Paying off a mortgage loan can be tough. Many borrowers live from paycheck to paycheck just to meet all their financial obligations, including a mortgage. A few just give up, think that they can’t afford to keep up with the monthly dues anymore. Not being able to afford your mortgage can be caused by a variety of reasons. It can be due to stagnant income growth. Another … [Read more...] about Do You Need a Mortgage Modification Now?
In the wake of the 2008 housing crisis, many American homeowners found themselves unable to refinance because of the significant drops in home prices. To offer support, the federal government stepped in to help underwater and near-underwater homeowners refinance their mortgages. This support program was named HARP® or the Home Affordable Refinance Program, established by the … [Read more...] about HARP®: A Timeline
The first wave of updates to the original Home Affordable Refinance Program® (HARP®) is set to expire. The program is only available until September 30, 2017, which means its advantages will not be pursued by underwater or near-underwater borrowers after that date. Fortunately, there’s been more than just talk of a HARP 3.0, which aims to extend the program, with better … [Read more...] about What Changes Will There be in HARP 3.0?
Refinancing activity increased in October, according to Ellie Mae’s recent Origination Insight Report. In fact, refinances across all types have shown a noticeable surge. The Report Ellie Maeis a premier provider of software services for the residential mortgageindustry. The report analyzes trend in closed loans within the most recent three to six months. In its report … [Read more...] about Ellie Mae: Refinance Activity in October Increases
Nothing in life is free, including refinancing. Just because there are refinancing costs, though, does not mean that it is not worth it to refinance. If you are able to save money every month and will recoup the closing costs you paid before you move from the home, then it is worth it. Typically, a refinance costs between 3 and 6 percent of the loan amount. Understanding the … [Read more...] about A Guide to Common Refinancing Costs