Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You might be able to refinance regardless of the value of your home. [Click here to read full Article and Comment…]
Home Affordable Refinance Program (HARP) is New and Improved
The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, have announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more borrowers who can benefit from refinancing their mortgage. Under the original HARP guidelines, there were hordes of homeowners who were not eligible to refinance due to issues with home value.
HARP is unique in that it enables borrowers who owe more than their home is worth to take advantage of low interest rates. This program will continue to be available to borrowers with Fannie Mae or Freddie Mac loans originated on or before May 31, 2009 with current loan-to-value (LTV) ratios above 80 percent. [Click here to read full Article and Comment…]
There has always been a saying in the mortgage business that “You can’t beat the market.” If you could and if it were that easy, we would all be rich, right? Mortgage rates are based on what’s happening in securities and on Wall Street. So, just as you probably have not struck it rich by moving funds around in your 401k at just the right time, the mortgage markets are no different.
The markets are so fragile right now, you might need to rely more on a lucky day than anything else. On any given day, you could interview finance experts about where the markets are headed and you would get a split vote. One third would say rates will move down, one third will say they will move up, and a third will predict they will stay the same. Huh? That’s no help. [Click here to read full Article and Comment…]
Did you have a mortgage serviced by Countrywide between Jan. 1, 2005, and July 1, 2008? If yes, you could be entitled to a refund ranging from $500 to several thousand dollars.
It is estimated that more than 450,000 borrowers who took out mortgages with Countrywide Financial will soon receive refund checks. The refunds come as part of a $108 million settlement over claims that Countrywide charged high fees to borrowers facing foreclosure. [Click here to read full Article and Comment…]
When buying a new home, you want to find out if there are any hidden deficiences that might affect your decision to buy that property. Most people have little alternative but to hope that their real estate broker or inspection report will reveal any negatives about the house. Until now. A new service called BuildFax, similar to Carfax, will help put valuable information in the hands of prospective buyers.
BuildFax offers additional documentation about a building’s history that may be helpful in deciding whether to buy. It is essentially a background check on the home. [Click here to read full Article and Comment…]
Any costs paid by the seller MUST be specified and included in the purchase contract for your home. Sellers can agree to pay all or a portion of your closing costs, prepaids (escrows) and reserves – up to the maximum permitted. The maximum allowed is based on a percentage of the purchase price.
The maximum seller contribution is based on the type of loan program and the type of occupancy.
Be certain you let your mortgage loan officer know if your seller will be giving you a seller contribution so that your mortgage application can be properly set up and submitted. It is very important that everything be communicated early on in the process.
Until my next post . . . .
New Jersey current mortgage rates
This has become a common question from New Jersey mortgage applicants. Without a doubt, many homeowners who applied for their mortgage years ago will find this question unusual. It used to be that a copy of tax returns was only required when the borrowers were self-employed. But after the real estate market turned upside down, everything changed.
Now, regardless whether you are applying for a VA, FHA, or conventional loan, you will need to provide a complete copy of your full tax return. Sometimes, the last 2 years may be required. All forms and all schedules. [Click here to read full Article and Comment…]
Are you selling your home and have a fear about what your buyer’s inspection will uncover? Will the inspection blow your deal or cause you to lose money due to problems that must be fixed?
Rest assured the buyer’s inspector is sure to find something wrong – regardless how minor it may be. I’m sure many home inspectors feel they haven’t done their job well if they come away with a repoirt that implies the home is perfecto. Even brand new construction has problems somewhere. [Click here to read full Article and Comment…]
