Qualified homeowners are getting an extra year to reduce their mortgage payments through the federal HARP and HAMP initiatives, now that the deadlines for both programs have been extended by the Federal Housing Finance Agency (FHFA).
The offer sounds great: Your lender promises that when you refinance[https://www.mortgageloan.com/refinance-mortgage-part-2] your mortgage loan you'll be able to skip a month's mortgage payment.It's time to start fantasizing about what you'll do with all that money you won't be sending to your lender.
You like the idea of lowering your mortgage loan's interest rate through a refinance.But you're not thrilled with having to provide the piles of paperwork that lenders need to verify your income, employment status and financial assets.
Your home equity loan or home equity line of credit could dash your dreams of reducing your monthly mortgage payment through a refinance.Blame a complicated mortgage-lending quirk known as resubordination.
As many as half of all homeowners have never refinanced their mortgages, despite refinance mortgage rates[[sitetree_link,id=13]] falling to historic lows over the past three years, according to a new study by Fannie Mae.
Applications for mortgage refinancing[[sitetree_link,id=13]] have been dwindling as rates have risen in recent months.But if you haven't been able to refinance yet, those higher rates might represent an opportunity.
Refinancing a 30-year fixed home loan to a 15-year loan can help homeowners own their home outright sooner, but it can also lead to an advantage they may enjoy just as much: saving thousands of dollars.
Mortgage refinance demand picked up this week, with applications for new loans up by a seasonally adjusted 4 percent over the week before, according to today's figures from the Mortgage Bankers Association (MBA).