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Mortgage giants Fannie Mae and Freddie Mac “will eliminate the adverse market refinance fee for loan deliveries effective August 1, 2021,” the Federal Housing Finance Agency notes. That means that if you refinance your mortgage now, you won’t be paying that fee, which will likely save you money, ...
08/01/2021
Mortgage rates have reversed course, and refinancing activity is on the rise. That means homeowners who participated in the great refi boom of 2020 are faced with a fresh decision: Should you refi again?At mortgage lender Lower, that’s a common question from borrowers, says Chelsea Wagner, a regi...
07/31/2021
KEY POINTS The typical interest rate for 30-year fixed-rate mortgages decreased to 3.01% from 3.11% last week. Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association. Applications for a mortgage to purchase a home fell 2% fo...
07/29/2021
Homeowners can now refinance their mortgages without worrying about the added costs of a pandemic-era refinance fee.The Adverse Market Refinance Fee was implemented by the Federal Housing Finance Agency (FHFA) in December 2020 to cover losses due to the COVID-19 pandemic. It added 0.5% to the cos...
07/27/2021
When you prepay your mortgage, you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and help you build equity faster. There are several ways to prepay a mortgage: Make an extra mortgage payment every yea...
07/26/2021
A moratorium on foreclosures ends July 31, and mortgage forbearance programs phase out Sept. 30, but the economy has yet to fully recover from last year’s coronavirus recession. With that reality in mind, President Joe Biden today announced a new round of relief for mortgage borrowers who are str...
07/24/2021
Lenders want to make sure you can afford the new monthly payments that come with a new mortgage. Makes sense, right? Well, not only does it make sense but so-called ‘Ability to Repay’ or ATR determinations are the requirement of most every residential mortgage made in today’s environment. Lenders...
07/23/2021
Buying a house is the most expensive purchase most of us will ever make, so naturally, anything that can reduce the cost of a mortgage is worth looking at. Besides negotiating a good price and shopping for the best mortgage rates, some savvy homebuyers buy mortgage points, also called “discount p...
07/22/2021
When you’re buying a house, it’s often one of the most exciting times in your life. It can also be stressful and overwhelming because there are a lot of steps in the process to get to the closing.One of those steps is called a title search.When you buy a home, you probably inherently think that t...
07/20/2021
The Federal Housing Finance Agency is eliminating a major refinancing fee, which could make your next refi even cheaper.The combination of a housing shortage, the COVID-19 pandemic and historically low interest rates has created ideal conditions for homeowners to refinance their mortgages in many...
07/19/2021
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