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In fact, the same type of loans available to single-family homebuyers are available to condo buyers, including conventional loans, FHA loans, VA loans and USDA loans (although there isn’t as ...
The VA-backed streamline refinance is known as an Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL typically offers a lower interest rate and can provide reduced monthly payments.
To refinance a mortgage, you’ll pay between 2 and 5 percent of the loan amount in closing costs, so if you’re refinancing to save money, you’ll need to calculate your break-even point.
This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)
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 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.
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