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Refinancing Homeowners Who Maintained or Lowered Balance at 27-Year High
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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
Refinancing Homeowners Who Maintained or Lowered Balance at 27-Year High
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
Refinancing Homeowners Who Maintained or Lowered Balance at 27-Year High

August 8, 2012 (Jeff Alan)

The number of American’s who refinanced their first lien mortgage in the second quarter of 2012 and either maintained the same balance as their previous loan or who paid down their principal balance was at a 27-year high according Freddie Mac’s Second Quarter Refinance Analysis.

Eighty-one percent of the homeowners who refinanced their first lien mortgage either lowered their principal balance or maintained about the same loan amount after paying closing costs, up from 79 percent in the previous quarter.

Twenty-three percent of those homeowners paid down their principal balance when they refinanced their mortgages in the second quarter, up from 21 percent in the first quarter of 2012, while 59 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 at a 27-year high.

Eighteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 21 percent in the first quarter. Compare that to the average between 1985 and 2008, when 50 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 $5.0 billion in the quarter, the least amount of equity converted to cash since the second quarter of 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 second quarter was less than six percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.5 percentage points, or about 28 percent below their initial rate, which allowed borrowers to save about $2,900 in interest payments in the first year of their loan with a principal of $200,000.

Homes refinanced under the federal government’s Home Affordable Refinance Program (HARP) had a median depreciation in property value of 34 percent with their previous loans having a median age of about 5.5 years. Non-HARP loans refinanced during the quarter had a median depreciation in property value of 2 percent with their existing loans having a median age of about four years.

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.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
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.
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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

August 8, 2012 (Jeff Alan)

The number of American’s who refinanced their first lien mortgage in the second quarter of 2012 and either maintained the same balance as their previous loan or who paid down their principal balance was at a 27-year high according Freddie Mac’s Second Quarter Refinance Analysis.

Eighty-one percent of the homeowners who refinanced their first lien mortgage either lowered their principal balance or maintained about the same loan amount after paying closing costs, up from 79 percent in the previous quarter.

Twenty-three percent of those homeowners paid down their principal balance when they refinanced their mortgages in the second quarter, up from 21 percent in the first quarter of 2012, while 59 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 at a 27-year high.

Eighteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 21 percent in the first quarter. Compare that to the average between 1985 and 2008, when 50 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 $5.0 billion in the quarter, the least amount of equity converted to cash since the second quarter of 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 second quarter was less than six percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.5 percentage points, or about 28 percent below their initial rate, which allowed borrowers to save about $2,900 in interest payments in the first year of their loan with a principal of $200,000.

Homes refinanced under the federal government’s Home Affordable Refinance Program (HARP) had a median depreciation in property value of 34 percent with their previous loans having a median age of about 5.5 years. Non-HARP loans refinanced during the quarter had a median depreciation in property value of 2 percent with their existing loans having a median age of about four years.

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

August 8, 2012 (Jeff Alan)

The number of American’s who refinanced their first lien mortgage in the second quarter of 2012 and either maintained the same balance as their previous loan or who paid down their principal balance was at a 27-year high according Freddie Mac’s Second Quarter Refinance Analysis.

Eighty-one percent of the homeowners who refinanced their first lien mortgage either lowered their principal balance or maintained about the same loan amount after paying closing costs, up from 79 percent in the previous quarter.

Twenty-three percent of those homeowners paid down their principal balance when they refinanced their mortgages in the second quarter, up from 21 percent in the first quarter of 2012, while 59 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 at a 27-year high.

Eighteen percent of all refinanced loans in the quarter were “cash-out” borrowers, those that increased their loan by at least five percent, down from 21 percent in the first quarter. Compare that to the average between 1985 and 2008, when 50 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 $5.0 billion in the quarter, the least amount of equity converted to cash since the second quarter of 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 second quarter was less than six percent of that total amount.

For 30 year fixed rate mortgages, the median interest rate reduction during the quarter was about 1.5 percentage points, or about 28 percent below their initial rate, which allowed borrowers to save about $2,900 in interest payments in the first year of their loan with a principal of $200,000.

Homes refinanced under the federal government’s Home Affordable Refinance Program (HARP) had a median depreciation in property value of 34 percent with their previous loans having a median age of about 5.5 years. Non-HARP loans refinanced during the quarter had a median depreciation in property value of 2 percent with their existing loans having a median age of about four years.

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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