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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

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The Latest News in Home Mortgage Refinancing

With a sluggish economy, static home sales and record foreclosures, the federal government has begun forcing banks to help homeowners refinance their home mortgages and keep their homes to get the economy moving again.

Recently, the U.S. Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced a $25 billion agreement with the nation's largest mortgage lenders. As the result of this multi-billion dollar settlement in the government's investigation of questionable foreclosures and abuses, the federal government is now requiring five of the nation's largest banks to refinance certain underwater borrowers. These five banks include: Bank of American, Ally Financial, Citigroup, J.P. Morgan Chase and Wells Fargo.

Under the agreement, $20 billion will be dedicated to providing financial relief to homeowners and help them avoid foreclosure. Most of that money will go toward reducing the principal on loans for about 1 million of the 11 million people who are delinquent on their mortgage or those who are under water, as well as providing transitional assistance and providing benefits for service members.

According to the agreement, the banks must complete 75 percent of these relief obligations to consumers with two years. Within three years, they must have completed 100 percent of their obligations.

The banks will also have to pay $5 billion to the federal and state governments. About $1.5 billion of these monies will be used to establish a Borrower Payment Fund. This fund will provide cash payments to borrowers whose homes were foreclosed or taken between January 1, 2008, and December 31, 2011.

In addition, as a result of the investigation and the court agreement, lenders or mortgage services will be required to implement new servicing standards that will prevent the foreclosure abuses that had previously taken place. The new standards provide for strict oversight of foreclosure processing; will prevent some practices that allowed the past foreclosure abuse such as robo signing, lost paperwork and improper documentation; will provide consumer protections and will make foreclosure a last resort. In addition, loan servicers will also be required to create a single point of contact for borrowers who want information about their loans. Banks will not be able to foreclose on a borrower who is being considered for a loan modification.

This agreement only applies to borrowers who obtained loans from private lenders. It does not apply to Freddie Mac and Fannie Mae loans.

Home sales help drive the nation's economy and home ownership provides communities with stability. Be sure to continually research information online to look for new and existing government programs which can benefit you and help you get help refinancing your mortgage and keep your home.

The 7 Things You Need to Know Before Refinancing Your Mortgage

Mortgage rates remain historically low. In fact, rates are so low that a mortgage consumer with decent credit can land a 30-year-fixed mortgage with a rate of 4.0%, or even lower for consumers with excellent credit. Consequently, it's a good time for a ...

Published:  Wed, 13 Sep 2017 18:19:00 GMT



What You Should Know Before Refinancing a Mortgage

There are many good reasons to refinance a mortgage, but it's not right for everyone. Several key factors need to be considered to determine if refinancing is a viable way to meet financial goals. First, you need to determine your goals for refinancing ...

Published:  Wed, 13 Sep 2017 13:50:00 GMT



With Uber and Lyft in Philly, taxi loans are underwater, like mortgages in 2008

Jane M. Von Bergen writes about the workplace - employment, unemployment, management, unions, legal issues, labor economics, benefits, work-life balance, workforce development, trends and profiles. Not long ago, Viresh Ahuja, 40, counted himself a ...

Published:  Fri, 22 Sep 2017 11:53:00 GMT



Fixed mortgage rates halt their downward march

The refinance index jumped 9 percent, while the purchase index grew 11 percent. The refinance share of mortgage activity accounted for 51 percent of all applications. "To illustrate the impact of the two major hurricanes, over the past two weeks ...

Published:  Wed, 13 Sep 2017 21:00:00 GMT



Buying a house just got more expensive: Mortgage rates rise for first time in 7 weeks

What's more, the central bank plans to slowly reduce the its huge holdings of mortgage-related loans and that could put some upward pressure on rates over time. Read: Yellen says low inflation a "śmystery,' but not mysterious enough to keep rates low

Published:  Thu, 21 Sep 2017 08:17:00 GMT



Starkey Mortgage rebrands as Certainty Home Loans

Plano, Texas-based Starkey Mortgage announced it is rebranding the company and changing its name to Certainty Home Loans, effective Oct. 2. The company opened its doors in 2000 and now offers home purchase, refinance, renovation and reverse mortgage loans ...

Published:  Fri, 15 Sep 2017 16:35:00 GMT



Leading Financial Website Refinance Mortgage Rates Launches Consumer Guides

Wilmington, DE - Leading online finance website www.refinancemortgagerates.org is delighted to announce the launch of their exclusive mortgage refinance consumer guides. The guides have been created to provide anyone considering refinancing their home a ...

Published:  Mon, 18 Sep 2017 20:04:00 GMT



MBA: Mortgage Applications Drop 9.7%

The refinance share of mortgage activity rose to 52.1% of total applications, up from 51.0% the previous week. The adjustable-rate mortgage share of activity rose to 6.8% of total applications. The FHA share remained unchanged at 9.9%, the VA share fell to ...

Published:  Wed, 20 Sep 2017 08:46:00 GMT



LIBOR and the Future of Floating Rate Mortgage Loans

Your article was successfully shared with the contacts you provided. In light of the fact that many real estate lenders rely upon the London Interbank Offered Rate (LIBOR) as a principal index rate, there has been a great deal of concern throughout the ...

Published:  Tue, 19 Sep 2017 23:09:00 GMT



Member One Federal Credit Union | Auto & Home Loans

We have low rates for auto loans, home mortgage loans, home equity loans, and personal loans of all kinds. We have a credit card with low interest rates and all standard financial services such as checking, insurance options and saving accounts.

Published:  Thu, 21 Sep 2017 13:07:00 GMT



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