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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 ...
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 ...
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 ...
Instead, look to refinance your mortgage at a better rate for a shorter-term loan that closely resembles the remaining time on your mortgage.” Ignoring How Long You Plan To Live in the Home
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."
Each lender has its own rules and requirements for loan modifications. Most require you to provide documentation, including a hardship letter, bank statements, tax returns and proof of income.
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]
Closing costs on a mortgage refinance can run between 2 and 5 percent of the amount you refinance. These line items include discount points, your loan’s origination fee and an appraisal fee to ...