refinance: FHA Announces Price Cuts to encourage streamline refinances
- 03/06/12 05:43 AM
Millions of FHA borrowers could save average of $3,000 a year WASHINGTON – Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA’s Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers. To qualify, borrowers must be current on their existing FHA-insured mortgages which were endorsed on or before May 31, 2009. Late last month, FHA also announced it will … (2 comments)
refinance: Why you should wait until April to get a HARP 2.0 Loan
- 02/26/12 09:26 PM
Why you should wait until April to get a HARP 2.0 Loan Just a few years ago, consumers with weaker credit getting a conforming mortgage loan (one designed to be sold to Fannie Mae or Freddie Mac) got a great deal. If you barely qualified with a low 620 credit score, you got the exact same rate as someone with an excellent 800 credit score. When the mortgage markets collapsed and the housing agencies started hemorrhaging cash, they instituted new fee policies known as Loan Level Pricing Adjustments (LLPA) and Adverse Market Delivery Charges (AMDC) as a means to fix their … (2 comments)
refinance: HARP II announced - Home Affordable Refinance program for underwater mortgages
- 10/24/11 10:46 AM
FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants. "We know that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach," … (0 comments)
refinance: Top refinance mistakes and how to avoid them
- 10/05/11 01:54 AM
TOP REFINANCE MISTAKES St Paul, MN: Mortgage interest rates are the best in years, and everyone is thinking "should I refi" my home mortgage loan? For most people, a home is the biggest investment they will ever make. However, few people do the research necessary to make a good buying decision. The home-purchase process is extremely confusing for most people. With a little bit of homework, and some advice from family and friends who have been through the process before, you can make this a little easier on yourself. There is no substitute for taking the time to educate yourself before … (0 comments)
refinance: 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)
refinance: 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)
refinance: HARP - Special Affordable Refinance Program
- 09/21/11 04:46 AM
HARP - Special Affordable Refinance Program Do you have a Fannie Mae or Freddie Mac loan and cannot refinance due to declining property values or a loss of income? Would you like to reduce the cost of your monthly mortgage payments or move into a stable fixed rate mortgage? We may be able to assist through the Homeowner Affordability and Stability Plan. A special HARP Affordable Program, which is designed to help up to 9 million American families refinance their loans to a payment that is affordable now, and into the future. One of the initiatives in this program is aimed … (0 comments)
refinance: 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)
refinance: Slick advertising, and phony rate quotes are alive and well
- 06/10/11 04:13 AM
Slick mortgage advertising, and phony rate quotes are alive and living well in today's market despite all the recent government attempts to fix the problem. From "the biggest no brainer ever", to free refinance if rates drop in the next 7-years, the bait-n-switch advertising from companies you probably don't want to do business with is alive and well. Joe Metzler explains in this video... Be Smart… Ask Questions, and Get Answers! ——————————————————————– (C) 2011 - Joe Metzler - Mortgages Unlimited, St Paul, MN #274132. ReRe-blog but do not steal! … (1 comments)
refinance: 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)
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)
refinance: 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!
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refinance: 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)
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
Millions of FHA borrowers could save average of $3,000 a year 
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