No Appraisal Refinance Coming?
The “Great Refi Boom” has been greatly hindered by current appraisal values of homes. The lending process comes to a screeching halt when lenders find out that the appraised value of a home has decreased over 30% in the last year. Lenders are not willing to fund these mortgage applications. This is happen more often [...]
Mortgage Rates Under 5%, Applications Up; Is it Time to Get a Refi?
United States weekly mortgage applications rose 11.3% week over week according to the Mortgage Bankers Association. This comes on the heels of a 12.6% drop during the prior week. Fixed rate mortgage applications rose 11.3% while adjustable rate mortgage application rose 14.4%. The average interest rate for a 30 year fixed rate mortgage fell below [...]
Mortgage Rates – Where Are They Headed?
We have seen mortgage rates hover between 5% and 5.25% for quite some time now. The question is, “where are mortgage rates headed from here?” This is a question that is very hard to answer as we are in a troubled economic time. Every asset class has been liquidated, the housing market continues to decline [...]
Refi Plus Could Help You Refinance
Recently, Fannie Mae introduced a program that will attempt to allow more Americans to lock in at historically low mortgage rates. The “Desktop Underwriter Refi Plus” program is going to expand the criteria for qualifying for a loan. There will be a reduction of employee information as well as a lower FICO score will be [...]
Refinance Today? Is It Right For You?
Most homeowners would agree that refinancing has come across their mind in the last three months. With rates dropping to as low as 4.5% in some markets, it is hard to NOT consider this financial decision. What you must understand before making this commitment of time and energy is that not everyone can get the [...]
Buying or Refinancing a Home in 2009? A Must Read!
We all know that mortgage interest rates have drastically declined in the last 8 weeks. We also know that the value of homes has halved themselves in many markets with some markets being down over 70%. With that knowledge, it is a great time to buy a home and if you already have one, refinancing [...]
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