Just a little more than half of May's HARP refinances
came from the 12 states with the highest rates of HARP participation: Florida (8.6%), Georgia (7.9%), Connecticut (7.5%), New Mexico (7.5%), Rhode Island (7.1%), Maryland (7.1%), Ohio (7%), Nevada (6.9%), Michigan (6.8%), Delaware (6.8%), Illinois (6.1%) and Arizona (5.9%).
The total volume of refinances
in the third quarter increased slightly in the quarter, while HARP loans were down modestly.
knows exactly what information borrowers should know in order to make an informed decision of whether or not to refinance
their home loan.
Mechel OAO (NYSE:MTL), a Russia-based metal mining company, has announced entering into agreements to refinance
short-term credit facilities.
The purpose of the refinance
was to lower the interest rates and provide capital for repairs and renovations in the future.
For conventional refinances
, be sure to do comparison shopping among lenders to find the best terms.
In recent years, rising home prices, generally falling interest rates, and a desire to convert accumulated home equity into spendable funds have combined to provide millions of homeowners with the opportunity and motivation to refinance
the mortgage on their primary residence.
For example, if grandfathered debt has 8 years remaining when the taxpayer refinances
with a new 15-year mortgage, the new loan is considered grandfathered debt for 8 years.
In Florida in November, HARP refinances
represented 56 percent of all refinancing activity in the state, according to FHFA.
Refinancing activity under the administration's Home Affordable Refinance
Program (HARP) continues to soar, with HARP loans accounting for one-quarter of all refinances
done in August.
Encouraging a borrower to breach a contract and default on an existing loan prior to and in connection with the consummation of a loan that refinances
all or part of the existing loan.
accounted for nearly 60 percent or more of total refinances
in states hardest hit by the housing crisis--including Nevada, Arizona and Florida--compared with 27 percent of total refinances
The homebuyer would pay the 5 to 7 percent back to the State Department of Finance when he or she sells or refinances