FHFA structural changes to Release GSE’s from Conservatorship Mortgages. Love ‘em or hate ‘em, but unless you have incredible liquidity, you need a mortgage to buy a home.  In 2008, because so many Americans had begun using their homes as their personal ATM, the financial industry was destabilized, and Fannie Mae and Freddie Mac went…

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Lots of sites are already listing the best mortgage loans of 2020, but the best mortgage loan program for you isn’t cut and dried.  Other factors affect what is more beneficial to each borrower. Credit Score.  You credit score is not static.  It changes depending on purpose of the credit pull and on your recent…

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There’s no place like home for the holidays.  There’s even a song about it.  The thing is, if that home is so expensive that you are house poor, it can ruin your holidays with stress.  To enjoy your home, you need to figure out how to afford it. Home refinance applications are down from last…

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Why Did my Bank Quote a Higher Interest Rate than Advertised? Ever notice the small print next to the in-bank posters with loan interest rates?  It is the bank’s way to cover itself when loan officers have to quote interest rates that are higher than those on the advertisement.  Rates are not set in stone;…

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The federal reserve rate drop has enticed more homeowners to refinance their existing mortgages.  Mortgage News Daily reports the refinance index increased 144 percent over the save week one year ago.  Mortgage applications are up 1.5 percent from the previous week, mostly from refinance applications. Bottom line, if borrowers haven’t been able to find their…

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We constantly talk about how refinance can benefit borrowers, but the term refinance seems to be a little confusing to many people.  Refinancing a mortgage loan replaces the existing mortgage loan with a new mortgage loan.  You may have the same lender or a new lender, but your previous mortgage loan is paid off by…

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Should you refinance NOW? Sept 18, 2019, the Federal Reserve announced a federal funds rate cut of .25% or 25 basis points.  The immediate results of this is that funds to banks will cost less, which hopefully will affect the interest rate your bank will offer you, as a borrower.  But your bank lending rate…

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Just because you can refinance doesn’t mean you should refinance.  What did you say? In the last few years, more borrowers have been refinancing their FHA mortgages to extract cash from their home equity.  This is a worrying trend, since massive cash out refinances preceded the 2009 housing market crash, leaving many homeowners trapped in…

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