Latest News on RefinancingThese days, there are all types of situations regarding people's homes. There are foreclosures, short sales, refinancing disputes, investor-bought properties and so much more. Everyone is trying to stay afloat in this economy. The President is introducing new housing programs, the banks are being more flexible with credit and interest rates and sellers are lowering their profit margins just to get out. Just this past week, the local San Antonio movers learned, the Democratic senators introduced three bills meant to increase homeowner refinancing. If these bills are passed, they're said to complete President Obama's plan for refinancing. Three years ago, the Home Affordable Refinance Program was supposed to help responsible homeowners refinance. In the first two years, it helped a million homeowners. The All My Sons of San Antonio found out it didn't help more people because of the eligibility regulations.
This past October, Fannie Mae and Freddie Mac were supposed to work with lenders to remove those barriers so more families can get help. This past week, there was a bill to encourage people who aren't backed by those administrations to refinance. There are nearly 3.5 million families that are still paying their bills on their current mortgages but can't refinance because they have private-label securities loan. There's a second bill being proposed which asks Fannie Mae and Freddie Mac to cover the closing costs for some of the homeowners seeking to refinance into a 20-year loan term or shorter. The local San Antonio moving specialists learned this would save homeowners about $3,000 a year.
A low interest rate will also help homeowners put back some of these savings back into paying their mortgages. Refinancing activity has increased by 1.3% for the week of May 11th. It made up almost 72% of all mortgage activity for that same week. The third bill to be introduced is to remove a minimum requirement for mortgage LTV through HARP. But this can discourage many lenders to participate in the program.
Are you looking to refinance? Or do you need to move out of your home? If the housing market affected your living arrangements, trust the local San Antonio movers for professional moving services at an affordable price. All My Sons of San Antonio is part of the All My Sons moving and storage network, so all your moving needs will be taken care of, right down to the last detail.