January 26, 1992 |
The rush to refinance home mortgages will not only continue well into 1992, it is likely to accelerate, according to the Mortgage Bankers Association of America. Last year, 1.5 million homeowners refinanced their mortgages, and 3 million are expected to do so in 1992, the trade group said last week. Those estimates, for all mortgage lenders, are based on the MBA's weekly survey of about 20 large mortgage companies. The trade group said it was taking an average of 50 days from application to closing a loan, up from 30 days before the current boom in refinancing started.
April 19, 2002 |
Refinancing your mortgage? Fine, but time it right. Getting your house reappraised so you can cancel private mortgage insurance? Good idea, but call the lender before calling an appraiser. If you don't attend to details and communicate with the lender, you could waste money, from a little to a lot. Here is a little-known way that you can trip up - and how to save money or avoid spending it needlessly. When you refinance your mortgage with another lender, you almost always pay at least a day or two of overlapping interest on both loans.
September 25, 1992 |
The Lumberton school board is hoping to save $1.1 million by taking advantage of lower interest rates and refinancing its lease-purchase agreement on the district's two-year-old Middle School on Eayrestown Road. David Thompson, president of Cypress Securities of Cherry Hill, said yesterday that his company was acting as the underwriter on a transaction to change the interest rate the district is paying on its certificates of participation, which are similar to bond notes, from 7.7 percent to 5.25 percent.
December 13, 1992 |
Township residents will have the chance to follow the lead of homeowners nationwide Tuesday when they vote on whether to cash in on lower interest rates by refinancing $17.1 million in school bonds. Officials estimate that if the measure passes, the township could save between $6 million and $7 million over the next 17 years. In 1990, the township borrowed $19 million to pay for renovations and additions to the high school, the middle school and three elementary schools - work that is now largely complete.
October 14, 1991 |
Hurry. It's time to save big bucks by refinancing your home mortgage. Quick, grab the newspaper or loan guide and find the lowest interest rate. That's the key to saving the most on monthly payments. But homeowners who only study rates could be in for a rude surprise. They might end up with a 1-year adjustable rate mortgage at 5.5 percent interest. On a $100,000 ARM loan, the monthly payment would be only $568, or $200 less than a fixed-rate loan at 8.5 percent. Great deal, huh?
February 28, 1992 |
The interest rate on my home mortgage is above 11 percent, so I think I should refinance. But I looked into getting a new mortgage from several local lenders and I learned they want to charge me for a new appraisal (my loan is only about three years old), new title insurance and new loan fees. Is there any way I can save on these costs of refinancing? Yes. Most major mortgage lenders and finance providers, such as VA, FHA, Fannie Mae and Freddie Mac, have special "streamlined" refinancing programs.
May 2, 2010 |
I stopped at Cohen's Hardware at Fifth Street and Passyunk Avenue recently. While owner Mitchell Cohen was ringing up my hose washers, I remembered that he had e-mailed me a while back about a problem with refinancing his mortgage. "Did you ever get the refi?" I asked. He wondered how I knew, so I identified myself. Cohen said he was, indeed, able to refinance his home loan, but it wasn't easy, even for an established businessman who pays loans, bills, and suppliers regularly and on time.
May 17, 2012 |
Continuing declines in fixed interest rates prompted a 9.2 percent increase in mortgage applications last week, the Mortgage Bankers Association reported Wednesday. Most of the increase came, however, from refinancing. The percentage of loans for refinancing increased to 74.9 percent from 72.1 percent the previous week. The percentage of mortgages for buying a house fell 2.4 percent from the previous week. Fewer adjustable-rate loans were originated last week, falling to 5.4 percent from 5.7 percent of all applications.
August 27, 1992 |
The Marple Newtown school board will vote tonight on the refinancing of the district's two existing bond issues and the borrowing of additional money for capital improvements. The district now maintains about $6.5 million in debt from two bond issues underwritten in 1986 and 1989 by Dolphin & Bradbury Inc., a Philadelphia investment firm. Officials had expressed interest in June in refinancing the issues at an interest rate lower than the 6.7 percent existing rate and borrowing an additional $1.5 million, and asked Dolphin & Bradbury to prepare several bond-restructuring proposals.
January 19, 1992 |
The rush to refinance home mortgage loans has grown so hectic that some lenders have temporarily stopped accepting applications, at least for some kinds of loans. And many of the lenders that are still taking applications are unable to schedule appointments with borrowers as quickly as they normally would, and they're taking longer to approve loans. "We've been swamped," said Gary Gordon, vice president and manager of the mortgage banking department at Main Line Federal Savings Bank.