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Mortgage & Refinancing Information |
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Home Equity Loan - Beware of Equity Stripping Scam
The market for mortgage refinancing has been brisk during the last few years. The boom in business can be attributed to interest rates that have been at or near historic lows, and to lenders who have more money to lend now that they aren't investing in risky tech stocks anymore. Low rates and agreeable lenders are certainly good for consumers who might be interested in refinancing their home or taking out a home equity loan. Those considering such loans should be aware that the booming market for refinancing has led to increased competition among lenders. And when the competition increases, so does the number of lending scams. These days, lenders are surprisingly aggressive. It's not unheard of to have people knock on your door, asking if you would be interested in refinancing your home. Lenders that are eager to lend you money are great, provided that you are actually interested in borrowing. If you are, then you should be careful Make an effort to thoroughly investigate your lender if you do not have a previous relationship with them. A scam that is increasingly common in today's market is a lending scheme known as "equity stripping." A homeowner applies for a home equity loan, or perhaps applies to refinance their home. A lender then encourages the homeowner to borrow more money than they can afford, and perhaps "assists" by falsifying some information on the application. The lender does this with hopes that the homeowner will default on the loan. When the homeowner defaults, the lender forecloses on the property, sells the property, and keeps the home's equity as profit. This is one of many scams that can currently be found in the mortgage industry, and one that can be avoided if potential borrowers will take the time to do a bit of research before signing on the dotted line. Homeowners who are interested in refinancing their home should investigate prospective lenders before doing business with them. Contacting friends who have recently refinanced or the local Better Business Bureau would be a good place to start. Lenders who call you out of the blue or knock on your door are probably best avoided. ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
MORE RESOURCES: Refinance rates ease for Friday Bankrate.com Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you. Mortgage rates are in a free fall with no end in sight The Washington Post Global and domestic economic concerns continue to drive down mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year ... Refinance rates slide for Saturday Bankrate.com Multiple key refinance rates ticked downward today. If you're shopping for a refinance, see how your payments might be affected. Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ... Refinance rates slide for Tuesday Bankrate.com Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you. Refinance mortgage rates mixed for Thursday Bankrate.com Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected. New VA rules aimed at curbing predatory lending for cash-out mortgage refinances Bankrate.com An interim final rule on VA-guaranteed cash-out refinance loans was published on February 19 to protect borrowers from predatory lenders. The rule executes ... Answers to 9 of the Most Googled Mortgage Questions NerdWallet Mortgage questions? We've got answers to help boost your confidence when exploring your options, choosing mortgage lenders and managing your home ... Refinance Share Edged Back Down in February as Mortgage Rates Stabilized Mortgageorb The refinance share edged back down to 34% of all loans in February, down from 35% in January and down from 43% in February 2018, Ellie Mae's Origination ... Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports What is FMERR? The Freddie Mac Enhanced Relief Refinance – or FMERR – is for borrowers who want to refinance but have very little or no equity in their ... LendingTree: Homebuyers save big by shopping around for lower mortgage rates HousingWire LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% inched forward for the week ending Mar. 5, 2019. Analysis: All signs point to a housing boom ahead Chicago Daily Herald Investors have been so focused on how the Fed's dovish stance on interest rates led to a rebound in stock prices that they haven't yet digested how much this ... Refinance rates drop off for Monday Bankrate.com Multiple key refinance rates fell today. If you haven't locked a refi yet, see how your payments might be affected. Refinance rates advance for Monday Bankrate.com Several benchmark refinance rates moved higher today. See what that means for you if you're in the market for a home loan. LendingTree: Number of mortgage borrowers receiving interest rates under 5% rises HousingWire LendingTree's latest Mortgage Rate Competition Index revealed that the number of mortgage borrowers with interest rates under 5% inched forward for the week ... Ellie Mae: Millennials' interest in mortgage refinance spikes HousingWire In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages. In fact, according to Ellie Mae's latest ... Refinance rates drop for Saturday Bankrate.com Several benchmark refinance rates fell today. See what that means for you if you're in the market for a mortgage. LendingTree: Fewer homebuyers received mortgage rates under 5% last week HousingWire LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% reversed course, inching backwards for the week ... Why out-of-control bubble-era mortgages still threaten to smash major U.S. housing markets MarketWatch The 2004-07 bubble era in U.S. housing markets was a time of utter madness. Much has been written about it, but almost nothing has been said about the ... LendingTree: This is how much homebuyers could've saved on their mortgages HousingWire Last week, the share of borrowers with rates under 5% grew moderately larger. According to LendingTree's Mortgage Rate Competition Index, borrowers with ... Paul Manafort charged with committing residential mortgage fraud — which is more common than you’d think MarketWatch Mortgage fraud risk has risen substantially in recent years as refinance activity has dried up for lenders. All Signs Point to a Housing Boom Ahead Bloomberg Just as many millennials enter their home-buying years, the labor market is strong and interest rates are low. Mortgage-backed securities may lag in Fed pivot to Treasuries National Mortgage News Mortgage-backed securities may perform worse than government bonds in the coming months after the Federal Reserve said it plans to move more of its debt ... Mortgage Rates Continue to Drop in 2019: A Good Time to Buy? Home Buying Institute According to the latest survey conducted by Freddie Mac, mortgage rates continue to drop. They have fallen steadily thus far in 2019. US Mortgages – Rates Slide Again, While Demand Rises FX Empire Mortgage rates fell by 3 basis points to 4.28% in the week ending 21st March. The latest reversal saw mortgage rates continue to fall to the lowest level since the ... Mortgage rates increase for Friday Bankrate.com Multiple benchmark mortgage rates floated higher today. If you're shopping for a home loan, see what that means for you. Key mortgage rates mixed for Monday Bankrate.com Mortgage rates were mixed today. The average for a 30-year fixed-rate mortgage held steady, but the average rate on a 15-year fixed dropped. On the ... Report indicates financial woes at former Franklin Mills mall Philly.com A loan backed by the former Franklin Mills mall in Northeast Philadelphia has been assigned to a company that manages troubled commercial mortgages — a ... Mortgage Rates Are Down – but Is the Housing Market Looking Up? Knowledge@Wharton Is it time to cheer for aspiring home buyers or existing homeowners looking to refinance their home loans? Mortgage rates fell for the third consecutive week on ... Shopping center firm Retail Value Inc. lands $900 million loan Crain's Cleveland Business Retail Value Inc., the public company that Beachwood-based SITE Centers Corp. formed last year to shed properties, has secured a $900 million loan to ... Mortgage rates today, February 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Average mortgage rates rose very slightly yesterday. So slightly, indeed, that your lender may not have bothered adjusting yours, although it may have slightly ... Mortgage rates fall for Monday Bankrate.com Several key mortgage rates slid lower today. The average for a 30-year fixed-rate mortgage decreased, but the average rate on a 15-year fixed were higher. Mortgage rates just tanked thanks to the Fed – and they could go even lower CNBC The move in mortgage rates followed Fed Chairman Jerome Powell's announcement that the central bank would end the so-called runoff of bonds from its ... Mortgage Rates Lowest in a Year: Top 4 Housing Picks Zacks.com The housing space looks promising as mortgage rates drop to the lowest level in a year. 2019 home buying season tilts toward buyers The Daily Herald Spring is here, which means peak home buying season is right around the corner. Although it varies from place to place, generally most people start shopping ... Kroll says some banks are rethinking viability of mortgage lending business HousingWire The mortgage industry has witnessed very few mergers and acquisitions in the last year, despite what Kroll Bond Rating Agency calls a “fertile environment” for ... Mortgage refinancing spree becomes a race against the clock Bankrate.com Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ... Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind. Report: Homeowners gained nearly $10K in home equity last year | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Home price growth might be slowing, but homeowners are still gaining serious equity in their properties, According to new data, the average homeowner saw ... Mortgage refinance applications hit 18-year low CNBC Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ... 5 Signs It's Time To Refinance Your Mortgage Forbes You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ... Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ... New rapid mortgages allow closings in as few as 8 days Bankrate.com Some lenders are drastically cutting closing times which, they say, provides an edge in competitive markets. Loandepot is offering what may be the fastest ... TFS Financial (TFSL) Downgraded by BidaskClub to Hold Fairfield Current BidaskClub lowered shares of TFS Financial (NASDAQ:TFSL) from a buy rating to a hold rating in a research note released on Friday. Separately, Zacks ... Defying Mortgage Delinquency Trends DSNews.com While mortgage delinquencies continue to drop, February appears to have been an outlier. What made February's delinquencies climb? Consumers should soon see benefit of Fed's patience on rates telegraphherald.com NEW YORK — So much for those worries about rising interest rates. Jumbo Mortgages Are Slowing Down, Testing Banks’ Postcrisis Playbook The Wall Street Journal High-end home buyers are turning cautious, a blow to banks that refocused their mortgage businesses around wealthy borrowers in the years after the financial ... Young lawmakers drive conversation on reducing student debt Philly.com The Higher Education Lending Protection, or HELP, Act would target about 28000 borrowers struggling with high-interest student debt. That's a small slice of the ... What to consider before determining whether to refinance your mortgage Washington Post REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ... Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ... Fixed mortgage rates are diving. Here’s where to get the best deals The Globe and Mail Payment burdens are easing for hundreds of thousands of borrowers. The main reason to refinance your mortgage: Save money Chicago Tribune A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction. How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ... Is it okay to apply with more than one mortgage lender at the same time? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you're worried about getting approved for a home loan, or getting the lowest possible rate, you might apply with more than one mortgage lender. But that ... Refinance mortgage rate moves lower for Wednesday Bankrate.com Refinance rates were mixed, but one key rate trended down. If you haven't locked a refi yet, see how your payments might be affected. Refinance mortgage rate slides for Friday Bankrate.com Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate. Refinance mortgage rates mixed for Tuesday Bankrate.com Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you. Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates have been falling since November, but the American consumer is just now noticing. A mini refi boom has started as homeowners are starting to ... How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ... Refinance mortgage rate advances for Tuesday Bankrate.com Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate. Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ... Refinance mortgage rate moves higher for Monday Bankrate.com Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected. Refinance mortgage rate dips for Tuesday Bankrate.com Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected. Factors to weigh when considering whether to refinance your home Washington Post Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ... Refinance mortgage rates mixed for Saturday Bankrate.com Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage. Refinance rates decline for Thursday Bankrate.com Several benchmark refinance rates decreased today. See what that means for your refinance. Mortgage applications fall, as refinancing hits 20-year low CNBC A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week. Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected. Refinance mortgage rate falls for Friday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected. Mortgage refinance applications decline to 18-year low: MBA National Mortgage News Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers ... Credible Expands Their Marketplace Into Mortgage Refinancing Lend Academy Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ... Should You Refinance Your Mortgage? Forbes Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ... Refinance rates retreat for Monday Bankrate.com Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected. Refinance mortgage rate rises for Thursday Bankrate.com Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you. Refinance rates fall for Wednesday Bankrate.com Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you. Refinance rates advance for Saturday Bankrate.com Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected. Refinance rates tick higher for Monday Bankrate.com Multiple closely watched refinance rates moved higher today. If you're in the market for a home loan, see how your payments might be affected. Refinance rates tick lower for Thursday Bankrate.com Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage. Refinance mortgage rate ratchets higher for Thursday Bankrate.com Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected. Refinance mortgage rates mixed for Friday Bankrate.com Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you. Refinance rates hold steady for Friday Bankrate.com Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage. Refinance rates tick higher for Tuesday Bankrate.com Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate. Refinance rates ratchet higher for Friday Bankrate.com Multiple key refinance rates trended upward today. See what that means for your refinance chances. Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First Forbes Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ... With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls. Refinance mortgage rate falls for Tuesday Bankrate.com Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected. How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ... Refinancing activity in the US just plunged to the lowest level in over a decade Business Insider Refinancing activity plunged to the lowest level since 2000 as interest rates rise. Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance Bankrate.com As the partial government shutdown drags on with no end in sight, furloughed federal workers are faced with mounting financial obligations and a variety of relief ... Refinance rates increase for Saturday Bankrate.com Multiple benchmark refinance rates moved higher today. See what that means for your refinance chances. 5 Terrible Reasons to Refinance Your Mortgage MoneyWise.com Mortgage rates have been going up, so time may be running out if you're looking to refinance your home at an attractive rate, to lower your mortgage costs or... Refinance rates move up for Thursday Bankrate.com Several closely watched refinance rates advanced today. If you're in the market for a mortgage, see how your payments might be affected. Best cash-out refinance lenders 2019 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports If you want to pull equity out of your home in 2019, check out this list of best cash-out refinance lenders. Because mortgage rates and costs for cash-out ... Cash-out refinance for renovation: Increase your home equity | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Considering a cash-out refinance for renovation? Here's what you need to know about options for financing home improvements. Refinance mortgage rate slides for Thursday Bankrate.com Refinance rates were mixed, but one key rate declined. If you haven't locked a refi yet, see how your payments might be affected. Refinance mortgage rate eases for Thursday Bankrate.com Refinance rates were mixed, but one key rate dropped. If you're in the market for a mortgage, see how your payments might be affected. Refinance mortgage rate moves up for Friday Bankrate.com Refinance rates were mixed, but one key rate moved higher. If you're in the market for a mortgage, see what that means for you. When Is a Cash-Out Refinance Loan a Good Idea? U.S News & World Report Money Tapping the equity in your home to get cash can be a smart move, but only if the cash is used for the right purpose. Refinance mortgage rate advances for Thursday Bankrate.com Refinance rates were mixed, but one key rate moved higher. See what that means for your refinance chances. Refinance rates trend higher for Tuesday Bankrate.com Several closely watched refinance rates rose today. If you're in the market for a mortgage, see what that means for you. |
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