Is It Time to Refinance?
Some economists predicted that mortgage rates would be higher by now compared to last year, but low interest rates continue to tempt homeowners to refinance. Deciding whether the time is right to apply for a mortgage refinance depends on three factors:
How long you plan to stay in your home. If you know you will be [...]
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Can I Refinance a Second Home?
Refinancing a second home with Fannie or Freddie Mac doesn’t cost any more than refinancing a comparable primary home. There are no risk-based pricing adjustments for second homes. While financing an investment property at 80% of its value can add 3.75 points to your fees, that’s not the case with a second home that meets [...]
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Music to Your Ears: The HARP Refinance
The Home Affordable Refinance Program, or HARP, was created to let creditworthy homeowners who have too little equity to get a home loan through normal channels refinance to the best available mortgage rates. To qualify, you don’t have to demonstrate a financial hardship–in fact you should not be in default on your mortgage. To refinance [...]
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Home Loan Refinance or Mortgage Modification: Is HARP or HAMP Right for You?
A traditional refinance, a Home Affordable Refinance Program (HARP) refinance, a Home Affordable Modification Program (HAMP), or a non-government modification–these are all options for improving your mortgage interest rate. But which is right for you? The HAMP program offers the best deal if you qualify–think of it as a refinance with a rate as low [...]
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