Refinance

FHA Short Refinance Program Has Resulted in Only 15 Refis

The FHA Short Refinance program, made available to loan servicers in June but formally launched in October, has resulted in just 15 refinances as of December 31, according to Congressional testimony from the Special Inspector General, Neil M. Barofsky. A short refinance is a transaction in which a mortgage lender agrees to pay off a [&hellip

The post FHA Short Refinance Program Has Resulted in Only 15 Refis first appeared on The Truth About Mortgage.

Four Percent Mortgage Proposed to Solve Crisis

As expected, the recent spike in mortgage rates has led to wild new proposals to solve the ongoing mortgage crisis. The latest proposal comes from Arizona businessman Kenneth Wm. Parker, owner of Parker Properties/Parker Development, who has introduced the so-called “4/40 for Freedom Loan.” It’s essentially a government-backed mortgage set at a four percent interest [&hellip

The post Four Percent Mortgage Proposed to Solve Crisis first appeared on The Truth About Mortgage.

FHA Short Refinance Option Coming Soon

A new option that should be available by fall of this year will allow borrowers current on their mortgages to execute short refinances into FHA loans, assuming the original loan is not FHA-insured. In fact, the new loan must NOT be owned or guaranteed by the FHA, VA, or the USDA. So essentially only those [&hellip

The post FHA Short Refinance Option Coming Soon first appeared on The Truth About Mortgage.

Mortgage Rates Expected to Stay Below Five Percent Through Early 2012

Here’s some good news if you’re looking to buy or refinance in the near future. Mortgage rates, specifically 30-year fixed mortgage rates, are expected to stay below five percent through to next year, according to mortgage financier Fannie Mae. The 30-year fixed mortgage rate averaged 4.80 percent in the first quarter of 2011, 4.70 percent [&hellip

The post Mortgage Rates Expected to Stay Below Five Percent Through Early 2012 first appeared on The Truth About Mortgage.

Bernanke Has Refinanced His Mortgage Twice in the Past Two Years

When deciding whether you should refinance your mortgage, you may look to your friends, family, and neighbors to see what they’re doing and/or to get advice. After all, if they’re refinancing, maybe there’s something to it. But when it comes to financial advice, it doesn’t get much better than the Chairman of the Federal Reserve, [&hellip

The post Bernanke Has Refinanced His Mortgage Twice in the Past Two Years first appeared on The Truth About Mortgage.

Why Principal Reductions on Loan Mods Aren’t the Move

Unless you live under a rock, you’ve likely heard stirrings of a mega super duper fantastic solve-all trillion-dollar refinance program in the works to save America once and for all. You know, the one President Obama plans to unveil just in time for the election to give his campaign a shot in the arm (at [&hellip

The post Why Principal Reductions on Loan Mods Aren’t the Move first appeared on The Truth About Mortgage.

New Refinance Program Probably Won’t Mean Much

During President Obama’s speech to the nation last week, he mentioned that the White House would be working with the federal housing agencies to help more homeowners refinance their mortgages at today’s low rates. And on Friday, the Federal Housing Finance Agency (FHFA) released a statement, noting that it “has been reevaluating an existing program, [&hellip

The post New Refinance Program Probably Won’t Mean Much first appeared on The Truth About Mortgage.

Obama Slashes Costs for FHA Streamline Refinances to Boost Market

In another effort to buoy the flagging housing market, the Obama administration announced today that it would essentially be removing the upfront mortgage insurance premium on streamlined FHA refinances. So homeowners who currently hold an FHA loan, looking to refinance into another FHA loan to lower their mortgage rate, will pay just 0.01% in upfront [&hellip

The post Obama Slashes Costs for FHA Streamline Refinances to Boost Market first appeared on The Truth About Mortgage.

Do I Qualify for the National Mortgage Settlement?

In case you haven’t heard by now, the so-called “National Mortgage Settlement” was finalized today. It’s the largest multi-state settlement since the Tobacco Settlement back in 1998, related to robosigning allegations that took place over the past several years. Essentially, some of the nation’s largest loan servicers routinely signed off on foreclosure documents without doing [&hellip

The post Do I Qualify for the National Mortgage Settlement? first appeared on The Truth About Mortgage.