Showing posts with label refinance. Show all posts
Showing posts with label refinance. Show all posts
Wednesday, August 18, 2010
PIMCO Boss Bill Gross Calls For Massive Taxpayer-Backed Mortgage Refinance Initiative
Gross said the refi scheme would spur some $50-60 billion a year in new consumer spending and raise home prices between 5-10 percent.
Wednesday, July 22, 2009
Mortgage Interest Rates and Applications Increase
- The average contract interest rate for 30-year fixed-rate mortgages increased to 5.31 percent from 5.05 percent, with points increasing to 1.18 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
- The Market Composite Index, a measure of mortgage loan application volume, was 528.9, an increase of 2.8 percent on a seasonally adjusted basis from 514.4 one week earlier.
- The Refinance Index increased 4.0 percent to 2089.7 from 2009.4 the previous week.
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Wireless Reading Device 
Wednesday, June 24, 2009
Mortgage Applications Survey and Interest Rates 624
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 19, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 548.2, an increase of 6.6 percent on a seasonally adjusted basis from 514.4 one week earlier.
The four week moving average for the seasonally adjusted Market Index is down 9.3 percent.
The Refinance Index increased 5.9 percent to 2116.3 from 1998.1 the previous week and the seasonally adjusted Purchase Index increased 7.3 percent to 280.3 from 261.2 one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.44 percent from 5.50 percent, with points increasing to 0.99 from 0.89 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
Source: Mortgage Bankers Association
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The four week moving average for the seasonally adjusted Market Index is down 9.3 percent.
The Refinance Index increased 5.9 percent to 2116.3 from 1998.1 the previous week and the seasonally adjusted Purchase Index increased 7.3 percent to 280.3 from 261.2 one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.44 percent from 5.50 percent, with points increasing to 0.99 from 0.89 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
Source: Mortgage Bankers Association
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 Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 700 articles with more than 18,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments. |
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Wednesday, March 04, 2009
Mortgage Modification Plan--Making Homes Affordable
The Treasury Department released the guidelines of its mortgage modification today. The program will help up to 9 million homeowners avoid foreclosure. The guidelines will enable mortgage servicers to begin modifying mortgages right away. Please note: the Treasury program also includes incentives for removing second liens on loans.You can follow this link,
Making Home Affordable , and find the links to self assessment questionnaires and contact information.
Or hit these links:
- Do I qualify for a Making Home Affordable refinance?
- Do I qualify for a Home Affordable Modification?
Here is the link to the main website Financial Stability.gov. The links below lead to the detailed information (PDF format):
Ok, you are good to go. Good luck. If you found this information helpful let us know.
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| Bob DeMarco is a citizen journalist, blogger, and Caregiver. In addition to being an experienced writer he taught at the University of Georgia , was an Associate Director and Limited Partner at Bear Stearns, was CEO of IP Group, and is a mentor. Bob currently resides in Delray Beach, FL where he cares for his mother, Dorothy, who suffers from Alzheimer's disease. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. His content has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments. |
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Wednesday, February 18, 2009
Government Help for Homeowners--Access to Refinancing Case 1
What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
Case 1-Access to Refinancing
In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%.
Today: Family A has about $200,000 remaining on their mortgage but their home value has fallen 15 percent to $221,000.
Their “loan-to-value” ratio is now 90%, making them ineligible for a Fannie Mae refinancing.
Under the Refinancing Plan: Family A can refinance to a rate of 5.16%. This would reduce their annual payments by nearly $2,350.
* How do I know if I am eligible?
Complete eligibility details for all programs will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
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Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
Case 1-Access to Refinancing
In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%.
Today: Family A has about $200,000 remaining on their mortgage but their home value has fallen 15 percent to $221,000.
Their “loan-to-value” ratio is now 90%, making them ineligible for a Fannie Mae refinancing.
Under the Refinancing Plan: Family A can refinance to a rate of 5.16%. This would reduce their annual payments by nearly $2,350.
* How do I know if I am eligible?
Complete eligibility details for all programs will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
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- Ray Dalio on the current state of affairs in the market
- Roubini Predicts U.S. Losses May Reach $3.6 Trillion
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