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Half of Homeowners Who Refinanced Reduced Principal Balance
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Half of Homeowners Who Refinanced Reduced Principal Balance
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Half of Homeowners Who Refinanced Reduced Principal Balance

February 3, 2012 (Jeff Alan)

Almost half of all homeowners who refinanced their fist lien mortgage in the fourth quarter of 2011 reduced their principal balance according Freddie Mac’s Fourth Quarter Refinance Analysis.

An unprecedented 49 percent of homeowners paid down their principal balance when they refinanced their mortgages in the fourth quarter, the highest percentage in the 26-year history of the analysis.

An additional 37 percent of the homeowners maintained about the same loan amount when they refinanced. The combined percentage of those who paid down their principal mortgage and those who maintained their same loan amount was also at a 26-year high.

Fifteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 18 percent in the third quarter. That conversely was the lowest percentage of cash-out borrowers in the 26 years of the analysis.

Compare that to the average between 1985 and 2010, when 46 percent of the homeowners took cash out of their homes when they refinanced.

Borrowers, who refinanced their mortgages and converted equity to cash, took an estimated $5.5 billion in the quarter, the least amount of equity converted to cash since 1995 when adjusted for inflation.

Cash-out refinance volume peaked in the second quarter of 2006 at $83.7 billion. The amount of cash borrowers took out of their homes in the fourth quarter was less than seven percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.4 percentage points, or about 26 percent below their initial rate, which allowed borrowers to save about $2,700 in interest payments in the first year of their loan with a principal of $200,000.

Frank Nothaft, Vice President and chief economist of Freddie Mac stated, “Savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. Fixed-rate mortgage rates hit new lows during December, with 30-year product averaging 3.96 percent and 15-year averaging 3.25 percent that month, according to our Primary Mortgage Market Survey.”

Tags: Freddie Mac, home equity, borrowers, refinance, cash-out, cash-in, principal, interest, interest rate reduction

Source:
Freddie Mac

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?

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COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
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HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 3, 2012 (Jeff Alan)

Almost half of all homeowners who refinanced their fist lien mortgage in the fourth quarter of 2011 reduced their principal balance according Freddie Mac’s Fourth Quarter Refinance Analysis.

An unprecedented 49 percent of homeowners paid down their principal balance when they refinanced their mortgages in the fourth quarter, the highest percentage in the 26-year history of the analysis.

An additional 37 percent of the homeowners maintained about the same loan amount when they refinanced. The combined percentage of those who paid down their principal mortgage and those who maintained their same loan amount was also at a 26-year high.

Fifteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 18 percent in the third quarter. That conversely was the lowest percentage of cash-out borrowers in the 26 years of the analysis.

Compare that to the average between 1985 and 2010, when 46 percent of the homeowners took cash out of their homes when they refinanced.

Borrowers, who refinanced their mortgages and converted equity to cash, took an estimated $5.5 billion in the quarter, the least amount of equity converted to cash since 1995 when adjusted for inflation.

Cash-out refinance volume peaked in the second quarter of 2006 at $83.7 billion. The amount of cash borrowers took out of their homes in the fourth quarter was less than seven percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.4 percentage points, or about 26 percent below their initial rate, which allowed borrowers to save about $2,700 in interest payments in the first year of their loan with a principal of $200,000.

Frank Nothaft, Vice President and chief economist of Freddie Mac stated, “Savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. Fixed-rate mortgage rates hit new lows during December, with 30-year product averaging 3.96 percent and 15-year averaging 3.25 percent that month, according to our Primary Mortgage Market Survey.”

Tags: Freddie Mac, home equity, borrowers, refinance, cash-out, cash-in, principal, interest, interest rate reduction

Source:
Freddie Mac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 3, 2012 (Jeff Alan)

Almost half of all homeowners who refinanced their fist lien mortgage in the fourth quarter of 2011 reduced their principal balance according Freddie Mac’s Fourth Quarter Refinance Analysis.

An unprecedented 49 percent of homeowners paid down their principal balance when they refinanced their mortgages in the fourth quarter, the highest percentage in the 26-year history of the analysis.

An additional 37 percent of the homeowners maintained about the same loan amount when they refinanced. The combined percentage of those who paid down their principal mortgage and those who maintained their same loan amount was also at a 26-year high.

Fifteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 18 percent in the third quarter. That conversely was the lowest percentage of cash-out borrowers in the 26 years of the analysis.

Compare that to the average between 1985 and 2010, when 46 percent of the homeowners took cash out of their homes when they refinanced.

Borrowers, who refinanced their mortgages and converted equity to cash, took an estimated $5.5 billion in the quarter, the least amount of equity converted to cash since 1995 when adjusted for inflation.

Cash-out refinance volume peaked in the second quarter of 2006 at $83.7 billion. The amount of cash borrowers took out of their homes in the fourth quarter was less than seven percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.4 percentage points, or about 26 percent below their initial rate, which allowed borrowers to save about $2,700 in interest payments in the first year of their loan with a principal of $200,000.

Frank Nothaft, Vice President and chief economist of Freddie Mac stated, “Savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. Fixed-rate mortgage rates hit new lows during December, with 30-year product averaging 3.96 percent and 15-year averaging 3.25 percent that month, according to our Primary Mortgage Market Survey.”

Tags: Freddie Mac, home equity, borrowers, refinance, cash-out, cash-in, principal, interest, interest rate reduction

Source:
Freddie Mac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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