Refinance Archives

A new government report may be viewed as a big pat on the back for its loan modification program, with data showing that government efforts to stall foreclosures are faring better than some private market solutions. Read more»

Mortgage rates are once again bumping along the bottom, with the 30-year fixed-rate loan going for an astonishing 4.775%, according to the sbup survey. Read more»

After a year or two of low mortgage rates, you’d think that everyone who could save money by refinancing would have done it. But no, refinancing continues to account for more than 70% of new mortgages, according to the Mortgage Bankers Association. Read more»

When the Obama administration announced its Making Home Affordable program early last year, it looked like a win-win strategy for helping troubled homeowners and their lenders. Homeowners would save money from payment reductions. Lenders would settle for less than they were due but would come out better than if they had to sell foreclosed properties in a depressed market. Read more»

The good news: About 30% of homeowners with single-family homes carry no mortgage at all, according to the Census Bureau. Unfortunately, that leaves a lot of people with a lot of debt, and First American CoreLogic, the mortgage-data firm, estimates that 24% of mortgage holders owe more than their homes are worth. That’s more than 11 million homeowners, with mortgage debt exceeding home value by an average of 34%. Read more»

Homeowners who have been thinking about refinancing, or who should have been, should get a move on. Interest rates are climbing and seem likely to keep going up. The basics of any refinancing decision are pretty simple. If you’ll have the new loan long enough for its lower payment to offset the refinancing costs, the move generally pays. Read more»

Question: I’m in what you guys in the media call “loan modification hell.” My paperwork seems to be in limbo and I’m considering hiring a specialist to jump in and handle my loan mod for me. But how do I separate the legitimate companies from the scam artists? — G. Orfe, Marco Island, Fla. Read more»

Fannie Mae (Stock Quote: FNM) has rolled out a trial program in Miami that brings mobile “Help Centers” to neighborhoods that promise to make life easier for mortgage holders who need help paying their loans and dealing with loan modification programs. Read more»

The non-profit journalism center ProPublica claims that banks are leading loan modification candidates astray by denying them a deal for reasons that are at best, specious, and at worst, illegal. The center’s investigation focused on larger banks like JPMorgan Chase (Stock Quote: JPM) and Wells Fargo (Stock Quote: WFC). Read more»