Yes, rates are low. And if you are paying over 6% on your mortgage, you should probably look into refinancing and saving some money. However, not everyone who could benefit from refinancing will be able to do so. Here are three reasons you may not be able to refinance–and what you can do about them. Continue reading ‘3 Reasons You May Not Be Able to Refinance Now–And What You Should Do’
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Loading ...Experts say that rates on 30-year fixed rate mortgages have gotten as low as they will go and have begun rising. In fact, the spread between the 10-year treasury rate and the 30-year mortgage, which is typically 1.7% if you don’t pay any points, has increased to about 2%. But 15 year mortgage rates continue to drop–Today, 15-year mortgage rates are running about 1.3% above treasuries, close to .7 percent lower than 30-year fixed rates! Why is this happening? Continue reading ‘Why 15 Year Mortgage Rates Are so Much Lower’
(4 votes, average: 4.75 out of 5) Loading ...You are a smart shopper. Whether it’s for a bad credit mortgage, an FHA loan, or a debt consolidation home equity loan, you know what to do–get online or on the phone, touch base with several lenders, and get your disclosures quickly. Once you have decided which lender you like best, it’s time to apply for your mortgage. But what about that rate quote? Is it guaranteed? What are your rights when it comes to mortgage interest rate quotes? Continue reading ‘My Mortgage Rate Is Locked……Isn’t It?’
(8 votes, average: 5 out of 5) Loading ...On January 1, 2010, would-be borrowers will get a rude awakening from FHA. The agency’s streamline refinance will no longer be the easy transaction it is today. Today, the biggest advantage of FHA streamline refinances is that they don’t require an appraisal or credit qualifying. So even if your home’s value has tanked and you have bad credit, you have been able to refinance easily into a better FHA loan. That opportunity is about to go away. Continue reading ‘FHA Toughening Guidelines in January: Better Refinance Now’
(5 votes, average: 4.8 out of 5) Loading ...What does it mean when a lender claims he or she is “paying your mortgage costs?” Well, it looks like that’s what they are doing because of the way many structure your Good Faith Estimates (GFEs). You’ll see a boat load of charges, and then (phew!) it shows the lender reversing or paying the fees. But there’s no free lunch! Continue reading ‘Mortgage Refinance: No Free Lunch, But Tasty in the Right Circumstances’
(4 votes, average: 5 out of 5) Loading ...The Troubled Asset Relief program (TARP) was originally touted to Congress and the public as a request for funds to purchase troubled home loans, helping lenders get them off the books and loosening up money for deserving mortgage borrowers. However, once passed, that plan was junked in favor of less direct help. Continue reading ‘When Will the Bailout Help Homeowners?’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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