A mortgage is generally the largest debt most homeowners have to manage. It's a good idea to give your personal real estate finance portfolio a check-up at least once a year. Since there are many reasons a homeowner may choose to refinance, we'll take a look at the four most common. 1. Mortgage Rates Drop: Typically, the most common reason that homeowners refinance their mortgage is to … [Read more...]
Making Home Affordable Refinance: Freddie Mac Changes Rules
In April, the details of the Making Home Affordable plan were released and it was announced that there was a "refinance" portion to the plan and a "loan modification" portion to the plan. The rules for refinancing depended on whether your loan was owned by Fannie Mae or Freddie Mac and we talked about how to tell if your loan was owned by Fannie Mae or Freddie Mac (see below). At that point … [Read more...]
Making Home Affordable Plan
Earlier today, the details were released about the "Making Home Affordable" plan outlined by the Obama administration. When this plan was first announced by President Obama here in Mesa a few weeks ago, my first reaction was "let's wait for the details". My reaction now the "details have been released"? I don't know. Really. I really don't have an opinion on whether or not the plan … [Read more...]