HARP Program Extended Last week, the FHFA directed Freddie Mac and Fannie Mae to extend the HARP program for another two years. The program was set to expire for all mortgage applications received on or after December 31, 2013. The new cutoff date will be for applications with received dates by December 31, 2015. What …
Ginnie Mae has been a cornerstone of the U.S. housing finance system since it was created more than 40 years ago. In 1968, Congress established the Government National Mortgage Association, also known as Ginnie Mae, creating the wholly-owned government corporation within the U.S. Department of Housing and Urban Development (HUD) to assist in raising capital …
If you are thinking about refinancing your mortgage, you might want to consider other mortgage programs. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and …
What are Conforming Loans? Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Freddie Mac and Fannie Mae are government-sponsored enterprises (GSEs) that buy mortgages on the secondary market, pool them and sell them as a mortgage-backed security to investors on the open market. The Office of Federal Housing Enterprise …
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Do you have a stellar credit score? According to the developers of the FICO® score, Fair Isaac Corporation, individuals with great credit seem to have “strikingly similar” credit habits regardless of background or life experience. The FICO® score is the best known and widely used credit score model. FICO® scores range from 300 to 850. …
Be on the look out for predators that seek to take advantage of you when you are trying to avoid foreclosure. This is a very scary and stressful time for most people, which can make people more vulnerable to scam artists. Here are some common examples of mortgage-relief scams to be on the look out …
Co-signing on a loan may help the applicant get a better deal, but can cause some financial turmoil down the line. Follow these steps to make sure it’s a good idea to co-sign: Know what you are getting into Co-signing on a loan or credit card is a serious matter that should not be entered …
There is no shortage of decisions to be made when applying for a new mortgage loan. A common question mortgage professionals ask their home buying customers is whether they would prefer a 15-year fixed rate mortgage or a 30- year fixed rate mortgage. So how do you decide? Let’s review the major advantages of 15 …
When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. These can include settlement costs, discount points, and other fees. You also may be charged a penalty for paying …
Many borrowers use a refinance to shorten the term of the mortgage. And brace yourself, even at low rates, a shorter term means a higher monthly payment. The benefit is that you’ll build up equity faster and pay far less in total interest over the life of the loan. Consider Jim Neill, 48, a real …
