are now commonplace. Lenders have struggled on how to deal with this phenomena in terms of underwriting guidelines for future credit. Short-sales for example, are generally treated by lenders as a foreclosure. While there are some exceptions, those doing short-sales … (0 comments)
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refi: Thinking of refinancing. Common mistakes to avoid
- 05/07/11 01:30 AM
Mortgage Interest Rates are near historic lows. You want to refinance?
What NOT To Do
There are a lot of things "not to do". I will point out only the 3 most common mistakes I see people make.
Setting an unrealistic goal. I always get inquiries from people who say something like, "I have a 30 year fixed rate loan at 5.875% and I will refinance ONLY when rates get to 4.0% with no closing costs". Sometimes I call people back and say, "Why 4%? why not 3% or 2%? They say, "Well rates are not going to … (1 comments)
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refi: HARP, the Home Affordable Refinance Program for underwater homeowners has been extended
- 03/15/11 07:47 AM
HARP, the Home Affordable Refinance Program for underwater homeowners has been extended until June 2012 The Home Affordable Refinance Program was set to expire this June 30th, but has been extended one year until June 2012. The extension is great news, as HARP has been about the only success story of all the government programs attempting to stem the tide of foreclosures. Basically if your existing first mortgage is held by Fannie Mae, or Freddie Mac, and that first mortgage is LESS than 125% of today's value, you may qualify and be able to take advantage of today's low rates … (0 comments)
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refi: Top reasons to refinance your mortgage today
- 03/10/11 06:10 AM
Joe and Eric Metzler talk about why you should refinance today.
Mortgage Interest Rates are set to go up soon for many reasons. Fannie Mae and Freddie Mac are both increasing the wholesale costs of mortgage loans, the economy may be improving, and home values may continue to fall slightly, all items that will effect your mortgage interest rates.
Searching rates on home loans, or rates for refinancing your mortgage in MN or WI? Watch the Video to learn why now is the time to refinance!
Visit Mortgages Unlimited at www.MortgagesUnlimited.biz
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refi: No Closing Cost Mortgage Refinance? BUYER BEWARE?
- 07/27/10 11:37 AM
No Closing Cost Mortgage Refinance? BUYER BEWARE? Good or Bad Idea? YOU DECIDE after reading this...
St Paul, MN: Mortgage interest rates are currently at historic lows. Your mailbox and the airwaves have become full with mortgage companies competing for your business. Many of these advertisements are for "No Cost" or "No Lender Fee" loans.
Are No Cost Loans a Deal? For most people, usually not.
One of the most confusing areas for consumers in a mortgage loan transaction are closing costs. Here I'll explain the advantages and disadvantages of the highly advertised "no closing cost" or "low cost "loans.
First … (0 comments)
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Minneapolis, MN: With average home prices continuing to rise ABOVE the 2007 pre-crash average home value, and with 30-year fixed interest rates ending the week of October 10, 2019 at just 3.57% with 0.6% in points according to the weekly Freddie Mac mortgage rate survey, the combination has says refinancing makes sense for over 7 million homeowners. So simply put, with home prices up and mortgage rates down, millions of people can benefit from a refinance of their current mortgage.
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