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Refinancing Articles

Posted on October 15   By Peter Andrew
Average home prices nationwide were 12.4 percent higher in August 2013 than they were at the same time in 2012, according to the CoreLogic Home Price Index. That month was the seventh in a row when year-over-year home price rises were in double percentage figures, and the 18th when they rose at all. Although those increases weren't consistent across the country, they still mean that millions of Americans have seen their underwater home loans break the surface and finally return to positive equit.... Read More...
Posted on May 17   By Peter Andrew
For years, millions of Americans have been prevented from undertaking a mortgage refinance because their home loans were "under water," "upside down" and in "negative equity." Those three terms all mean the same thing: the value of the home on which a loan is secured is lower than the amount owed on that loan. Refinancing now possible for millions more However, as house prices rapidly rise, that situation is changing quickly. On May 6, Lender Processing Services published its March Mortgage Moni.... Read More...
Posted on December 13   By Peter Andrew
If the prospect of saving money is motivating you to refinance your home, you might consider shortening the term of your loan as well. But should you reduce the term (cut the length) of your mortgage when you come to refinance? It's not an easy question, because a shorter term involves a trade-off between higher monthly payments and very substantial savings in the long run. Only you can decide whether you can afford to -- or afford not to -- do it, but here is some information that could help yo.... Read More...
Posted on September 19   By Peter Andrew
Serial refinancing is becoming something of a trend among savvy homeowners these days -- and with good reason. With interest rates plummeting to record lows earlier in 2012, homeowners who refinanced even a year or two ago are likely paying more each month than they need to. So it's no surprise that serial refinancing is gaining popularity when the alternative is equivalent to shoveling dollar bills into a furnace. Current mortgage rates irresistible In its August 24 article on the subject, The .... Read More...
Posted on June 29   By Michele Lerner
Question: I currently have a mortgage balance of $207,000 with a conventional loan. My house is valued at about $225,000. I was unemployed for about six months last year so I had to run up some credit card balances and my credit score dropped to about 670. Is there a chance I can qualify for refinancing? Answer:  As you are obviously aware, mortgage lenders have pretty strict guidelines for loan qualifications. On a refinance, a lender will look at your home equity, credit history, job history, .... Read More...
Posted on February 13   By MLP Blog
Below is a continuation of our focus on traditional refinancing options for consumers. Please be advised that new legislation has caught steam in Congress that would put open up an ability to refinance through new initiatives with FHA loans to millions of Americans. Fixed Rate Mortgage—Borrowers who are preparing to permanently stay in their home often choose a fixed rate mortgage to refinance. The most popular terms are 30-year or 15-year fixed. Borrowers who like stability and no surp.... Read More...
Posted on February 13   By MLP Blog
When you refinance your residential mortgage loan you can enjoy a variety of money saving benefits. This is because there are several alternatives to your current mortgage. Refinancing your home loan gives you a chance to review the terms of your current mortgage and choose terms that can help you save money in the long run — often thousands of dollars. Saving on interest If you refinance your residential mortgage loan to a lower rate, you can save thousands of dollars on interest alone. I.... Read More...
Posted on February 13   By MLP Blog
If you're stuck under some high credit card bills and your credit rating is slipping, one of the best ways to immediately improve your credit is a home equity loan. When the loan closes, home owners have cash-on-hand to pay off bills. The result: their credit rating starts to improve immediately. Banking executive Dan Ambrose refers to those as the "band-aid loan", also known as the 2/28 in mortgage lingo. "Most sub-time loans are short term loans, not A paper market, which means a fixed rate fo.... Read More...
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