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With more than 11 million homeowners underwater on their mortgages, 2008’s HARP (Home Affordable Refinance Program) mortgage has been updated to allow more homeowners to refinance their mortgages, taking advantage of today’s historically low interest rates. AKA: HARP 2.0… The first edition of HARP was a great idea, in theory anyways. [...] Interest rates on homes continue their downward trend. GSE Freddie Mac reported that the average 30-year fixed-mortgage rate sank to 3.91% last week, setting an all-time record low. 15-year fixed rates settled in at a historic low at 3.21%. To put the declines into perspective, today’s homebuyers are paying over $1,200 less per year on a [...] The administration is now considering a new refinance program that would provide millions of homeowners with new, lower interest, lower payment mortgages… The initiative would reportedly allow borrowers with loans backed by Fannie Mae and Freddie Mac to refinance at today’s rates, even if they are in negative equity or have [...] If you have heard about the coming expiration of temporary higher loan limits for FHA, VA, Fannie Mae, and Freddie Mac mortgages put into place in 2008 as an attempt to not let the housing market in higher priced areas fall off a cliff, you may have heard reports of doom and gloom [...] My friends at local credit repair agency, Blue Water Credit Repair, gave me this GREAT five step path to a credit makeover. While I know all of this myself I can’t take credit for putting it into words (and Blue Water taught me a bit of this stuff anyways). Here you go, a free five [...] Continued depreciation of property values in 2010 has made housing more undervalued relative to income than ever before. Using the latest Case-Shiller home price index American housing was 21% undervalued when compared with disposable income per-capita. This data includes the index published by the Federal Housing Finance Agency and shows that [...] This is an answer to a question posted to me in Zillow.com. A homeowner in Southern California was pondering a 5/1 FHA ARM with their loan officer. Of course it’s sad to me that one would have to turn to a bunch of strangers on a website to ask this question when their [...] Mortgage rates are sitting at record lows. If you haven’t refinanced lately, maybe you should consider it. And when you do, don’t be tempted to obtain a 15-year mortgage. Instead, stick with the 30 year fixed. Let me tell you why… We’ll say you’re refinancing a $250,000 mortgage and you have two choices, [...] If you’re like me you can’t go anywhere without hearing ads for FREE and so-called “No Cost” refis. If only it were that easy. The truth is, there is no such thing as a no cost refinance. The lender is simply taking a higher rebate from the bank and applying it to your [...] . Just a quick look at last week’s mortgage bond market. Up and down (red is bad) in huge strokes all week long. I hope you see how important it is to work with a mortgage professional that not only has access to this data, but understands how to use it to your advantage. [...] |
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