California legislators have been busy enacting several new laws that directly impact the California Housing market for both the homebuyer and homeowners.

If the lender refinancing the loan does not hold the senior mortgage lien, it will need to secure an agreement from the existing lien holder to waive all prepayment penalties and default fees on the existing loan and accept the loan proceeds from the Hope For Homeowners loan as payment in full.

After an emergency meeting Monday night, the US Federal Reserve decided it was time to make another move to help improve the mortgage and credit crisis and potentially avoid a recession.

The Federal Open Market committee cut the minimum interest rates that banks can charge one another for making loans by 0.75 percent, driving rates down to 3.5 percent. The emergency rate cut came a week before the next scheduled meeting on January 30th 2008.

Cash out refinance is a mortgage idea that house owners are applying these days. This loan can be better defined by relating it as the blend of home equity loan and a refinance loan.

Future Planning Financial has officially launched a new mortgage website that is geared towards helping consumers and industry professional keep up-to-date on the ever changing mortgage industry.