refinance

Bank of America Refinance Offer Raises Questions On Wealth Accumulation

Bank of America Refinance Offer Raises Questions On Wealth Accumulation

A client of mine recently received a mortgage refinance offer by mail from Bank of America (BAC).  The offer showed that a savings of $2,225 per year was possible by refinancing to a new 30 year fixed […]

“Liar Loans” – RIP – October 1, 2009

Liar Loans To Be Prohibited No income verification and stated income mortgage loans have been available to borrowers for many years.   As originally conceived, a no income verification loan was a sound product, offering highly qualified […]

Mortgage Refinances Drop 11% As Rates Remain Low

Refinances Decline as Rates Stabilize The latest weekly survey from the Mortgage Bankers Association showed a decrease of 6.3% in mortgage loan applications.   Application volume compared to the previous year increased by 16%. The interesting aspect of […]

Elderly Americans Last Refinance – Reverse Mortgages

Elderly Americans Last Refinance - Reverse Mortgages

Reverse Mortgages – More Easy Lending As originally conceived, reverse mortgages were designed to fulfill a legitimate borrowing need.  Reverse mortgages were developed for elderly Americans who had a mortgage free home with substantial equity and wanted […]

Would Mortgage Rates At 3.625% Stimulate Home Purchases?

Would Mortgage Rates At 3.625% Stimulate Home Purchases?

The Limitation of Low Rates The Fed has done everything under its power to bring down mortgage rates and the best customer today can get a 30 year fixed rate mortgage at around 4.75%.  Despite the all […]

HUD Imposes Dramatic Restrictions On FHA Cash Out Refinances

FHA Tightens Rules Again First there was an increase in the required credit scores to be eligible for FHA financing.  (See FHA Increases Minimum Credit Score Requirement).  Now comes a major tightening of the rules on FHA […]

Does The FHA Owe You A Refund?

FHA MIP Any one who has paid off an FHA mortgage loan may be entitled to a refund of a portion of the mortgage insurance premium (MIP) that was paid by the borrower upfront when the loan […]

Banks Restrict Mortgage Lending To A+ Customers Only

Latest Changes Eliminate More Borrowers From Mortgage Market As written previously, for those without impeccable credit, adequate income and loan to value below 70%, the low advertised rates are not available.  See All Time Low Rates For […]

Fannie and Freddie – The New Subprime Lenders

Fannie and Freddie Impose Huge Fees On Borrowers Freddie Mac last week announced additional fees for condo owners who refinance, effective April 1, 2009.  The fee mirrors a similar charge imposed by Fannie Mae last year.  Both […]