You Still Haven’t REFINANCED?

Ashley Clunie — Mon, 27 Sep 2021 12:25:28 +0000

You Still Haven’t REFINANCED Yet?

We want to help you make more informed decisions.

Today, several benchmark refinance rates go down.

Both the 15-year fixed and 30-year fixed saw their mean rates drop. At the same time, average rates for 10-year fixed refinances remained unaltered.

Refinancing interest rates are constantly changing but exceptionally low right now. So if you are looking to refinance your existing mortgage, this may be the perfect time to secure a record-low rate.

Refinance Rate Checker

5 Things To Know About Homeowner’s Insurance

Know about exclusions to coverage.

Most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.

Know about dollar limitations on claims.

Though insurance covers you for a risk, there may be a limit to how much the insurer will pay. Many policies limit the amount paid for stolen jewelry unless items are insured separately.

Know the actual cash value.

You will receive the replacement cost with less depreciation if you choose not to replace your home after being destroyed. That is what we call the “Actual Cash Value”.

Know the replacement cost.

Replacement cost is the money you will receive if your home is destroyed but only to the minimum of your coverage. Be sure your insurance is sufficient. That means that if your home insurance is for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.

Know the liability.

Your homeowner’s insurance will generally cover you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there’s usually an upper limit to the amount of coverage provided – be sure your coverage is sufficient if you have significant assets.

Mortgage Refinance is the replacement of an existing debt obligation with another debt obligation under different terms. The terms and conditions of refinancing may widely by country, province & state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower’s creditworthiness, and credit rating of a nation. In many industrialized countries, a common form of refinancing is for a place of primary residency mortgage.

5 reasons to go for home loan refinance

👍 Saving on interest cost.
👍 Moving from floating rate loans to fixed loans or vice versa:
👍 Additional loan opportunity:
👍 Poor service of the existing bank:
👍 Change in financial status:

Refinance Rate Checker

The post You Still Haven’t REFINANCED? appeared first on Victor Olabintan -Loan Officer.

Great News : The Federal Housing Finance Agency postponing Mortgage Refinancing 0.5% Surcharge December 1, 2020.

Victor Olabintan — Fri, 28 Aug 2020 10:56:02 +0000

The Federal Housing Finance Agency announced Tuesday to postponing Mortgage Refinancing 0.5% Surcharge December 1, 2020.

This is excellent news for homeowners looking to take advantage of historically low interest rates.

The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.

FHFA is also announcing that the Enterprises will exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of lower income borrowers at or below 80% of area median income. Affordable refinance products, Home Ready and Home Possible, are also exempt.

By some estimates, the 0.5% fee would amount to a $1,400 surcharge on the average loan Fannie and Freddie purchase.

The fee is necessary to cover projected COVID-19 losses of at least $6 billion at the Enterprises. Specifically, the actions taken by the Enterprises during the pandemic to protect renters and borrowers are conservatively projected to cost the Enterprises at least $6 billion and could be higher depending on the path of the economic recovery.

Those expenses are expected to at least include:

$4 billion in loan losses due to projected forbearance defaults;
$1 billion in foreclosure moratorium losses; and
$1 billion in servicer compensation and other forbearance expenses.

Under the new structure announced by the FHFA , refinance loans with balances below $125,000 will be exempt from the 0.5% fee.

FHFA has a statutory responsibility to ensure safety and soundness at the Enterprises through prudential regulation. The Enterprises’ Congressional Charters require expenses to be recovered via income, allowing the Enterprises to continue helping those most in need during the pandemic.

Throughout the pandemic to protect borrowers and renters while supporting the mortgage market, FHFA allowed the Enterprises to:

Offer forbearance on multifamily and single-family mortgages;
Buy loans in forbearance;
Modify mortgage terms to reduce monthly payments and simplify repayment options;
Provide protections for tenants in properties in forbearance; and
Provide loan processing flexibility.

Looking to refinance? Right now is the BEST time to refinance for these few reasons :

Best Time

The .05 refinance fee has been pushed back to December.
After December, there will be a fee of .05 added to every refinance in which will make it more expensive to refinance . This is the Best TIME to refinance before fee goes into effect.

Low Rates

Rates are near all time low right now.

More Savings

Refinancing could save your thousands of dollars on your mortgage!

Additional

With the uncertain times we are in another benefit could be the use of your homes equity. Taking cash out of your home could be beneficial to use in the case of an emergency.

Call me to see if i can help