Refinancing proposal for underwater borrowers elicits skepticism Bakersfield Californian
A federal proposal that would make it easier for underwater homeowners to refinance their mortgages is a nice idea, but isn't likely to help Bakersfield's beleaguered houseing market, local real estate experts said Tuesday.
As many as 2 million underwater homeowners could be helped under a bill proposed by senators Barbara Boxer, D-Calif., and Johnny Isakson, R-Georgia, that is now under consideration by the White House.
The Helping Responsible Homeowners Act of 2011, or S.B. 170, would:
⢠Eliminate risk-based fees on loans for which Fannie Mae and Freddie Mac already bear the risk;
⢠Remove refinancing limits on underwater properties;
⢠Make it easier for borrowers with second mortgages to participate in refinancing programs; and
⢠Require that borrowers are able to receive an interest rate comparable to that received by other borrowers in good standing who have not suffered a drop in home value and are current with mortgage payments.
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How to get the lowest home mortgage refinance rates by Mortgage Broker Los Angeles
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Lower mortgage-loan limit has yet to kill off market Mortgage rates are historically low you can easily refinance these days your mortgage (November 5, 2011, by sonjacrossen) Read more After a federal program to help homebuyers finance their mortgages expired, some in the local housing industry felt and more » |
Mortgages Still Out of Reach for Valley Buyers
Medill Reports: ChicagoMany of them have little or none of the equity that lenders require to refinance, mortgage brokers say. Mortgage interest rates reached an all-time low of 3.9% for a 30-year fixed-rate loan this month. They have since rebounded to 4.1% as of Oct. 27, Brian J. O'Connor Will a refi rescue you?all 75 news articles »
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Niche Mortgage Rate Research Website, 20YearMortgageLoans.com Launches Though the thirty year fixed rate mortgage is by far the most common choice for both purchase mortgages and refinancing, it is far from the only choice, and may not be the best fit for all homeowners. 20YearMortgageLoans.com, the new site from CMG and more » |
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Bay Area Mortgage Broker Highlights Record-Low Interest Rates "If you thought your current mortgage rate was low, you'd better check again. Given these ridiculously low rates, it's time to call AccessBanc Mortgage to determine whether it is time for you to refinance again," says Erny. For more information about and more » |