All Posts Tagged With: "refinancing"
FHA Mortgage Basics
It all started in the 1930s when the government began insuring home mortgages. This was a big deal because it meant that homes could be purchased with little down and with loans that lasted more than five years — the norm at the time.
Since the program began in 1934 the government has insured more than [...]
9Dec2009 | Peter G. Miller | 0 comments | Continued
Chase OKs 138,000 Trial Mortgage Modifications
In what may be the largest foreclosure relief effort reported to date, Chase says it has approved 138,000 trial mortgage modifications through the Making Home Affordable program. Chase absorbed Washington Mutual last year, a major source of option ARMs. In total, Chase services about 10.3 million loans.
“We have made terrific progress since April 6 in [...]
Are Low Mortgage Rates Over?
It’s been quite a week on the mortgage front. According to Freddie Mac, as of last week rates for fixed-rate, 30-year mortgages went from 4.91 percent to 5.29 percent, both with 0.7 points.
That’s a big jump for a seven-day period, but let’s have some context here: Last year at this time the same loan was [...]
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. Between [...]
Will You Become A Foreclosure Statistic?
You have to figure that most owners who lose their homes in a foreclosure never thought it would happen to them. It always happens to someone else — you know, the people who get sick, laid off, have an accident, that sort of thing.
So you might think: Foreclosure. That will never happen to me. No [...]
How To Buy 200 Foreclosures A Year
For many people it’s not the best time to be in real estate. Markets have slowed or declined in most local areas and financing is tougher to get than a year ago. Chicago’s Joseph Varan is also cutting back — this year he expects to buy no more than 200 homes.
Varan is the president [...]
Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!
It was in 2002 when HUD Secretary Mel Martinez told the world that consumers could save as much as $10 billion a year by making the settlement process more competitive. Martinez — now a Republican senator from Florida — offered a simple proposal: Instead of buyers and sellers purchasing settlement services one transaction at a [...]
19Sep2008 | Peter G. Miller | 1 comment | Continued
Mortgage Modification Secrets Uncovered
There’s something lenders don’t want to tell you, a little secret that can save homeowners thousands of dollars.
It works like this: Rates have fallen and you want to refinance a fixed-rate loan. You contact your lender and discover that because you’re a great and wonderful person and all your payments have been full and [...]
Should I wait until rates fall 2% before refinancing?
NO. The 2-percent myth is a fable that can cost you big money.
Instead, consider this approach.
Ask how much it will cost up-front to refinance.
Calculate how much you will save each month.
Divide your monthly savings into your up-front costs.
Example: Say it costs $3,000 to refinance but you can save $60 a [...]
How much equity do I need to refinance?
Generally, 5 percent equity with an FHA streamline refinance. Private-sector loans are likely to require from 5 to 15 percent equity.
However, solid equity is not enough. You also need a good credit history — no late or missed mortgage payments in the past few years.
Speak with lenders for specifics.
Technorati Tags: equity, minimum, refinance, refinancing
27Aug2008 | Peter G. Miller | 0 comments | Continued
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