My Mind on Mortgages

In my communication with customers who are considering a refinance mortgage I can often sense a general sense of reluctance to “restart” their mortgage on a new 30 year or 15 year amortization schedule.  Sometimes I get asked questions such as “If I refinance won’t I lose all those payments that I’ve already made?”.  The [...]

In 2011 Fannie Mae eased it’s cash-out refinancing restrictions to allow home-buyers who purchase a home with all cash to replenish their funds with a “cash-out” refinance as soon as a day after closing on the original purchase. Background: Prior to this home-buyers were not eligible to apply for a cash-out refinance inside the first [...]

I was quoted in this morning’s Oregonian again in an article about President Obama’a announcement yesterday about expanding qualifying guidelines for the Home Affiordable Refinance Program (HARP).  You can see the article HERE.

I read THIS ARTICLE in the NY Times over the weekend in which a couple financial advisers explain how homeowner’s should evaluate whether or not it makes sense to refinance.  Here is the summary directly from the article: “…homeowners will need to determine their closing costs and monthly savings. Divide closing costs by savings; that [...]

It’s official, each Thursday Freddie Mac releases it’s weekly survey of “average” mortgage rates across the country (which is syndicate on this blog in the left hand column).  This week the 30 year fixed rate hit 4.44% which is the lowest since they started keeping track in 1971.  Let me know if you’d like a [...]

It’s been well over a year since I’ve posted anything about deleveraging but this article in the NY Times over the weekend caught my eye.  Deleveraging is a phenomenon we’re seeing across the US economy where households and corporations are paying down debt in the wake of the subprime crisis.  Part of the reason for [...]

If you haven’t been paying attention then you probably are not aware that fixed rate mortgages are back near historic lows.  The WSJ published this article over the weekend explaining that 30 year fixed rate mortgages are back near the lows of 2009 and 15 year fixed rate mortgages are lower than they were last [...]

The Obama Administration announced yesterday that they were expanding the criteria for homeowners who wish to refinance their existing mortgage under the housing-rescue program.  The program, which is known as refi plus in our industry, is now allowing homeowner’s whose mortgages are now worth up to 125% of the home’s current value to refinance under [...]

After being gone for 6 months Tina and I landed on US soil on Wednesday AM in LAX.  Upon landing I couldn’t wait to get my hands on two things that are scarce overseas- filtered coffee & the WSJ.  I was able to acquire both shortly after clearing customs (suckers). Anyways, in the Wednesday edition [...]

Are you considering refinancing your existing mortgage?  If so you may be interested to learn that the amount of money it will take to satisfy your existing mortgage (known as the “pay-off amount”) will be MORE than the principal amount you owe.  Why? Your existing mortgage lender will not only request that you pay-off the [...]