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During his State of the Union address, President Barack Obama announced a new refinance program, which would help “responsible” borrowers finding themselves in “underwater” situations to refinance their mortgages. This could greatly benefit millions of homeowners, that is, as long as Congress allows the plan to pass on through, however at this point is up… Read more »
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Category: Refinance
HARP UPDATES March 2012
We’ve lightly discussed the Home Affordable Refinance Program (HARP) on this blog in the recent past. To freshen up your mind, HARP was instated to allow for those homeowners who are currently “underwater” to potentially refinance and get themselves into stress-free position regarding their mortgage rates. HARP is beneficial to countless homeowners but that number… Read more »
Home Affordable Refinance Program Updates
There has been some exciting news which was recently released by Fannie Mae and Freddie Mac. These two government agencies who help support the housing financial system, have announced that they are loosening some of the guidelines on their popular Home Affordable Refinance Program also known as HARP. This ultimately means that it will be… Read more »
2012 Mortgage Rates | Will Mortgage Rates Remain Low for 2012?
The Federal Reserve has just concluded its final meeting for the 2011 calendar year stating that they plan to keep Fed rates low through mid-2013. This will have a positive effect on mortgage rates in 2012 helping to keep home loan rates low. Mortgage rates have been maintaining near record lows for several months as… Read more »
USDA Guarantee Fee Dropping October 2011
Starting October 1 2011 the USDA guarantee fee will drop to 2% of the total loan amount down from the current 3.5%. The USDA has decided to transition into an annual fee model similar to the FHA (Federal Housing Administration). An annual fee of .3% of the loan amount will be charged on a monthly… Read more »
Refinancing Your FHA Mortgage | Part 2
As a follow up to an earlier article I wrote on FHA Loans, I wanted to continue to explain the advantages FHA mortgage holders have when they refinance their current mortgage. As discussed previously, the government provides a loan called the “Streamline Refinance” dedicated to those borrowers whom have a FHA loan. This loan provides… Read more »
Refinancing Your FHA Mortgage- Part 1
One of the main home financing options available right now is a FHA loan. In fact, in 2009 34.5% of all loans were FHA loans, in 2010 27.7% were FHA loans, and 33% in 2011 so far. With so many FHA loans administered by the Government the last few years FHA mortgage holders need to be aware of the advantages they may have when contemplating a refinance. One option… Read more »
FHA Mortgage Insurance Premium Increases
For all FHA mortgage loans with case numbers assigned on or after April 18th 2011, the mortgage insurance premium will be increased making it more expensive for homebuyers. This change will not affect those who already have a FHA case number assigned or FHA loans that are already funded. To help you better understand FHA… Read more »
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