Mortgage | refinancing

Homeowners with a less than optimal credit rating should examine whether refinancing is the best choice for their situation. If they decide to go ahead, the procedure is much the same as those homeowners with good credit scores. A mortgage advisor consultation is urged for homeowners with poor credit. Review of their credit score report is advised to determine whether there has been any    .. more …

When it comes to refinancing your mortgage, you don’t need to worry about your equity level unless you are planning to apply for a prime loan. With bad credit, you will work with a subprime lender, who isn’t concerned about equity levels. That means you don’t have to carry private mortgage insurance if you don’t have 20% equity built up. Issues With Equity And Refinancing The ultimate goal of    .. more …

MCLEAN, Va., April 26, 2012 /PRNewswire/ — Freddie Mac ( FMCC.OB ) today released the results of its Primary Mortgage Market Survey (PMMS ), showing average fixed mortgage rates down slightly and hovering just above their record lows as markets waited for the Federal Reserve ‘s monetary policy announcement . The 30-year fixed-rate mortgage averaged 3.88 percent and has been below 4 percent all    .. more …

The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.88 percent this week, down from 3.9 percent. In February, the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s.The 30-year loan is the most common    .. more …

Let’s get one thing straight…no matter what mortgage company you work with – banker, broker, direct lender – all mortgage loan qualifying is the same. Fannie Mae, Freddie Mac and HUD have the same guidelines across the board, with small subtle differences from company to company.There is only one bond market, and mortgage rates across the board are influenced by the buying and selling    .. more …

Active-duty military homeowners would no longer have to live in a residence in order to refinance the mortgage at low interest rates, under a bipartisan amendment that could be attached to the 2013 defense authorization bill.Sponsored by Reps. Duncan Hunter, R-Calif., and Susan Davis, D-Calif., the amendment modifies the Servicemembers Civil Relief Act to include a mortgage refinancing provision    .. more …

Forthwith are answers to reader questions on shareholder meetings, refinancing under the national mortgage-servicing settlement and 529 college savings plans. Q: Bay G. asks, “A few years ago I started buying stock. I have been receiving notices of annual shareholder meetings. As a casual investor with no background in finance, would these annual meetings be of any interest to me? Does anything    .. more …

The rule of thumb is when interest rates are 1.5 to 2% lower than you are currently paying on your mortgage, it’s time to consider refinancing. Would Refinancing Be Worth It?Refinancing can be worthwhile, but it does not make financial sense for everyone. There are a number of items to consider, such as how long you plan to stay in the house. Most sources say that it takes at least 3 years to    .. more …

WASHINGTON (AP) — The average rate on the 30-year fixed mortgage stayed near its lowest level on record, keeping home-buying and refinancing affordable. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan rose to 3.90 percent from 3.88 percent. The rate touched 3.87 percent in February, which was the lowest since long-term mortgages began in the 1950s. The 30-year loan is    .. more …

There is no such thing as “no-cost refinancing.” There is only “full cost” refinancing disguised by marketing code as “no-out-of-pocket-cost-refinancing.”There are always costs involved when you refinance your mortgage. If an appraisal is required, the appraiser needs to get paid. Credit gathering agencies charge a fee to your lender for your credit report, and then there are lender fees,    .. more …