mortgage

Should I Refinance My Mortgage and Do I Qualify

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With interest rates on 30 year fixed-rate mortgage loans below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings over the life of the […]

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How Much Higher Will Mortgage Rates Go This Year

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With the tapering of the Fed’s Quantitative Easing (QE) program, economists are predicting that rates will continue rising for the remainder of 2013. This is based on the dramatic rise of the 10 year Treasury yield over the last month to which mortgage rates are loosely tied. The 30-year, fixed rate loan recently went above […]

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2017 Conforming Mortgage Loan Limits For Fannie Mae and Freddie Mac

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The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac has increased from last year, per FHFA guidelines as shown in the table below. The loan limits are established under the terms of the Housing and Economic Recovery Act (HERA), and are re-calculated each year. The law sets loan limits as a function […]

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2016 HARP Program Extension and Other Government Housing Refinance Programs

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[Updated for 2016] – The Home Affordable Refinance Program (HARP) has been extended to the end of 2016. Under this program home owners may be able to reduce their mortgage payments by as much as $3,500 each year. The program benefits those with little to no equity in their home homes (LTV>80%) and are struggling to refinance to a lower […]

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Saving $95,000 by Refinancing into a Lower Rate and Shorter Duration Mortgage

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Many homeowners with good credit are ditching their old 30-year fixed rate mortgages for the 15-year or 20-year versions. This is primarily to leverage historically low rates for these shorter duration loans and benefit from the significant interest savings over the life of the loan. In fact, a friend of mine did exactly this when […]

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Should You Pay Off Your Mortgage Early or Invest The Extra Cash?

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Many of us dream about how it would feel to not have a monthly mortgage payment. Owning your home free and clear is the aspiration of numerous homeowners. But even without – in most cases – that hefty payment leaving your checkbook every 30 days, there are actually some reasons not to pay off your […]

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15 Year Versus 30 Year Fixed Rate Mortgages – How to Determine Which is the Better Option

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As mortgage rates continue to hover at 30 year lows, many people are wondering whether a 15-year or a 30-year mortgage term is a better option. After all, even though payments on the 15-year option would be higher, the lower interest rates on the shorter term loan are keeping payments, in many cases, at very […]

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Looking Beyond the Monthly Payment and Calculating the True Cost of Your Refinance

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Mortgage lenders often attract homeowners seeking to lower their mortgage interest rate with some simple math, usually presented in one of two ways: 1) Comparing the nominal closing costs to the total savings from 30 years of a lower monthly payment, or 2) How few months it will take before you break even with your […]

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Solving the Housing Foreclosure Crisis by Cutting Mortgage Principal Balances – Big Mistake

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Mortgage interest rates are at their lowest point in decades (about 4.5%) and the housing credit has been in effect for more than three years, yet the housing market is tepid at best, with foreclosures at record highs and government housing institutions having to put more distressed assets on their books. This has spurred rumors […]

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Housing Market Predictions and Forecast For Home Prices in the Year Ahead

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The American housing market is still in the doldrums according to the latest S&P/Case-Shiller Home Price Index which showed that U.S. home prices are down a record 5.9% from the corresponding quarter last year (2010). But there is some good news in that home prices are up 3.6% from last quarter. The latest report also […]

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