I have discussed the use of Virginia’s auto-subordination provision in previous articles. There, I shared the lending industry’s new acceptance of the statue which has existed since July 1, 2000. I also outlined the provisions under which the auto-subordination can be utilized. This included a limit of $150,000 (as of July 1, 2001) or less…
Category Archives: Refinancing
Float Down from Low Rates to the Lowest Rates
Mortgage interest rates were low. Then they went lower! Several weeks ago I was able to “float down” four different loans that were approved and awaiting closing or that were in some state of lender compliance or underwriting. That means lower rates and payments for our borrowers. Some of these borrowers received a rate that…
Too Many Miss Out on Refinance Opportunity
About 2.3 million homeowners could have refinanced their mortgages last year if they didn’t owe more than their homes were worth or if lending standards weren’t so strict, according to a Federal Reserve study released last fall. AP About 2.3 million homeowners could have refinanced their mortgages last year if they didn’t owe more than…
Virginia’s Auto Subordination Rules Are Being Accepted by Industry
The ice dam in Virginia’s world of mortgages is beginning to break up and melt. Fear is receding and sanity is once again showing up on the horizon. Auto-Subordination Lenders are beginning to embrace the Virginia Code Section § 55-58.3 entitled “Priority of Refinance mortgage over subordinate mortgage”. This will make refinancing for borrowers who…
Do Mortgage Rates Bottom and Go Up or Stay Low?
Two items of consequence happened this past week. The first was Freddie Mac’s acknowledgement that showed “average mortgage rates dropping to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows ” (emphasis is mine). The other notable…
Hey Consumers! Want to Save $63 Billion?
Consumers could possibly save upwards of $63 billion a year if Fannie Mae and Freddie Mac participate in a workable refinancing program for underwater borrowers, according to Moody’s Investors Service. “Clearly, not all of these savings would be realized, but even a fraction would be a big plus,” Moody’s said. Putting even half of that…
With Lower Rates Why Aren’t You Refinancing?
Besides providing mortgages I give my borrowers insights, tips and tricks. I am always curious and want to know what my customers are interested in and the information they are seeking. Knowing your concerns lets me help you better achieve your financing goals. With this in mind I checked in with Google trends. As mortgage…
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