seMissourian.com: Features: Reverse mortgages are one source of income after retirement (06/04/12)
seMissourian.com: Features: Reverse mortgages are one source of income after retirement (06/04/12) : 'via Blog this'
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FHFA Extends High LTV Refinance Program into 2011
Homeowners who hope to refinance existing mortgages that are "underwater" just got a reprieve that will allow them another year to do so. The Federal Home Financing Agency announced Monday that its Home Affordable Refinance Program (HARP), which was originally set to expire on June 30, 2010, will be extended to June 30, 2011. HARP, part of the Making Home Affordable Program, is designed to expand access to refinancing for otherwise qualified borrowers who cannot move into more affordable mortgages because of a lack of equity in their homes. Unlike other homeownership assistance programs, HARP guidelines are designed for borrowers who are current on their mortgages. The program was originally designed to help homeowners with a loan-to-value (LTV) ratio up to 105 percent including those with some equity but not enough to refinance without private mortgage insurance. Last October that LTV figure was revised upward to 125 percent. Acting FHFA Director Ed DeMarco said tha...
3 Tips for Negotiating a Lower Mortgage Interest Rate
If you're shopping for a mortgage, you're probably hoping to get the best interest rate possible. Getting the best mortgage interest rate requires a little bit of work on your part. Check out these tips for negotiating a lower rate for your mortgage interest. Do Some Shopping You wouldn't settle on the first price thrown at you for a car would you? Don't settle on the first mortgage rate you are given. Shop around for quotes from other banks and credit unions. You might even want to contact a mortgage broker for a quote. Once you have these in hand, you are in a better position to negotiate to get the best rate possible. Know Your Stuff Don't approach a mortgage without knowing what you're doing.