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Refinancing Articles

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Low Interest Rates are Going Away

In the past few weeks the market has seen average rates on 30 year mortgages rise from 4.75% to 5.27%. That’s a jump of half a percent – a whopping 11% rise in the cost of money for a typical borrower. If you are thinking about refinancing, and missed doing it in the past couple […]

treasurydept

Homeowner Affordability and Stability Plan – The Federal Bailout for Homeowners

The US Treasury department released new details this week on its upcoming program to encourage lenders to modify loans for homeowners. The program includes annual payments to the lenders of up to 1000 for approving the modification and additional bonuses if the homeowners are still in their home five years from now. Investors need not […]

liar

Get Your Liar’s Loan Done before 2010

One of the most devastating factors in the national collapse of confidence in the home mortgage marketplace is the pervasive fraud that infested the mortgage brokerage system. In the good old days George Bailey made home loans to his neighbors and community. He knew who he was lending to, and had a pretty solid idea […]

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Loan Modification News

treasurydept

Homeowner Affordability and Stability Plan – The Federal Bailout for Homeowners

The US Treasury department released new details this week on its upcoming program to encourage lenders to modify loans for homeowners. The program includes annual payments to the lenders of up to 1000 for approving the modification and additional bonuses if the homeowners are still in their home five years from now. Investors need not […]

MORTGAGEE LETTER 2008-21 – Hud explains its Loan Modification Rules to Lenders

When you take a few minutes to read the internal guidelines of lenders on setting up loan modifications, you often find reference to “MORTGAGEE LETTER 2008-21″ where the Department of Housing and Urban Development lays out for lenders the rules of setting up a loan modification compliant with regulations. We thought we would print the […]

Figuring out the Costs of Refinancing

Adjustable Rate Mortgages with lots of payment options have fallen out of favor, and banks are falling over themselves to help their customers refinance into more stable notes. But if you already have a stable 30 year fixed mortgage, should you consider refinancing it now? Here are some examples of how costs might differ if […]

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