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04/26/09
Mortgage Market Update 04.26.09
Filed under: General, Mortgages
Posted by: Lillian Wong @ 3:40 pm

Mortgage rates held steady over the last week as homeowners continued to apply for refinancing.  According to the Mortgage Bankers Association, four of five mortgage applicants are homeowners seeking to refinance with today’s low rates.  However, a lot of these potential borrowers end up deeply frustrated by high fees and confusing rules.

 

The fees can add up depending on your fico score, your equity position, your property type, your loan amount, and if there is a second mortgage.  These are extra add-ons in addition to the lender’s origination charges, the appraisal fee and other costs.

 

Also, borrowers with mortgage insurance are being told that they can’t refinance yet under the Obama administration’s Making Home Affordable Plan because the mortgage insurance companies have not implemented the Obama plan yet.  The problem seems to be a lack of communication and system upgrade delays among lenders, mortgage insurance companies, Fannie Mae and Freddie Mac, and the federal government.


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