mortgage refinance - Articles

Government's HARP Program Has Been Extended

By Vera Gibbons The Federal Housing Finance Agency announced the extension of the Home Affordable Refinance Program, or HARP, through the end of 2015. HARP is one of two government programs aimed at helping homeowners who are current on their mortgage -- but have little to no equity -- to refinance their mortgage at a... Continue Reading »

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... Continue Reading »

Is the Refi 'Apocalypse' Really Upon Us?

By Diana Olick Mortgage rates today are very low, but U.S. borrowers have a very short memory. They forget that the rate on the 30-year fixed, which sits around 3.6 percent today, was a full percentage point higher a year ago, and above 5 percent in January of 2010. The purchasing power gained through today's low rates... Continue Reading »

Mortgage Refinances Drive Activity as Mortgage Rates Continue to Slip

Home affordability has been high for much of the year, as mortgage rates have been at less than 4 percent for all but one week in 2012, and that trend continued in the period ending Dec. 7 as well. At the end of that week, home loan rates slipped to just 3.47 percent on 30-year fixed loans, according to the latest data... Continue Reading »

Government Housing Help Benefits 1 Million Homeowners in 3rd Quarter

For much of the last year, the housing market has generally been on a slow but steady path toward improvement, and that trend continued in November. A number of federal initiatives to make consumers struggling in the housing market more financially capable seem to be working, according to the latest housing scorecard from... Continue Reading »

Banks Modify Home Loans, Reduce Rates for 300,000

By Les Christie More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report. Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a... Continue Reading »

Mortgage Refinancing: Borrowers See Big Payoff in 3rd Quarter

Many consumers may have sought to refinance their existing home loans in the last several years as a means of making their monthly payments more affordable, and it seems their efforts have largely paid off. During the third quarter, 83 percent of consumers who took the time to refinance their home loans either maintained... Continue Reading »

While Buyers Fill Housing Market, Mortgage Refis Are Dropping

With housing affordability still near an all-time high and many consumers beginning to feel better about their finances, interest in buying new homes has increased steadily in the past several months. That change was once again reflected in home loan applications filed nationwide, though overall activity fell as a result... Continue Reading »

Homeowners Refinancing Again -- and Again

By Christopher Maag During the mortgage boom, Teresa Aiello was a typical home refinancer. After getting her initial mortgage, she refinanced in 2005, and then got a second mortgage in 2006. The multiple mortgages were common, as was the result: Aiello owes more than her house is worth. Her second mortgage has a... Continue Reading »

Is Now the Best Time to Refinance Your Mortgage?

Some homeowners in their 50s are taking advantage of historic low rates to refinance their homes and score themselves a mortgage-free retirement. Mark and Jan Sass, 55-year-olds who live in Cincinnati, Ohio, refinanced their home last week to lock in lower rates, Reuters reported. They switched from a 20-year fixed-rate... Continue Reading »

'Single Point of Contact' Solution to Accidental Foreclosures

Some homeowners have difficulty holding on to their homes simply due to miscommunication: banks lose paperwork and fail to keep track of mortgage modification applications. The confusion is a result of multiple employees handling the same case. Laws that require a "single point of contact" between the homeowner and one... Continue Reading »

Old Scam Targets Homeowners Who've Refinanced

Listen up, mortgagees: Did you hear the one about the new company that's going to service your refinanced loan? It's just a step away from the Nigerian royal who needs your help and is willing to give you half his fortune for just a few thousand dollars of your nest egg. In a mortgage-related scam currently making the... Continue Reading »

Refinance From Hell Leads to Eviction

Due to a refinance gone very wrong, a Florida woman will soon lose the home she bought 13 years ago for $80,000. Imogene Hall's nightmare started when she needed to borrow $50,000 on equity in her Miami Gardens home to pay bills while she looked for a job as a home health nursing aide. A mortgage broker named Johnson... Continue Reading »

Refinance: Playing by Tighter Loan Rules

If you're having trouble taking advantage of today's historically low interest rates, you're not alone. Even someone whose been in the real estate business for years as a real estate appraiser, Anthony Lavia, told HousingWatch that he's been denied refis by two banks even though he owes just about 60 percent on his home in... Continue Reading »

Homebuyer Tax Credit: Another on the Way?

Could this month's dreadful home sales numbers prompt the feds to offer another homebuyer tax credit? Mum's the word on Capitol Hill, but HUD Secretary Shaun Donovan would not rule out the option during an interview Sunday on CNN. Existing-home sales sank 27.2 percent in July, and sales of new homes dropped to their lowest... Continue Reading »

Refis Boom on Low Mortgage Rates

Danny Kofke, a special education teacher and father of two who lives just outside of Atlanta, Ga., saw interest rates drop and decided to make his move. Twice. Kofke refinanced his mortgage twice in the past three years, switching from a 30-year fixed-rate mortgage at 6.5 percent to a 20-year mortgage at 5.5 percent in... Continue Reading »

Reduce Your Refinancing Costs: Get to Know Those Fees --SPONSORSHIP

Everyone pays fees when they refinance a loan, but did you know that those fees are negotiable? When you're refinancing, pay close attention to the bottom line. Fees can add $3,000 to $6,000 to the costs of refinancing, which means it could take longer for you to get full advantage of the lower interest on your... Continue Reading »

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