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Franklin D. Roosevelt in 1933. The Homeowners Refinancing Act (also known as the Home Owners' Loan Act of 1933 and the Home Owners' Loan Corporation Act) was an Act of Congress of the United States passed as part of Franklin Delano Roosevelt's New Deal during the Great Depression to help those in danger of losing their homes. [1]
The corporation was established in 1933 by the Home Owners' Loan Corporation Act under the leadership of President Franklin D. Roosevelt. [2] Its purpose was to refinance home mortgages currently in default to prevent foreclosure, as well as to expand home buying opportunities.
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.
Cash-out refinance. When you do a cash-out refinance, you use your home equity to withdraw cash to spend. This increases your mortgage debt but gives you money that you can invest or use to fund a ...
Refinancing index increased 19% week over week, says the Mortgage Bankers Association. Homeowners, get ready to date the rate. Refinancing is making its comeback as mortgage rates drop to 7%
Over 4 million American homeowners with Fannie Mae and Freddie Mac loans have taken advantage of historically low interest rates thanks to the refinancing flexibilities offered through the Making ...
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