If youâre interested in refinancing your mortgage with Bank of America, you may be in for a big surprise. Per Bloomberg, the mega bank has been unable to keep up with demand, thanks in part to HARP Phase II, which is beginning to roll out. The program, which allows pretty much anyone to refinance, regardless [&hellip
The post Bank of America Has a Waiting List to Refinance first appeared on The Truth About Mortgage.
Despite a push to allow more Americans to refinance their mortgages (Harp 2.0), the Obamas havenât taken the time to refinance their own, according to a disclosure released yesterday by the White House. The financial disclosure revealed that as of the end of 2011, the 30-year mortgage (not sure if that means fixed or just [&hellip
The post Obama Hasnât Refinanced His Mortgage in Seven Years first appeared on The Truth About Mortgage.
It took a few weeks, but weâve finally got concrete details regarding the Obama Administrationâs so-called âBroad Based Refinancing Plan.â First off, homeowners with Fannie Mae and Freddie Mac-backed mortgages who are unable to refinance their mortgage to take advantage of the near-record low mortgage rates will be able to go through HARP 2.0. HARP [&hellip
The post Obamaâs Broad Based Refinancing Plan first appeared on The Truth About Mortgage.
Every once in a while I take a look at certain mortgage products I see advertised to determine if they make any sense for homeowners. Today weâll take a look at Star Financialâs âDebt Free in 10 Mortgage,â which put simply, is a 10-year fixed mortgage. In other words, your mortgage is fixed for the [&hellip
The post Star Financial Debt Free in 10 Mortgage Review first appeared on The Truth About Mortgage.
Last week, I argued that the super low mortgage rates could actually be contributing to strategic defaults. The general idea being that the current low mortgage rates today make it even less desirable to hold a âhigh-rateâ mortgage from the past. The only positive from this assumption is that homeowners in this position may buy [&hellip
The post Will Low Mortgage Rates Hurt Home Sales? first appeared on The Truth About Mortgage.
Iâve noticed a trend lately. Everyoneâs a real estate expert. It seems the most recent crisis and recovery has turned just about every single person into a guru on all things to do with home buying and selling. I suppose part of it has to do with the fact that the massive housing bubble that [&hellip
The post When Will the Next Housing Market Crash Take Place? first appeared on The Truth About Mortgage.
I think a lot. Often, about mortgages. In fact, a day doesnât go by when I donât try to think of topics to write about on this very website. Itâs not always easy to come up with new material, given the fact that Iâve been writing about mortgages since 2006. But every once and a [&hellip
The post Mortgage Crisis Foreshadowing first appeared on The Truth About Mortgage.
Well, file this one under âwas bound to happen,â or, âwas only a matter of time.â A clever guy by the name of Marcus J. from Clementon, New Jersey has created an online petition to eliminate the securitization cut-off date for HARP eligibility. At the moment, this ever-important cut-off date is May 31, 2009, meaning [&hellip
The post New Petition Urges Mortgage Re-HARPing first appeared on The Truth About Mortgage.
A new bill being floated by Representative Karen Bass (D-Calif.) aims to lower the costs of obtaining an FHA loan, which have surged in recent months. Back in April, the FHAâs upfront mortgage insurance premium increased from 1% to 1.75%. On a $200,000 loan, weâre talking about an increase of $1,500, which certainly isn’t incidental. [&hellip
The post Proposed Bill Lowers FHA Costs for Educated First-Time Buyers first appeared on The Truth About Mortgage.
Weâve heard talk of mass refinancing plans for years now, but nothing has quite delivered. Sure, the Home Affordable Refinance Program (HARP) was recently expanded to allow just about any homeowner to refinance, regardless of negative equity issues. But since it was announced in late October, I havenât heard too much about it. Perhaps because [&hellip
The post Mass Mortgage Refinancing Plan: Obamaâs Ace In the Hole first appeared on The Truth About Mortgage.