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refinance · WAHomeowners.com

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More federal refinancing help for homeowners with FHA loans

More federal refinancing help for homeowners with FHA loans

As many as 3 million homeowners may be able to refinance into lower-cost loans under a new federal housing program, even if they owe more on their loans than their homes are worth.

The Federal Housing Administration announced Tuesday it would slash mortgage-insurance premiums for certain homeowners who refinance an existing FHA loan into a new one, under the streamlined program.

To qualify, a homeowner must be current on a mortgage taken out and insured by FHA before June 1, 2009. Current means no more than one 30-day late payment in the past six months and no more than two such late payments in the past year.

Read More on The Seattle Times…

Obama proposes broader housing refinance plan

Obama proposes broader housing refinance plan

President Barack Obama called on Congress Wednesday to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. He conceded that his administration’s housing plans have not lived up to their promise.

Calling the housing problem “massive in size and in scope,” Obama detailed a proposal he outlined in his State of the Union speech last week, tackling an issue of vital concern in states key to his re-election.

“This housing crisis struck right at the heart of what it means to be middle class in America: our homes,” Obama said, speaking at a northern Virginia community center.

Obama’s proposal would give homeowners with privately held mortgages a shot at record low rates, for an annual savings of about $3,000 for the average borrower.

Read More on KomoNews.com…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.

Mortgage Rates Kicks Off the New Year at Record 3.91 pct.

Mortgage Rates Kicks Off the New Year at Record 3.91 pct.

Freddie mac reports that average rate on the 30-year fixed mortgage fell to 3.91 percent this week matching the record low of two weeks ago.

The average on the 15-year fixed mortgage slipped slightly to 3.23 percent (from 3.24 percent).

This bodes well of 2012 shaping up to be another year of great opportunity for those in the market to buy or refinance a home.

Interested in how different mortgages and rates affect monthly payments? Check out our handy Wahomeowners Calculators to see!

Sometimes it makes sense to refinance into an ARM

Sometimes it makes sense to refinance into an ARM

Low mortgage rates have many homeowners rushing to refinance, and the vast majority of those borrowers opt for fixed-rate home loans. Yet for some homeowners, an adjustable-rate mortgage can be a financially savvy choice.

Nowadays, adjustable-rate mortgages, or ARMs, appeal to two groups of borrowers. The first group consists of homeowners who need jumbo loans, above the conforming loan limit of $417,000 in most markets or $625,500 in high-cost housing markets. Many of these borrowers want to keep their payments as low as possible when they refinance, so they’re attracted to lower-rate ARMs.

The second group comprises homeowners who have firm plans to sell their homes in a few years because of scheduled job transfers or retirement.

Read More on The Seattle Times…

Interested in how different mortgages and rates affect monthly payments? Check out our handy Wahomeowners Calculators to see!

Mortgage Rates Hit Record Low. Again.

Mortgage Rates Hit Record Low. Again.

According to Freddie Mac on Thursday the average rate on the 30-year fixed mortgage dropped to a new record 3.91 percent (down from 3.94 percent the previous week) which is the third time this year that rates have hit new lows.

The 3.91 percent rate is the lowest average for long-term fixed mortgages on records dating back to  the 1950s.

The average on the 15-year fixed mortgage remained the same this week at 3.21 percent which is also a record.

Interested in how these rates translate to potential monthly mortgage payments? Check out our handy Wahomeowners Calculators to see!