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FHA Limits Cash Out Refinances to 85 Percent

January 26, 2023 by Brett Tams

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 limit to 85 percent, according to a letter sent to clients late last week. “Effective… Read More »FHA Limits Cash Out Refinances to 85 Percent

The post FHA Limits Cash Out Refinances to 85 Percent appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: ATM, before, Cash-Out Refinance, country, Department of Housing and Urban Development, down payment, Down Payment Assistance, FHA, FHA loans, Financial Wize, FinancialWize, foreclosure, General, history, house, House Financial Services Committee, Housing, Housing market, industry, loan, Loan Limits, Loan origination, Loans, LOWER, market, More, Mortgage, Mortgage News, new, Origination, portfolio, Refinance, refinancing, risk, seller, summer, title, volume, will

Can I Refinance a Mortgage With Negative Equity?

January 25, 2023 by Brett Tams

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 are discovering that their current mortgage balance(s) now exceeds the value of their property, putting… Read More »Can I Refinance a Mortgage With Negative Equity?

The post Can I Refinance a Mortgage With Negative Equity? appeared first on The Truth About Mortgage.

Posted in: Mortgage Tips, Refinance, Renting, Starting A Business Tagged: action, affordability, affordable, agent, All, amortization, ARMs, Auto, Auto Loans, balance, Bank, bank accounts, banks, before, big, bills, calculator, closing, closing costs, commissions, condo, Credit, credit cards, Crisis, down payment, equity, estate, existing, Fannie Mae, FHA, FHA loan, Financial Wize, FinancialWize, Foreclosures, Freddie Mac, good, government, home, home equity, home loan, home loans, Home Price, home prices, home value, Home Values, Homeowner, homeowners, homes, Insurance, insurance premiums, interest, investment, investment property, Learn, lenders, loan, loan modification, loan programs, Loans, low, low mortgage rates, LOWER, Make, market, More, Mortgage, mortgage lenders, mortgage loan, mortgage payments, MORTGAGE RATE, Mortgage Rates, mortgage refinance, Mortgage Tips, Mortgages, offers, Other, payments, principal, programs, property, property values, Purchase, rate, Rates, Real Estate, real estate agent, Refinance, refinance your mortgage, refinancing, renting, savings, second, second home, security, Sell, student, Student Loans, town, traditional, under, Underwriting, USDA, VA, wants, will

FHA Short Refinance Program to Launch Next Month

January 24, 2023 by Brett Tams

More relief is on the way for underwater borrowers, assuming mortgage lenders agree to take part in the voluntary program. On September 7, HUD will begin offering FHA loans to certain underwater non-FHA borrowers who are current on their existing mortgages via the FHA Short Refinance program, originally unveiled back in March. In order to… Read More »FHA Short Refinance Program to Launch Next Month

The post FHA Short Refinance Program to Launch Next Month appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: affordable, balance, Credit, credit score, equity, existing, FHA, FHA loans, Financial Wize, FinancialWize, home, homeowners, HUD, launch, lenders, liens, Life, loan, Loans, More, Mortgage, mortgage lenders, Mortgage News, mortgage relief, Mortgages, new, principal, property, property values, Refinance, running, second, second mortgages, Treasury, under, Underwriting, will

Senators Urge Passage of Underwater Refinance Program

January 23, 2023 by Brett Tams

A bipartisan group of 16 Senators urged the Obama administration to remove barriers that have kept underwater homeowners stuck with inflated mortgage rates. In a letter to HUD secretary Shaun Donovan, Treasury secretary Tim Geithner, and FHFA director Edward DeMarco, the group spelled out the legislation needed to make such a program work. First, the… Read More »Senators Urge Passage of Underwater Refinance Program

The post Senators Urge Passage of Underwater Refinance Program appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: All, banks, big, Credit, credit score, decision, Economy, equity, expensive, Fall, Fannie Mae, Fannie Mae and Freddie Mac, Fees, FHFA, Financial Wize, FinancialWize, Freddie Mac, Giving, home, home equity, homeowners, HUD, interest, interest rate, interest rates, Legislation, lenders, list, LLPAs, loan, Loans, low, low mortgage rates, LOWER, Make, making, money, More, more money, Mortgage, mortgage lenders, Mortgage News, mortgage payment, Mortgage Rates, Mortgages, new, offer, plan, rate, Rates, Refinance, refinancing, risk, savings, second, second mortgages, Treasury, walking, will, work

What Is a Cash-In Refinance? Lower Your Loan Balance and Your Mortgage Rate

January 22, 2023 by Brett Tams

If you’re currently the proud owner of a mortgage, you’ve undoubtedly heard of a cash-out refinance, one that allows you to tap into your home equity. They were quite popular during the housing boom, when homeowners serially refinanced and simultaneously pulled “cash” from their homes while property values skyrocketed. You may have also heard the… Read More »What Is a Cash-In Refinance? Lower Your Loan Balance and Your Mortgage Rate

The post What Is a Cash-In Refinance? Lower Your Loan Balance and Your Mortgage Rate appeared first on The Truth About Mortgage.

Posted in: Mortgage Tips, Refinance, Renting, Starting A Business Tagged: All, Alternatives, assets, ATM, balance, before, Cash-Out Refinance, closing, closing costs, Distressed, diversify, Emergency, equity, Financial Wize, FinancialWize, funds, good, government, home, home equity, home loan, home prices, Homeowner, homeowners, homes, Housing, Insurance, interest, interest rate, interest rates, investment, lenders, Life, loan, loan pricing, low, low mortgage rates, LOWER, money, More, Mortgage, mortgage balances, mortgage interest, Mortgage Interest Rates, mortgage lenders, mortgage payment, mortgage payments, MORTGAGE RATE, Mortgage Rates, mortgage refinancing, Mortgage Tips, Mortgages, Move, Other, party, payments, Popular, programs, property, property values, rate, Rates, Refinance, refinancing, retirement, retirement account, traditional, will

Obama’s State of the Union Reveals Little About Mortgage Plan

January 21, 2023 by Brett Tams

So amid all the endless clapping and standing ovations, Obama did manage to get a few words out about the prospective mass mortgage refinancing plan during his State of the Union address last night. While it wasn’t a lot, it does give us something to chew on. During his address, he said the word “mortgage”… Read More »Obama’s State of the Union Reveals Little About Mortgage Plan

The post Obama’s State of the Union Reveals Little About Mortgage Plan appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: All, Crisis, Deals, Democrats, Fannie Mae, Fannie Mae and Freddie Mac, Financial Wize, FinancialWize, Foreclosures, Freddie Mac, General, Homeowner, homeowners, Housing, housing crisis, Law, lending, More, Mortgage, mortgage lending, Mortgage News, mortgage payments, mortgage refinance, mortgage refinancing, Mortgages, News, payments, plan, pressure, products, Refinance, refinancing, save, second, tax, traditional, Underwriting, wants, will, work

Obama Urges Passage of New Refinance Bill

January 20, 2023 by Brett Tams

If you happened to catch last night’s State of the Union speech, you may have noticed (between the incessant clapping) President Obama’s mention of a bill that would give American homeowners the chance to save $3,000 annually by refinancing their mortgages. While it was his only mention of “mortgage” on the night, at least it… Read More »Obama Urges Passage of New Refinance Bill

The post Obama Urges Passage of New Refinance Bill appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: 2, action, All, buyers, Competition, couple, Democrats, desk, Employment, Fees, Financial Wize, FinancialWize, home, Home Values, Homeowner, homeowners, house, ideas, Income, items, More, Mortgage, Mortgage News, Mortgages, new, Other, president, Refinance, refinancing, save, second, white, will

HARP May Be Expanded and Extended to Promote Mortgage Refinancing

January 20, 2023 by Brett Tams

There’s been a lot of buzz about the Home Affordable Refinance Program lately. While it has picked up steam in recent months, thanks to the removal of the LTV barrier, it’s still not reaching millions of underwater homeowners in need of a lower mortgage payment. Fortunately, there have been stirrings of expansions and extensions aimed… Read More »HARP May Be Expanded and Extended to Promote Mortgage Refinancing

The post HARP May Be Expanded and Extended to Promote Mortgage Refinancing appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: 2, affordable, All, before, california, Crisis, Delinquencies, Democrats, Financial Wize, FinancialWize, Foreclosures, goals, home, Home Price, home prices, homeowners, homeownership, homes, house, Housing, housing crisis, Housing market, interest, inventory, investors, Legislation, lenders, Loans, LOWER, Make, market, More, Mortgage, Mortgage News, mortgage payment, Mortgage Rates, mortgage refinancing, Mortgages, new, New Jersey, News, Oregon, plan, pool, programs, protect, rate, Rates, Refinance, refinancing, Treasury, Treasury Department, white, will, work, work out

Mortgage Rates Experience Largest Single-Week Increase Since 2011

January 19, 2023 by Brett Tams

To say the last couple weeks have been bad for mortgage rates (and consumers) would be an enormous understatement. In fact, over the past month mortgage rates on the ever fashionable 30-year fixed have risen nearly a full percentage point. We’re talking rates of around 3.375% in early May that have since rocketed to around… Read More »Mortgage Rates Experience Largest Single-Week Increase Since 2011

The post Mortgage Rates Experience Largest Single-Week Increase Since 2011 appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Mortgage Rates, Refinance, Renting, Starting A Business Tagged: 15-year, 30-year, All, Applications, banks, borrowing, Bureau of Labor Statistics, Consumers, couple, environment, experience, Fall, fed, FHA, FHA loans, Financial Wize, FinancialWize, history, Insurance, jobs, jobs report, jump, lenders, Life, loan, Loans, More, Mortgage, mortgage applications, Mortgage News, MORTGAGE RATE, Mortgage Rates, Mortgages, News, Other, panic, Purchase, rate, Rates, Refinance, refinance your mortgage, securities, statistics, stimulus, survey, the fed, will

Obama Answered My Question About HARP 3

January 18, 2023 by Brett Tams

This week has been all about Obama, at least on this blog. The President has been making the rounds, visiting multiple locations on the West Coast to discuss the state of the economy, housing, and of course, mortgages. After a speaking engagement in Phoenix, which I detailed here, he met up with Zillow CEO Spencer… Read More »Obama Answered My Question About HARP 3

The post Obama Answered My Question About HARP 3 appeared first on The Truth About Mortgage.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: 2, advisor, affordable, All, ARM, before, Blog, building, buyers, CEO, clear, Credit, credit score, Democrats, Economy, engagement, Financial Wize, FinancialWize, foundation, General, Giving, good, home, Homeowner, homeowners, house, Housing, Housing market, industry, interest, interest rate, interest rates, Learn, lessons, Loans, low, making, market, More, Mortgage, Mortgage News, Mortgage Rates, Mortgages, News, Other, plan, president, questions, rate, Rates, Refinance, renters, risk, the west, under, Video, West Coast, white, youtube, Zillow
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