Freddie Mac is making improvements to the Relief Refinance Mortgage terms. This program is part of the Making Home Affordable plan from the federal government which was intended to help struggling home owners to refinance their mortgage to lower interest rates.
FHMC (Freddie Mac/Federal Home Mortgage Corporation), will allow home owners with a mortgage that is FHMC owned to refinance with any affiliated lender, not just the current servicer of the loan. There could be more costs associated with using a new lender, as opposed to the current one.
Borrowers will also be able to include a larger percentage of closing costs into the loan.The limits for closing costs will be raised to the lower of $5000 or 4% of the loan amount. This could allow home owners to buy down their interest rates more significantly.
No word yet on the exact date that these improvements will take effect
Showing posts with label interest rates. Show all posts
Showing posts with label interest rates. Show all posts
Saturday, June 20, 2009
Friday, March 27, 2009
Rates Drop Again - 4.85% Interest
Interest rates on 30 year mortgages dropped to 4.85% this week, a 38 year low according to Freddie Mac.
After the Fed's announcement of plans to buy $750B in MBSs and $300MM in Treasuries, the mortgage markets responded with the big drop. On top of the $8000 tax credit for first time buyers and lowered prices over the last few years, incentives for buyers are everywhere right now.
After the Fed's announcement of plans to buy $750B in MBSs and $300MM in Treasuries, the mortgage markets responded with the big drop. On top of the $8000 tax credit for first time buyers and lowered prices over the last few years, incentives for buyers are everywhere right now.
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