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Reader Question: I am thinking about refinancing my home to take advantage of the very low interest rates we are seeing right now. We are also planning a remodeling project for our house. Is this a scenario where cash-out refinancing might work? Can you define this for me?
Let’s start by defining this term. You [...]
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Recently, President Obama and his economic team have announced plans designed to help struggling homeowners refinance into more affordable mortgage. But in typical government fashion, they have also confused a lot of people, largely by having so many housing programs with different names, websites, etc.
Are you qualified for refinancing help under the Obama administration’s new [...]
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Story Summary: If you’re trying to refinance your mortgage in the near future, you better find out what your debt-to-income ratio is. Lenders have stricter qualification criteria these days, and that means a high DTI ratio could derail your refinancing plans.
I just read a Q&A session on the MarketWatch website about a woman who [...]
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There has been much ado in the news lately about mortgage refinancing and home loan modifications, as they pertain to foreclosure prevention. In fact, the Obama administration just announced a new program designed to reduce the number of home foreclosures in the U.S., and loan modifications are a big part of that plan.
But this is [...]
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Mortgage applications shot up by 48% last week, and the majority of those were refinance applications made by homeowners trying to get a better rate. If you’ve been watching the news lately, you know the primary reason for the rise in refinancing applications — falling interests rates.
As a result of the Fed’s unprecedented move to [...]
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Reader Question: Is it advisable to refinance and do another 30-year loan when the rates are better for 30 versus a 20- or 15- year mortgage? The rate we pay now is 6.25. The quoted rate today was 4.875 on a 30-year mortgage.
It depends on your specific situation. Obviously, you will save money by [...]
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Reader Question: Are there options for refinancing (besides a short refi) when home value is less than current mortgage, and lender is not currently in default?
This is a fluid issue right now, with new developments taking place often. The situation you have described is referred to as being upside down or “underwater” with your mortgage [...]
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