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Refinancers Who Take Cash Out at Record Low
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You're Now Reading:
Refinancers Who Take Cash Out at Record Low
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Refinancers Who Take Cash Out at Record Low
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November 12 2010 (Shirley Allen)
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Freddie Mac has released the results of its third quarter 2010 cash-out refinance report and the number of homeowners who took cash out when they refinanced is at a record low. 33 percent of the homeowners who refinanced their first lien home mortgage actually lowered their principle balance by paying in additional money at the time of closing.

This is the second highest “cash-in” share since Freddie Mac began keeping records of refinancing patterns in 1985. This was a huge jump from the second quarter of 2010 when the cash-in share was 23 percent.

The report also revealed that the number of cash-out borrowers represented 18 percent of all refinance loans which is the lowest cash-out share since the report began.

An estimated $7.4 billion in home equity was cashed out in the third quarter compared to $9.4 billion cashed out during the second quarter. Both amounts are far less than the $84 billion that was cashed out during the peak of the cash-out boom in the second quarter of 2006.

Freddie Mac explains that the main causes of the declines in cash-out refinancing is due to reduced home prices, tighter underwriting standards for loan-to-value- ratios, and borrowers’ desire to pay down debt.

The median interest rate reduction was about 1 percentage point, or at least 18 percent. Over the first year of the refinance loan life, these borrowers will save over $1,400 in principal and interest payments on a $200,000 loan.

Tags: freddie mac, refinancing, underwriting standards, cash-out, cash-in, homeowners, borrowers, principle balance

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.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

November 12 2010 (Shirley Allen)
money picture
Freddie Mac has released the results of its third quarter 2010 cash-out refinance report and the number of homeowners who took cash out when they refinanced is at a record low. 33 percent of the homeowners who refinanced their first lien home mortgage actually lowered their principle balance by paying in additional money at the time of closing.

This is the second highest “cash-in” share since Freddie Mac began keeping records of refinancing patterns in 1985. This was a huge jump from the second quarter of 2010 when the cash-in share was 23 percent.

The report also revealed that the number of cash-out borrowers represented 18 percent of all refinance loans which is the lowest cash-out share since the report began.

An estimated $7.4 billion in home equity was cashed out in the third quarter compared to $9.4 billion cashed out during the second quarter. Both amounts are far less than the $84 billion that was cashed out during the peak of the cash-out boom in the second quarter of 2006.

Freddie Mac explains that the main causes of the declines in cash-out refinancing is due to reduced home prices, tighter underwriting standards for loan-to-value- ratios, and borrowers’ desire to pay down debt.

The median interest rate reduction was about 1 percentage point, or at least 18 percent. Over the first year of the refinance loan life, these borrowers will save over $1,400 in principal and interest payments on a $200,000 loan.

Tags: freddie mac, refinancing, underwriting standards, cash-out, cash-in, homeowners, borrowers, principle balance

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.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

November 12 2010 (Shirley Allen)
money picture
Freddie Mac has released the results of its third quarter 2010 cash-out refinance report and the number of homeowners who took cash out when they refinanced is at a record low. 33 percent of the homeowners who refinanced their first lien home mortgage actually lowered their principle balance by paying in additional money at the time of closing.

This is the second highest “cash-in” share since Freddie Mac began keeping records of refinancing patterns in 1985. This was a huge jump from the second quarter of 2010 when the cash-in share was 23 percent.

The report also revealed that the number of cash-out borrowers represented 18 percent of all refinance loans which is the lowest cash-out share since the report began.

An estimated $7.4 billion in home equity was cashed out in the third quarter compared to $9.4 billion cashed out during the second quarter. Both amounts are far less than the $84 billion that was cashed out during the peak of the cash-out boom in the second quarter of 2006.

Freddie Mac explains that the main causes of the declines in cash-out refinancing is due to reduced home prices, tighter underwriting standards for loan-to-value- ratios, and borrowers’ desire to pay down debt.

The median interest rate reduction was about 1 percentage point, or at least 18 percent. Over the first year of the refinance loan life, these borrowers will save over $1,400 in principal and interest payments on a $200,000 loan.

Tags: freddie mac, refinancing, underwriting standards, cash-out, cash-in, homeowners, borrowers, principle balance

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
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.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.