Lending a Hand, Peter Boutell: Refinance upside down mortgage while rates are down Santa Cruz Sentinel
Just when we thought mortgage rates could not go down anymore, they have hit record low levels again this week, and every homeowner should take another look at their current situation.
Homeowners refinance for many different reasons. Some want to lower their payments. Some want to shorten the life of their mortgage. Some want to get out of an adjustable rate mortgage. Some want to pay off a HELOC Home Equity Line of Credit and some want to see how much cash they can create without raising the payments.
While it is true that many of the new guidelines issued by the mortgage industry in the past few years have restricted homeowners' access to mortgage money, there are still some very good programs to help homeowners.
One of those allows homeowners who owe more money than their homes are worth to refinance into a lower rate. Freddie Mac and Fannie Mae have issued a guideline that allows a homeowner to replace their current loan even if they owe up to 125 percent of the appraised value of their home it estimated that more than 25 percent of homeowners in the U.S. owe more than their home is worth.
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No closing Cost Loans, Refinance. Orange County, CA. Fred Solomon's mortgage ...
Interest rates are down at least one full percentage point just in the last week. If you are on an adjustable and you are lucky enough to still ...