Fed Study: Low Mortgage Rates No Boon to Refinancing in 2010 Wall Street Journal (blog)
One explanation for subdued refinance activity is that lenders may be less willing or less able to take risk than earlier in the decade. The Federal Reserve’s quarterly Senior Loan Officer Opinion Survey on Bank Lending Practices indicates that lenders have tightened credit standards during the past few years.
Lenders could also be adjusting prices due to perceptions that borrowers with the same nominal characteristics (credit score, for example) pose more risk now than they did several years ago because of the substantially weaker and more uncertain conditions in employment and housing markets.
Lenders may also be pricing risk more stringently because they are passing on certain fees from the GSEs. In 2008, both Fannie Mae and Freddie Mac started charging additional fees (“loan-level pricing adjustments”) on loans to borrowers in credit score and LTV ranges in which they had not charged such fees before.
In addition to these factors, the increased fees and tighter underwriting by PMI companies noted earlier and the increased presence of junior-lien loans—which must be closed, refinanced, or resubordinated—relative to the past may also be impeding refinance activity.
The Best Home Purchase and Mortgage Refinance
Having a home is a source of security to any individual. Apart from having a roof over your head; through time it provides equity upon which you can get loans to further other investments and expenditure. If you are a first time home buyer, this decision is even more crucial and there are plenty of pitfalls if you do not get the right financial advice and that is why it is important to consider using a Mortgage Broker. Augustin Financial is a Mortgage Broker Firm covering vast area including Vancouver, Port Moody, Coquitlam, Port Coquitlam as well as the Fraser Valley in BC. Augustin Financial helps many First Time Home Buyers finance their purchase transaction. There are several aspects of home purchase and mortgage refinance that a good broker can help you make the right choice on.
Not to blow our own horn, but that good broker is Augustin Financial. We can help you in making the right choice amongst the various mortgage options available out there. With highly qualified brokers and professionals you are sure to get the right advice that will make the process of getting a home mortgage beneficial and easier. Augustin Financial has staff with various professional qualifications like Certified General Accountant (CGA), Bachelor of Commerce, Financial Controller experience. On another note, you will need an agent who ‘can & will’ offer you great rates that will enable you to pay your loan faster. If you are a First Time Home Buyer you will benefit greatly from all that Augustin Financial has to offer.
You might raise the question “why Augustin Financial?” And although we cannot list them all below, here are the highlights:
Highly qualified Mortgage Brokers
Independent Mortgage Brokers, i.e. brokers who are not biased towards a certain bank or lender
High funding ratio (close to 100%)
Very competitive and low mortgage interest rates
Variety of lenders; at Augustin Financial we deal with major banks, trust companies, private lenders, etc.
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America's New Housing Problem: Unemployment - Forbes America's New Housing Problem: Unemployment While home prices were on the upswing, an unemployed borrower could sell the property or refinance, raising cash, but now, with property depreciating, |
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Mortgage Fraud: A Scourge of the 21st Century? - Insurance News Net (press release) Mortgage Fraud: A Scourge of the 21st Century? Additionally, appraisals may be falsified to increase the amount of the loan, particularly in refinance and cash back loans. There are a number of more |
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(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities However, it also reflects the fact that reduced home equity and tighter mortgage credit have impaired borrowers' ability to refinance their mortgages in |
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How to Help Distressed Homeowners by Offering Free CMAs - RisMedia.com (press release) How to Help Distressed Homeowners by Offering Free CMAs Because of this, the CMA is key document to have for evaluating and pursuing a number of foreclosure alternatives: Refinancing: The CMA can help a mortgage |
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Refi 101: Know when break-even point will come - Chicago Sun-Times Refi 101: Know when break-even point will come If you can get a true zero-cost refinance, your break-even point will occur immediately. In that case, it may make sense to refinance your mortgage even if |