Finally, a plan to bring relief to the housing boom’s most innocent victims — those who bought at the peak and continue to pay mortgages that are far more their houses are worth — is getting the attention and traction it deserves.
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Refinance

Refinance

Highlights

• Refinancers may need 25 percent equity to get qualified residential mortgages.
• A proposed rule might make refinancing with less equity more costly.
• The rule isn’t final and won’t be in effect for at least a year.

Homeowners who need to refinance an existing mortgage, but don’t have substantial equity, might want to act soon to avoid a new rule that could make refinancing more expensive. However, the rule governing “qualified residential mortgages” is still in flux and won’t be in effect until at least a year from now.

At issue is the so-called credit risk retention rule, which is part of the federal Dodd-Frank Act. The rule “requires lenders that securitize mortgages to retain 5 percent of the credit risk, unless the mortgage is a qualified residential mortgage or otherwise exempt,” according to the National Association of Realtors.

Six federal agencies have proposed a joint definition of the qualified residential mortgages, or “QRMs.” These loans are expected to be less costly for borrowers because the loans won’t be subject to the risk retention requirement.

Equity required to refinance

The proposed QRM definition would require homeowners to have at least 25 percent equity for a rate-and-term refinance or at least 30 percent equity for a cash-out refinance, and it would require them to meet other credit-related guidelines as well. By some estimates, fewer than half of the homeowners in the country have that much equity.

The result, says Kathleen Day, a spokeswoman for the Center for Responsible Lending, an advocacy organization in Washington, D.C., would be less opportunity for homeowners to refinance.

“They may be stuck in a high-cost mortgage, even (though) the rates are down because the law says they’re a risk, even though they’re not,” she says.

States that have large numbers or substantial percentages of equity-poor homeowners include: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Michigan, Mississippi, Nevada, North Carolina, Ohio, Texas and Utah. That’s according to an analysis of CoreLogic data published in a white paper from the Coalition for Sensible Housing Policy, a group of real estate trade associations, consumer organizations and civil rights groups lobbying for a less strict QRM definition.

QRM alternatives

Equity-poor homeowners who need to refinance might want to act before the credit risk retention rule becomes effective, says Ken Dickson, senior vice president of Johnson Bank in Madison, Wis.

“If you’re a homeowner today and need to refinance,” he says, “the time to do it is now.”

Then again, Dickson says, the QRM rule hasn’t yet been finalized, which suggests the rush might turn out to be unnecessary.

“‘It’s not yet finalized’ is probably the most important thing I can tell you,” Dickson says.

Homeowners also may have other options to refinance, even if the rule takes effect as proposed.

— ”s site, please read the FAQ at /content-only/faq.php#publishers. : A ‘Malign Intellectual Subculture’ – George Monbiot Smears Chomsky, Herman, Peterson, Pilger And Media Lens.

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Refinance

Refinance

Dear Dr. Don,
I have a mortgage balance of $ 118,000 with 148 payments left. The home is worth about $ 200,000 in today’s market. I have excellent credit. I don’t carry a balance on my credit cards, and both of my vehicles are owned free and clear. I am not sure how long I plan to stay in the house. It will take at least five years before the value comes back.

I thought about refinancing for either 15 or 20 years, but I do not know if it’s worth the cost. I have about $ 17,000 in savings, but do not want to put the cost of the refinance back into my loan. The original loan was $ 128,000 in May 2008, at 5.875 percent.
– Thomas Turnover

Dear Thomas,
With a little more than 12 years left on your existing mortgage, you shouldn’t need to extend out to 20 years. You can finance the closing costs rather than dip into savings. With your good credit, you should be able to qualify for a lender’s best rate. The key sticking point here is how long you plan to be in the house.

Waiting around for your home to regain its lost value may not be your best decision. You’re taking a couple of risks with that approach. One is what’s happening to the price of your next home between now and when you buy it. If it appreciates at a faster rate than your existing home, you’ll pay that difference. The other is where mortgage interest rates are headed. You’ve seen your home equity decline, but you aren’t underwater in your mortgage. You have options that a lot of homeowners in today’s market wish were available to them.

The table below uses Bankrate’s mortgage payment calculator along with its amortization schedule to look at interest expense and loan balances in refinancing your home either over the life of the existing mortgage, or over the next five years. A key assumption in the table is that, if you refinance, you will make additional principal payments equal to the difference between your old and your new mortgage payments.

I assumed you financed estimated closing costs of $ 4,000. You can use Bankrate’s 2010 Closing Costs Study to find the average closing costs for your state. The after-tax savings estimate assumes that you can fully utilize the mortgage interest deduction on your federal income tax return and it isn’t just replacing the standard deduction. What the table shows me is that, if you want to wait around for your home price to appreciate, you can justify refinancing the loan over a planned five-year horizon. I’d still suggest taking a hard look at selling now and capturing any potential equity appreciation in your new home versus your old one.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

To ask a question of Dr. Don, go to the “Ask the Experts” page, and select one of these topics: “Financing a home,” “Saving & Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.

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Refinance

rates subject to change rates change daily online There are many options to consider before you refinance. 602-606-6758, www.submort.com/mateogarcia

Refinance

The flow of Nabard refinance in Jharkhand has been declining over the last three years, according to the Jharkhand Economic Survey 2010-11.

As indicated in the National Bank for Agriculture and Rural Development’s (Nabard’s) Jharkhand State Focus Paper 2010-11, disbursement of refinance has come down from Rs 77.47 crore in 2006-07 to Rs 67.94 crore in 2007-08 followed by Rs 61.68 crore in 2008-09, the survey said.

An allocation of a moderately higher amount of Rs 96 crore was made for the year 2009-10, it said, adding, full information on the 2009-10 allocation was awaited. The survey further said a disbursement of Rs 14.53 crore only made up to December 31, 2009.

“A point to note in this connection is that the entire amount of refinance by Nabard over the four years was channelled to the commercial banks and Regional Rural Banks only, and no fund could by availed of by Cooperative Credit Institutions (CCI),” the survey report said.

The CCI had failed to draw funds by way of refinance from Nabard primarily because of non-establishment of the apex cooperative bank in the state, it said.

“It is usually the apex bank in a state which avails of refinance from Nabard on behalf of the rural cooperative credit system as a whole,” the survey added.

“Admittedly, in terms of the amended provisions of Nabard Act, the District Central Cooperative Banks (DCCBs) can in certain circumstances draw refinance directly from Nabard without the intermediation of the Apex Cooperative Bank of the state.

“…however, none of the eight DCCBs currently functioning in Jharkhand is in a state capable of availing refinance from Nabard,” the survey said.

Five of the eight DCCBs, it added, did not have the minimum paid-up capital as enjoined by Section 11 of the Banking Regulation, as applicable to Cooperative Societies Act, 1949.

Refinance helps primary lending institutions like commercial banks, regional rural banks and cooperative credit agencies to augment their resources, which in turn, facilitates flow of credit from their end on a scale larger than otherwise feasible, the survey said.

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Refinance

Question by mary75862: I want to refinance my mortgage but it’s owner financed. Is that a problem? How would I start the process?
I want to refinance but I have an owner financed mortgage. Can I it refinanced?

Best answer:

Answer by bonnie s
Take a look at your loan contract. Is there a payoff penalty? The owner may not want to sell the contract.

Add your own answer in the comments!

Refinance

Metalloinvest will get a $ 3 billion, five-year loan and a $ 100 million seven-year loan, after initially hiring Deutsche Bank AG (DBK) and BNP Paribas SA to arrange a $ 1.2 billion five-year pre-export facility in February, said the person, who declined to be identified because the transaction is confidential.

The company, which had $ 4.1 billion of debt at the end of 2010, plans to raise iron ore output 9.7 percent this year as use of the steelmaking material grows. Billionaire owner Alisher Usmanov said this month that Metalloinvest also intends to buy stock in OAO GMK Norilsk Nickel, Russia’s largest miner, which almost doubled profit in 2010 as demand for the metal rebounded.

“We need this loan to refinance our debt and to buy new assets,” Eduard Potapov, chief executive officer of Moscow- based Metalloinvest, said yesterday by e-mail, without commenting on the proposed size of the facility or elaborating on the company’s acquisition plans.

BNP Paribas (BNP) can’t comment on the size of the loan until the deal is concluded, Helen Guillemot, a spokeswoman for the Paris- based bank, said by e-mail. Sebastien Avot, a London-based spokesman for Deutsche Bank, declined to comment.

“It’s one of the largest loans among Russian companies in recent years,” Maria Radchenko, an analyst at UralSib Financial Corp. in Moscow, said today by phone. Only mobile operator VimpelCom is looking for a larger loan, of $ 4 billion, according to data compiled by Bloomberg.

Metalloinvest produced 35.1 million metric tons of iron ore concentrate last year, an 18 percent increase from a year earlier, and targets 38.5 million tons this year, Potapov said Feb. 2.

The company is negotiating an initial interest margin of less than 300 basis points over the London interbank offered rate on the revised financing, said two people with knowledge of the proposed terms. The margin will be adjusted according to Metalloinvest’s ratio of debt to earnings before interest, tax, depreciation and amortization, they said.

Ebitda this year is forecast at $ 3.5 billion to $ 4 billion, according to two people with knowledge of the company’s operations.

BNP Paribas and Deutsche Bank said Feb. 7 they were hired by Metalloinvest to arrange a $ 1.2 billion loan, as the company sought to refinance a $ 1.6 billion facility from July 2008.

Metalloinvest is also seeking funds through a possible initial public offering in London. Potapov said Feb. 2 that the company may decide to hold an IPO in the second half of this year or in 2012, depending on market conditions.

To contact the reporters on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net; Karen Eeuwens in London keeuwens@bloomberg.net.

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net.

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Refinance

Question by gmoney: What is the difference between streamline refinance vs regular refinance on fha loan?
My husband and I were recently married, we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either?

Best answer:

Answer by Caveat Emptor
The FHA Streamline refi option is available to those with existing FHA loans in good standing. The conditions are that you can refi for the existing loan balance only (no cash out) and the new loan payment must be lower than the current payment. It is “streamlined” because there is no requirement for a new appraisal and no LTV requirement. The closing costs can be paid in cash or folded into the new loan balance.

Add your own answer in the comments!

Refinance

In light of the positive vote of the Union’s members, we will be developing the next steps in our “Not Welcome” campaign to see the end of Hicks and Gillett by demanding  “No to Refinance – Finance The Fans”.

This campaign puts the only people who can be trusted, the supporters, at the centre of a cure to our club’s problems. No longer should we have Tom Hicks and George Gillett, or their ilk running a football club into the ground. Instead we will have proper custodians – us, the supporters.

This Sunday we will send out a message, loud, passionate, and clear that we, the supporters, want Tom Hicks and George Gillett out. We want RBS to call in their loans and say no to refinance. Supporters are the only credible solution, the only constant in this ever changing process. We want RBS to finance us, the supporters.

We want the Board of the Club to get behind the supporters’ proposal or to publicly explain why, with access to millions of supporters around the world willing to be involved, they will not.
 
We will tell the Board, RBS and the watching world what we want. Before the Blackpool game, we will be marching from the Liverpool FC Supporters’ Club on Lower Breck Road to Anfield. We will gather at 1:30pm – so we can show them our strength and the support for our campaign.
 
After the game we will hold another sit in protest in the ground and we would ask everyone to stay and make their voices heard so again, we can repeat the message - this is our football club. Any repayment of debt or profits to be made by potential purchasers will come from the revenue streams we supporters provide. So who better to save the football club than they very people who have made this club what it is and who will be the provider of the finance to solve its debt problems?
 
People will laugh, mock and tell you it can’t be done. Well, the owners got away with it before because we let them. Not anymore. The Board, RBS and the other money people will try and get away with it again but they will only succeed if we let them – this time though, we won’t.
 
Ask those that scoff what they offer as an alternative – refinancing the Americans is a very large step towards the abyss, in addition there is no queue of potential purchasers.
 
Supporters are the solution. We’ve always been the solution. On Sunday, let’s show them that.
 
No To Refinance – Finance The Fans

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Refinance

Question by gmoney: What is the difference between streamline refinance vs regular refinance on fha loan?
My husband and I were recently married, we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either?

Best answer:

Answer by Caveat Emptor
The FHA Streamline refi option is available to those with existing FHA loans in good standing. The conditions are that you can refi for the existing loan balance only (no cash out) and the new loan payment must be lower than the current payment. It is “streamlined” because there is no requirement for a new appraisal and no LTV requirement. The closing costs can be paid in cash or folded into the new loan balance.

What do you think? Answer below!

Refinance

The credit rating agency said the amount of debt refinancing facing rated corporate issuers in Australia should be “manageable,” provided the sector continues to demonstrate “proactive management” of its debt maturities.

“We consider that the amount – although significant – is currently manageable within the ratings,” Moody’s Senior Vice President Terry Fanous said in a statement on Monday.

“The bulk of the refinancing will be carried out by investment grade issuers with solid balance sheets which are more resilient than others in the corporate sector”.

His comments come after Moody’s released a report on the refinancing needs of the Australian corporate sector showing why ratings are unlikely to be pressured by the upcoming refinancing exercises.

The report notes that for 2011-2013, on an annual basis, the amount of maturing debt is not “materially higher” than that raised in recent years.

Moody’s says the bulk of maturing debt resides with investment-grade issuers which continue to show an ability to access the debt markets.

Several issuers have prefunded maturing debt or have sufficient liquidity to deal with maturing debt.

Moody’s said many Australian corporate issuers have been exhibiting a more active management of their debt by undertaking refinancing initiatives well ahead of maturity dates and prudent capital management by many issuers resulted in higher liquidity.

“Because of these initiatives, the majority of corporate issuers now have sufficient liquidity to cover their maturing debt in  2011,” Mr Fanous said.

Moody’s expects continued issuance of debt securities throughout  2011.

It also warned that issuers should remain “proactive” in refinancing upcoming debt maturities and have in place committed back-up liquidity to deal with unexpected events.

— ”s site,
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Refinance

MML’s Summer Minnick and Howell City Manager Shea Charles Testify on Municipal Bond RefInancing Bill Package


Image by Michigan Municipal League (MML)
The Michigan Senate Finance committee Thusday, Nov. 4, 2010 took testimony on a package of bills that the League has been pushing for a couple of years. The League’s Summer Minnick, Director of State Affairs for the League, testified along with Shea Charles, City Manager of Howell and Chair of the League’s Municipal Finance committee as well as Beach Hall, Mayor of Rogers City on the importance of these bills. The bills, HBs 5550 – 5554 would, generally speaking, allow local communities the opportunity to refinance existing non-voted debt in order to better handle challenging fiscal times. Many communties have expressed an interest in these bills and the committee hearing is a great step forward in this process. The bills have already passed the House. There was a substitute adopted that made minor changes to the approval process and we now are optimistic that the bills will be passed at the next Senate Finance committee next week. This is one of the League’s lame duck priorities and we are hopeful we can get the legislature to provide some tools for struggling municipalities before the end of this session! For more about the League and what we do go to mml.org. For additional blog posts by Summer Minnick and other League staff go here: www.mml.org/advocacy/inside208

Refinance

The Home Affordable Refinance Program had been set to expire June 30. HARP, as it’s known, will now continue through June 2012.

With 30-year fixed-rate mortages below 5%, the level they have inhabited much of the past two years, that may provide an attractive option for some homeowners.

One catch is that they can’t be too underwater — their Fannie Mae or Freddie Mac mortgages can be no larger than 125% of the value of their homes. They also must be current on their loan payments.

When HARP was announced in March 2009, the intent was to provide up to 5 million replacement loans to homeowners on more favorable terms.

That proved unattainable, as did the goal of the sister plan known as Home Affordable Modification Program. HAMP, as it’s called, initially aimed at modifying the terms of existing loans to help up to 4 million homeowners avert foreclosure.

While far off the ambitious early marks, Fannie Mae and Freddie Mac had provided 621,803 refinance loans under HARP as of Dec. 31, 2010, compared to 579,650 permanent modifications provided by HAMP.

The HARP program initially was designed to handle loans amounting to 80% to 105% of the value of the home. But as property values plunged, putting millions of homeowners further underwater on their mortgages, the loan-to-value ratio was increased to 125%.

In addition to extending the program for a year, Freddie Mac will exempt HARP loans from certain recently announced increased fees, according to Fannie Mae and Freddie Mac’s overseer, the Federal Housing Finance Agency.

The FHFA also said that Fannie Mae is changing its previous eligibility cutoff of Jan. 1, 2009, to May 31, 2009, meaning another five months of loans may be considered for a HARP refinance.

Additional information on the refi program is available in FHFA’s Fourth Quarter 2010 Foreclosure Prevention & Refinance Report, and at www.MakingHomeAffordable.gov.

RELATED:

Bank of America offers mortgage relief for military

California Realtors push for easier short sales

– E. Scott Reckard

Images: The Federal Housing Finance Agency regulates mortgage finance giants Fannie Mae and Freddie Mac, which were made wards of the government during the financial crisis.

— ”s site,
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Refinance

Poco Dinero


Image by The Ardvaark
A mortgage refinancing junk mail flyer in Spanish, courtesy of my Hispanic last name.

Refinance

The mostly party-line vote, 256-171, came despite a White House veto threat against the measure.

The bill killing the Federal Housing Administration Refinance Program stands scant chance of reaching President Barack Obama’s desk because its fate in the Democratic-run Senate is dim. Even so, the measure and three similar bills to soon follow underscore the House GOP’s desire to slash the size of government at a time when annual budget deficits have surged past $ 1.6 trillion.

“The people have sent us a message. They said don’t spend us into financial oblivion,” said Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee. He called the refinance program “a poster child” for programs that are too numerous and don’t work.

Democrats said the program is helping people stay in their homes at a time when nearly 1 in 4 households with home mortgages are underwater — that is, with homes worth less than their purchased price. They accused Republicans of preferring to spend money on farm subsidies and to help the governments of Iraq and Afghanistan, not for domestic problems.

“It’s part of the ‘so be it’ attitude,” said Rep. Carolyn Maloney, D-N.Y. She described the GOP’s attitude as, “You’re on your own. We’re not going to help you.”

The White House threatened a veto on Tuesday, saying the program would help stabilize the housing market.

The refinance program started last year and has so far helped 63 underwater homeowners convert their mortgages into more affordable FHA-insured loans, according to Housing and Urban Development Department figures. It is backed with $ 8.1 billion from the $ 700 billion federal financial bailout of 2008 — money that would only be spent if one of the newly refinanced mortgages falls into default.

The House is likely to approve another measure on Friday erasing a $ 1 billion program supplying loans for homeowners who have lost their jobs or become seriously ill.

A third House bill would end the Home Affordable Modification Program, Obama’s chief thrust against foreclosures. A fourth gives money to states and local governments to buy and refurbish abandoned and foreclosed properties.

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Refinance

Question by MikeyJ: Refinance?????
I have heard that mortgage rates are really low right now. Does that mean that it would be a good idea to refinance my mortgage in order to get a lower rate? How do I do the math to figure out if it would be worth it or not? Are there any hidden costs or fees in a refinance?

Best answer:

Answer by skiairplane
Yes, if you have a fixed rate now around 6% or so, they may charge you HUGE closing fees that would make up the difference if they gave you a 4% rate. I would only do it if you have great credit and/or and adjustable rate mortgage. Yes there are hidden fees which differ from lender to lender. Go with a reputable one.

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Refinance