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Home Equity Loan Refinancing Activity Reaches 15 year High: Second Mortgage News
Applications for home equity loan refinancing have reached a 15 year high. According to Freddie Mac, "88% of homeowners who refinance their homes in the 1st quarter got a mortgage at least 5% larger than their first loan." This was the highest loan application increase since 1990.
Interest rates are going up, so you would think that people who be taking out loans at a slower pace. To some degree that is true, because anyone who locked a 30 year fixed under 6% is most likely not going to refinance. They are likely however to take out a home equity loan for cash out or for debt consolidation. Al Perida, a broker from Bridge Capital, said, "People continue to run up credit card bills, and consolidating their debt with a second mortgage will save them thousands of dollars in interest." Perida continued, "tax deductions and lower payments are 2 reasons people will continue to take out loans in 2006."
The market is trending away from refinancing first mortgages, and moving towards a home equity loan market. Homeowners will be refinancing this year, only they will be refinancing their adjustable rate second mortgages, rather than their conventional mortgage in first position. If you purchase a home recently with an 80-20 combination, you may want to consider refinancing the adjustable rate credit. The rate is variable and refinancing with a fixed rate equity loan will save you money.
Dan Ambrose is a true mortgage authority who has been in the business for nearly 15 years. Today Dan is a free-lance writer, and account executive for Irwin Home Equity. He offers loan tips to anyone interested in maximizing home equity. Dan recommends BD Nationwide Mortgage, a nationwide broker from California. You can read more of his articles at the BD Nationwide Mortgage & Equity Loans website and get more information about home credit lines and 2nd mortgage refinancing. For a complete look at home mortgages please visit 2nd Mortgage & Debt Consolidation or go to 125 second mortgages online.
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- NC reaches agreement with Countrywide (WBTV Charlotte)
(The following information is from NC Attorney General Roy Cooper's Office.) RALEIGH, NC - Mortgage lender Countrywide Financial Corporation has agreed to provide approximately $8 billion in home loan and foreclosure relief to as many as 397,000 homeowners across the country including more than 5,000 in North Carolina, Attorney General Roy Cooper said Monday.
- Bank of America ready to alter risky mortgages (Richmond Times-Dispatch)
About 8,000 people in Virginia who took out risky mortgages through Countrywide Financial are eligible for cheaper, renegotiated loans. Bank of America acquired Countrywide in July.
- Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers (PR Newswire via Yahoo! Finance)
Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.
- 1,100 Iowans will be offered mortgage modifications (The Gazette)
DES MOINES and#8212; More than 1,100 Iowans may benefit by $11 million from a settlement with a major mortgage lender that could reduce subprime borrowers' monthly payments, Iowa Attorney General Tom Miller said Monday.An agreement between 11 states and#8212; including Iowa and#8212; and Bank of America, which acquired mortgage lender Countrywide Financial Corp. on July 1, will provide loan ...
- Bank of America offers Countrywide borrowers some help (WRAL.com Raleigh)
The agreement is expected to provide $71 million in reduced mortgage payments to more than 5,000 North Carolina borrowers.
- 1,100 Iowans will get mortgage help (The Gazette)
Nearly 400,000 borrowers nationwide will be able to modify their loans with mortgage lender Countrywide Financial Corp. - resulting in about $8 billion in permanent relief - under a settlement with Iowa and other states, Iowa Attorney General Tom Miller said today.Miller, who served as a lead negotiator, said the agreement has been reached between several states and Bank of America, which ...
- Attorney General Settles With Countrywide (KTNV Las Vegas)
Mortgage lender Countrywide Financial Corp. has agreed to provide loan modifications to up to 397,000 borrowers nationwide under a settlement with Nevada and other states.
- Pressured to Take More Risk, Fannie Hit a Tipping Point (The Sarasota Herald-Tribune)
A decision, made under pressure from Congress and investors, to steer Fannie Mae into dangerous corners of the mortgage market proved to be disastrous.
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