A decline in refinancing caused overall mortgage applications to take a dip last week, the Mortgage Bankers Association reports in its weekly index. However, applications for home purchases ? viewed as a gauge for future home buying ? rose last week.
Source: realtor.org
Video: Can You Really Save with a Mortgage Refinance?
Refinancing A Colorado Home Mortgage: What To Expect At Closing
Closing on a refinanced Colorado home loan doesn?t usually take long ? typically no more than an hour. Most of the challenges and possible issues will have been sorted out ahead of time and you will just want to make sure you?re working with a Colorado mortgage company you can trust.
Source: freedomfs.com
HARP, a Program to Help Underwater Borrowers Refinance, Has Been Extended
Does Fannie Mae or Freddie Mac back my mortgage? If yes, you may qualify. Most mortgages are backed by organizations such as Fannie Mae, Freddie Mac and the FHA. These organizations insure the owner of the mortgage in case the mortgagor ? you ? defaults on payments. You do not write your mortgage check to the mortgage backer. Click the appropriate link to find out if your loan is owned or guaranteed by Fannie Mae?or?Freddie Mac.
Source: zillowblog.com
Obama?s Mortgage Refinancing Program Extended By 2 Years
The Federal Housing Finance Agency on Thursday extended the life of a popular Obama administration program that has already helped more than 2 million homeowners refinance their mortgages by an additional two years. Read More?
Source: lexisnexis.com
5 Things Preventing You From Getting a Mortgage Refinance
By Chris Birk Mortgage rates are beginning to creep up, but they?re still well within the kind of range that makes longtime homeowners shake their heads in disbelief. The average interest rate on a 30-year fixed-rate mortgage hit 3.63 percent for the week of March 10, marking the highest point since last summer. So while a seller?s market may be taking shape, it?s still a great time to shop for a mortgage, especially a refinance. That?s why it?s so frustrating for homeowners who can?t get on the bus. So what?s keeping you from getting a refinance loan right now? Here?s a look at five of the most common culprits: So-So Credit Same as it ever was when it comes to mortgage lending ? you?re going to need to meet a lender?s qualifying credit score for a refinance, which in many cases will be higher than what you?d need for a purchase loan. For conventional refinancing, you?re likely looking for at least a 740 score to really capitalize on current rates. The bar won?t be quite so high if you?re going after a government-backed option like an FHA or VA loan. Make no mistake: A loan program may not have a credit score requirement, but the lenders who actually issue loans certainly will. Right now, for example, VA lenders are generally looking for at least a 620 score. But you?ll more than likely need at least a 640 to start the refinance conversation. Your Home Is Underwater Values are starting to rebound in some parts of the country, but a lower-than-anticipated appraisal remains a common refi-killer. Consumers who owe more than their home is worth know this all too well. Pursuing a traditional refinance is all but impossible for underwater homeowners ? and that explains why the government?s special refinance program for distressed borrowers is absolutely booming. Refinances through the Home Affordable Refinance Program (HARP) topped 1 million in 2012, more than double the year prior. The HARP program helps underwater homeowners with Fannie Mae- and Freddie Mac-backed loans. It?s possible for some lenders to process refinance applications without an appraisal (the VA?s Streamline program is one example). But today that?s a rare exception. Not Enough Income All indications are the economy is on the upswing. While that?s good news for the nation, continued recovery doesn?t suddenly put more money in your pocket. Many homeowners lost jobs or took pay cuts in the wake of the economic crisis. One missed mortgage payment can stymie a refinance application. Lenders will typically want to see 12 consecutive months of on-time payments. Diminished income can also make it tough to actually pay for the refinance, which like any mortgage loan comes with costs and fees. Self-employed homeowners will need at least 2 years of tax returns. You Bought Big Jumbo loans can present a unique set of refinance difficulties. These non-conforming loans typically require sterling credit and significant skin in the game to acquire. It can be especially tough when your $625,000 home has lost a third of its value. Jumbo homeowners may have to come to the closing table with cash in order to secure that lower rate. Mortgage Insurance Paying mortgage insurance can complicate your ability to secure a refinance. That?s especially true for lender-paid mortgage insurance. Either form presents problems for the federal HARP program as well, although some lenders have loosened restrictions a bit in the last two years. If this is currently an obstacle, keep searching for a lender that will work with you. See more on Credit.com: The First Thing to Do Before Buying a Home Can You Really Get Your Credit Score for Free? The Ultimate Credit Report Cheat Sheet More on AOL Real Estate: Find out how to calculate mortgage payments. Find homes for sale in your area. Find foreclosures in your area. Find homes for rent in your area. Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.
Source: aol.com
The Mortgage Professor: Don?t Miss Opportunities to Refinance
FAILURE TO EXPLOIT AN INVESTMENT OPPORTUNITY: Many mortgage borrowers can?t refinance profitably, or think they can?t, because their house has declined in value and a refinance would require the purchase of mortgage insurance. But if they have investment assets that can be liquidated to pay down their mortgage balance, the rate of return on investment will be far higher than the return they are earning on those assets now. This is called ?cash-in refinancing? because the borrower is putting cash into the transaction.
Source: rismedia.com
4 Secrets to Refinancing an Underwater Mortgage
In the process of searching for a refinance offer, you?re likely to run into bad service and get frustrated from the ordeal.? This is especially true if the search takes a while and you have to go through several lenders.? When you start to get frustrated and lose patience, remember?most homeowners are finding that it takes several months to find the right offer.
Source: choicemtgbank.com
Related posts:
- Mortgage Applications Drop as Refinancings Fall
- Large Drop in Mortgage Applications Last Week
- Large Drop in Mortgage Applications Last Week
- Rates fall as mortgage applications slip on cooling refi activity
- U.S. Mortgage Rates Fall To New Records; Refinance Rates Drop
Source: http://mortgagebuz.com/mortgage-applications-drop-as-refinancings-fall-2/
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