As homeowners try to refinance their mortgages at lower rates, their home equity lenders are telling them, "Not so fast." Home equity lenders are throwing roadblocks in front of their clients who want to refinance their primary mortgages. In some cases, they delay refinances for a month or more. In other cases, they block homeowners from refinancing altogether -- all because of something called "resubordination." "It can completely blow a refi out of the water," says Christopher Cruise, senior loan officer for GOTeHomeLoans.com in Bethesda, Md.

via abcactionnews.com

Have a fixed-rate mortgage at 4.5 per cent or higher? Then you should be refinancing, says Steve Moffitt, senior mortgage consultant with Equimac Mortgage Centre in Vancouver. ``There's never been a better opportunity historically, never, for doing a refinancing, '' he adds.
If only it were that simple. In fact, determining whether you should refinance or not depends largely on the penalty you will pay to get out of your current mortgage, and the amount of money you could save with a new one.

via canada.com

Up to 9 million homeowners could be helped under the Obama administration's "Making Home Affordable" program unveiled Wednesday. However, the success of the program hinges on lenders' willingness to participate. The program focuses on refinancing mortgages into lower fixed-rate loans for up to 5 million homeowners and working with lenders to change loan terms for as many as 4 million home owners. Terms of the latter loan modification program require homeowners to provide an affidavit of hardship, two recent paycheck stubs and their most recent tax return.

via news10.net

As U.S. policy makers strengthen their resolve to lower mortgage rates, the $5 trillion agency mortgage-backed securities market (MBS) is taking them seriously. Maybe too seriously. The prospect of lower rates has kept expectations for the refinancing of loans underlying MBS at levels near the record highs seen in 2003. The speculation has manifested itself by capping prices on bonds and their derivatives that would be hurt by faster refinancings and principal prepayments.

via uk.reuters.com

Although it may be tough to knock it off the top, ¨ homeowners have a chance to save a significant chunk of change or take years off their debt by refinancing.
At the close of last week, the average contract for a 30-year fixed-rate mortgages fell to 4.89 percent from 5.07 percent. Average rates for 15-year fixed-rate mortgages fell to 4.63 percent from 4.67 percent, according to the Mortgage Brokers Association. The 4.89 percent rate for 30-year mortgages is the lowest since the MBA began conducting its survey in 1990.

via cadillacnews.com

One bright spot in these otherwise dark economic times might be mortgage rates, which have dipped to historic lows. There are no shortage of applicants hoping to refinance according to Joe Curatolo, a financial planner with Georgetown Capitol Group in Williamsville. Though Curatolo is not a mortgage broker, he knows plenty of them who are experiencing a stampede of sorts. "They're overwhelmed with the volume of applications right now," Curatolo told 2 On Your Side.

via wgrz.com

U.S. mortgage applications jumped last week as record low interest rates spurred the greatest level of refinance demand in 5-1/2 years, although fewer potential buyers sought loans, data from an industry group showed on Wednesday. The ability to refinance to lower monthly payments should provide a bit of relief to strapped consumers amid rising unemployment and a shrinking economy. However, the number of applications for buying a home remained near eight-year lows, offering little sign of a recovery.

via uk.reuters.com

Mortgage rates hit stunning new lows last week, falling below 5 percent for the first time in decades. The stampede of refinance applications triggered when rates first starting tumbling in early December continues apace. But the good news comes with a big caveat. Many applicants - even ones with good jobs and credit scores - are getting turned down altogether or are unable to land the best rates.

via sfgate.com

While plunging mortgage rates have spawned a frenzy of refinancing, borrowers with larger, so-called jumbo loans are still seeing interest rates in the 7 percent range, prompting many to abandon refinancing plans altogether or resort to creative transactions. * Graphic Jumbo rates vs. conventional loans. The high rates are particularly an issue in Greater Boston, where expensive housing forces many people into jumbo-loan territory, which is currently $465,750 and above.

via boston.com

With mortgage rates at historic lows, lots of homeowners are debating whether to refinance their mortgages these days. True, refinancing can get you out of an adjustable-rate mortgage or replace your current fixed-rate loan with a lower-interest one. However, refinancing also often costs $2,000 or more in closing fees. To help you decide what to do, here are answers to questions that homeowners commonly have about refinancing:

via news.bostonherald.com

Steve Hartman purchased his first home this month. Four days later, he refinanced the mortgage. Even as a just-released report showed Springfield-area home sales down nearly 36 percent in November compared to a year earlier, lenders report a boom in refinancing thanks to the lowest interest rates in decades. In Hartman’s case, he figures refinancing from a 5.8 percent to a 4.75 percent on a home recently purchased in Rochester will cut his monthly payment by about $100 as well as $36,000 from the life of a 30-year, fixed-rate loan through CEFCU, a Peoria-based credit union.

via sj-r.com

Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say. "At this point, there are thousands of good reasons to refinance into a better mortgage –– especially if you have one of those adjustable-rate mortgages that's risen sharply in cost," says Rick Sharga, senior vice president at RealtyTrac, which follows foreclosures throughout the country.

via chicagotribune.com

Mortgage application volume increased 2.5% during the week ending April 11, according to the Mortgage Bankers Association's weekly application survey. The MBA's mortgage application index rose to 743.4 from 725.6 the previous week. Refinance volume increased 5.2% during the week, while purchase volume fell 0.8%. Refinance applications accounted for 53.5% of total mortgage applications. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom. An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume.

via money.cnn.com

The first serious sign of trouble came last week when House Democrats switched a property-tax cap months in the making with a plan that had not previously been aired, studied or evaluated by fiscal experts.

via thestarpress.com

WACKO Jacko's Neverland Ranch is going under the hammer at a public auction, and the pop star is selling everything inside it.

via news.com.au