actually there is, you may qualify for a Making Home Affordable refinance,
you have to be current on your payments
1 1ReportSpamPSAztec11 hours agoI agree with you dutch155. There are many, many people who currently have outrageous rates, like 6.5% and higher, that would benefit from refinancing. Not that I am a big government intervention supporter, but in a case like this, it would be appropriate. All banks must allow refinancing, even if underwater. If there is a 2nd, that lender would be required to subordinate or lose FDIC protection. That would cause the bank to go away and go away quickly.
Refinancing a principal balance of $350,000 from 6.5% to 4.5% would save the borrower $583.33/month in interest. That would be huge for lots of people. Plus it would keep us title insurance people busy, busy, busy!!
PS. I know that a 6.5% interest rate is not high historically but in September 2011, it is high.
5 0ReportSpamdutch15513 hours agoI had a lot of equity in my property and home for many years and still am able to make my payments on time. But due to the Real Estate bubble burst my property and home equity has been erased and because of that I will now not be able to qualify for these so called record low interest rates. How about putting a program together for people that do pay their bills and allow them to take advantage of today's rates?
Or should I just allow my property to go into default for me to qualify for assistance toward refinancing for lower rates at a lower price when I buy my property
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MARKET UPDATEUSINTERNATIONALNAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.NAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.[BRIEFING.COM] The Dow ended the day with a gain of almost 150 points, but that is actually only half of what it had sported just a couple of hours prior to the close. ... More
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I agree with you dutch155. There are many, many people who currently have outrageous rates, like 6.5% and higher, that would benefit from refinancing. Not that I am a big government intervention supporter, but in a case like this, it would be appropriate. All banks must allow refinancing, even if underwater. If there is a 2nd, that lender would be required to subordinate or lose FDIC protection. That would cause the bank to go away and go away quickly.
Refinancing a principal balance of $350,000 from 6.5% to 4.5% would save the borrower $583.33/month in interest. That would be huge for lots of people. Plus it would keep us title insurance people busy, busy, busy!!
PS. I know that a 6.5% interest rate is not high historically but in September 2011, it is high.
I had a lot of equity in my property and home for many years and still am able to make my payments on time. But due to the Real Estate bubble burst my property and home equity has been erased and because of that I will now not be able to qualify for these so called record low interest rates. How about putting a program together for people that do pay their bills and allow them to take advantage of today's rates?
Or should I just allow my property to go into default for me to qualify for assistance toward refinancing for lower rates at a lower price when I buy my property
Copyright © 2011 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Gradient Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Telekurs.
Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
[BRIEFING.COM] The Dow ended the day with a gain of almost 150 points, but that is actually only half of what it had sported just a couple of hours prior to the close. ... More
Limits on certain mortgages will make it harder for some people to buy higher-end homes.
But the Dow sees a 325-point gain cut to 147. Metals, energy and industrial stocks lead the market. European stocks surge on hopes for a financial rescue plan. Gold, oil and copper move higher. Does Icahn have eyes on Research In Motion?
The world's scariest foods
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