Consumer Finance Protection Bureau – New Mortgage Lending Standards

Today, the Consumer Financial Protection Bureau (CFPB) issued the final rules designed to strengthen consumer protections for “high cost” mortgages. Here’s the link. http://1.usa.gov/UDjmpM   The CFPB designates non-high cost mortgages as “qualified mortgages.” The CFPB has offered lenders two ways of assuring a loan is a qualified mortgage. A loan will be judged as […]

HARP Update

  Update on Refinancing Underwater Mortgages under HARP. The initial “Home Affordable Refinance Program” (HARP) has been changed, since my last post on this subject. Changes have been made to allow more borrowers to refinance their mortgage, regardless of the loan-to-value ratio, for fixed rate loans, and with less paperwork.   General Eligibility Requirements: 1. […]

Refinancing Your Home & Useful Tips (part 2)

  The Wall Street Journal continues to be the most educational newspaper available worldwide. For example, Ruth Simon’s article entitled “Getting the Best Refinance Deal,” which was published last Saturday in the Weekend Investor section, is simply too informative to not summarize for those not lucky enough to have a subscription. Possibilities For “Under Water” […]

Refinancing Your Home: Current Issues and Useful Tips (part 1)

  Today’s mortgage rates are at or near historic lows and represent a great opportunity for many homeowners to lower their monthly payments by refinancing the principal balance of their mortgage.  Before making any final decisions, please consider the following three issues. 1. Refinancing will involve closing costs that will vary in size based upon […]