Tag Delaware Refinance

Tag Delaware Refinance

Delaware FHA Streamline Refinance Guidelines 2012

John Thomas August 13, 2012 Tags: , , , , ,

Delaware FHA Streamline Refinance Guidelines 2012

If you currently have an FHA Loan then you are eligible to refinance your existing Delaware FHA loan using the streamline refinance guidelines.  The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was delivered to FHA before June 1, 2009, then you can take advantage of the new refinance guidelines put into place by President Obama that took effect on June 11, 2012. If your loan was delivered to FHA after June 1, 2009, then you must use the FHA Streamline Refinance guidelines that took effect on April 9, 2012. Apply Now for an FHA Streamline Refinance by calling 302-703-0727 or APPLY ONLINE for Delaware FHA Streamline Refinance Keep Reading...

Delaware Mortgage Rates Weekly Update August 6, 2012

John Thomas August 5, 2012 Tags: , , , , , , , , ,

Delaware mortgage rate weekly update for the week of August 6, 2012, by John R. Thomas from Primary Residential Mortgage in Newark, Delaware. John is the branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates ended the week last week higher as the stock market rallied on some “good” economic news that was reported on Friday. We saw the Labor Department release the July 2012 Jobs Report which showed 163,000 jobs were added well above the 100,000 expected. This news was enough to cause a big rally in the stock market and pulled money out of the bond market which causes Delaware home loan rates to increase on Friday. Even with this good news we still saw the unemployment number rise from 8.2% to 8.3%. This is the 42nd straight month the unemployment rate has been above 8%. The Labor Participation Rate also decreased and showed no pick up in hours worked. Keep Reading...

Delaware Mortgage Rates Weekly Update for July 30 2012

John Thomas July 29, 2012 Tags: , , , , , , ,

Delaware mortgage rate weekly update for the week of July 30, 2012, by John R. Thomas from Primary Residential Mortgage in Newark, Delaware. John is the branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates set another all-time record low last week but then end the week higher on some “good” economic news released on Thursday and Friday. The big market mover last week was the release of news that European Central Bank (ECB) Chief Mario Draghi stated ECB will do whatever it takes to defend the Euro which means bailing out Greece and Spain. This news caused the stock market to rally and pulled money out of mortgage bonds. This also came with the release of some other positive news which was initial jobless claims fell 35,000 in the latest week to 353,000. This was much lower than what was expected. Consumer Sentiment increased for July 2012 from July 2011 but dropped from June 2012. Durable Orders rose by 1.6% which was also much higher than expected. All of this combined caused Delaware home loan rates to rise on Thursday and Friday as the bond market sold off. Keep Reading...

Delaware Mortgage Rates Weekly Update for July 23 2012

John Thomas July 23, 2012 Tags: , , , , , , , ,

Delaware mortgage rate weekly update for the week of July 23, 2012, by John R. Thomas from Primary Residential Mortgage in Newark, Delaware. John is the branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates once again set another all-time record low on Friday as we had a slew of bad economic reports released last week. Retail Sales fell in June 2012 more than expected. The Commerce Department released that Retail Sales in June fell 0.5 percent from May’s Retail Sales.  This is the third straight month Retail Sales have fallen, this hasn’t happened since 2008. Keep Reading...

Delaware HARP Program Changes for refinancing October 2011

John Thomas November 28, 2011 Tags: ,

Delaware HARP Refinance Loans for a conventional mortgage that underwater has some positive changes as of October 2011.

In October, President Obama announced plans to open up refinancing to more homeowners who are underwater. This proposal was a revision of the current Home Affordable Refinance Program (HARP).

So what does this mean to you?

This means that if your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. Keep Reading...

Is there a Delaware Transfer Tax on Refinance?

John Thomas June 17, 2010 Tags: , ,

Is There a Delaware Transfer Tax on a Refinance

There is no Delaware Transfer Tax on a refinance, this is a common question but there can never be a transfer tax on a refinance because a transfer is when the property changes hands from one owner to another.  The tax on a refinance is called a mortgage tax.  Delaware doesn’t have a mortgage tax either.  The only government fee you will pay on refinancing a home in Delaware is the recording fee to the county for recording the new mortgage.  Delaware technically doesn’t have a transfer tax it is actually a transfer fee.  This is a big distinction because a fee is not tax deductible as a tax would be.  The Delaware transfer fee on a purchase is 3% total.  Customarily split 1.5% to the seller and 1.5% to the buyer. Keep Reading...

Is it possible to get a Delaware Mortgage for more than the home’s value?

John Thomas January 2, 2008 Tags: , ,

Can you get a Mortgage Loan for more than the value of your home?

If you want to refinance a home you already own in Delaware, there are mortgage programs that allow you to borrow up to 150 percent of the home’s value. The program is under the special program created by the economic stimulus bill of 2009 is called the HARP Program.  It is only to lower your current mortgage rate or to switch from an ARM to a fixed rate.

It is generally not possible to buy a home and borrower more than it is worth.  One exception is buying a fixer-upper property.  There are Delaware loan programs (Delaware FHA 203k Loan) that allow you to borrow the purchase price plus the cost of the fix-up.  Both you and the property must qualify.  You must qualify income-wise and credit wise (640 Minimum FICO score).  You are able to borrow up to 110% of the after repaired value of the home on an FHA 203k Rehab Loan.  The after repaired value is based on the repairs/renovations being done on the property. Keep Reading...