All Posts Tagged With: "refinance"
Mortgage Qualifying Improved With Credit Card Change
It’s being widely reported that the Bank of America has decided to eliminate overdraft fees for debit cards. This is a mortgage issue, a consumer issue and a common sense issue that should concern anyone who wishes to finance or refinance a home. New rules from the Federal Reserve will make it more difficult for [...]
10Mar2010 | Peter G. Miller | 0 comments | Continued
Is A Commercial Foreclosure Crisis Next?
Go to any major metro area and you can always find a slew of downtown high-rise apartment buildings, office parks, shopping malls, and warehouses. Just like single-family homes and condos, these commercial properties are “real estate” too — and often real estate with a mortgage. Writing in the Dallas Morning News, Steve Brown notes that [...]
10Jul2009 | Peter G. Miller | 1 comment | Continued
Administration Increases Help For Distressed Borrowers
Some 200,000 people have applied for help under the Obama Administration’s Home Affordable Refinance Program (HARP), but to date the program has been extremely restricted. The problem? HARP has both a refinancing plan for those facing foreclosure and a separate modification plan for those who want to refinance but lack equity. Under HARP, you can [...]
2Jul2009 | Peter G. Miller | 2 comments | Continued
Facing Foreclosure? How The Obama Plan Can Help
It was in February that the Obama Administration first announced it would create a mortgage relief program for millions of distressed borrowers. The details of the plan are now out, so it’s possible to see who can be helped — and who can’t. To start, we’re talking about help from Fannie Mae and Freddie Mac. [...]
8Mar2009 | Peter G. Miller | 1 comment | Continued
Refinance Today! Act Now! (But Watch Your Wallet)
I’m always pleased when people want to help me, when they want me to get ahead. Surely such motivations describe the many folks who write with ideas that will allow me to make smaller mortgage payments and thereby save money, cut costs and better my life. Because such suggestions are made with only my best [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Is The Public Really “Confused” About FHASecure Mortgages?
HUD was supposed to help borrowers with toxic loans. After all, President Bush said the FHASecure program “will allow American homeowners who have got good credit history but cannot afford their current payments to refinance into FHA-insured mortgages.” HUD, however, has redefined the mission. It now says that its FHASecure information has been “modified to [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
Is The Public Really “Confused” About FHASecure Mortgages?
HUD was supposed to help borrowers with toxic loans. After all, President Bush said the FHASecure program “will allow American homeowners who have got good credit history but cannot afford their current payments to refinance into FHA-insured mortgages.” HUD, however, has redefined the mission. It now says that its FHASecure information has been “modified to [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
How much equity do I need to refinance?
Generally, private-sector loans are likely to require from 5 to 15 percent equity. How “equity” is defined is very important With the FHA you can get a streamline refinance which does not require an appraisal. With no appraisal equity is not an issue. However, solid equity is not enough. You also need a good credit [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
Toxic Loans & The Art of Denial
There’s an idea which has been voiced with more and more frequency and it generally goes like this: I have a toxic loan but why worry? After four years or so — just before the monthly cost of this loan doubles — I’ll just go out and get another interest-only or option ARM, begin the [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
Should We Require Lenders To Modify Toxic Loans?
Mortgage interest rates are down at this writing, well below 6 percent. In such circumstances it certainly makes sense for borrowers with exploding ARMs to refinance into stable, fixed-rate mortgages. But many such borrowers have loans where mortgage balances have grown while home values have fallen. Many toxic loans require huge prepayment penalties. Most borrowers [...]
20Aug2008 | Peter G. Miller | 0 comments | Continued
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