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Tag Archives: Refinance

Senators Reintroduce Refi Bill

Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners who are otherwise left without options. Senators Robert Menendez (D-New Jersey) and Barbara Boxer (D-California) reintroduced The Responsible Homeowner Refinancing Act of 2013, a bill that would allow homeowners to take advantage of low interest rates by reducing or removing certain refinance requirements.

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Carrington Offers Three-Day Turn Times for FHA, Conventional Loans

Effectively immediately, Carrington is offering three-day turn times on conventional purchase loans and loans insured by the Federal Housing Administration (FHA). In addition, Carrington announced that it stands ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.

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New Carrington Program Offers 25-Day Loan Closings

Carrington Mortgage Services, LLC, announced a new program offering 25-day loan closings to borrowers seeking to purchase or refinance properties. According to Ellie Mae's latest Origination Insight Report, the average time to close a purchase loan was 46 days in 2012, while the average time to close a refinance loan was 49 days.

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Recent Refis Reduced Interest Rates by Record Amount

Homeowners who refinanced their mortgage loans in the fourth quarter of 2012 reduced their interest rates by an average of 33 percent, a record savings not seen in 27 years of observance, according to Freddie Mac. ""On average, borrowers who refinanced reduced their interest rate by about 1.8 percentage points,"" said Frank Nothaft, VP and chief economist at Freddie Mac. This translates to about $3,600 in annual savings on a $200,000 loan, according to Nothaft.

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Fannie Mae: Slow Economic Growth May Be the Near-Term Norm

While some are asking when the economy will return to normal, others are wondering if this prolonged period of below-potential GDP growth is actually the ""new normal,"" according to a report from Fannie Mae's (FNMA/OTC) Economic & Strategic Research Group. For 2013 and 2014, Fannie Mae projects a continuation of below-potential economic growth, with a 2 percent growth rate expected for 2013, similar to the lackluster performance seen in 2012.

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CoreLogic: 100K Homeowners Rose Above Negative Equity in Q3

As home prices increase, more borrowers are rising out of negative equity. Recent data from CoreLogic revealed about 100,000 borrowers moved out of negative equity during the third quarter of 2012, bringing the total number of homeowners who transitioned from negative to positive territory in 2012 to 1.4 million so far.

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BofA CEO Speaks on Future of Housing in America

Speaking before the Brookings Institution in Washington, Bank of America CEO Brian Moynihan raised the issues of whether homeownership is right for everyone and how the mortgage market will be financed in the future. While most Americans continue to include homeownership in their personal image of the American dream, Moynihan says, ""as a just democratic society, we owe all our citizens a safe, good place to live, but a roof over one's head doesn't always have to come with a mortgage. In some cases, it shouldn't come with that.""

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HARP’s Loan Tally at 1.7M

Fannie Mae and Freddie Mac refinanced more than 90,000 mortgage loans through the Home Affordable Refinance Program (HARP) in September, bringing the program's total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency. The rate of HARP refinances has increased since the program was revised in the fall of 2011 to expand borrower eligibility. Year-to-date, 709,000 loans have been refinanced through HARP, already far exceeding last year's total of about 400,000.

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Mortgage Rates Settle Near Record Lows as Fiscal Cliff Talks Persist

Fixed mortgage rates showed little signs of movement in the last full week of November, hovering near record lows as market worries heightened over the impending fiscal cliff. Freddie Mac puts the average 30-year fixed mortgage rate at 3.32 percent and the 15-year rate at 2.64 percent. Analysts say uncertainty surrounding the fiscal cliff has businesses, consumers, and financial markets all feeling uncertain themselves, which will keep mortgage rates at these levels as long as talks drag on in Washington.

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Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

While almost one-quarter of homeowners remain underwater, rising home prices over the past year have some economists hopeful negative equity could begin to diminish in coming months. Negative equity is still crippling many homeowners and the wider economy, Capital Economics stated in a report. But, if home prices continue to rise, the global research firm sees the potential for 3.5 million homeowners to move out of negative equity positions over the next 12 months.

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