The New Refinance Rules
The new details are out from the White House on the Homeowner Affordability and Stability Plan. Watch as Ed Conarchy covers the details and what it could mean for you and your next refinance.
Federal Reserve Report/Data on MBS Purchases
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Ed Conarchy
Mortgage Advisor
NMLS # 215698
Providing Personal Mortgage Advice Since 1990
Cherry Creek Mortgage Company
495 N. Riverside Dr., Suite 206
Gurnee, IL 60031
Phone: (847) 970-4239
Fax: (847) 557-2088
Ed Conarchy NMLS # 215698
Licensed in Wisconsin, Illinois, Indiana and Michigan
Cherry Creek Mortgage Co., Inc. NMLS # 3001
Illinois Residential Mortgage Licensee # 0005759
What is the new rule that is supposed to be in effect mid MAy 2009. Will it reduce closing costs for those who would like to go to a fixed rate from an adjustable rate using the same lender.
The FNMA/FHLMC plans (that will be out in full in the beginning of May) biggest benefit is allowing people that do not pay mortgage insurance now, to refinance and not need mortgage insurance on their new refinanced loan.