For homeowners who are "underwater" on their mortgages, the 125 percent refinance option offered under the administration's Making Home Affordable Program may seem like a dream come true.But making that dream a reality could turn out to be a challenge.
They haven't drawn a lot of attention, but some new consumer protection rules under the Truth in Lending Act took effect July 30.Here's a rundown on how they'll affect you if you're planning to purchase a new home or refinance your current mortgage.
The Obama Administration's Making Home Affordable Plan may soon increase its limits on refinancing "underwater" mortgages to allow more homeowners to take advantage of the program, according to the director of the Federal Housing Finance Agency (FHFA).
With today's stellar mortgage rates, many people are lining up for a mortgage refinance.Before you fill out that mortgage application, however, there are a few items to consider as you prepare to refinance your home loan.
Doing a mortgage refinance these days is tough, because lenders-including those doing FHA mortgages--want to see a higher credit score and more proof of assets and income.But they also don't want to refinance until home equity loans or second mortgages have been repaid.
Mortgage applications have been on the rise lately, as rates for home loans have dropped to historic lows.Now, Fannie Mae would like to further increase the number of people looking for a mortgage refinance.
The economic crisis has been unprecedented in many ways, but the latest news concerning Fannie Mae and Freddie Mac takes the cake.The mortgage refinance companies are considering issuing refinanced loans without home value appraisals.