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You should know that loans for condos usually come with slightly higher interest rates.“Rates are typically higher by 0.125 percent to 0.25 percent,” says Steve Nakash, former managing ...
After many months of anticipation, interest rates have finally dropped. In September, the Federal Reserve cut its benchmark rate by 50 basis points, lowering it to between 4.75% to 5%, as written ...
For loans backed by the U.S. Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA), you need six months of mortgage payments under your belt before you can refinance. So ...
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.
By refinancing, you’d save about $220 on your monthly payments and nearly $30,000 in interest payments over the life of the loan, and it would take you about three years to recoup the closing ...
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.
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