Items Tagged with 'cash-out refinance'

ARTICLES

  • Is the refinance market bouncing back? Number of refi candidates jumps 75%

    Refinance demand dried up in the last year, but could a comeback be afoot?
    Refinance demand has essentially dried up in the last year, but could things finally be turning around? Maybe, according to the latest data from Black Knight, which revealed that there are now 3.27 million homeowners who could reduce their mortgage rate by at least 0.75% by refinancing their mortgage. That's the greatest number of potential refi candidates since January 2018.
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  • FHA will not cut mortgage insurance premiums

    Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
    The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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  • Cash-out refis haven’t been this prevalent since the financial crisis

    But unconcerned experts say borrowers are extracting less equity than before
    The volume of cash-out refinance loans hasn’t been this high since 2008, but experts at the Urban Institute say that when put into context, there’s no cause for alarm. “In an environment of home price appreciation, people commonly tap into their home equity,” the authors wrote, adding that the total amount of equity cashed out is well below pre-crisis totals.
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  • Overall share of equity withdrawals drops to 4-year low

    Just over 1% of available equity was tapped last quarter
    American homeowners have record amounts of equity in their homes, $5.8 trillion to be exact. But the percentage of tappable equity withdrawn fell in the first quarter of 2018 to the lowest share in four years as higher interest rates impact borrowers' decisions.
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  • For loan officers who want steady business in 2018, it’s time to embrace cash-out refinances

    Lenders hoping to boost their refi business this year need to change the way they sell
    Remember when it was easier to sell homeowners on refinances? Mortgage interest rates were low enough that most owners could save money each month with a traditional rate and term refinance. As interest rates have risen, that has changed and lenders hoping to boost their refi business this year need to change the way they sell. Instead of promoting the savings homeowners can get from lower interest rates, they may consider trying a new angle...
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  • SoFi and Fannie Mae announce cash-out refi for student loans

    An estimated 8.5 million households could potentially benefit
    The student loan debt problem is a growing burden that impacts a wide range of households, more than estimated 8.5 million to be specific. SoFi and Fannie Mae want to fix this. The two companies announced a new loan option on Wednesday that allows homeowners to refinance their mortgage at a lower rate and pay down the balance of an existing student loan.
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  • Freddie Mac: Low interest rates help keep housing on track

    Homeowners avoiding cash-out refinances
    Freddie Mac’s recent report gives a glimpse of trends in the housing market, as well as what to look for in the coming months. "Despite the increase in cash-out refinances in the recent quarters, there is little risk of over leveraging in the conventional conforming prime market,” Freddie Mac Chief Economist Sean Becketti said. Click to read more about Becketti's call.
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