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Refi Cash-Outs Lowest in 16 Years
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
Refi Cash-Outs Lowest in 16 Years
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
Refi Cash-Outs Lowest in 16 Years

November 8, 2011 (Jeff Alan)

The amount of cash that borrowers who refinanced their mortgages took out against their home’s equity was at the lowest levels in 16 years according to Freddie Mac’s third quarter refinance analysis.

Eighteen percent of all refinanced loans in the third quarter of 2011 were “cash-out” borrowers, those that increased their loan by at least five percent, down from 23 percent in the second quarter.

Borrowers who refinanced their mortgages “cashed-out” – converting home equity to cash – an estimated $5.3 billion in the quarter, the least amount of equity converted to cash since 1995.

The average percentage of cash-outs during the 1985-2010 period was 46 percent.

Eighty-two percent of the homeowners who refinanced their first-lien home mortgage during the third quarter either maintained the same loan amount or lowered their principal by putting “cash-in.” Forty-four percent maintained about the same loan amount while 37 percent of refinancing homeowners put cash in, reducing their principal.

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 third 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 1.2 percentage point, or about 22 percent below their initial rate, which allowed borrowers to save about $2,500 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 September, with 30-year product averaging 4.11 percent and 15-year averaging 3.32 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?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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Calculate how much you can afford
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

November 8, 2011 (Jeff Alan)

The amount of cash that borrowers who refinanced their mortgages took out against their home’s equity was at the lowest levels in 16 years according to Freddie Mac’s third quarter refinance analysis.

Eighteen percent of all refinanced loans in the third quarter of 2011 were “cash-out” borrowers, those that increased their loan by at least five percent, down from 23 percent in the second quarter.

Borrowers who refinanced their mortgages “cashed-out” – converting home equity to cash – an estimated $5.3 billion in the quarter, the least amount of equity converted to cash since 1995.

The average percentage of cash-outs during the 1985-2010 period was 46 percent.

Eighty-two percent of the homeowners who refinanced their first-lien home mortgage during the third quarter either maintained the same loan amount or lowered their principal by putting “cash-in.” Forty-four percent maintained about the same loan amount while 37 percent of refinancing homeowners put cash in, reducing their principal.

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 third 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 1.2 percentage point, or about 22 percent below their initial rate, which allowed borrowers to save about $2,500 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 September, with 30-year product averaging 4.11 percent and 15-year averaging 3.32 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

November 8, 2011 (Jeff Alan)

The amount of cash that borrowers who refinanced their mortgages took out against their home’s equity was at the lowest levels in 16 years according to Freddie Mac’s third quarter refinance analysis.

Eighteen percent of all refinanced loans in the third quarter of 2011 were “cash-out” borrowers, those that increased their loan by at least five percent, down from 23 percent in the second quarter.

Borrowers who refinanced their mortgages “cashed-out” – converting home equity to cash – an estimated $5.3 billion in the quarter, the least amount of equity converted to cash since 1995.

The average percentage of cash-outs during the 1985-2010 period was 46 percent.

Eighty-two percent of the homeowners who refinanced their first-lien home mortgage during the third quarter either maintained the same loan amount or lowered their principal by putting “cash-in.” Forty-four percent maintained about the same loan amount while 37 percent of refinancing homeowners put cash in, reducing their principal.

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 third 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 1.2 percentage point, or about 22 percent below their initial rate, which allowed borrowers to save about $2,500 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 September, with 30-year product averaging 4.11 percent and 15-year averaging 3.32 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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