More homeowners applied for a home refinance during the week ending November 4, 2011, as mortgage rates dropped. According to Freddie Mac, the majority of homeowners who refinance either reduce their principal balance or keep it the same rather than take out cash. The Mortgage Bankers Association (MBA) Refinance Index for the week ending November [...]
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Homeowners with a home equity line of credit, a home equity loan, or a second mortgage may want to refinance one or both of those mortgage loans to reduce their monthly payments, switch to a fixed-rate loan, or shorten the length of the loan. Today’s tightened credit standards mean that lenders may be less inclined [...]
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Recent decreases in home values have left many homeowners unable to take advantage of refinance opportunities. But even with low home equity, you may still be able to refinance your mortgage. Many lenders are willing to approve a home refinance of up to 90% or sometimes even 95% of your home value. When gathering refinancing [...]
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Comparing mortgage interest rates doesn’t have to make your hair stand on end (or fall out!). Starting January 1, 2010, it should be much easier to understand the terms of loans presented to you and make comparisons between mortgage products. Regulation X Means No Baiting, No Switching Changes to Regulation X mean what you see [...]
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Mortgage brokers work with wholesale mortgage lenders. Wholesale mortgage lenders’ only function is to underwrite and fund home loans. What they don’t do is maintain offices, pay sales staff, originate mortgages, or process loans. Brokers fill that function for them. Mortgage Brokers’ Strengths Mortgage brokers can be especially helpful when you have a tricky loan, [...]
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