Category Archives: Mortgage Loan

This week, the federal government released more details about its revamped Home Affordable Refinance Program, which sets out to allow more home owners to refinance their mortgage and take advantage of ultra-low rates. The program is geared to those who are current on their mortgage but may be underwater, owing more on their homes than they are currently worth. Here are some more details about the changes coming to HARP: Borrowers must be current on their loan and have no delinquencies in the last six months. A borrower can be […]

In today’s world of tight credit standards, government confusion, and record-low interest rates, it is beneficial to every homeowner, regardless of status, wealth, or property type, to know the home refinancing basics. Homeowners all across America as well as many other countries are clamoring to take advantage of these low interest rates, and in order for them to be successful, they should consider three factors: Refinancing only makes sense if the long term savings outweigh the cost of refinancing. Homeowners should be very thorough in researching and selecting the best […]

When selling your own home or another property, dealing with a low appraisal can be a heartbreaking affair. While the buyer might be happy with the condition of your property, his or her lender can be worried about certain things and in turn, can make it harder for the buyer to buy. If the bank has contracted a private firm to evaluate and appraise your property, it may be impossible to contact them to know exactly what you could improve, repair, or change. In any case, a low appraisal is […]

The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages. The administration has been working for weeks on how to implement a mortgage relief program. President Barack Obama could include a nod to the plan in a speech on job creation next week, sources familiar with the administration’s plans said. The refinancing initiative would allow certain borrowers to refinance loans that are backed by government-owned Fannie Mae and Freddie Mac or […]

Servicers participating in the Home Affordable Modifications Program extinguished more than 1,000 second-lien mortgages in June, according to Treasury Department data. Fannie Mae, which administers HAMP, directed participating servicers to begin modifying second liens on Jan. 1. Defaults on second mortgages dropped to 1.4% in June, according to the Standard & Poor’s/Experian index, down a full percentage point from a year ago. At least through HAMP, modifications on these loans have been steadily climbing since Fannie directed its servicers to participate in the 2MP program (The chart below notes that […]

Many LGBT real estate buyers and gays and lesbians borrowing a mortgage to finance or refinance a home want to know the difference between a prequalified and a preapproved loan. On the surface they sound quite similar, but in practice they have significant differences that relate to the level of commitment a lender is making to the LGBT borrower.   The big difference is that prequalification has to do with the process a lender goes through to find out if a gay real estate buyer is eligible for a mortgage. […]

In recent years, millions of homeowners have taken advantage of low rates and refinanced their mortgages. This article describes the advantages and possible pitfalls associated with a “refi.” Before You Start: Remember that refinancing to reduce debt can be a smart move, but refinancing in order to borrow more for consumer purchases (car, vacation, etc.) could set you back significantly. Read the fine print on your current mortgage to learn whether you’ll be assessed penalties or fees for “getting out” of that loan early. Make sure you know whether you […]