December Refinance News & Articles
Getting an appraisal on your home before you refinance can be more than just a hassle. It can make or break the possibility of even obtaining a refinance mortgage in the first place
Recent lower interest rates have sparked increasing interest by home owners in the average cost to refinance a mortgage. Refiguring a housing loan can improve a family’s monthly cash flow, a real assist if unexpected, increased expenses or loss of income has become a problem. Refinancing can reduce the mortgage term for significant savings, and it can also provide ready cash drawn from the home’s equity.
Under the Obama Administration’s latest programs, if your mortgage loan is underwater you can take advantage of various Obama mortgage refinance plans to help get some more cash and keep your home loan afloat. However, these plans, under the moniker of the government program known as Making Home Affordable, are somewhat difficult to decipher.
The latest program by the Federal Housing Administration, known as the 125% Refinance Program, allows homeowners who owe more than their house is worth to refinance their mortgage with a new loan of up to 125% of your home’s current value.