With the “cash-out refinance mortgage” option, borrowers are able to receive cash out from the value of their home to use for debt consolidation or any other purpose. This mortgage also allows borrowers to roll all related closing costs, financing costs, and prepaid items into the new loan amount, further maximizing cash flow potential. Learn…
The government shutdown may be good for homebuyers, with mortgage rates falling this week amid the uncertainty. Freddie Mac says a 30-year fixed-rate mortgage averaged 4.22 percent in the week ending Oct. 3, down from 4.32 percent last week. A 15-year fix fell to 3.29 percent, from 3.37 percent. A one-year adjustable-rate mortgage averaged 2.63…
More jobs and easier loan terms will boost demand for new mortgages in the second half of this year as homebuyers shrug off higher interest rates, according to a Fannie Mae forecast. Lending for mortgages to purchase homes will increase 21 percent for the final six months of 2013 to $341 billion from $282 billion…
President Obama has unveiled his second-term housing agenda, which includes initiatives to support current homeowners, families hoping to buy their first home and the one-third of American households that rent. The plan has six basic pillars: Help more homeowners refinance to today’s low interest rates; Clarify and streamline regulations to help more creditworthy homebuyers get…
Here are five ways that mortgage experts say the market is becoming more flexible: 1. Some lenders are easing payment and credit score requirements. Having a modest down payment or a lower than stellar credit score won’t necessarily keep you from buying a home. 2. Piggyback loans are popping up. The term describes two mortgages…
When Los Angeles resident Jung Lim went shopping for a bigger house for his expanding family, his lender offered him an adjustable-rate mortgage with an interest rate about a percentage point cheaper than a fixed loan. The professor of dentistry figures the money he’ll save makes up for the extra risk. At the height of…
While rates have increased in the past month, it has caused a number of fence sitters to jump into the mortgage market. While many are prospective homebuyers, some looking to refinance are also exploring their options. First, jumping into the responsibility of home buying should be based on the merits of homeownership not on trying…
Mortgage experts recently met with White House officials to discuss housing and mortgage issues, resurfacing the possible idea of establishing HARP 3.0. The push for more HARP would allow private-label loans to be refinanced through the GSEs, Compass Point said. Mortgage experts recently met with White House officials to discuss housing and mortgage issues, resurfacing…