The News Review:
- Mortgage rates drop prompting many to refinance
- Lower rates spark wave of refinancing
- Things to do when your mortgage is paid
- Ways exist to relieve troubled mortgages
- Bernanke: more action needed to cut foreclosures
Mortgage rates drop prompting many to refinance
Sun-Sentinel.com FL
The rush to refinance during the Thanksgiving holiday week tripled the number of applications to refinance a mortgage according to the Mortgage Bankers Association. Still not every borrower will qualify for a new lower-rate loan. In South Florida that’s mostly because of the sharp decline in home prices. Some borrowers owe more than their homes are now worth making it practically impossible to refinance their current debt. For home buyers too lower rates are good but they don’t eliminate the difficulty of simply getting a mortgage these days.
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Lower rates spark wave of refinancing
The Tennessean TN
Gumbinger with HSH expects rates on a 30-year fixed-rate mortgage to be in the low to upper middle 5 percent range for the next couple of months. ‘Folks are moving ahead’The refinance boom has been good news for battered mortgage brokers and bankers whose business has been slowing for more than a year. November and December are typically slow for mortgage deals. But not so far this year. “We’re almost seeing the seasonality of the holidays taken out of the holidays” Ractliffe said. “I think folks are moving ahead.
Things to do when your mortgage is paid
San Francisco Chronicle USA
- Sorry comments are closed for this story. Things to do when your mortgage is paidREQ: I paid my mortgage off in late May. What should I expect to see in the way of documents? How do I really know it is complete? A: When you borrowed money to buy or refinance your home you signed a mortgage document.
Ways exist to relieve troubled mortgages
San Luis Obispo Tribune CA
The goal of the federal program which took effect in October and ends Sept. 30 2011 is to help as many as 400000 homeowners avoid foreclosure over the next three years by connecting borrowers with lenders. The lenders pledge to refinance delinquent mortgages by reducing loan balances to 90 percent of a home’s current market value according to mortgage brokers. The Federal Housing Administration which backs the new loans would then get 5 percent of the new loan balance as payment. Borrowers must be at least three months delinquent to qualify for the program Guertler said. Lenders like Wells Fargo say they have been reaching out to at-risk borrowers for some time. The bank works with customers who fall behind on payments early on in the process identifying solutions to help them avoid foreclosure said Jason Menke a Wells Fargo spokesman.
Bernanke: more action needed to cut foreclosures
The Associated Press
Neel Kashkari the Treasury Department official who is in charge of the $700 billion rescue effort confirmed Thursday that the plan was one of the options the administration had under review. But other regulators said such a proposal can only help with part of the problem. “Getting mortgage rates down is. positive but it doesn’t help people that currently have unaffordable mortgages because it doesn’t help them refinance” said FDIC chief Sheila Bair. “Low interest rates help some consumers but the ones that really need help and can’t refinance are not helped… positive but it doesn’t help people that currently have unaffordable mortgages because it doesn’t help them refinance” said FDIC chief Sheila Bair. “Low interest rates help some consumers but the ones that really need help and can’t refinance are not helped. “Rates on 30-year mortgages fell nearly half a percentage point this week to 5. 53 percent the lowest level since January and the largest one-week drop in 27 years mortgage giant Freddie Mac said Thursday. Paulson and his Bush administration colleagues have come under fire by Democrats and some Republicans for not doing enough to help Americans at risk of losing their homes.