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Refinancing

A Newsman and His Housing Crisis

posted: 40 DAYS 10 HOURS AGO

filed under: Banking, Credit, Credit Cards, Debt, Fraud, Loans, Mortgages, Recession, Refinancing, Retirement

Edmund Andrews
Edmund Andrews wasn't just reporting on the unfolding subprime-mortgage crisis -- he was also living it. The New York Times's economics writer and the author of the forthcoming Busted: Life Inside the Great Mortgage Meltdown talks to us about how and why he got tripped up by a deal that was too good to be true.
"I have no one to blame but myself for my woes," Andrews tells us. "But it is too easy to snarl in contempt at homeowners who got in over their heads in the housing bubble. I've seen too many people who really were duped by the system, and I've learned too much about how corrupt the system itself had become."
Read on for more of our exclusive interview.
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'Times Magazine' on Credit, Foreclosure

posted: 51 DAYS 6 HOURS AGO

filed under: Banking, Checking Account, Credit, Credit Cards, Credit Reports, Credit Score, Debt, Fraud, Mortgages, Recession, Refinancing

home with a foreclosure sign
AP
On Sunday, The New York Times Magazine will publish its Money Issue, featuring at least two stories virtually guaranteed to spoil your brunch: reporter Edmund L. Andrews's personal tale of his own harrowing misadventures in the subprime-mortgage crisis, and Charles Duhigg's study of what the credit-card companies are doing to track your every move (and figure out whether you've been naughty or nice). Read on.
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Refinance, If You Can

posted: 54 DAYS 5 HOURS AGO

filed under: Banking, Credit, Credit Reports, Credit Score, Debt, Loans, Mortgages, Personal Loans, Recession, Refinancing

The good news: mortgage rates are going to stay for a while near 5%, the lowest they've been in our lifetimes. The bad news: Unlike a couple of years ago, merely having a pulse is no longer enough to get a mortgage refinanced. Demand is high, standards are tougher, and approvals are relatively scarce. Read on to learn what you should know before you refinance.
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Countrywide By Any Other Name Is Still...

posted: 67 DAYS 6 HOURS AGO

Countrywide Financial
Getty Images
The ailing Countrywide, rescued by Bank of America, is now to be known as Bank of America Home Loans. But is that really any better in terms of branding, as BofA doesn't have the best reputation now either. What would you call it?
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Option ARM Loans Turn into Nightmares

posted: 73 DAYS 9 HOURS AGO

filed under: Banking, Credit, Debt, Mortgages, Recession, Refinancing

house for sale
Getty Images
Flexible loans for small business owners once allowed them to expand their businesses by borrowing against their homes. But with the real-estate market plummeting nationwide, these option adjustable-rate mortgages have become frightening -- they now threaten the owners with bankruptcy and foreclosure simultaneously. Read on for more about option ARMs.
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Credit Markets Improve -- But Don't Cheer

posted: 89 DAYS 6 HOURS AGO

filed under: Banking, Credit, Loans, Mortgages, Personal Loans, Recession, Refinancing, Student Loans

Princess Chunk
AP
While you might find it easier to get a mortgage or a big loan this spring than six months ago, the loosening of the credit markets has economists feeling more spooked than celebratory. Any brief leap is better than a brief tumble, but the bounce doesn't counter our exploding unemployment or heal our banks. As last week's stock-market rally starts to feel very ... last week, it's worth noting that a phenomenon like the credit-markets bounce is familiar enough to have its own macabre nickname, a nickname not beloved by cat-fanciers. Read on to find out more.
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Want a Cheaper Loan? Join a Credit Union

posted: 75 DAYS 9 HOURS AGO

filed under: Auto Loan, Banking, Credit, Cut Costs, Get Deals, Home Equity Loan, Loans, Mortgages, Personal Loans, Recession, Refinancing

Looking to score a mortgage or a car loan? That used to be easy, but the credit crunch has made banks a little tight-fisted. If your bank shakes its head when you ask for financing, maybe it's time for you to join a credit union.
During the subprime boom, these cooperative financial institutions invested far more conservatively than most banks, and today they're reaping the rewards of avoiding a bust. That's good news for consumers who belong to credit unions, where the average interest rate for used cars is far lower than it is at banks. Carmakers are even offering discounts on new-car loans through some participating credit unions. And many credit-union members enjoy lower rates on 30-year mortgages and home-equity loans.
So can you take advantage of credit-union benefits? Read on to find out.

Credit Unions and Cheap Loans

    At a credit union located within a Phildelphia Baptist church, one member -- the pastor -- opens an account. Credit unions in recent years tended to choose conservative investments over the high-risk strategies favored by banks, and today, many offer loans more freely and at lower interest rates.

    Douglas M. Bovitt, AP

    Inventory at a Chrysler-Jeep dealership outside Chicago in 2008. Troubled automakers Chrysler and General Motors have offered discounts of up to $1,500 to customers financing new-car purchases through credit unions.

    Scott Olson, Getty Images

    A Chicago used-car lot. Interest rates for used-car loans financed through credit unions recently averaged 6.65%, compared with 7.45% for loans financed through banks.

    Scott Olson, Getty Images

    An upscale townhouse-condominium under construction in March 2009 in Fairfax, Virginia, was a rare glimmer of life in a regional downturn on new-home construction. Interest rates on 30-year mortgages secured through credit unions in early 2009 averaged 5% -- half a percentage point lower than rates at banks.

    Paul J. Richards, AFP / Getty Images

    A FannieMae ad at the Mortgage Banker's Association Conference and Expo in San Francisco in October 2008. In early 2009, credit unions were financing home equity credit lines at an average interest rate of just 4%, compared with 5.7% at banks.

    Justin Sullivan, Getty Images

    MagnetBank in Utah was seized by the Federal Deposit Insurance Corp. in late January 2009. As banks continue to suffer years of risky investments, credit unions are emerging for consumers as safer, more stable institutions.

    Douglas C. Pizac, AP

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Modify Your Mortgage the Cramer Way

posted: 93 DAYS 8 HOURS AGO

filed under: Mortgages, Recession, Refinancing

Jim Cramer
thestreet.com
MainStreet.com, the personal finance site for Jim Cramer's TheStreet.com has devised a handy calculator to tell you how best to modify your mortgage. Click through to check out the handy widget.
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Mortgage Rates at New Lows:
Time to Refinance?

posted: 97 DAYS 4 HOURS AGO

filed under: Refinancing, Mortgages, Loans

Homeowners looking to refinance face a bit of a dilemma: Refinance now and miss out on the possibility that rates will drop even further. Or, decide to wait and miss out on today’s record lows -- or perhaps be unable to refinance altogether.
Contract
For homeowners trying to figure out what to do, here are some factors to consider that should help you decide:
Home prices
If home prices in your area are still in freefall, you'll want to refinance sooner rather than later. Your home may devalue to the point where you won't be eligible to refinance.
Equity in your home
Unless your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac and you owe less than 105% of your home's current value, lenders will require that you have at least 10% equity in your home, according to Keith Gumbinger, vice president at HSH Associates.
Refinancing costs
Refinancing isn’t cheap. You’ll pay closing costs just like you do when you purchase a new property and refinancing a mortgage just to lower your rate from, say, 5.25% to 4.75%, may not make financial sense.
Adjustable-rate mortgages
If you have a prime adjustable-rate mortgage that’s about to reset soon, you may be surprised to find yourself with a rate of as low as 3.5%, McBride says. In this case, your decision to refinance hinges on how long you plan to stay in your home. If you aren’t going anywhere in the next five or six years and the slightly higher payments with a 30-year fixed mortgage won’t leave a dent in your budget, refinancing may still be a prudent decision for the long term.
Lock-in periods
Given the expected surge in applications, it may take well over four or five weeks to close on a loan. “It’s critical for people to understand how long it will take for the loan to be processed and make sure the rate lock is longer,” Sullivan says.
Click the link below to get more details on the pros and cons of refinancing.
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Interest Rates

TypeCurrentAPR
30 yr fixed mtg5.34%5.57%
15 yr fixed mtg4.86%5.11%
3/1 jumbo ARM (interest only)5.18%4.35%
5/1 ARM4.56%4.61%
5/1 ARM (interest only)4.67%4.81%

Interest Rates Provided by Bankrate.com

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