The Rise and Fall of Serial Refinancers

Home / Featured / The Rise and Fall of Serial Refinancers About Author: Xhevrije West Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Black Knight Financial Services Mortgages Serial Refinancers 2016-04-04 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: DS News Webcast: Monday 4/4/2016 Next: New Opportunities in the Evolving REO Landscape Is Rise in Forbearance Volume Cause for Concern? 2 days ago April 4, 2016 1,712 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Black Knight Financial Services Mortgages Serial Refinancers Subscribe in Featured, News The Rise and Fall of Serial Refinancers  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Homeowners eager to lower their mortgage payments by refinancing their home more than once have returned to the housing market. Their last debut occurred during the housing boom.Black Knight Financial Services February 2016 Mortgage Monitor report found that serial refinancers played a large role in the rise and fall of refinance volumes throughout 2015 driven by interest rate fluctuations.According to the report, rate and term refinances from borrowers who’ve had their prior mortgage for less than 2 years rose by 800 percent from the first quarter of 2014 to the first quarter 2015 as interest rates dropped. Of these borrowers, two-thirds of these refinances in the fourth quarter were from borrowers who had their mortgage from less than four years.During the housing peak from 2005 to 2006 nearly all refinance volume was coming from borrowers who held their prior mortgage for less than 4 years, Black Knight reported.Although interest rates have been on a roller coaster of fluctuations over the last year,rate and term refinances from borrowers who’ve held their mortgage for less than six years have remained steady.”Term reductions remain popular among borrowers taking advantage of low rates; not surprisingly they are more popular among more aged loans, as borrowers don’t want to restart the clock on their mortgage,” the report said.Black Knight found that 37 percent of rate and term refinances in the fourth quarter of 2015 included a term reduction. The average loan age of term reduction refinances is 81 months (nearly 7 years) compared to 60 months for those with the same or an increased term. Meanwhile, only 3 percent of rate and term refinances included a term increase, which is historically low.As term reduction refinances grow in popularity, the active mortgage sector shifts as well: 5 percent of all active mortgages had 20-year original terms (highest share in over 10 years); 16 percent are 15-year original term; and 2.5 percent are 10- year original term (down slightly from last year), according to Black Knight.Click here to view the full report. The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Related Articles read more

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Timing your car shopping

first_img 284SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Derek San Filippo Derek is a freelance writer who spends his off time either working with his rescue animals or writing children’s books. He lives in San Diego with his beautiful wife … Web: www.financialfeed.com Details The year is getting nearer to the end. With such finality in view, how do we pass the time? How do we shift our thoughts to distract ourselves from another year gone by? A new car! Below you’ll find the best times to go car shopping to help get you the best deal possible.There a few factors to keep in mind when trying to get the best price on a car.Time of YearFirst, using the sales quotas of the sales representative will be one of your best tools in getting your car. Sales quotas can break down into three separate categories; monthly, quarterly, and yearly. If you use this as a factor, best practices dictate to buy a car later in the year and at the latter part of the month.If quotas need to be met, car salesmen might be more pliable with their pricing on vehicles. According to Edmunds, the most discounted months are October through December. This happens to coincide with what is generally seen as the new model-year car releases. When new models hit the dealer floor, the less expensive the older models are.Time of WeekThe second thing to keep in mind is that individual attention can mean better deals. While this isn’t the rule, if there is heavy traffic going through a dealership, it could make it very difficult to talk a salesperson down from a sticker price. Shopping in the early part of the week, like Monday or Tuesday, will offer you better opportunity to have that personalized conversation, hopefully securing that better deal.Holiday ShoppingThe third thing to keep in mind are holiday sales. This is a mixed blessing. Obviously, sales create lower prices, but they also create more traffic. More traffic won’t simply mean less attention from sales reps; more cars are potentially being snatched up, as well. The most common is Black Friday. Just keep in mind the insanity that day often entails.Also, keep in mind New Year’s Eve. That could be the end of the end of the end of quotas for a salesperson. So, if it’s possible, stop by your local dealership and see what kind of deal you can get.Above all, do your research, and check in with dealers every now and then to monitor deals. Above all, have fun getting your new vehicle!last_img read more

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