Recent Fed announcements
are showing signs of lowered mortgage rates. With mortgage
rates near 50 year lows Fed again surprised many investors as
it plans to buy up to $300 billion of long-term government
bonds and $750 billion in additional mortgage backed
securities. But what does it all mean for you?
In mortgage loan refinance the homeowner or
borrower gets his loan shifted to another bank which offers
lower interest rates or easy repayments. Mortgage loan
financing is the best method to repay mortgages for any
borrower.
Mortgage Refinance
is becoming popular as the borrowers are opting for cheap
loans from other banks to shift their existing homeloans. The
home loan finance industry has much to offer for all
homeowners and existing borrowers.
Mortgage refinance
has emerged as a great idea for many people. The homeloans
market has expanded rapidly and therefore many lending
opportunities are now available.
Homeowners everywhere are taking advantage of
low rates as Fed cut rates. Mortgage brokers reported a surge
in refinance applications as rates have come down to 5.06% for
30 year
fixed.
Dramatic drop in mortgage rates
has stirred interest in refinancing. According to Freddie Mac
30 year mortgages rates fell to an average 5.47
percent in the last week, as it was the
lowest since March
2004.
The federal government's Hope For
Homeowner plan started Oct.1 and a "proactive home retention
plan" for Countrywide customers will begin in December. This
program is slowly making its way to help homeowners as
government is providing $40 billion to help homeowners to
avoid
foreclosure.
Many homeowners are facing difficult time to
get approved for mortgages. If you have an excellent credit
there should not be a problem for you. If you have bad credit
you may face difficult times to get approved. Also, your home
value may have drop slightly or significantly during this
year. So are you stuck?
States' income tax revenue plunges in early 2009
(AP)
AP - State personal income tax collections dropped 26 percent nationwide through first four months of this year compared with a year ago, putting many states' already-shaky budgets into deeper trouble, a research institute reported.
Merced: Ghost Town, USA
(BusinessWeek Online)
BusinessWeek Online - The housing crisis is creating ghost towns of once-bustling communities like Merced. In largely abandoned neighborhoods, paved sidewalks and driveways lead to empty lots strewn with utility coils. Unfinished frames with rotting rafters and rusted hinges sit alongside occupied homes. Roughly 40% of the homes in Merced are considered distressed, meaning owners are behind on their mortgage payments or can't make them at all. The toll is expected to rise, even though California extended its moratorium on foreclosures for another 90 days.
Sallie Mae shares gain on government contract
(AP)
AP - The Department of Education has selected student lender Sallie Mae and three other companies to service the $550 billion in outstanding federal student loans and future loans owned by the government.
Deutsche, Morgan tapped for AIA IPO role: sources
(Reuters)
Reuters - Bailed out U.S. insurer American International Group has chosen Deutsche Bank (DBKGn.DE) and Morgan Stanley as joint global coordinators for the more than $4 billion IPO of its Asian life insurance unit, banking sources said on Thursday.
Get today's mortgage refinance
rates. As mortgage rates are falling, low mortgage rates are
available to help you refinance your existing home loan. Mortgage
refinance allows you to get rid of an old loan and replace it with a
new loan. With or free quote you can compare your current loan with
the new one as refinancing your mortgage can reduce your monthly
cost. Shop around for the best refinance term option and conduct
cost assessment with a simple quick loan application. Our lenders can
beat any refinance quote that other banks would
offer.
Get rid of adjustable rate and receive Fixed
Refinance Rate. Fixed rates are at historic lows and if interest
rates increase in the future your adjustable mortgage rate will go
up. It may be beneficial to consider fixed rates now.
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