NEW YORK (MarketWatch) — If you’re looking to save some money, look no further than your mortgage. After all, that loan is probably your biggest monthly expense — and rates are at record lows.
As you probably know, however, refinancing to a lower rate doesn’t make sense unless you’ll be in the house long enough to [...]
Dear Dr. Don,
I was told by a lender that it can’t do a refinancing on our townhome — which we recently placed up for sale — worth $188,000. We wanted to get $55,000 cash out from the financing. We don’t currently have a mortgage.
The lender rejected the refinance, saying it doesn’t refinance on properties currently listed [...]
REUTERS: Refinancing drove total U.S. mortgage applications to a nine-month high last week, while demand for loans to purchase homes sunk to a near 13-year low as buyers remained sidelined after the expiration of federal tax credits.
Mortgage rates stuck around record lows, the Mortgage Bankers Association said on Wednesday, giving homeowners another chance to cut monthly [...]
(Reuters) – Mortgage applications fell last week as a drop in home refinancing volume outweighed the highest demand for home purchase loans in six months, data from an industry group showed on Wednesday.
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WASHINGTON (Reuters) – An Obama administration program aimed at helping homeowners whose homes have declined in value get new loans has been extended another year, a key housing regulator said on Monday. The Home Affordable Refinance Program, or HARP, a sister program to President Barack Obama’s loan modification effort, will stay in effect through June [...]
U.S. mortgage applications rose in the first week of 2010, reflecting surging demand for home refinancing loans as interest rates dropped, industry data showed on Wednesday.
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Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out.
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Do you want to refinance your mortgage under the Home Affordable Refinance program? Good luck. The plan is confusing and confounding.
For example, under the program, lenders are supposed to refinance loans with mortgage insurance. But they are evasive about whether they will. You might as well ask a general about troop movements in wartime.
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