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Topic: Refinance
Mortgage applications rebounded last week, particularly refis. Purchase activity remains subdued,
Remember, unlike a loan modification, short fi, short sale, keys for cash, or foreclosure, a refinancing can readily lower your mortgage payments while keeping your credit rating intact.
As of now, HUD requires that mortgage originators give supply prospective borrowers with a standardized Good Faith Estimate, GFE, in clear readily grasped language, that discloses key loan terms and closing costs.
When we look back on 2009, we see a year where missteps along the way could have plunged the world into another Great Depression. Picture a traditionalist like Herbert Hoover in charge. AIG, Citicorp, Bank of America, General Motors and Chrysler would have been left to fail. Millions more would now be out of work. [...]
If you can qualify, it remains an excellent time to refinance. Mortgage rates are inching up and are poised to take a dramatic jump in March when the US Federal Reserve Bank plans to stop buying mortgage backed securities.
This past week, mortgage giant Freddie Mac’s survey showed that the average interest on a 30 fixed mortgage had inched up to 4.94%. Across the board, expect rates to then head up pushed by the expanding budget deficit, and inflation pressures caused by a rebounding economy
Since September the mortgage interest rate has averaged under 5%. When the Fed stops buying MBS, some analysts predict the mortgage rate to zoom up to 6-7%, so if you can do so, now is a perfect time to refinance your home or buy a new one, to take advantage of lower interest rates.
By Paul M. J. Suchecki
Tags: adjustable rate mortgage, ARM, Payment Option ARM, refinancing...
3 CommentsThe problem occurs if you’ve been only paying the minimum. The mortgages reset to higher payments when the mortgage balance hits its principal caps, typically 110-125% of the original loan.
This guarantee allows for greater loan flexibility and less of a cash investment a borrower’s part compared to a traditional home loan. The FHA is the largest mortgage insurer in the world,
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.”
- William Shakespeare, Hamlet. 1600
“To achieve important goals for the American people here at home… I encourage you all to go shopping more.” George W. Bush. 2006
What a difference four centuries make when it comes to [...]
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan Uncategorized mortgage first time home buyer tax credit Loan to Value Real Life Stories unemployment Upside Down Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
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