Freddie Mac proposes product to help homeowners tap home equity without losing record low mortgage rates [FOX Business Network]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: FOX Business Network
Freddie Mac's proposal would allow homeowners to access their home equity while keeping their low interest rate on their current loan. It could potentially be a cost-effective alternative to cash-out refinances at today's higher rates, according to the Urban Institute "Freddie Mac's proposal is more borrower friendly because it would allow the borrower to retain their first mortgage, with its attractive rate, while tapping into their home equity," the Urban Institute stated in its briefing. In one example given by the Urban Institute, a borrower with a 3% mortgage rate on a $300,000 mortgage would have a monthly payment of about $1,265. If this borrower, whose home is now worth $500,000 were to take out a cash out refinance to access $100,000 for their home improvements, the new $400,000 mortgage would carry an interest rate of about 7.25%, making the new monthly payment about $2,729. However, with Freddie Mac's new proposed product, the borrower would keep their current $1,256
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FMCC
Sec Filings
- 6/21/24 - Form 25
- 6/11/24 - Form 8-K
- 5/29/24 - Form ABS-15G
- FMCC's page on the SEC website