H.A.R.P is a Life-Preserver for Those with “Underwater” Loans

Mortgage rates have dropped to new record lows, and many homeowners have taken advantage of this to lower their monthly payments. It used to be you had to have the right amount of equity in your home to qualify for a mortgage refinance. Roughly 28% percent of American homeowners have "underwater mortgages", which means that they owe more than their house is worth, and previously these homeowners would not be able to refinance because of a lack of equity. The Home Affordable Refinance Program offered Read more [...]

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on September 6th 2011 in Mortgage News

Thinking of Refinancing? What You Should Know

Refinancing your home today is not like it used to be. Even though interest rates are at rock-bottom lows, refinancing isn't necessarily a good deal and even if it is, you might not qualify. According to Anthony Hseih, founder and CEO of loanDepot.com, "Homeowners today need to be triathletes to qualify for a loan, with great income, great credit and great value in their home." Before you start shopping around for a lender, here is what you need to know. First, what is your credit score? If it Read more [...]

Home Refinancing Sees Renewed Interest

According to an article in last week in the Wall Street Journal, after weeks of record low mortgage rates, refinancing may finally be taking off. Applications are finally up, just as Freddie Mac is reporting that the average 30 year fixed rate mortgage is at a record low of 4.44%, the lowest recorded in Freddie Mac's history. Just a few months ago, in April, the rate was almost a percent higher at 5.2%. The possible increase in refinance applications may be due to the drop in refinancing costs. Read more [...]

Should Your Refinance Your Current Home Loan?

With home loan rates being at record lows, you may be wondering should I refinance? Well, for some people the answer is yes and for others the answer may well be no. There are multiple factors to consider and the tricky part for some people is being able to qualify for a refinanced loan. Qualifying for a home loan in today's economy seems to be getting harder by the day. Dropped home values along with falling credit scores are making home loans nearly impossible for some people to get. FICO has Read more [...]

HARP Program | Affordable Refinance HARP Extension

This week, the Obama administration announced that one of their stimulus packages meant to help struggling home owners would get a one year extension. The Home Affordable Refinance Program or HARP, a refinance program meant to help homeowners with underwater mortgages, will now run through June of 2011. Critics of the program are skeptical that the extension will make any difference, as so far the program has only managed to help around 200,000 mortgage holders. Originally, the Obama administration Read more [...]

Frustrated Homeowners are Unable to Refinance

During 2009 refinancing swept the mortgage industry, but this year refinancing has slowed, even though interest rates still remain at record lows. According to the research firm First American Core Logic, over half of all homeowners with mortgages still carry home loans with interest rates above 6 percent even though rates sill hover around 5 percent. In most cases, it is not that these homeowners don't want to refinance but rather that they are unable to. Challenging homeowners are a number Read more [...]

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on February 15th 2010 in Mortgage Loan News

Changes in the Works for Home Affordable Modification Program

The Home Affordable Modification program is meant to help homeowners who are having difficulty making their mortgage payments and are at risk of going into foreclosure. To qualify for assistance under the program home owners must be able to provide proof that they are facing hardship or that they are unable/struggling to make current mortgage payments. Their current monthly payment must also be more than 31% of their gross monthly income. The home that they are looking for assistance on must be their Read more [...]

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on February 9th 2010 in Mortgage News

Mortgage Applications Plummet

Mortgage applications took a steep downward turn over the last week, falling 10.9 percent. While both new home applications and refinancing applications were down, the quick fall can be attributed to the sharp decrease in refinancing applications. Last week refinancing applications made up only 67.6 percent of total applications, which was down from 71.7 percent from the week prior. In a statement by the MBA's vice president of research and economics, Michael Fretantoni said, "refinance activity Read more [...]

Home Refinancing Applications on the Rise, New Home Mortgages Plummet to Record Lows

Home mortgage applications are on the rise giving a false impression that more homes are being sold. With mortgage rates dipping below 5%, homeowners looking to refinance account for the rise in loan applications. While mortgage applications for new homes declined, refinancing applications were up over 10%. Sadly, the housing market in these tough economic times has hit a new dismal record. According to the Mortgage Bankers Association, mortgage applications for home purchases sank to a 9 Read more [...]

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on November 10th 2009 in Mortgage News