Mortgage Refinancing

Mortgage Refinancing

Mortgage Refinancing is to replace your existing home loan with a new mortgage that has different terms, often a lower interest rate. The existing mortgage is paid in full and an entirely new mortgage loan is established. It may be done to raise cash as an alternative to a home equity loan, or it may [...]

Freddie Mac expands mortgage refinance program

June 8, 2009 Mortgage Financing

Government-backed mortgage lender Freddie Mac announced it is expanding its mortgage refinancing program to assist borrowers who are current on their mortgage payments but who would benefit from restructuring the loan.
Borrowers will be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, borrowers could only refinance with [...]

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Increased mortgage options and lower foreclosure rates expected in 2010

October 22, 2009 Mortgage Financing

In May, the federal government established HAMP – the Home Affordable Modification Program – with a goal of making mortgage options available to high-risk borrowers.
With programs like HAMP and options like forbearance (foreclosure deferment), homeowners are better-equipped to stay in their homes. In fact, University of Michigan professor Dennis Capozza predicts that the number of [...]

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Detroit launches website to combat foreclosures in city

February 9, 2010 Mortgage Financing

In an effort to help residents go through mortgage refinancing and keep their home out of the foreclosure process, Detroit’s Office of Foreclosure Prevention and Response has launched a new website to direct those in need to the proper resources.
The website – www.ForeclosureDetroit.com – will be run by the FPR, which itself is an initiative [...]

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Mortgage rates remain below 5 percent for second straight week, says Zillow

January 19, 2010 Mortgage Financing

Average interest rates for all mortgage types continued to plummet in 2010 as the volume of requests stayed the same, according to the Zillow Mortgage Rate Monitor for the week ending January 17.
The average rate for 30-year fixed-rate mortgages remained below 5 percent for the second straight week as it declined for the second straight [...]

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Commercial real estate’s troubles continue in Q3 2009

October 7, 2009 Mortgage Financing

Landlords handling commercial real estate properties are finding themselves in financial holes as they struggle to deal with the toxic combination of plunging rent prices and rising vacancies across the country in 2009.
According to real-estate research firm Reis Inc., the rate of commercial real estate vacancies jumped to 16.5 percent in the third quarter of [...]

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Mortgage applications fall as rates continue climbing

June 11, 2009 Mortgage Financing

A steady rise in mortgage rates over the past two weeks has caused a drop in mortgage applications and loan refinancing activity. Last week, mortgage applications fell by 7 percent, according to the Mortgage bankers Association (MBA).
The MBA’s refinance index decreased 11.8 percent from the previous week as the average 30-year fixed rate mortgage rose [...]

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