Underwater Mortgage? Refinance Soon, HARP Expires End of 2016!

September 9th, 2016

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The Home Affordable Refinance Program (HARP) is a mortgage assistance program, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.

After the housing market crash in 2009 many homeowners were faced with a situation where their house was considered “underwater”. In this scenario, the house value was less than the mortgage loan cost, in other words, having a negative equity value in the home. Refinancing was not an option, nor was selling the home unless they paid the lender for the difference. Unfortunately, this lead many homeowners into foreclosure. Read the rest of this entry »

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Can I Refinance To A 15-Year Loan From A 30-Year Loan and Keep My Payment The Same?

August 30th, 2016

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In a word, no. This is not possible. I wrote a blog back in 2011 in another feverish refinance market showing the numbers on how you can’t shorten the term of your loan from 30 to 15 years without increasing your monthly mortgage payment. Those numbers bear repeating in the current interest rate climate and are below. Check out this hypothetical example: Read the rest of this entry »

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Is Quicken Loans “Rocket Mortgage” Going To Explode In Mid Air?

December 16th, 2015

stencil-instagram-post-13There was an article recently on TechCrunch.com that was titled “This Could Be The Mortgage Industry’s iPhone Moment” that proclaimed “Quicken Loans sees Rocket Mortgage as the turning point in home financing” and “It’s home financing’s iPhone”, and “The process takes less than 10 minutes.” Hmmm, we’ll see about that. Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your Fixed Rate to an ARM!

February 4th, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. For example, I know of many people who have decided to move sooner than they imagined. I hear of consumers who thought that they would live in their homes for the long haul, but then due to circumstances that were a surprise to them, they have now decided to leave in the next few years. Let me give Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your 15-Year to a 30-Year!

January 30th, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. For example, I know of many people who have excellent interest rates on a 15-Year fixed rate mortgage because they thought they would be in their home forever and wanted to get the mortgage paid off over a shorter term, but now have suffered a job setback or some other sort of financial blow, and need to revert to a 30-Year mortgage to reduce the monthly payment. Let me give Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your 30-Year to a 15-Year!

January 28th, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. For example, I know of many people who have excellent interest rates on their 30-Year fixed rate mortgages, and plan to be in their home for a long time or possibly forever. These people should consider giving up their low 30-Year fixed rate, and get a still quite low 15-Year fixed rate, and save a small fortune over time. Let me give Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your HELOC!

January 23rd, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. There are a stunning amount of home equity lines (HELOCs) outstanding and most people will need to refinance those. Most HELOCs were set up so that the first ten years of the loan only require interest only payments and no principal is due. Then, in year 11, the principal would start to amortize, and it amortizes over 20 years, not 30. This is a problem because Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your ARM to a Fixed Rate!

January 21st, 2014

Actually, the refinance boom is over; however, there are a fair amount of people that still need to refinance. The problem is that the people that have not refinanced when rates were low simply don’t realize that they should still refinance. The people that obviously needed to refinance have already refinanced, in some cases multiple times. There are many people left that can refinance. For example, Read the rest of this entry »

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High Returns In Paying Down Mortgage Debt

October 16th, 2012

Many people measure things as a return on investment, or a percentage return. If someone said they had an investment to tell you about that would provide you a .5% return, you would not even listen. If someone said they had an investment to tell you about that would provide you a 4% return risk free, you would stop and hear them. A 4% return is an 8 fold return over a .5% return! And we all know that it seems hard to even impossible to get a decent return these days without taking on what many of us think is high risk. Investing in Read the rest of this entry »

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Cash Out Refi Restrictions Lifted

September 17th, 2012

I have had some clients pay cash for a home, for various reasons to expedite the purchase or to make the most competitive offer, and then plan to get a mortgage soon after the purchase to recoup a portion of their cash. And it used to be that if owned a property free and clear that you had to wait a least a half a year to be able to get cash back out of the home. But now there is an exception to that rule. Read the rest of this entry »

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