Refinance

Everything you’ve ever wanted to know about refinancing a mortgage.

FHA Short Refinance Option Coming Soon

March 26, 2010 2 Comments »

A new option that should be available by fall of this year will allow borrowers current on their mortgages to execute short refinances into FHA loans, assuming the original loan is not FHA-insured. In fact, the new loan must NOT ... Read More »

Can I Refinance a Mortgage With Negative Equity?

October 1, 2009 4 Comments »

Mortgage Q&A: “Can I refinance a mortgage with negative equity?” Nowadays, more and more homeowners are finding that their condo or home value isn’t worth what it once was at the height of the real estate market. In fact, many ... Read More »

How Does Mortgage Refinancing Work?

How Does Mortgage Refinancing Work?
August 12, 2009 17 Comments »

Fundamental mortgage Q&A: “How does mortgage refinancing work?” When you refinance your mortgage, you are essentially trading in your old loan for a fresh one with a new interest rate and mortgage term. And possibly even a new loan balance. ... Read More »

Rate and Term Refis Reduce Mortgage Payments by Billions

July 30, 2009 No Comments »

Cash out refinancing hit its lowest point since late 2003 last quarter, but that’s not necessarily bad news. During the second quarter, just 38 percent of refinances resulted in loan sizes five percent or higher than the previous balance, while ... Read More »

Four Percent Mortgage Proposed to Solve Crisis

June 16, 2009 No Comments »

As expected, the recent spike in mortgage rates has led to wild new proposals to solve the ongoing mortgage crisis. The latest proposal comes from Arizona businessman Kenneth Wm. Parker, owner of Parker Properties/Parker Development, who has introduced the so-called ... Read More »

Wells Fargo Hired 5,000 Employees to Handle Mortgage Workload

April 22, 2009 No Comments »

San Francisco-based bank and mortgage lender Wells Fargo reportedly hired 5,000 employees to handle its ever-increasing mortgage workload, according to Bloomberg. Wells Fargo CFO Howard Atkins said in an interview that the bank increased staff over the past couple of ... Read More »

Obama Urges Americans to Refinance Mortgages

April 9, 2009 No Comments »

During a Housing Refinance Roundtable today, President Obama urged homeowners to take advantage of the record low mortgage rates currently on offer. He made the remarks while sitting with a number of families who were able to refinance their mortgages ... Read More »

Bank of America Refinancing Under Making Home Affordable Program

April 9, 2009 No Comments »

Bank of America said today it has begun processing refinance applications under the Treasury’s “Making Home Affordable” program, with nearly 200,000 customers contacting the company to determine eligibility. “Combined with historically low interest rates, this program has generated significant interest ... Read More »

MBA Ups 2009 Mortgage Forecast by $800 Billion

March 24, 2009 No Comments »

More good news…for loan originators.  The Mortgage Bankers Association increased its 2009 mortgage lending forecast by $800 billion to $2.78 trillion thanks to the expected refinance bonanza. The group now expects refinancing to total $1.96 trillion in 2009 and purchase ... Read More »

FHA Limits Cash Out Refinances to 85 Percent

March 16, 2009 No Comments »

The FHA, which has seen its share of scrutiny as of late, plans to lower the maximum loan-to-value associated with cash-out refinances beginning April 1. The agency, which previously allowed cash out refinancing up to 95 percent, will drop that ... Read More »