Tuesday, October 25, 2011

Home Lending Revamp

Federal regulators unveiled a major overhaul of the underused mortgage refinance program designed to help homeowners whose homes have lost value. This new plan will allow homeowners to refinance no matter how far their homes have fallen in value, eliminating previous limits. This can even help borrowers who are underwater so much they owe more than their house is worth. The refinancing process will be streamlined by eliminating appraisals and extensive underwriting requirements along with some refinancing fees. The only requirement is that the homeowner must be current on their mortgage payments. Check out the article: Home Lending Revamp Planned

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