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| Title: | Mortgage Refinancing - http://www.peakhomeloan.com | | Pagerank: |  | | Description: | A $200,000 Loan Is Only $644.00 Per Month. We Offer Our Customers 24 Hour Loan Result Decisions. And 4 Out Of 5 Applicants Qualify. This Is A Very Informative Site Offering Free Calculators, Worksheets, Current Interest Rates, Up-To-The-Minute News, Advice, & More. We Would Like Our Customers To Apply Now, Lock Their Rate, & Begin Save Today! | | Category: | FINANCIAL SERVICES | Link Owner: | Robert Pinzhoffer | | Date Added: | December 22, 2007 02:49:18 PM | | Rss Feed: | Peak Home Loans Blog | | Resources: | Mortagage Refinance
Home Refinance
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| | Number Hits: | 4 | | Latest Feed: | Mortgage Rates - Week of 09/21/2009
LONG-TERM RATES DOWN FOR THIRD CONSECUTIVE WEEKShorter-Term Rates Are MixedMcLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.7 point for the week ending September 17, 2009, down from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 5.78 percent. The last time the 30-year FRM was lower was the week ending May 28, 2009, when it averaged 4.91 percent.The 15-year FRM this week averaged 4.47 percent with an average 0.6 point, down from last week when it averaged 4.50 percent. A year ago at this time, the 15-year FRM averaged 5.35 percent. This is the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51 percent this week, with an average 0.5 point, up from last week when it averaged 4.51 percent. A year ago, the 5-year ARM averaged 5.67 percent.The one-year Treasury-indexed ARM averaged 4.58 percent this week with an average 0.5 point, down from last week when it averaged 4.64 percent. At this time last year, the 1-year ARM averaged 5.03 percent.(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)“Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged just above 5 percent through mid-September, which is roughly a percentage point below last year’s average and suggests that 2009 may reach a record annual low since the survey began in 1971.“Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder’s Housing Market Index.”Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.Thank you.
Making Home Affordable ProgramHelp for America's Homeowners Please use the self-assessment tools provided on MakingHomeAffordable.gov to see if you are among the 7 to 9 million homeowners who may be able to benefit from Making Home Affordable. Does Freddie Mac Own Your Loan? Use our secure look-up tool to find out if Freddie Mac owns your mortgageSelf-Service Lookup In support of the Federal Making Home Affordable Program, Freddie Mac and Fannie Mae will offer two initiatives that will help keep more families in their homes, stabilize communities and assist homebuyers during this difficult time. Under the plan, eligible homeowners can:Refinance your mortgage to a new, potentially lower interest rate, with additional flexibility to assist many homeowners who have previously had difficulty refinancing due to declining property values. You'll need to be current on your mortgage payments to qualify for this refinance. Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home. This program is for homeowners who are delinquent in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced significant hardship. Significant hardship includes circumstances that may make it difficult for you to pay your mortgage going forward. Through these and other options, the U.S. Treasury, Freddie Mac and Fannie Mae hope to help more troubled and current borrowers with critical solutions through these initiatives that will help stabilize home ownership for the nation's families and their communities. How Can I Qualify?Refinance If you are a homeowner who is current on your mortgage payments but unable to refinance because your home value has decreased, you may be able to refinance to a lower rate, lower-risk loan through the refinance solution that is part of this program.Loan Modification If you are a homeowner who is behind in your mortgage payments, in the foreclosure process, or is current on your payments but have recently experienced significant hardship, you may be able to modify your loan to a lower rate through the Making Home Affordable Modification Program. Significant hardship is circumstances that may make it difficult for you to pay your mortgage going forward. Examples of loan modifications through the program: Borrower in imminent default Delinquent borrower (not in foreclosure) Delinquent borrower in foreclosure What If I Can't Qualify?If you are working with your lender to keep your home, known as retention, there are several options:Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment and by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund, or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan. Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments. Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent. Loan modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. If you and your lender agree that you cannot keep your home, there are a number of liquidation terms you should understand:Short Payoff: If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale. Deed-in-lieu of foreclosure: A Deed-in-lieu of foreclosure is a cancellation of your mortgage if you voluntarily transfer title of your property to your mortgage company. Usually you must try to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. A deed-in-lieu of foreclosure may not be an option if there are other liens on the property, such as second mortgages, judgments from creditors, or tax liens. Assumption: An assumption permits a qualified buyer to take over your mortgage debt and make the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure. While refinancing is not necessarily a good option when facing foreclosure and can sometimes even be a predatory practice, there are instances where it may help. Talk to your lender to see if refinancing is an option for you.Our refinancing calculator may be a valuable tool when talking with your lender about your options.Thank you.
APPLICATIONS FOR PURCHASE AND FOR REFINANCING UP NICELY AS MORTGAGE RATES REMAIN UNDER 5 PERCENTMcLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.87 percent with an average 0.7 point for the week ending April 9, 2009, up from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.88 percent. The 15-year FRM this week averaged 4.54 percent with an average 0.7 point, up from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 5.42 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.93 percent this week, with an average 0.7 point, up from last week when it averaged 4.92 percent. A year ago, the 5-year ARM averaged 5.56 percent. One-year Treasury-indexed ARMs averaged 4.83 percent this week with an average 0.5 point, up from last week when it averaged 4.75 percent. At this time last year, the 1-year ARM averaged 5.18 percent.The 1-year ARM has not been lower since the week ending September 29, 2005, when it averaged 4.68 percent.(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) “Mortgage rates rose slightly this week but still remained historically low,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged below 5.0 percent for the last four weeks, which should keep homeowner affordability at record levels.“Given these low rates, housing demand has strengthened. Conventional mortgage applications both for refinancing and for home purchases have increased over the past five consecutive weeks ending April 3. Since the end of February, applications for home purchases were up about 22 percent and nearly 129 percent for refinancing, according to the Mortgage Bankers Association.”Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.Thank you.
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