Today's Mortgage News

New Mortgage Fees go into effect on Monday, January 12th

New Fannie Mae Loan Fees Target Condo Buyers, Among Others

You'll Get The Best Mortgage Rates If You Watch Certain Patterns

Explaining The Federal Reserve In Plain English (December 16, 2008)

How To Shop For Mortgages In A "Vacation Week"

Sure, Mortgage Rates Are Lower, But Mandatory Fees Are Not

THE HOT LIST
    Top Programs for 2009   

1) Cash Out Refinance - this program tops the chart as consumers take advantage of the lowest mortgage rates in history.  Most borrowers are using this opportunity to make home repairs, consolidate higher interest debts and reworking their debts to increase their monthly cash flows.

2) Rate/Term Refinance - Coming in at a very close 2nd, those borrowers that have little to no debt outside of their current mortgage are choosing a simple Rate/Term refinance to reduce the interest expense on their mortgages. Typical rule of thumb to refinance is the following:

• Balance below $75,000 - you need to decrease your rate by 2.00% or know that you will be in your home at least ten years.
• Balance between $75,000 and $150,000 - you need to decrease your rate by 1.50% or know that you will be in your home atleast 5 years.
• Balances between $150,000 and $200,000 - decrease rate by 1.50% or know that you will be in your home for atleast 4 years.
• Balances above $250,000 - you can lower your rate by 1.00% and see significant savings if you plan to be in your home over 2 years.