Now, the number of borrowers that could benefit from a refinance has jumped to nearly 10 million. The latest mortgage interest rate data from Freddie Mac, which was released Thursday morning, shows that mortgage rates fell this week to a three-year low of 3.6%.
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Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance: Florida, Illinois, Michigan, Ohio, Georgia, New Jersey, Pennsylvania, Puerto Rico, New York and California.
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“Mortgage rates are approaching the lowest level in recent decades, and as they have moved lower more and more homeowners are finding incentive. are now in the money,’ meaning borrowers may.
When (and when not) to refinance your mortgage. Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM).
FHFA’s fourth quarter Refinance Report shows that 21,079 HARP refinances were completed between September and December. FHFA estimates that as of third quarter 2015, more than 367,600 borrowers nationwide still have a financial incentive to refinance through HARP before the program expires in December 2016. FHFA is starting a social media.
At issue is a program known as the home affordable refinance. offering mortgage-principal reductions to as many as 200,000 borrowers. “There are thousands of families that have already benefited.
· A free cash-in refinance. Essentially, this is providing a cash-in refinance to certain borrowers at no cost and with no re-extension of the loan term, a deal plenty of non-HAMP borrowers would love to have been offered, most especially the $10,000 principal reduction.
· Shorten your term. Many borrowers start out with a 30-year home loan, then refinance to a 15-year fixed-rate mortgage after a few years. This allows them to pay the mortgage off faster and save a lot of money in interest over the life of the loan. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages,
There are two basic problems a mortgage refinancing program can seek to address: About one-quarter of all mortgage borrowers. have an incentive to walk away from their property because doing so.
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