Black Knight says millions of borrowers still have time to refinance

New data from Black Knight shows that more homeowners took advantage of current low mortgage rates over the last year to refinance and save money. However, it said there are around 5.9 million homeowners who’re yet to do so. Black Knight defines a refinance candidate as any 30-year fixed-rate mortgage holder with a maximum 80%

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FHFA to allow desktop appraisals permanently

The Federal Housing Finance Agency has opted to make desktop appraisals permanent, having first introduced them as a temporary measure in March 2020. Desktop appraisals, as the name suggests, are an appraisal of a home’s value that’s done entirely at the appraiser’s desk. So there’s no traveling to the home, no inspection, no measuring. Rather,

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Many homeowners regret not refinancing earlier, survey finds

A large number of homeowners have expressed regret that they missed out on the 2020 refinancing wave, which saw many take advantage of record-low interest rates to reduce their monthly mortgage payments. A new survey from LendingTree found that 36% of homeowners who missed the chance to refinance say they regret not doing so. Many

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Report: Refinance is helping to prevent foreclosures

CoreLogic says its research shows that low mortgage rates are helping to keep elevated delinquencies in check. “Our analysis of CoreLogic public records shows that more than one-half of all home mortgage loans created since the onset of the pandemic have been no-cash-out refinance,” Frank Nothaft, chief economist at CoreLogic, told Mortgage News Daily. “By

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Black Knight: More than 19 million could benefit from refinancing

With mortgage rates still at record lows, many homeowners are in a position to save hundreds of dollars a month on their mortgage payments. Black Knight, a mortgage technology and data provider, said this week that it believes a record number of homeowners – some 19.4 million in all – are now eligible to refinance

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Study finds that 75% of homeowners could reduce their mortgage payment through refinancing

With the 30-year fixed-rate mortgage at an all-time low, the pool of homeowners that could benefit from refinancing and lower their monthly mortgage repayment has increased dramatically, experts say. In fact, some 75% of homeowners, or around 19.3 million, could benefit, according to data from mortgage software and analytics firm Black Knight. That’s the largest

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HUD rule changes make it harder to obtain a cash-out refinance loan

The Department of Housing and Urban Development last week imposed limitations on cash-out refinances that will make it more difficult for homeowners to cash in on the equity they’ve built up in their homes. The HUD said on Thursday it’s lowering its loan-to-value requirements for cash-out refinances from 85% to 80%. The move means that

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Wise and Not So Wise Refinancing Choices

With homes steadily and rapidly appreciating in value for several years, refinancing is alive and well, even if it isn’t in the news very frequently. A blast form the past – cash-out refinancing peaked in 2006, when homeowners cashed out $320.5 billion in total home equity volume, according to Freddie Mac’s Cash-Out Refinance Report. Then the

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5.9 million homeowners could benefit from refinancing

The recent fall in mortgage rates won’t just benefit those looking to buy a home, but also those who’ve already purchased a property, should they decide to take advantage and refinance, experts say. Around 5.9 million borrowers in the U.S. could see their mortgage rates fall by at least 75 basis points if they decide

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Ginnie Mae warns against repeated refinancing

Although many lenders continue to advocate the apparent benefits of refinancing on a mortgage, Ginnie Mae has come out with advice to the contrary, suggesting that repeated refinances could actually be harmful to many borrowers and investors. Ginnie Mae, which is a government-backed entity similar to Fannie Mae and Freddie Mac with a focus on

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