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Refinancing

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REAL_ESTATE
January 26, 1992 | By David I. Turner, INQUIRER STAFF WRITER
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.
REAL_ESTATE
April 19, 2002 | Daily News wire services
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.
NEWS
September 25, 1992 | By Jacqueline L. Urgo, INQUIRER CORRESPONDENT
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.
NEWS
December 13, 1992 | By Stephanie Grace, INQUIRER CORRESPONDENT
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.
BUSINESS
October 14, 1991 | by Randolph Smith, Daily News Staff Writer
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?
REAL_ESTATE
February 28, 1992 | By Robert J. Bruss, SPECIAL TO THE INQUIRER
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.
BUSINESS
May 17, 2012 | Inquirer Staff Report
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.
NEWS
August 27, 1992 | By Christopher Durso, INQUIRER CORRESPONDENT
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.
REAL_ESTATE
January 19, 1992 | By David I. Turner, Inquirer Staff Writer
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.
BUSINESS
April 22, 1987 | By ROBIN PALLEY and KEVIN HANEY, Daily News Staff Writers
Fashion designer Albert Nipon, whose manufacturing plant closed its doors abruptly yesterday morning, has renegotiated his bank debt and plans to reopen the North Philadelphia facility by Friday, a company spokesman said. "Let's not call it a happy ending. Let's call it a happy beginning," said Larry Nipon, company president and Albert Nipon's son. Early yesterday, Larry Nipon had talked of the company's uncertain future after a consortium of three banks - Meridian, Hapoalim and Fidelity - pulled the plug on the family firm's line of credit.
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BUSINESS
March 23, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
Continuing low interest rates for 30-year mortgages - now hovering at 3.75 percent - may be sparking a new wave of refinancing. Interest in refinancing is created by the power of suggestion - when a homeowner sees opportunity, said Jerome Scarpello of Leo Mortgage Inc., in Ambler. "I took an application last week, and the borrower said, 'My brother told me rates are down, and this is a good time to refinance,' " Scarpello said. Another borrower applied for a 20-year term - lowering the duration of the mortgage as well as the interest rate, he said.
BUSINESS
January 28, 2015 | By Amy S. Rosenberg and Harold Brubaker, Inquirer Staff Writers
It didn't take long for the massive downgrade of Atlantic City's debt last week by Moody's Investors Service Inc. to have an impact on the city's finances. Atlantic City's revenue director, Michael Stinson, said Monday that the city might have to change gears on the refinancing of $12.8 million in debt due next Tuesday. "It may become a negotiated sale rather than a competitive sale," Stinson said, as consequence of the Moody's downgrade on Friday. "It's another complication in the whole situation.
REAL_ESTATE
August 25, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
Every time someone blames rising interest rates for tamping down home sales in a particular month, I find myself quoting Prudential Fox & Roach vice president Joanne Davidow: "I sold more houses when rates were at 8 percent than at 6 percent," she told me many years ago, "and the difference was consumer confidence. " Real estate is a roller-coaster ride. It offers no guarantees. Sales numbers are never the same every month, and neither are prices. They go up, they go down, often inexplicably, even though the experts still manage to come up with reasons.
BUSINESS
August 4, 2013 | By Harold Brubaker, Inquirer Staff Writer
The Archdiocese of Philadelphia on Friday published audited financial statements for 15 education, social-services and health-care entities with aggregate revenue of $408 million in the year ended June 30, 2012. The disclosures, building on a newfound openness about its financial state, did not include any balance-sheet bombshells like those in last month's report on the archdiocese's central financial office. That July 3 report showed a $39.2 million loss for fiscal 2012. The archdiocese's chief financial officer, Timothy O'Shaughnessy, added details on $350 million in long-term financial gaps.
NEWS
April 24, 2013
DO YOU HAVE refinance envy? Come on, you can admit it. You've been at an event or lunch with co-workers and someone brags about the interest rate she just got when refinancing her mortgage. You stay silent, grieving that you can't take advantage of the low interest rates for mortgages. You grumble when you read news stories like this one from the Associated Press on Thursday: "Average U.S. rates on fixed mortgages fell closer this week to their historic lows, making homeownership more affordable and refinancing more attractive.
NEWS
June 22, 2012 | By Matt Katz, Inquirer Trenton Bureau
Arriving days after legislators were promised a detailed cost estimate of the proposed overhaul of New Jersey's system of higher education, a new Christie administration analysis indicates that the proposal could save money in the long run. The "fiscal note" from the Department of Treasury is the most comprehensive analysis to come from advocates of the plan. Dated Thursday and addressed to the nonpartisan Office of Legislative Services, it was obtained Wednesday night by The Inquirer.
BUSINESS
June 4, 2012 | Reid Kanaley
Refinancing is making up the majority of new mortgages right now, and with mortgage rates at historic lows, you may be thinking of jumping into the pool. These sites offer guidance. Ask the "mortgage professor. " The details of refinancing — and options that many borrowers never get to hear about — are explored here. Example: Instead of getting a new mortgage, would your current mortgage holder modify your existing loan by lowering the rate? Who would even know to ask?
BUSINESS
May 17, 2012 | Inquirer Staff Report
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.
BUSINESS
April 25, 2012 | Joe DiStefano
Government-owned, taxpayer-funded trash-to-energy plants in Harrisburg and Camden County have fallen many millions below the financial projections of the people who sold them years ago. It's not that ugly in Montgomery County, but even there, towns are burning less trash than expected: Moody's Investors Service this week cut its credit rating for Montgomery County Industrial Development Authority's $34 million 2002 bond issue, which is...
NEWS
March 23, 2012 | By Joseph Tanfani and Mark Fazlollah, Inquirer Staff Writers
The son of U.S. Rep. Chaka Fattah, whose political-consulting business is already under FBI investigation, has been sued for failing to repay a $56,000 bank loan. Chaka Fattah Jr. received the loan Dec. 30 from United Bank, apparently a refinancing of another United loan from earlier in the year, bank documents show. But he failed to make any payments, according to the suit, and the bank filed its collection case just 12 days after the FBI served search warrants at a law office where Fattah Jr. worked and at his apartment in the Residences at the Ritz Carlton in Center City.
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