As many had predicted, the popular Home Affordable Refinance Program (HARP) was extended today until December 31, 2015. The program was set to expire at the end of the year, but apparently the FHFA isnât satisfied with the more than two million homeowners who have already refinanced via HARP. FHFA Acting Director Edward J. DeMarco [&hellip
The post HARP Refinance Program Extended Until 2015 first appeared on The Truth About Mortgage.
Mortgages can be viewed very differently. Some see them as a positive financial instrument, a way to free up their money so it can be invested elsewhere, ideally for a better return. Then there are those who view mortgages as the root of all evil, as a debt overhang that must be terminated as quickly [&hellip
The post The Power of Extra Mortgage Payments first appeared on The Truth About Mortgage.
A new study from Fed researcher Steven Laufer puts a lot of the mortgage crisis blame on cash out refinancing, which swelled in popularity as home prices increased in the early 2000s. Of course, when home prices took a turn for the worse, many who extracted home equity paid the price by acquiring an underwater [&hellip
The post New Study Blames Cash Out Refis for Mortgage Crisis first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhy are mortgage payments mostly interest?â Hereâs an interesting mortgage question â pun intended. Payment Composition Over Time Most homeowners take out fixed-rate mortgages With monthly payments that don’t change over 30 years While the mortgage payment stays the same The amount that is allocated to principal and interest changes monthly The way [&hellip
The post Why Are Mortgage Payments Mostly Interest? first appeared on The Truth About Mortgage.
The forecast for the 2013 residential mortgage market wasnât all that optimistic. Back in December, the Mortgage Bankers Association said it expected refinance volume to slip to $785 billion from $1.2 trillion in 2012, while purchase money mortgage activity was slated to increase only slightly from $503 billion to $585 billion. After all, there are [&hellip
The post Slowing Mortgage Market Could Lead to Looser Lending first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhat is a lender overlay?â If youâve been studying underwriting guidelines recently to determine if youâre eligible for a mortgage, itâs important to understand that they can vary widely from bank to bank. Even if you think you qualify based on the guidelines set forth by the FHA, USDA, VA, or Fannie Mae [&hellip
The post What Is a Lender Overlay? first appeared on The Truth About Mortgage.
Thereâs been a lot of fuss about the refinance market drying up lately, and we now know itâs not just noise. Last month, purchase-money mortgages gobbled up the majority share of the overall mortgage market, according to the latest Origination Insight Report from Ellie Mae. The company noted that purchases accounted for 53% of applications [&hellip
The post Purchase Applications Grab Majority Share of Mortgage Market in July as Refinances Fade Away first appeared on The Truth About Mortgage.
If youâre in the market to buy a new home or condo, youâve undoubtedly thought (or stressed) about the required down payment. It’s one of the biggest roadblocks to homeownership, and an obstacle that never seems to get any better over time. In fact, Zillow recently noted that it takes the average American over seven [&hellip
The post Mortgage Down Payment Requirements: How Much Do I Need to Put Down? first appeared on The Truth About Mortgage.
Thereâs been plenty of debate lately about the potential consequences of rising mortgage rates, with an outright housing recovery derailment topping the list of concerns. However, most economists have been quick to downplay the risks of rising rates, which have shot up from near-record lows to two-year highs in a matter of months. In fact, [&hellip
The post Mortgage Jobs on the Line as Rates Rise first appeared on The Truth About Mortgage.
Mortgage Q&A: âHow to get a mortgage with a low credit score.â If youâve got a low credit score, but are determined to buy a home (or are looking to refinance your existing mortgage), you may be wondering how to get a mortgage. Or if it’s even possible. First things first though â how low [&hellip
The post How to Get a Mortgage with a Low Credit Score first appeared on The Truth About Mortgage.