Seniors recently received a “good news, bad news” change to the most popular reverse mortgage program in the country. Borrowing costs will drop — the good news — but the bad news is that many will be able to borrow less money against their homes, according to the revisions by the U.S. Department of Housing and Urban Development, or HUD.
Is it time for you to order a credit freeze? In the wake of the Equifax data breach, perhaps. But be warned: A credit freeze could complicate your life if you apply for a mortgage loan.
Two new programs for refinancing underwater and low-equity mortgages are due to launch Oct. 1. That means homeowners who owe more on their mortgage than the property is worth should have an easier time getting their mortgage refinanced into a better home loan.
Increased equity driven by higher home values and recovering credit scores are creating increased demand for cash-out refinacings, which have risen to a post-recession high.
Time is running out on the Home Affordable Refinance Program, better known as HARP, which will come to an end on Oct. 1. But that doesn't mean that homeowners with negative or low equity won't be able to refinance their mortgages.
After taking a year to evaluate Fannie Mae’s new program helping first-time homebuyers get a mortgage without a credit score, counterpart Freddie Mac is following with its own program.
Looking to buy a home today? You're facing a double whammy. Both housing prices and mortgage rates have been rising, and both trends show no sign of slowing.
Appraisals have long been a necessary, if sometimes frustrating, part of the mortgage-lending business. Before lenders approve a purchase mortgage or refinance, they’ll send an appraiser to determine the current market value of a home.
There are a lot of advantages to refinancing your mortgage. But what about the downsides? Are there any disadvantages borrowers need to be aware of before taking out that new loan?
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