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| Title: | Mortgage Refinancing - http://www.peakhomeloan.com | | Pagerank: |  | | Description: | A $200,000 Loan Is Only $644.00 Per Month. We Offer Our Customers 24 Hour Loan Result Decisions. And 4 Out Of 5 Applicants Qualify. This Is A Very Informative Site Offering Free Calculators, Worksheets, Current Interest Rates, Up-To-The-Minute News, Advice, & More. We Would Like Our Customers To Apply Now, Lock Their Rate, & Begin Save Today! | | Category: | FINANCIAL SERVICES | Link Owner: | Robert Pinzhoffer | | Date Added: | December 22, 2007 02:49:18 PM | | Rss Feed: | Peak Home Loans Blog | | Resources: | Mortagage Refinance
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| | Number Hits: | 4 | | Latest Feed: | BREAKING NEWS!!! - Mortgage Rates Plunge
Mortgage Rates Plunge in Freddie Mac Weekly SurveyMcLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.93 percent with an average 0.7 point for the week ending September 11, 2008, down from last week when it averaged 6.35 percent. Last year at this time, the 30-year FRM averaged 6.31 percent.Click here to read the full release.Thank you.
Cash-Out Refinance Share Lowest In First Half Of 2008 In Three Years
Volume of Equity Cashed-Out Was $38 Billion in 2nd Quarter: One-Half Year Ago AmountMcLean, VA – In the second quarter of 2008, 66 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5 percent higher than the original mortgage balances, according to Freddie Mac's quarterly refinance review. The second-quarter share was up slightly from an upward-revised first quarter share of 58 percent. Taken together, the first six months of this year marked the lowest cash-out share since the autumn and winter of 2004-2005."Declining home values across much of the nation have curtailed the amount of home equity available to be cashed out by homeowners," noted Frank Nothaft, Freddie Mac vice president and chief economist. "Homeowners benefited from the low level of mortgage rates that prevailed for much of the second quarter. On average, homeowners who refinanced during the second quarter lowered their coupon rate by about one-half of a percentage point," observed Nothaft. In the second quarter of 2008, the median ratio of new-to-old interest rate was 0.93. In other words, one-half of those borrowers who paid off their original loan and took out a new one decreased their first-mortgage coupon rate by about 7.5 percent. "Nine percent of homeowners reduced their loan amount while refinancing during the first half of this year. This is the largest cash-in share since the summer of 2005. This may reflect more cautious underwriting by lenders, resulting in homeowners paying down their loan balance in order to receive more favorable loan rates and terms. "Homeowners who refinanced last quarter had kept their previous loan for nearly three and a quarter years – about 10 months longer than loans refinanced in the first quarter. This means that many loans refinanced last quarter had the benefit of additional appreciation during 2005, and homeowners had built up more home equity," Nothaft commented."During the second quarter about $38 billion in home equity was cashed out through refinance of conventional loans made to prime borrowers, less than one-half the $79 billion cashed out during the same period in 2007. In total, about $68 billion in home equity was cashed out over the first six months of 2008, the least since the first six months of 2004," said Amy Crews Cutts, Freddie Mac deputy chief economist. These estimates come from a sample of properties on which Freddie Mac has funded at least two successive loans. Transactions are further screened to verify that the latest loan is for refinance rather than for home purchase. The Freddie Mac analysis does not track the use of funds made available from these refinances. Please see: Quarterly Refinance StatisticsNotes:1Higher loan amount refers to loan amounts that were at least 5 percent greater than the amortized unpaid principal balance (UPB) of the original loan. "Lower loan amount" refers to loan amounts that were less than the amortized UPB of the original loan.2Ratio of new to old rate refers to the ratio of the interest rate of the new loan to the interest rate of the refinanced loan.Thank you.
Avoiding Mortgage Fraud
Mortgage fraud is becoming increasingly common. Scam artists often target homeowners struggling to meet their mortgage commitments or anxious to sell their homes. There is help available when facing financial problems or foreclosure, but make sure you are dealing with a reputable organization before getting involved. To protect your home and home equity and avoid falling victim to fraudulent schemes, recognize and understand the signs of mortgage fraud. Know how to report fraud to state and federal authorities so they can stop scam artists from preying on innocent borrowers. Start by learning the motives behind mortgage fraud. They are generally classified into one of two categories:Fraud for property or housing Fraud for profit Fraud for propertyFraud for property, also known as fraud for housing, generally occurs when a borrower wants to purchase a property they know they cannot afford. Borrowers are often aided by dishonest mortgage industry professionals who submit or encourage the submission of false information about the borrowers employment, income or assets in order to qualify for a loan.Borrowers are often tempted to engage in this type of fraud by a strong desire for homeownership and the belief that no one will check the information. However, lenders detect fraud for housing schemes by thoroughly reviewing and validating documents and keeping diligent records. It is a federal crime to lie in connection with the loan application and these individuals may be at risk of criminal prosecution.View a real example of fraud for property Fraud for profitFraud for profit schemes often involve a group of people who defraud a prospective homebuyer or mortgage lender. For example, a dishonest mortgage broker may partner with a loan processor to create a fictitious credit profile, and with an appraiser to inflate the property value. Additionally, "straw borrowers," who falsely represent themselves, may be enticed to participate through the promise of financial gain. Fraud for profit schemes are also attractive to criminal enterprises lured by the opportunity for greater profits, fewer dangers than those commonly associated with violent crime, and reduced sentencing or jail time. Illegal property flipping is the fraud scheme commonly employed.View real examples of fraud for profit Important ResourcesIf you are facing financial difficulties that are making it difficult to pay your mortgage, or if you feel you might be falling prey to a fraudulent scheme, the best solution is to talk to your lender or a reputable counselor. Also, be wary of individuals who promise to rescue you from financial difficulty or possible foreclosure.Read more about common fraud schemes: Foreclosure rescue scheme Illegal property flippingThank you.
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