I received the following email from a reader asking about the federal government’s Home Affordable Refinance Program (HARP) earlier this week: I have been looking into the HARP 2.0 program to refinance my home. I qualify according to program guidelines, but find it hard to shop interest rates and find lenders that deal honestly with…
Tag: refinancing
Reader Question: Refinancing an Underwater Mortgage?
A reader emailed me with an interesting question about refinancing an underwater mortgage: Do you think I can convince my lender to refinance my underwater 30-year mortgage to an underwater 15-year mortgage? Obviously another lender would have no motivation to take over a bad investment. But arguably it could be advantageous to my lender. They’re…
Housing ATM: We Have a Winner
I was digging around in the Snohomish County public records and I came across this interesting property history. Original purchase price is unknown, but records indicate that the serial refinancer owned the property since at least 1976. Date Document Amount 03.01.2002 Deed of Trust $12,528 03.07.2002 Deed of Trust $82,787 06.21.2002 Deed of Trust $17,973…
125% Refinance: Pricing You IN for a Decade or More
Astute readers have no doubt have learned by now of yesterday’s announcement by HUD Secretary Shaun Donovan that the federal government’s “Making Home Affordable” plan will now allow mortgages owned or guaranteed by Fannie Mae and Freddie Mac to be refinanced with loan-to-value ratios of up to 125%. I won’t go into all the details…
Today: Fed announces $750 Billion to purchase Freddie & Fannie MBS.
Opinion: Today the Fed announced a significant plan to purchase an additional $750 Billion in mortgage backed securities from agencies Freddie Mac and Fannie Mae. The proposal is hopeful in that it will stimulate the housing market and refinance business by producing exceptional mortgage rates lower than where they are today. Will this impact the…