The average mortgage borrower in 2012 paid an interest rate of 3.90 percent on a 30-year loan and put up a down payment or home equity of 21 percent, according to a year-end review by mortgage software provider Ellie Mae.
You may have heard that there were some changes made recently to the government's Home Affordable Refinance Program (HARP).Known as HARP 2.0, the new rules are designed to make it easier for certain homeowners with little or no equity to refinance their mortgages.
Only 5 percent of underwater homeowners are likely to qualify for mortgage principal reductions under the recent $25 billion foreclosure abuses settlement, an economist with the Brookings Institution has calculated.
A program to help homeowners save $3,000 a year by clearing away obstacles to refinancing was proposed by President Obama in last night's State of the Union address.What isn't clear is how that plan might work.
What can refinancing a mortgage do for you? Although saving money is the obvious answer, there are a lot of ways to do that, depending on what your personal goals are, and various options for doing so.
A proposal put forward by federal regulators to define "safe" mortgages would raise refinancing costs for half the nation's homeowners with home loans, a coalition of industry and other advocacy groups has said.
The government's Home Affordable Refinance Program (HARP) posted its second-strongest quarter on record during the first three months of the year, enabling 130,000 homeowners with limited or no equity to refinance their mortgages.