With mortgage rates at historic lows, it’s tempting to jump on the refinancing bandwagon. It seems unlikely that homeowners will get another chance to take advantage of such desirable rates in their lifetimes. Sure the refinancing climate is challenging, because banks are being very selective as to who will receive funds at these rates.
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What’s your home worth today? That’s a key question if you’re looking to refinance your mortgage or take out a home equity loan.
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Back in 1776, John Adams, a member of the Continental Congress, and the future first Vice President and second President of the U.S. wrote, “Each individual of the society has a right to be protected by it in the enjoyment of his life, liberty, and property.” Fast forward 234 years later, and today’s Congress, in their financial reform package, is taking steps to ensure that homeowners are protected from losing their properties.
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For underwater homeowners, the 125 percent refinance offered through the government’s Home Affordable Refinance Program (HARP) sounds like a great deal. But how hard is it to qualify for?
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If you’re your own boss, you’re fully cognizant of the benefits – no one telling you what to do or when to do it, no time card to punch, to say nothing of working in your pajamas. That’s the life! But if you want to refinance your mortgage, being self-employed has a whole set of disadvantages that a nine-to-fiver doesn’t experience.
Don’t give up—the same hard work and discipline that have made you a successful businessperson can help you navigate the mortgage refinance waters. Here are five tips that will help:
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Two private investors have teamed up to buy a roughly $1.2 billion pool of mostly non-performing residential whole loans offered by the Federal Deposit Insurance Corp., investment banking officials and sources close to the deal confirmed to National Mortgage News.
The Federal Housing Administration’s efforts to shift the burden of supervising mortgage brokers to actual funders is creating a mini-boom in demand for brokers to bring in homebuyers and refinancing customers.