Freddie Mac announced today that homeowners who refinanced their mortgages during the fourth quarter of 2012 were able to reduce their interest rates by an average of 1.8 percentage points. That works out to a 33% reduction of their interest rates, which is the largest reduction ever recorded by Freddie Mac. As an example, a […]
Last night, President Barack Obama won re-election, but now the question remains as to what will happen to the housing and mortgage markets under Obama’s second term. Obama said he plans on continuing to fund government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac, in addition to programs such as the Home Affordable Mortgage […]
Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home […]
The government announced yesterday that it would be extending its Home Affordable Refinance Program (HARP) that was scheduled to end on June 10 this year. The program, which was started to help troubled borrowers with little or no equity in their homes, will now continue till June 30, 2011. HARP initially had a goal of […]
Launched in February 2009, the government’s $75 billion Making Home Affordable Program was started with the mission of strengthening the housing market and the economy. The program offers refinancing and loan modification options to eligible homeowners, helping them stay in their homes. The loan modification option is covered by the Home Affordable Modification Program (HAMP) […]