Mortgage Rates.......

[FN Phat]

Generally speaking, will refinancing require that someone actually come out to the property and assess its value? Because I've made a lot of un-permitted improvements, like building a garage.

Why would you make un-permitted improvements that are easily identifiable, while living in one of the most strigent code enforcement areas of the country?

[RobinFinderson]

Why would you make un-permitted improvements that are easily identifiable, while living in one of the most strigent code enforcement areas of the country?

That is just the way people do it in South Central. There isn't a lot of enforcement of any regulation there. If the city were ever to try to go through South Central and start tackling the issue of unpermitted work, they would have to condemn entire blocks. I can't think of a long-established house on the block that doesn't ahve some easily identifiable un-permitted improvement. It is a Libertarian's dream-come-true.

[Sullyute]

Why would you make un-permitted improvements that are easily identifiable, while living in one of the most strigent code enforcement areas of the country?

So what would be considered "easily Identifiable" improvements? How do they tell, do they look at the original blueprints? Hypothetically speaking, would simply extending one's roof to cover a small uncovered front porch be easily identifiable?

[Joe Public]

4% 30 year fixed rate no-cost loans are available right now.

3.875% with minimal costs is also available.

Do rates on FHA streamline refis vary much from non-FHA refinance rates?

[CJF]

Do rates on FHA streamline refis vary much from non-FHA refinance rates?

The problem with FHA loans is that PMI is about 4 times more expensive then it was a couple of years ago. So unless you're lowering your rate 2.5 points, it probably isn't going to meet the regulations. At least that is my situation.

[Joe Public]

The problem with FHA loans is that PMI is about 4 times more expensive then it was a couple of years ago. So unless you're lowering your rate 2.5 points, it probably isn't going to meet the regulations. At least that is my situation.

I only have the latest increase (April 2011?) to factor in, so the hurdle isn't quite as high in my situation. I'm on the border of it making sense, but each month of upfront PMI that burns off takes me farther away from that edge. I plan to hold the property for a long time, though, so a lower rate is worth investigating.

[cougjunkie]

If you have been procrastinating on purchasing or refinancing a house you may want to jump on it sooner rather than later.

Starting at the end of February as part of Obamas new tax plan all Fanniemae and Freddie Mac loans will have an 80 basis point guarantee fee charged to the lenders. Essentially this means that lenders will be charged .8% of every loan amount they service that will go towards cutting down the nations debt.

If you go through Bank of America for example and refinance a $200,000 loan when Bank of America sells that to Fannie Mae or Freddie Mac they will be charged an addtional $1600.

Guess who will end up paying that fee? Yep, the consumers. Expect interest rates to increase anywhere from .25% to .5% in order to cover this fee.

Government loans (FHA, VA, Rural housing) will not be affected.

[Eddie]

If you have been procrastinating on purchasing or refinancing a house you may want to jump on it sooner rather than later.

Starting at the end of February as part of Obamas new tax plan all Fanniemae and Freddie Mac loans will have an 80 basis point guarantee fee charged to the lenders. Essentially this means that lenders will be charged .8% of every loan amount they service that will go towards cutting down the nations debt.

If you go through Bank of America for example and refinance a $200,000 loan when Bank of America sells that to Fannie Mae or Freddie Mac they will be charged an addtional $1600.

Guess who will end up paying that fee? Yep, the consumers. Expect interest rates to increase anywhere from .25% to .5% in order to cover this fee.

Government loans (FHA, VA, Rural housing) will not be affected.

Where are rates sitting now? Haven't most people already jumped on at one point or another when we were told "I've never seen rates this low" or "rates will never be lower"?

[Flystripper]

Where are rates sitting now? Haven't most people already jumped on at one point or another when we were told "I've never seen rates this low" or "rates will never be lower"?

Would if I could but my house in CA (which is now a rental and barely cashflow neutral) is underwater and has never been delinquent so no re-fi for me

[Surfah]

Would if I could but my house in CA (which is now a rental and barely cashflow neutral) is underwater and has never been delinquent so no re-fi for me

I thought Obama said last night that his plan for refis was only for homes that have never been delinquent. Maybe I heard wrong.

[Flystripper]

I thought Obama said last night that his plan for refis was only for homes that have never been delinquent. Maybe I heard wrong.

yeah but I doubt it includes people that had to turn their home into a rental because they could not sell it when they had to relocate due to unemployment...so yeah because I was responsible and tried to find a way to make my payment I am now screwed on refinancing...at least as I understand it.

[cougjunkie]

I thought Obama said last night that his plan for refis was only for homes that have never been delinquent. Maybe I heard wrong.

The Obama plan is nothing more than an extension of the previous DU refi plus plan. The new DU refi plus no longer caps borrowers at 125% of the value. It will also no longer require income or asset documentation for borrowers that have paid their mortgage on time.

At least that is the plan. It was allegedly rolled out in November but none of the lenders we work with (or any that I know of) have started adapting these new rules yet.

[Flystripper]

The Obama plan is nothing more than an extension of the previous DU refi plus plan. The new DU refi plus no longer caps borrowers at 125% of the value. It will also no longer require income or asset documentation for borrowers that have paid their mortgage on time.

At least that is the plan. It was allegedly rolled out in November but none of the lenders we work with (or any that I know of) have started adapting these new rules yet.

and I assume that these new rules only apply to people living in their home and not renting it out correct?

[Donuthole]

The Obama plan is nothing more than an extension of the previous DU refi plus plan. The new DU refi plus no longer caps borrowers at 125% of the value. It will also no longer require income or asset documentation for borrowers that have paid their mortgage on time.

At least that is the plan. It was allegedly rolled out in November but none of the lenders we work with (or any that I know of) have started adapting these new rules yet.

and I assume that these new rules only apply to people living in their home and not renting it out correct?

And only apply to loans without pre-paid Mortgage Insurance, i assume. As documented in this thread, I've been trying to get a refi for two years now, and nobody will touch it because I paid my PMI up front. Makes no sense to me. I'm about ready to just walk away.

[cougjunkie]

and I assume that these new rules only apply to people living in their home and not renting it out correct?

Correct. It has to be the same classication of residency as the original note. So if you bought it as a primary residence it has to be refinanced as PR. The only exception is that you can change an investment property to a PR.