The 5.1% week-to-week hike in mortgage applications has piggybacked largely on robust growth in the volume of refinancing. The MBA's Weekly Mortgage Applications Survey (for the week closing on 10th July) reveals that the refinance index has more than doubled on the year-to-year chart and shot up 12% on the week-to-week chart. The teams have adjusted the weekly result for the 4th of July. From 60.1% a week prior, refinance levels have hiked to total application’s 64.2% this week. To paraphrase Joel Kan, the MBA's associate vice president of economic and industry forecasting,…
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Tag: Refinance
FHA Loans Insurance Premiums (MIP/PMI) – Rates + Calculator
Ultimate guide to Upfront and Monthly Mortgage Insurance Premiums (MIP/PMI) rates for FHA purchase loans and (streamline) refinances. FHA charges both an upfront mortgage insurance premium and monthly mortgage insurance on almost all the loans it insures. On December 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 2011 which required FHA to increase the annual mortgage insurance premium. However, changes were made again in January 2015 to reduce the mortgage insurance premium to make FHA loans more affordable to First Time Home Buyers. The most recent…
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Fremont Mortgage Lender- Get Rate Quote For Refinance or Purchase
Looking for a top rated Fremont,CA mortgage lender/company to get a no closing cost rate quote for refinance or home purchase? You have reached the right place. Arcus Lending is a direct lender and has been featured on several national media like NBC, CBS, FOX, ABC, Yahoo! News among others. We have a perfect 30/30 rating on Google Places and 5 start rating on Yelp. We offer FHA, VA, Conventional, Jumbo, VA and Homepath loans. Our loan options include Fixed Rate loans (30, 20, 15 and 10), ARM (5, 7 and 10 year…
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Upside Down? HARP Obama Refinance- Ultimate Guide +RateQuote
What is Making Home Affordable (MHA) program? The Making Home Affordable Program (MHA) is a critical part of the Obama Administration's broad strategy to help California, Washington and Oregon homeowners (and rest of the country homeowners) avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. What is HARP? First established in 2009, HARP (Home Affordable Refinance Program) was initiated as an option for underwater homeowners wanting to refinance their mortgage at lower interest rates with government expectations that it would assist millions of homeowners who found themselves owing more on…
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Changes to California FHA Streamline Refinance Loan Programs
FHA announced changes to California Streamline refinance transactions. The FHA issued Mortgagee Letter provides guidance on the changes as well as clarification on existing streamline refinance guidelines. *** To Read the Complete Guide on California, Washington and Oregon FHA Streamline Refinance and to request a mortgage rate quote go to my new blog post - https://www.mortgageblog.com/fha-loans-streamline-refinance-and-mortgage-rates-a-complete-guide/**** Here are the 6 things you need to know about these clarifications and changes: Borrower must be current on their mortgage for the month of closing AND the month prior to closing (The payment due the month…
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What’s ahead for Interest Rate for San Jose Mortgages
What lies ahead for Mortgage Rates for San Jose Refinance and Home Purchase? And the dangers of following Media when it comes to Mortgage Rates for your Home Loan. Last week on 10/14 after Freddie Mac released its weekly survey of Fixed and ARM mortgage rates, media was abuzz with the news that interest rates have fallen to a level not seen since 1951. The very next day however, Mortgage Bonds went down 43 basis points causing the rates to worsen multiple times in a single day. That's the risk of following the…
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How to qualify for FHA Negative Equity Short Refinance on a San Jose Home
Department of Housing and Urban Development (HUD) announced enhancements to the existing Making Home Affordable Program (MHA) and Federal Housing Administration (FHA) refinance program that will give a greater number of responsible borrowers an opportunity to remain in their homes. These enhancements are designed to maintain homeownership by providing borrowers, who owe more on their mortgage than the value of their home, opportunities to refinance into an affordable FHA loan. This opportunity allows borrowers who are current on their mortgage to qualify for an FHA refinance loan provided that the lender or investor…
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Looking for a reason to Refinance – How about the lowest rates in 40 years!!
CNBC and Bankrate.com just reported that home loan rates are at their all time lows. Yes, all time lows! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordably than ever before. Both 30 Year and 15 Year Fixed Rates clipped down to their lowest levels. All this is incredible as just months ago, many experts had anticipated that rates would be well above 5% this summer and on their way to…
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What’s keeping San Jose Mortgage Rates REALLY low?
Last week mortgage rates for San Jose homes eased back to the lowest level of the year. According to Freddie Mac's Primary Mortgage Market Survey 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent. The 5-year adjustable-rate mortgage (ARM) for San Jose home loans averaged 3.91 percent this week, with an average 0.6 point, down from last week when it averaged 3.95 percent. This breaks last week's record and, again, the 5-year ARM has…
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Government announces principal reduction plans for underwater borrowers
The Government said last week it would offer principal reductions for borrowers who are underwater (owe more than their homes are worth.) The FHA plan is targeted at investors who currently own these underwater mortgages (see Negative Equity Share Chart below - source American Core Logic). Under the plan, the 1st mortgage holders would write down the principal of a first mortgage at least 10%. The loans would then be refinanced into FHA-insured mortgages as long as the loan to property value ratio is 97.75%. For borrowers with second mortgages, total mortgage debt…
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