Fannie Mae mortgagors have long been jealous of FHA mortgagors because they have the FHA streamline refinance. Enter the FNMA DU Refi Plus. If you have an existing Fannie Mae home mortgage which does not have mortgage insurance you can refinance all the way up to 105% of the appraised value of your home provided [...]

Some of the questions make us snicker but then we realize the reason most people are in bad shape is because they didn’t take time to ask basic questions when they were getting into a loan that would put them into bad shape. Here are a couple of answers to various “can I refinance if” [...]

If you have an existing FHA home loan and you are current with your mortgage payments at the time of application and closing you can use an FHA streamline refinance to pay off your existing FHA home loan. The end result must be that your PITI is lower which almost always results from a lower [...]

My good friend, in fact probably the closest thing to a brother I have ever had, telephoned me yesterday and asked if I thought he should refinance. His existing rate is 6.25% and par yesterday was 4.875% both on fixed 30 mortgages. His payoff is only $130,000 and his home is worth about $200,000 so [...]

Interest rates are never stable. In recent years people seemed to assume that if the rate was, for example, 4.875% today they would have a week or two to make up their mind. This is simply not the case. Rates could very easily be 4.875% today and 5.250% tomorrow … or even this afternoon. RATES [...]

Let me make this very simple: Today we know qualified borrowers can get a mortgage with interest rates in the mid to high 4% range. Historically the sustained low interest rates have been in the mid 5% range. It is virtually impossible, without subsidies, for interest rates to go lower than 4.5% because of the [...]

Fore loans submitted on or after January 1, 2009 (casefile created), FHA now requires a second appraisal for cash-out refinances with the loan to value is greater than 85%. This means if your home is valued at $200,000 and your loan amount is $170,100 you will need the second appraisal. If your loan amount is [...]

When you have spent enough time in your own industry you learn to read or sense change by subtle changes and scuttle from insiders. If you are a musician, for example, you know of a subtle change in beat patterns or melodic phrasing long before the general populace. Likewise if you are in the medical [...]

Did you know if you have an existing FHA home loan that you can refinance to a lower rate using something called an FHA Streamline Refinance? The advantage of the FHA streamline refinance is to allow the home owner to refinance from an existing FHA home loan into a new FHA home loan with a [...]

As a mortgage banker I am asked this question often. Some of my colleagues even answer it often with reckless disregard for the truth.
When asked this question by a blind call in my first reaction as a human would be to ask, “are you kidding?” Wearing my concern for care hat, however, I can only [...]