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"Lines of Credit"
With interest rates so low right now, there has been a wave of refinances. There are tremendous savings for borrowers to reduce their interest rates on their home loans. A large percentage of borrowers have both a first loan and a second loan on their homes. Many times the second loan is the popular Home [...]
Continue Reading →When the mortgage industry was going wild, oneof the most useful tools was the combinationfirst loan and second loan. As originators, we could use this combo loanstructure strategically, to help borrowers avoidjumbo loan pricing, or to avoid private mortgageinsurance. But when so many loans started to have problems,the appetite from investors, including Fannie Mae(FNMA) and [...]
Continue Reading →As the shake-out continued through the end of 2007,more changes are rippling through the mortgage businessthat will affect costs of getting a mortgage, availabilityof programs, and qualifying standards. **Recently, Fannie Mae (FNMA) and Freddie Mac(FHLMC) announced that they were imposing a new feethat would add .25% in costs to each loan that theypurchased from lenders. [...]
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