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Nov 13

When It Pays To Refinance Your Mortgage — Literally

November 13, 2012 By Leave a Comment
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To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Jul 23

Simple Real Estate Definitions : Right To Cancel

July 23, 2012 By Leave a Comment

As part of the federal Truth-in-Lending Act, refinancing homeowners are granted a 3-day "cooling off" period post-closing during which they retain the right to rescind, or "cancel", their recent refinance without penalty or cost. The Right To Cancel is protection against surprises at closing and/or a change of heart. It's also a safety valve for homeowners signing paperwork under duress. With 3 days to revisit and rethink the terms of a loan, a homeowner can maintain tighter control of … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , ,
Mar 20

Loans For Underwater Homeowners : HARP 2.0 Now Available

March 20, 2012 By Leave a Comment

The new, revamped HARP program is now available in District of Columbia and nationwide. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the conforming mortgage loan product meant for "underwater homeowners". Under the HARP program, homeowners in District of Columbia can get access to today's low mortgage rates despite having little or no equity whatsoever. HARP is expected to … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , , ,
Mar 12

FHA Drops Upfront Mortgage Insurance Premium To 0.01% For Qualified Borrowers

March 12, 2012 By 1 Comment

The FHA is making more changes to its flagship FHA Streamline Refinance program. Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group's new, costly mortgage insurance premium schedule. Earlier this week, the FHA rolled out its new MIP schedule. Beginning April 9, 2012, new FHA mortgages are subject to a 1.75% upfront mortgage insurance premium (UFMIP) and an … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Mar 07

Are You Wasting $471 Per Month On Your Mortgage?

March 7, 2012 By Leave a Comment
Wasting Money on Mortgage

According to Freddie Mac's weekly mortgage rate survey, for 13 straight weeks, the average 30-year fixed rate mortgage has held below 4.000% for mortgage applicants willing to pay up to 0.8 discount points plus a full set of closing costs. These are the lowest mortgage rates in history and now -- with a bevy of loan programs for the nation's 11 million "underwater homeowners" including HARP, the FHA Streamline Refinance, and the VA IRRRL -- millions of U.S. homeowners can exploit the current … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Feb 10

Revamped HARP : Unlimited Loan-to-Value And Same Great Rates

February 10, 2012 By 3 Comments

The government's new, revamped HARP program is 6 weeks from release. Homeowners in DC and nationwide are gearing up to refinance. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the government's loan product for "underwater homeowners". HARP makes current mortgage rates available to households which would otherwise be unable to refinance because the home lacks equity. This is a big deal -- especially today. Mortgage rates are at an all-time low and millions of … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Feb 07

Lock An Instant 13% Savings On Your Monthly Mortgage Payment

February 7, 2012 By 3 Comments

Falling mortgage rates make owning a home more affordable. Mortgage rates are directly tied to monthly mortgage payment so as mortgage rates drop, so does the cost of home-ownership. It's a money-saving time to buy a home in DC -- or to refinance one. Mortgage rates have never been this low in history. According to Freddie Mac, last week, the average 30-year fixed rate mortgage fell to 3.87% nationwide for borrowers willing to pay an accompanying 0.8 discount points plus closing … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Dec 16

Mortgage Payments Fall 12% Since February 2011

December 16, 2011 By 9 Comments
Washington DC Mortgage Estimates

As mortgage rates drop, so do housing payments. It's a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history. According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 3.94 percent -- an all-time low -- with an accompanying 0.8 discount points. This means that in order to get access to the 3.94 percent rate, District of Columbia  homeowners and home buyers should expect to pay a … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , ,
Nov 16

Government Releases Additional HARP Guidance For Underwater Homeowners

November 16, 2011 By 2 Comments

Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across District of Columbia and nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates. In the two-plus years since its launch, HARP's first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Nov 09

This Holiday Season, Think Twice Before Saving 15 Percent At The Register

November 9, 2011 By 1 Comment

With Halloween behind us, retailers are in the Holiday Spirit. Businesses know that consumers spent a median $556 on holiday gifts last year and they want this year to be just as strong. That's why it's barely November and, already, Black Friday ads clog our mailboxes and the airwaves. Retailers want our dollars and they're offering great deals to early shoppers. There's one discount a smart shopper should think twice, however -- the ever-present "Open A Charge Card Today And Save 15%" … [Read more...]

Filed Under: Neighborhood News Tagged With: , , , , , ,
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