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Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act. Prior to October 3, 2015, the form was used in closed-end consumer credit transactions that were secured by real ...
Yes, you can refinance your condo mortgage. It works similarly to a refinance for single-family homes, giving you the option to lower your interest rate or change your loan term. You can also tap ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Refinancing savings vary based on many factors, including the refinancing you choose, your new interest rate, your new loan amount, your credit score and history (and that of your cosigner, if you ...
Refinancing a mortgage loan only makes good sense if you can get a lower interest rate than what you already have. So, say you took on a loan with 7% interest — a very high rate — refinancing ...
The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [6] For example, repairs to a roof, foundation or electrical wiring are not required for an FHA streamline refinancing. The FHA streamline refinancing program does not permit home owners to receive equity back as cash. [7]
According to the Federal Deposit Insurance Corporation (FDIC) chairman, Sheila C. Bair, looking back as far as the 1980s, "the FDIC applied workout procedures for troubled loans out of bank failures, modifying loans to make them affordable and to turn nonperforming into performing loans by offering refinances, loan assumptions, and family loan transfers."
Refinancing your mortgage could make sense for several reasons: lowering your interest rate, taking cash out or switching to a fixed-rate loan. For most borrowers, the ideal time to refinance is ...
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