Leading the increase was a 4.4% rise in the index that tracks refinancings, followed by a 1.8% gain in purchase loans. As a result, the refinance share of applications edged up from 35.2% to 35.9%, while the adjustable-rate mortgage (ARM) share dipped from 7.3% to 6.9%.
]]>Sólo en el mes de noviembre, el crédito hipotecario alcanzó los 8.795 millones de euros, un 0,9 más. El volumen acumulado en los once primeros meses del año se situó en los 127.251 millones, el 14% más. El saldo vivo total de los activos titulizados hasta noviembre alcanzó los 152.211 millones, un 63,6% más, de los que 68.766 millones correspondían a bancos (tras dispararse un 11,6%) y 63.496 millones a cajas de ahorros (repunte del 38,5%).
]]>La novación
La novación consiste en renegociar el préstamo con nuestra entidad y pactar unas mejoras en las condiciones de nuestra hipoteca. Se puede pactar una bajada en el tipo de interés aplicable o incluso modificar la forma de calcular el interés. También se puede acordar, por ejemplo, cambiar de un préstamo con intereses fijos a un préstamo con intereses variables, modificar el plazo de amortización o cambiar el índice de referencia que se aplica.
La Subrogacion
Si no conseguimos mejorar las condiciones con nuestra entidad, tenemos la opción de trasladar la hipoteca a otra entidad, esto se llama subrogarción. De mano, hay que decir que es bastante más caro y complejo que la novación. En este caso también podemos modificar el tipo de interés aplicable, el índice de referencia en los prestamos de interés variable o, incluso, pasar de interés fijo a interés variable y viceversa. Pero, al contrario que en la novación, no podemos modificar el plazo.
El proceso es un poco complejo, pero consiste básicamente en acudir en busca de una mejor oferta. Una vez que la nueva entidad nos haya ofrecido la oferta vinculante, y nosotros la hayamos aceptado, esta emitirá una oferta vinculante a nuestro banco o caja notificando las nuevas condiciones. Nuestra antigua entidad debe emitir, en el plazo de 7 días naturales, una certificación haciendo constar cuál es la deuda pendiente. Durante los 15 días siguientes la entidad acreedora puede pensárselo bien y asumir las condiciones de interés que ofrecía la nueva entidad, con lo cual el proceso se detiene y se aplica la fórmula de novación que vimos antes. Si la antigua entidad no certifica la deuda en siete días o no asume las nuevas condiciones en el plazo de 15 días, entonces ya se pueden iniciar los tramites de la subrogación.
]]>Free credit reports are available online. The best sites offer results from all three credit reporting agencies, including Experian, TransUnion, and Equifax
]]>No importa cuál es el motivo por el que quiere refinanciar, existen maneras de hacer el proceso de aplicar más fácil y rápido.
]]>Overall, there remains a large amount of equity in homes that homeowners can tap, but slowing home price appreciation will mean that more recent home buyers will not have built up much equity. In the last two quarters, 83 percent of Freddie Mac-owned loans that were refinanced went into new mortgages that were at least 5 percent higher than the original balances.
Everyone assumes the 10-year T-note will make a run through 5.25 percent, and mortgages will climb to 7 percent, but I don't think we will stay that high unless there is worse news on inflation or the global economy runs away from the central banks.
]]> In the 2000-2006 Wall Street-backed extension of mortgage credit on suicidal terms, I had assumed normal Wall Street operations: if you've got a client who is desperate for yield and self-deceptive about risk, sell them what they want, and caveat emptor. The Securities and Exchange Commission protects widows and orphans; institutions are on their own. You may not cheat other institutions, but you have no duty whatsoever to save them from themselves.The stunning thing in this Bear fiasco: Bear and all its lenders are the insiders in the suicidal mortgage credit game. These are the guys who offered to buy mortgage trash from Main Street in any quantity, designed bizarre structures to satisfy their co-dependent, credit-rating agencies, and sold them to feed the insatiable global demand for yield. Insiders entered the market for mortgage trash in the fall of 2006 when several million civilians knew that you might as well juggle nitroglycerine.
]]>Bank of America, which is the nation’s second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the “No Fee Mortgage Plus” nationally.
The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to sub-prime customers.
Some loans that would have been prime last year will go Alt-A this year. Some loans that would have been Alt-A last year will be subprime this year. And some loans that would have been subprime last year will be rejected this year.
Some brokers who have been in the market for many years remarked that the underwriting rules now emerging are much like those of a decade earlier, before they were swept away by the euphoria created by steadily rising real estate prices. The emerging new rules, which are not based on the inevitability of rising prices, are a badly needed corrective.
]]>The immediate cause of retreat: February payrolls did just fine in today's dawn release. The economy produced 97,000 new jobs, and January and December were revised up another 55,000; unemployment fell a tick to 4.5 percent, and wages are up 4.1 percent year-over-year. No way the Fed's going to ease on numbers like that, not with inflation still in the hazard zone.]]>
It's Imperative that you understand why one listing sold for $20,000 or $50,000 more than another. Your agent can help you with this education process by providing you with information about new listings, pending sales, closed sales and expired or withdrawn listings that didn't sell. The Internet is also an invaluable source of information about the housing market.
]]>Make sure that you understand the pros and cons of any of the mortgage options available to you. While you're educating yourself about financing, get preapproved for the mortgage you'll need to complete a purchase. You are in a better position to negotiate with sellers if they're convinced that you are financially capable of closing the sale.]]>