The Harp 2 Refinance Program allows homeowners to refinance without any loan-to-value restriction. The program is slated to expire December 31, 2013, so if you qualify, start the process now. Despite what your current mortgage lender will tell you or what you might hear in the media, the program does have debt to income requirements…
The lender wants to make sure future debt obligations do not impact the integrity of repayment on the loan they are making to you. If the lender allows you to pay off the credit card balances, who’s to say you wouldn’t take out consumer debt again and be in the same situation you’re in in…
Anyone who is looking at the Harp 2 Refinance Program, stands to benefit by a tremendous amount of money. Interest rate savings of over 1% at the minimum coupled with minimum monthly payment savings of at least $300 per month or more are very common. Because this program ignores loan-to-value, which is considered an integral…
On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
Large cash deposits have to be sourced and paper trailedwhether doing a purchase or refinance transaction. One of the things lenders are required to do is source all money used in a transaction even funds not being used for the transaction. For example if you’re making $5000 a month and you get a deposit in…
What steps can be taken if the mortgage is now Freddie Mac? Cenlar services the loan but doesn’t do refinancing. I tried Quicken Loans but they wanted me to come out of my pocket for a lot of money. I have 800+ credit, working, and just want a lower payment. The market did depress the…
“Why can’t I get the mortgage rate for my refinance I saw in the news?” This question is asked on a daily basis. When you as a homeowner have a mortgage and are paying a certain percentage of the money you originally borrowed, you’re always going to be paying a little closer attention to those…
Homeowners refinancing their mortgages will now come to learn the refinance process is taking longer than 30 days. Here’s the scoop: mortgage-backed securities (MBS) continue to be a very lucrative investment vehicle in these economic times. Safe, conservative returns with a fixed income provides an awfully attractive place to park one’s money considering little volatility…