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With the recent decline in interest rates, we are in the midst of what market forecasters are calling a mortgage refinance “boom.” One study by Black Knight estimated that, as of July 2019, nearly 8 million homeowners were eligible for a mortgage refinance. If you own your...

Regulators have removed the appraisal requirement for some homes valued under $400,000. While this new rule impacts many types of loans, it’s important to note that not all loans will be affected. Loans that are guaranteed or insured in part, or entirely, by a government agency are...

Lower interest rates have historically given homeowners the green light to refinance their homes in order to lower their monthly payments. Even if you think you have a great rate already and won't benefit from refinancing your mortgage, you may be mistaken. There is a...

This spring, a key housing index fell to a record low amid the COVID-19 pandemic. Much to the surprise of many, the market bounced back impressively thanks to consumer confidence and ultra-low interest rates. Fannie Mae’s Purchase Sentiment Index fell 29.5 points in March and April but grew...

With the COVID-19 emergency, home sales were not expected to flourish. That was not the case in April as new home sales rose by 0.6 percent, according to the U.S. Census Bureau and the Department of Housing and Urban Development. March sales revisions were a factor, and the estimated...

As a last resort, loan holders may decide to ask their lenders to grant forbearance when they are unable to make a mortgage payment. A forbearance is a reprieve to borrowers from making any payment until an agreed-upon time. It is not, however, loan forgiveness. Nor...

The financial turmoil sparked by the coronavirus outbreak has one upside for homeowners: Cash-out refinancings are spiking along with overall refinancings, as borrowers rush to take advantage of mortgage rates that are down significantly from a year ago. The practice, known as a cash-out refinance, allows...

You may have heard about it, but as a first-time homebuyer, you may have questions about private mortgage insurance (PMI). Let’s start with who pays for it. The most common arrangement is for the borrower to include PMI payments in their monthly mortgage. You’ll learn about this...