Welcome to Mortgage Refinancing Guide
Mortgage Refinancing Related Podcasts
NPR: 01-05-2009 Talk of the Nation - Hour 1
Stories: 1) Building A Better Economic Stimulus Plan 2) Op-Ed: Backing Burris For Being Black?
[0:10:51] ... main street to students and two. Two small businesses in two. Distressed mortgage -- but it didn't work hasn't worked so maybe that's our program needs to be completely changed. And hopefully Kelly you can ...
[0:29:02] ... longer get money out of their houses could no longer get to refinancing home loans. And that may or may also the good over the long term maybe we were consuming too much. But certainly ...
Boettke on the Austrian Perspective on Business Cycles and Monetary Policy
Peter Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the Austrian perspective on business cycles, monetary policy and the current state of the economy.
[0:27:51] ... that went into have been creating new problems. And bigger arms and refinancing have expansions of arms and renovation. That was capital. Very important role in your earlier story that normally would have gone into. ...
[0:37:39] ... get a house what -- we confront we confront a 20% down. Mortgage you know that'd the the mortgage couldn't be more than one quarter of your -- you know monthly salary. Which meant by the way as college professors. That ...
[0:41:55] ... in assets they thought weren't so risky piece. Collateralized debt obligations and mortgage backed securities within Bear Stearns. Were to hedge funds that. They were investing in these assets. And it turned out they weren't ...
[0:45:28] ... a partial. You know they would they would die you know sponsored mortgage then flipped it in Sele then -- up on all this stuff and what you loses you lose both accountability. And more ...
Boston Globe Page One Podcast for Jan 05, 2009
Top stories from the Boston Globe for Jan 05, 2009
[0:03:51] ... of much as a church -- landmark campus on Huntington avenue. Plunging mortgage rates have spawned a frenzy of refinancing. But borrowers with larger so called Jumbo loans are still seeing interest rates in the 7% range. Globe business writer Jennifer in ...
[0:04:34] ... ago that was about one in ten Massachusetts home buyers. The Jumbo mortgage rates are higher because lenders that initiate the loans are having trouble selling them to banks and investors. And it got burned in the sub prime mortgage debacle. An hour now steering clear of any loans that smacked of higher risk. But if they were willing to handle the ...
1/3/09: Mortgage Rates
Rick talks about Mortgage Rates. 1/3/09
[0:00:39] ... affected real estate in general. Not as much as -- and the mortgage industry. In particular. The act these actions the pumping of money -- point all the particulars of why but the pumping money ...
[0:01:35] ... which always affects the interest rates and you're gonna get. Unfortunately this refinancing. Boom in the last couple weeks has it -- block and the recent -- why is supply and demand supply and demand but of of day so that people wouldn't have expected what's happened in the real estate. Industry in general and the mortgage industry anything at any industry which is touched by the real estate industry that's a cup as a very wide swath certainly a mortgage industries is. It's not -- Tied the hip if you will or or are. Connected it they. To the real estate industry and because. Properties have been so slow moving in interest rates are going up. So they want -- a lot of -- finances and when we're analog properties being sold. Relative to go past. 510 years. The mortgage industry in mortgage -- total loss -- lot of mortgage companies closed but the mortgage companies who have stayed healthy and or the mortgage department of banks. Have had a -- a lot of people off unfortunately. Well what happened in the last couple weeks when ...
[0:03:11] ... scare the reason that's. Holding back but people are not holding back refinancing so who's this rush to refinance and all them and mortgage companies in and -- departments of banks. Couldn't -- and they had. -- also many people they just couldn't in the number application that union so what has happened in the past couple weeks is that a lot of mortgage companies and -- the industry in general has changed the -- would last. Few days but it seems to be that rates are going back down because I think -- doing when Italians at what happened analyst. The more mortgage industry artificially raise rates they raise their rates as much as three quarters to -- points -- a lot of cases where a week before interest rates thirty year fixed -- 55 quarterly have you -- rates -- 66 -- quarter even size six and -- for some cases higher again depending on your situation because the the the mortgage companies and banks couldn't handle one example he was Bank of America. Was averaging. About 30000. Loan application most of those being ...
[0:04:37] ... edged sword on the one point in time anybody connected to the mortgage industry that anybody. In general should be happy that. The mortgage industries picking back up because that may mean that the real estate industry in general -- back up -- real estate industry expect it to our economy picked back. Again mortgage companies because -- that people like him they artificially raise interest rates well. The question is -- For those of you who ...
[0:06:01] ... the afternoon that's the way the more the realist that you the mortgage market worked name may sound a little bit insane and probably is but that's the way it worked self. What do you do if you missed the low rates but I'm I'm. Making predictions based on talking to a lot of mortgage brokers repeat this again this is really temporary because now. What is happening is the mortgage industry mortgage companies are re hiring that. Staff and this is a case where. -- the learning curve is that are very -- usually. Mortgage companies and banks are hesitant to hire staff unless there. They know that things -- gonna stay. Much busier. Because there is ...
[0:07:03] ... Do whatever has to be done in the processing. Phase of of mortgage and it just aren't those people and basically go back there there'll job and and hit the ground running with weaker so so. I think you gonna see once the mortgage industry and the mortgage departments of banks and and hire back people which it shouldn't take that long legacy rates going back. In the meantime what you should do if you have you know. Five point fives -- 6% rate. And you won you won it back in in this this is more needy. Refinancing. Is you. Do I'll tell you -- bank where you go to wave blender or whomever you decide he's he's easier. Best a mortgage and mortgage and leverage your best bet somebody that you Ross. And you -- and give you a mortgage. Refinance free approval letter not a pre qualification. And three approval which basically says he says you we guarantee that we will keep you this rate. With the only caveat being it's subject to a satisfactory home -- which is going to be caveat. Subject to any and mortgage. -- number to calculate what. Interest -- Would be best for you what's the highest -- street you can go down to that would make it worth your while to refine itself for example of yet at six and a quarter percent rate and you just you figure out that. It would be worth your while -- to recoup the money -- say -- the cost of refinancing was say three years if you went down to a five point 5% interest rate that you let the mortgage -- now and you tell them that as soon as the interest rates hit five point 5%. They should block inaugurate. And they don't call you to do so because again. Is I know many situations where mortgage brokers at a rate that they knew that the to to a prospective client of this would lock in that at say five or five -- they called the person in the morning and the person was busy work and they got back to in the afternoon and by the time they got back to rates are going up the -- point 75%. That you give the mortgage broker in writing best. In writing give them. Permission to locking your rate is -- gets to and you pick the number ...
Welcome to 2009! Who will be buying Real Estate this year?
Will the wave of 1st time home buyers who are waiting on the sideline decide to get into their home as prices stabilize and interest rates drop?
[0:00:03] ... home you'll money from. Reported total -- Robinson only mortgage of medicine you're looking like political pundits medicine 1670. WPD line. Support this bill quickly we will hopefully things specialist with Robbins ...
[0:00:21] ... Beautiful cold Saturday morning while you're on your money mortgage and real big radio you gotta questions regarding. Home for just a recurrent kidney problems studio 321 sixteenths 78 if you'd rather speak with me off the European -- office later today 831. 466. Street at 831 home. It is no withdrawal web site www. Mad town mortgage dot com get up to date news on what's going on the real estate mortgage world. As most -- mortgage application right online to from the application right in the middle of the home page -- it's a couple finger pointing right at. It secure I'm the only one that's going to he would. -- predict application also appointment it's gonna make a plan for your mortgage what you want to purchase. Or refinance. The what's up for the year had that's our topic for today. What we go ...
[0:01:52] ... going to pursue their plan. Of spending a lot of money buying mortgage backed securities. In -- interest rates low possibly pushing them more. -- the Fed wants to. Influence interest rates it's not like. The primary where they decide no we're lower rates a quarter point or half report. It is more like the -- date they're planning and going -- the market purchasing what they -- mortgage backed securities. What are these recent announcement. You can work gauge whether it's from a local paper we don't hang onto them ...
[0:02:46] ... could be an investment houses. A lot of people think well. Our mortgage rate based on T built and that that's -- about a -- because it's not accurate. The ten year treasury note does not. Track where mortgage rates go historically treasury notes in more respect securities have treated in a similar fashion along the same trend but this year. That hasn't been the case. -- this week with a prime example to implement the treasury note yields were going higher. Mortgage notes being bought up portrait as rich were dropping. 2 -- and the Fed wants to going to buy a boat -- of mortgage backed securities the want to start in early January. Within the next few weeks and they want to continue to purchase planned through July June July. Their goal is to buy a lot of mortgage backed securities that -- buy those securities. The price of the security will increase because will be more demand fort. The first by -- supply. Other investors will be coming in as well driving the price up. If you drive the price up of the security to return or the yield won't drop make you -- in -- that we give every day. So we'll see what happens over the next few weeks as they start to bottom up interest rates are fantastic right now. If you're interested in refinancing or purchasing whole future pre approval started now with great dropping a lot of people are refinancing. On people purchasing. Appraisers and underwriters title company all the sudden a few weeks ago there was little slow. Now they're backed up -- considering refinancing get started now don't wait until. The -- gets -- and a few weeks and you hear news that -- struck again. Let's start this get started now the -- you call 1831 or 662 -- we went home. We're just go to my web site mad to a mortgage dot com click on that loan application right Google homepage the world are going right away. Now. What's gonna happen 2000. -- ...
[0:09:51] ... in many markets so you're considering purchasing get started now that your mortgage pre approval. How would dedicate the pre approval because a lot of people you decide a little for a whole. The paper ...
[0:10:22] ... approval we actually get a credit report the future income information. Underwritten mortgage and sure exactly. What you can. Pre approve -- to purchase a home what's the cost. -- a whole budget not just. You're sure housing payment aware of the taxes and insurance what's the private mortgage insurance. What you have to anticipate -- homework for other expenses that you didn't have as a renter. You need to consider if you're going to be getting into housing market. To -- a copy any questions when the studio 321167321167. But check out the top of their BD 31 or 66333. Went home and all feel we just global -- mental mortgage dot com. Put on the loan application right into the the home page. And that the couple finger pointing right at it is secure I'm the only one that could yet. Did you call each -- the world and a plan either for your mortgage purchase. Pre approval for refinance. An article which you made in this news what is. FHA. It's gaining in popularity everywhere. Majority ...
[0:11:52] ... If you've got a couple of credit issues victor go the conforming mortgage the conforming mortgage is the typical Fannie Freddie have most lenders have. Be a good program. Depending upon what your credit score is -- try to get into with a -- of the program. But if you lenders not showing you that -- more to what that option is. They may not be showing you everything. That's possible forty or the that plan for your. We can to direct the brick at a few of the things regarding what's coming up in 2009 it is bill quickly responding to special when Robin toward more to Madison. The new York new money mortgage -- be right back. -- it's pretty your home your money mortgage radio program every Saturday morning at nine and -- 1670 Apollo. ...
[0:12:50] ... your name again I feel quickly. Do quickly of Robbins and Lloyd mortgage of medicine. Call now 831 hole that's 8314663. ...
[0:14:10] ... there's no get rich quick scheme there's no way to bill your mortgage magically by years you just get the right mortgage they can plant which you get your home and enjoy your home don't try to use that ATM machine that your whole. ...
[0:14:41] ... Back you're reminded mortgage -- radio built between imperial appointment specialist Robin Deloitte mortgage Madison. He got a portion -- the duty the morning 3211670. Going to be called -- up at 8314663. At 831 home. We're going to turn your loan application right now go to www. Mad tell mortgage dot com. Put on the loan application right in the center the home page it is secure on the only when that's going to feed information. Of the vehicle -- appointment make a plan for your home purchase. What their next week next month next year. Or your upcoming home refinance. Interest rates are great you need to take a look at. Which are rated right now what type of mortgage you have right now is at a fixed ladies are going to adjusted sometime in the future give a second mortuary get rid of whatever that -- would give me call mystical look which happened make a planned. Help your financial situation. Speaker refinancing -- the question that I got a customer this week that want to share with you gotta be careful. We you're getting ...
[0:16:55] ... I got this. Couple things you need to look at when your refinancing to make sure that you comparing apples to apples reduced to make sure that you're getting the right deal that. Future plans your goals. I ask my customers who looked after corporate ask you to share a couple of ones would you. One being -- good investment second being the truth in lending disclosure. Where these forms because -- that it will disclose what he's worse associated with your mortgage. Every mortgage and these are lenders opener saying hey we've got to know cost mortgage. You can do that. You're paying higher interest rate. So so what are you know what's worse they need to disclose Qiyue. What would be impeached or -- versus -- it's going to be if they. But the good faith that which is an -- and all the fees associated with the mortgage appraisal the title -- credit report wasn't he according he's all that. The truth in lending disclosure discloses. You really have the -- He's your mortgage but it just NATO in the future. You can have a prepayment penalty. Note this person is coworker was kind of this year these documents would -- took a look at it and one thing that I noticed on the -- that he was being charged appoint origination fees what's the point it's 1% of the mortgage amount. Refute each person's point is one either to pay of the lender or to just helped by a better district. Beginning interest rates you want if you want to pay in the port. No closing costs were a bit he just looked at the payment. I'm paying X one a dollar now in my new mortgage and paying this much and David that much every month do we pay attention how these mortgage amount increased. Who's paying appoint directly -- were normal for the appraisal title everything else what I noticed on the truth to ...
[0:19:07] ... that just began heating get a victory he got an adjustable rate mortgage. The lender should have been. This quote too we that the quote in the tunnel capricious said look at. We're just we're ...
[0:19:51] ... range whatever the Fed won't that you would need to be worked refinancing out of that which is probably good idea because. It could go up. Could just be cautious and we will put especially ...
[0:21:43] ... accurate at all if you could -- pretty -- reforming Fannie Freddie mortgage. You get 5% down to -- do 3% down. Likely to -- 3% down you gotta look at an FHA mortgage. And you don't have to have -- for credit that's what FHA -- design for the vote. If you -- credit being ...
[0:22:23] ... the white but it can happen again. In you can get a mortgage it is little 3% down that -- there was misleading on this petition sent down -- requires 3% down historically that is accurate. It's starting January 2 20092. Yesterday. If you're gonna get an FHA mortgage. 3% down at the -- Mort it's three and half percent. So another half of a percent and two -- 2000 dollar ...
[0:23:07] ... closing cost. They're still way too. If you are qualified get a mortgage with no money down utilizing. FHA mortgages. That we -- not that won't go that employee income they had the money. They ...
[0:23:40] ... couple things to say that if -- become -- about fees every mortgage and knees. -- Morse is what they called upfront mortgage insurance -- debt financed into the mortgage. -- mostly mortgage insurance premiums are substantially less than conforming mortgage but in the long run might work out better. In getting you know 3% owned by percent to 10% down on -- that's where he got to work with somebody that -- all types of mortgages -- performing -- Fannie -- They can help deal with both India and they'll sit on which one works better for the -- simple it refund gets the call 831 or 66 street at 831 -- it gets started right now go to my web site. Www. -- mortgage dot com click on the loan application right in the they're the home page. Give -- call you make an appointment and make a plan that her victory in the bill quickly your home your money mortgage we'll get rid of have a great weekend you next week. ...