latest on refinance

President Obama on Monday announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments. The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not have enough equity in their home. “Right now, some underwater homeowners have no choice but to refinance http://refinancetoolbox.com/ with their original lender – which some lenders refuse to do,” Obama said in prepared remarks. “These changes will encourage other lenders to compete for their business by offering better terms and rates, and eligible homeowners to shop around for the best ones,” he added. But how many homeowners will it really help? And will it be enough to jumpstart the still struggling housing market?

refinancetoolbox

in Financial Services 12 years and 1 month ago

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refinancetoolbox | 12 years and 1 month ago

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that is right .hope these new guidlines may appear on people’s favour.

mortgagepro | 12 years and 1 month ago

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The Home Affordability Refinance Program (HARP) has helped some but not enough on a National level.  (Since inception there have been 2.2 million HARP refinances, but that figure is much lower than needed.)    On April 11 the FHFA announced the extension of HARP for two more years; which takes the program to 12/31/2015; hoever, no other changes were announced to the program guidelines and parameters.http://www.fhfa.gov/webfiles/25112/HARPextensionPRFINAL41113.pdf There are facets of HARP which lenders do not follow and block those guidelines with specific lender ‘overlays’.  There may be a plan to expand the existing program (or encourage lenders to remove their overlays) but the latest HARP news is only regarding the extension of the program and no new guidelines have officially been made to date.  -Adam Roberts  South Shore Mortgage  adamr@fast2fund.com