Refinance Archives

When mortgage rates go up, home refinancings dry up. That’s the conclusion of a new study from Informa Research Services, but homeowners shouldn’t give up on trying to find a good enough rate to justify refinancing. Low rates are out there, you just need to know where to look. Read more»
Q: “With mortgage rates so low, I’m thinking about refinancing to get a lower interest rate, and using some of the money to pay down some credit card debt (about $10,000 worth). A friend of mine told me about cash-back refinancing, which allows you to refinance, but get extra money back. Is that the real deal?” – D. Tricarico, San Diego, Calif. Read more»
Consumer advocates are up in arms over the Federal Reserve’s proposal to eliminate a homeowner’s right to contest an illegal home loan, as defined by the Truth In Lending Act. The elimination of that right, more formally known as “rescission,” could mean big fees and penalties, and even more foreclosures. Read more»
It doesn’t take much to chase borrowers from the mortgage market. A tiny bump in loan rates caused mortgage applications to drop 14.4% in the Mortgage Bankers Association’s recent survey, for the week ending Nov.12. A big part of the drop was a 16.5% decrease in refinancings, which account for about 80% of mortgage applications. Read more»
When it was announced in early 2009, the government’s Home Affordable Modification Program, or HAMP, sounded simple: Troubled homeowners could modify their mortgage terms to reduce payments, making it easier to avoid default and foreclosure. Read more»
A lawyer for some of the country’s biggest mortgage lenders says that even though attorneys general in all 50 states are investigating their lending practices, the potential response of forced loan modifications is definitely off the table, but the states are saying, "we’ll see about that." Read more»
Not long ago, economists and housing market experts worried about there being too many foreclosures. Now they’re worried foreclosures aren’t proceeding fast enough, thanks to the robo-signing fiasco that prompted a moratorium on foreclosure proceedings at many major banks. Read more»
Homeowners who do the right thing – even if they are underwater due to sinking home values – and who pay their mortgages on time may actually be harming the economy. It all comes down to where your money is better spent, and in many cases, that’s not your mortgage. Read more»
Back in the pre-recession days – say, four or five years ago – “cash-out” refinancing was all the rage. This move can still make sense today, but there are often better alternatives. Read more»
Friday Q&A: Refinance or Get a New ARM?
By: Brian O'Connell
Q: "I’m on the last year of an adjustable rate mortgage (5/1) before the rate changes and my monthly mortgage payment  was supposed to go up. That’s the way ARM’s work, right? Read more»
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