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According to an article published in the New York Times, cash out refinances comprised a large percentage of the sub-prime loans that eventually led to the crash of the housing market. Citing a joint HUD-Treasury report, the article notes that by the year 1999, 82 of sub-prime mortgages were refinances, and 60 of those refinances were cash-out refinances. And according to an article advanced cash payments ez cash advance waterloo ia April 2010 in the Washington Post, Texas' restriction on cash-out refinances and home equity loans played a major role in protecting the state from the worst of the housing crisis.
Quoting research from the Federal Reserve Bank ez cash advance waterloo ia Dallas, the article argues that fewer Texans cashed out their home equity in the early 2000s, and those who did were capped on the amount of equity they could cash out.
The Federal Reserve Bank of Dallas' research also confirmed the risks associated with cash-out refinancing by finding a strong link between the percentage of subprime cash-out refinances in a state and that state's foreclosure rate. While the federal government has cracked down on sub-prime lending, the other risks associated with cash-out refinances still remain. For more information about cash-out refinances and home equity loans, please see the additional resources linked below.
Only the best borrowers are getting loans today and these loans are so thoroughly scrubbed and cleaned before theyre made that hardly any of them end up going into default, says UI. The latest figures from Ellie Mae, show that nearly 30 percent of all loan applications do not close. And the difference between an approved mortgage and a declined loan could be compensating factors.
A compensating factor is a bonus, something in the loan application which helps the lender give the borrower the benefit of the doubt. Reserves, even when not needed to officially ez cash advance waterloo ia for a home loan, can serve as compensating factors fr marginal applicants.
As an example, the VA says compensating factors may affect the loan decision. These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio. The message is clear: Even if lenders do not require reserves a healthy dose of liquid assets can smooth the way to mortgage success. What Are Todays Mortgage Rates. Todays mortgage rates are better for those who have the most attractive application packages.