Fannie Mae chair warns against cash-out refinancing

Housing industry experts have been pretty vocal about the benefits of refinancing a mortgage lately, saying homeowners can benefit from current low interest rates to save potentially hundreds of dollars a month on their loan repayments. But Sheila Bair (pictured), chair of the board of directors at Fannie Mae this week warned that refinancing is

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5 Different Kinds Of Loans And Their Benefits

It’s a huge commitment to take out a loan. Since loans vary in their repayment schedules and interest rates, it’s crucial to know which kinds of loans are the most ideal for you. Most loans are either unsecured or secured. Secured loans are tied to collateral, which is something that may be reclaimed by the

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Borrowers turn to credit unions as banks tighten up on lending

Lending from credit unions is growing as borrowers seek out more options to finance their home purchases. Between the end of 2019 and September 2020, membership of credit unions increased by 2.8%, or 3.37 million, and total membership now totals 125.11 million, according to a report by CNCB. Moreover, credit unions’ loan portfolios have grown

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Now is the best time to secure a mortgage, study finds

Home buyers should move quickly if they want to lock in the best possible terms on their mortgage, as the winter months typically see lenders providing much better deals on their loans. A new study by home finance startup Haus found that lenders typically offer discounts of up to 20 basis points in January compared

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Buyers are coming up with bigger down payments than ever before

As would-be buyers struggle to compete against each other due to a tigher-than-ever supply of available homes to buy, some are upping the ante by putting down larger down payments

5 Tips for Finding the Best Home Loan

Finding the home loan that best fits your needs probably isn’t the same as it is for your brother in-law, your office water cooler buddy, or even the loan originator that your real estate agent recommends.

JP Morgan Agrees to Settle Mortgage Discrimination Lawsuit

According to an article in Reuters, JP Morgan Chase & Co has agreed a $55 million settlement for a US Justice Department lawsuit. This lawsuit accused the company of discriminating against minority borrowers, allowing mortgage brokers to charge

Why Flexible Interest Rates Attract Home Loan Seekers

A number of banks and financial institutions are attracting prospective home buyers with competitive interest rates and a host of added features like 0% processing fees and nil prepayment charges, making this the best time to avail a home loan.

Five million homeowners could benefit from refinancing

Although interest rates have been at record lows for the last several years, a vast number of borrowers are yet to take action by refinancing their mortgages to enjoy cheaper monthly rates, CNBC News reports.

How to Qualify for the Best Home Loan Possible

Buying a home is one of the most exciting things you will ever do. It is also likely the most expensive thing you will ever do. Odds are you will not be able to buy your home upfront and will need a home loan.

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