MBA Says Low Rates Boost Refi Applications Housing Wire
Mortgage application volume surged last week on increased borrower interest in refinance mortgages, which may have been triggered by the historically low interest rates experienced in the market, the Mortgage Bankers Association (MBA) said.
MBA’s market composite index of gross mortgage applications increased 8.5% on a seasonally adjusted basis for the week ending December 4. Last week’s results were adjusted to take into account the shortened holiday week.
MBA’s refinance index increased 11.1% from the previous week and refinance applications accounted for 74.4% of all applications, up from 72.1% in the previous week. MBA’s purchase index increased 4%. Government purchase applications experienced a 10% increase in volume, while conventional purchase applications declined 0.2%.
Adjustable-rate mortgage (ARM) applications accounted for 4.7% of application volume, down from 4.8% in the previous week.
Last week, multiple interest rate surveys hit record lows , and MBA said that may be the cause for the jump in application volume.
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How can I get an immediate refi on my home mortgage if I recently purchased the home?
I've noticed that the rates are dropping much lower than what I got when I bought my home, if I'm still under a year can I still refi to get a lower rate or what is the period of time I must wait to apply for lower rate refi and what are the recommended procedures to do this immediately?
Unless the mortgage note has a prepayment penalty clause, you can re-finance the next day. But that doesn't mean that it is a good idea to do so; doing a re-fi will cost several thousand dollars by the time all the paper is pushed, and it can take a very long time to recover that cost even if the payments are noticeably lower.
By the way, the rates you see advertised aren't necessarily what everyone is eligible for - still depends on your credit rating, your income, and your other debt.
Good luck.
The lead generation companies then sell your information to a large number of mortgage brokers who then call you to solicit your business.
When you ask for the rate that was advertised they will have some excuse why you cannot get that rate.
The more honest ones will admit that the advertised rate was just from a lead generation company that is not licensed to do business as a lender. It is only a marketing scam to get your personal information to sell to mortgage brokers so they can call you.
This is also a way to get around the do not call list.
How soon can I refi my mortgage if I already closed on my loan?
We bought a house last month, Oct 31st actually and our mortgage is completely closed and we have made our first payment. We locked at 5.90% and I was very happy with that, but now rates are approaching 5.0% and I want to refi or somehow buy that lower rate. Is this possible? Am I just being to greedy? We have a 30 year fixed Loan.
Who is the best company to refi with?
I need to refi my home loan, any suggestions as to who has the lowest fees and good service?
Its not all about what company, but what broker or bank you go with. Many loan officers have the ability to adjust your closing costs and rates according to the loan amount or program you decide to go with. Therefore, it is best to work with someone you can trust. Ask around to friends and family and see who they have worked with and had good or bad experiences with. This is the best way to find the best loan with the best service. Remember, you can always shop around to gind the best possible loan with the best possible combination of a low rate and low closing costs.
Is a refi still considered to be a purchase money loan?
I had to refinance my condo to buy-out my wife in our divorce. My refi mtge was sufficient to pay off my original note plus $20K to buy out my ex. I realize that the $20K is not "purchase money", but what about the rest of the note? Is that considered purchase money by lenders?
yes, it's a purchase money transaction. Dave is incorrect. Let me explain. If you were doing this buyout today, it would be a cash out. This loan has already been done, therefore, on your credit report it will report as purchase money.
How do I roll in my closing costs into the total loan for a refi?
I've been approved for a 87% LTV refi. Can I add my closing costs to the total loan? Does the amount of the closing costs have to be within that 87%? Or can I get a loan for 87% LTV, plus the amount of closing costs?
The amount of the closing costs have to be within the 87%. Ask your mortgage broker for more details (better yet, ask several).
How to refi if your business changes from LLC to S-Corp?
I have a business that's an LLC. CPA wants me to switch to S-Corp. I am in the process of separating from husband. If we divorce I'll need to refi the house. How will changing from LLC to S-Corp affect my ability to refi? My LLC is one year old. My 2008 income will top 2007 income by June 2008. My credit score is excellent.
Any thoughts? Much appreciated! :)
On a side note, it may be more worthwhile to remain as an LLC and simply make an election to be taxed as an S-corporation. It will probably save you some time and money. Of course, I don't know your full situation, but it may be something to think about.
How much are title and closing costs for a refi on a home in DC?
The amount of the loan is $250,000 and it's a refi. Specifically I need title charges, recording fees, closing, and any other items I may not be aware of except, processing. Please answer even if you only know partial info.
call a title company. they'll know exactly.
The HUD-1 Closing costs form explained: http://www.alta.org/consumer/hud1.cfm
We pay title, recording and all other Items.
email me and I will send you all my contact information.
Thanks, David
What is a standard loan origination fee for a 30 year fixed refi?
What is a standard mortgage broker fee? Is 1.5% a little high for a 30 year fixed refi?
it depends if you have a creative financing loan or not.
is it a government loan?
are you asking to pay all the cost in the front for a low rate?
you have to quote the rate also...and the product.
but 1.5% SOUNDS HIGH!
Also is it a cash out refi or standard rate/term.
Is your credit worse then when you first took out the mortgage?
Any ideas how to convince lender to do short refi?
My lender is in bankruptcy. We're attempting a short refi. Already have another lender's approval for new loan. Have all paperwork ready (hardship letter, bank statements, etc) to submit. Old lender would be taking big hit (1/2 the loan amount) but thought it was worth a try. They are in bankruptcy and trying to get everything they can. Any advice for when they do contact me to convince them to accept the offer? Thanks.
what programs help a homeowner refi when their wages have changed?
my wife went from being a manager to a waitress and can't show her tips on a w-2. she needs to refi the home to a lower rate.
refi - News
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How to Help Distressed Homeowners by Offering Free CMAs - RisMedia.com (press release) How to Help Distressed Homeowners by Offering Free CMAs Short refinance: Like a short sale, a short refinance (short refi) calls for the lender to accept less than the full balance due on the loan, |
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Refi 101: Know when break-even point will come - Chicago Sun-Times Refi 101: Know when break-even point will come BY MARCIE GEFFNER - Scripps Howard News Service The most fundamental consideration in whether a homeowner should refinance an existing mortgage is the |
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Analyses - Unicredit: “The EONIA spread puzzle that troubles the ECB” - Bolsamania.fr Analyses - Unicredit: “The EONIA spread puzzle that troubles the ECB” Partly as a consequence of this, ECB rhetoric is now unanimous on sustaining the case for a lower refi rate. However, we do not think that we should expect |
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Will Any Other Republicans Support the Stimulus Deal? - Washington Post Will Any Other Republicans Support the Stimulus Deal? I took out 2 home equity loans one in 2003 and one in 2006 on top of the cash out refi in 2002 because a mortgage broker told me I could refinance out of |
Refi boom takes a break as borrowers watch mortgage rates - Kansas City Star
RTT NewsRefi boom takes a break as borrowers watch mortgage rates The refinance index tumbled 48 percent last week, and is back to its lowest point since the height of the credit crisis in November. Mortgage Application Volume Plummets A roundup of credit market news and views
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