There are two ways to get cash out of a mortgage refinance. The first is a traditional cash-out refinance where the loan amount is higher than what it takes to pay off the previous mortgage balance based on a new appraisal of the home or an increase in the value of the home as it appreciates. (more…)
Bad credit mortgage refinancing is provided for a range of credit situations. So if you have damaged credit or even no credit at all, refinancing is a viable option for you. (more…)
Today, at 2:15 EST, the Federal Open Market Committee wraps a two day meeting with a rate decision and a policy statement. It is a foregone conclusion that the Committee members will vote to keep the Federal Funds rate and the Discount rate unchanged at 2% and 2.25%, respectively. To the casual observer, hearing news that the Fed has kept rates steady might lead you to conclude that mortgage rates will stay the same. But for those of us watching mortgage rates, what the Fed does doesn’t matter. The Fed does not control mortgage rates, but how the Fed handles monetary policy, and other economic (more…)
Chase Flex Trust, series 2007-1 and 2007-3, saw nine classes downgraded by Fitch because of expected default and loss from the underlying delinquentAlternative-A loans in addition to projected losses from the currently performing pool. Moody’s downgraded more than classes from Alt-A transactions backed by a mix of fixed-rate, hybrid adjustable-rate, negatively amortizing and option-ARM mortgages. Moody’s cited higher-than-anticipated rates of delinquency, foreclosure and REO in the underlying Alt-A collateral relative to credit enhancement levels. (more…)