Mortgage brokers, borrowers eye effect on interest rates Charlotte Observer
Charlotte-area mortgage brokers on Monday scanned the news and juggled calls from borrowers wondering whether interest rates would keep falling or start climbing.
Mortgage rates dipped to record lows last week - a rare bright spot for consumers in an anemic recovery - as the debt-ceiling debate ended and economic troubles persisted nationally and globally.
But new uncertainty surrounding the nation's downgraded credit rating and free-falling stock markets had some wondering whether those levels will hold.
"Interest rates are all about risk," said Keith Luedeman, chief executive of the Charlotte online mortgage lender Goodmortgage.com . "Generally, to take more risk, people want more return, which means a higher rate."
Rates fell to historic levels during the recession and have remained there as economic worries pushed investors toward the safety of U.S. Treasury securities. Interest rates began to climb on Friday as buzz about the Standard & Poor's credit downgrade spread, Luedeman said.
Refinance Help. Fill this form and get help!
A Bad Credit Home Mortgage Refinance Loan Can Help Your Family
Should you use the equity in your house as collateral to acquire the financing you so crucially need? We can help you get that bad credit mortgage ...
Bad credit to good credit, home refinance?
I am buying a house with my husband but our credit is less than stellar. We were approved for a loan but with a nominally high (6.75) interest rate and the monthly payment is doable but will have us paying more than 3 times the value of the home over the course of the mortgage. Our credit is at such a state that it will be repaired in about a year or two and we will be back to the excellent credit scores we had before my husband lost his job. What exactly is refinancing? Does it involve a lender paying back the entire principal of the loan and clearing our name with the current lender, and then relending us the money with more attractive numbers? If so, what are the chances of us being able to do that? How does it work?
Make sure that your current loan doesn't have any pre-payment penalties that you will have to pay if you refinance in a year or two. Some loans have pre-payment penalties out for years, and hefty penalties if you are refinancing.
With that being said, you have the right idea on refinance. When you refinance, the new lender will pay the old lender the balance. But when you refinance, you incur closing costs again, appraisal fees, etc., etc. - so don't make a hobby out of refinancing your house.
Chances are great that if you continue to work on your credit, you can refinance down the road.
"Does it involve a lender paying back the entire principal of the loan and clearing our name with the current lender, and then relending us the money with more attractive numbers?"
Yes, it may work that way.
If your credit score goes up AND interest rates are stable or goes down, you should be able to get a good offer in a year.
Bad Credit Mortgage Refinance in Australia?
I am trying to refinance my existing home loan, plus a 2nd mortgage as well as a number of other loans, cards etc. I do have 2 defaults on my file, one paid and one unpaid. Has anyone been in a similar situation and how did they refinance
Though refinancing your home loan to get extra cash and pay off your credit card debt might be a good idea. It is not the best solution. This serves best the credit card interests and not yours. Because even if you get your debt settled and eliminate it for good, if you don't change the way you spend, you'll keep accumulating debt once again and maybe next time you won't be able to resort to your home equity.
Moreover, since refinance home loans generally worsen the terms of your mortgage, you are further risking your property if you fail to meet the monthly payments. And though you may be replacing expensive debt with cheaper and more affordable debt, you are also replacing unsecured debt with debt that is secured with your home. If you are not good at managing your finances (and that's why you had to resort to debt settlement), that's something that you'd better avoid. Read more from: http://www.credit-card-gallery.com/article/149,Credit_Card_Debt_Settlement_Avoid_Refinancing!
hope this helps and good luck with the refinancing
Trying to refinance my home contacted mortgage co for bad credit but was turned down is this false advertismen
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
Is there such a loan mortgage to refinance a home with people with bad credit?
intrest rate went up but having difficulty making payments and lowering my credit score
It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.
There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.
Best wishes!
Me2Me2Me3@yahoo.com
Currently I am working on getting my credit score higher so I can get that loan.
I can get one now but I will pay 18% interest and thats no good.
Can I refinance my home with bad credit?
My husband and I need to refinance our home to lower our monthly payments. We are paying 9% right now. We both have bad credit. About 4 years ago we started getting behind and couldn't make credit card payments. It was either pay them or pay our house payment. So I just didn't pay them. We also have some unpaid medical bills that our insurance didn't cover after the birth of our daughter. The creditors are always on our backs. In May we will be eligible to refinance our home (we had a prepayment penalty clause in our mortgage agreement). What chance do we have of getting a lower interest rate and lower monthly payments? Any help is greatly appreciated!
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
There's dozens of subprime mortgage companies going bankrupt right now, so that entire market is going a little crazy at the moment. Rates and products will vary widely between different lenders, so call several. Get the first one to tell you your credit scores, maybe even get a copy of your credit report from him/her, and use that to shop from other lenders.
It is so ironic that the banks give the best rates to those who have lots of money but charge the highest to those with the lesser incomes?? Makes no sense. I would be very careful, some have lost their homes to refinancing schemes.
To find out what you would qualify for, you would need to complete an application and let a lender obtain a credit report. This can be done right over the phone.
Looking for a mobile home mortgage with bad to medium credit?
We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
Try the SOL Mobil Home Mortgage Company. The Broker took my credit app. while I was in Bankruptcy Court, and had me approved before my case was complete. Gee, Thanks SOL Mobil Home Mortgage Company.
Sorry to tell you but you can't do what you are looking to do. You can't have the best of both worlds. Your options are to find a lender that will refinance your land to give you enough cash to put 20-30% down on the mobile home for the purchase. You will then have to pay them or someone else to move it to your land along with the electrical hookup and plumbing.
The only way it will happen even remotely close to what you are hoping for is to put the mobile on a foundation. Then and only then will you find a lender to consider the land and mobile as one for a refinance. This is of course after the above takes place.
I am all about helping people so don't think I am being a pessimist. If you were somehow able to find someone that would be willing to do what you are looking for I would be very interested. I would be a wealthy man with this info. We could work out some kind of split I'm sure.
Does anyone know of an online mortgage company that offers gift cards with refinance?
mortgage, refinance, home equity, bad credit mortgage
First, do not contact online predators. Spammers, like Marty from Premier Loan Sharks, are wanting to prey upon your situation, not help. You can suffer worse then financial lose, you could be giving your credit information to an identity thief and suffer for years to come. It is especially hard to deal with if you deal with anotehr country, there is no way to know where someone online is really located and if you have any legal rights if they steal from you.
Anyone desperate enough to offer gifts is someone you do NOT want to do business with! That is a sure sign that they have no clue what they are doing.
TX Mortgage Refinance $30000 Bad Credit?
My wife and I purchased a home 7 urs ago for $30000. The mortgaged amount was $33000 and the rate 9.75%. Our credit is bad and we are try to make our dollars do more to pay off debts. I want to refinance the house to a lower rate but noone wants to do loans under $40000. Tried Lending tree, Quicken loans, E-Loans , and other online companys. Please help. Thanks
You do not want to refinance other debts into your mortgage. Since that is a payment i will assume you can currently handle, keep it. Call a non profit credit counseling company and explain to them your situation. By finding a credit counseling company they can negotiate those debts to be paid interest free, which is a large discount in the monthly payment.Then once your credit is back in good standing refinance at a lower rate . If you refinance now you will have a higher interest rate and higher balance, with much higher payments, this is not a good idea. Hope this helps.
Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?
My 70-year-old aunt just refinanced AGAIN for a 30-year mortgage. Who expects to be paying at mortgage at 100?
Anyway, after doing some research I have learned that she has refinanced about three times and has bad credit (576 score).
I want to help her figure her way out of this. She said her son and her adopted son (who is 11) won't want her house when she's gone. So I found out about the reverse mortgage.
With these issues in mind, would she be eligible? Would that get her out of paying her mortgage 100% or only the overall loan amount ($282k), minus the amount the home is worth ($95k).
I know. This all sounds bad, but her 40-year-old son could careless about her affairs, and as her niece I want to see how I can help her out of this mess.
Unfortunately, I learned about it once all the damage was done. Also, if she is a candidate for a Reverse Mortgage, are there any cons to this concept when a house is in shambles and no one wants it once the owner is gone anyway?
I'll keep it simple.
I couldn't really follow your numbers, but the bottom lines is equity.
There must be a sufficient amount of equity in the home to qualify for a reverse mortgage. As long as she's 62 years old or older and the HOUSE qualifies, then all that other stuff doesn't matter.
Try this calculator to get an idea:
http://www.financialfreedom.com/calculator/Input_new.asp
I'm not promoting one company or program over another, but this is a quick and easy referrance that I like to use.
Once you see that she qualifies, THEN, you need to decide if a reverse mortgage is right for her.
Good Luck.
P.S. Put a "Credit Freeze" on her credit. This way nobody can issue her credit until she is notified (you can put your contact info for notification).
My father passed away and my mother and I are needing to refinance her home - we both have bad credit ideas?
I have been denied by 2 mortgage companies already and I just feel like the equity should speak for itself. Someone please advise????
Is this to lower the payment, make improvements, or pay bills? If she's having problems making the payment, probably the first thing to do would be to call the loss mitigation department of the mortgage company she is presently with to see if the mortgage can be re-written, payments be repaid, whatever. If she's needing repairs, many times your local community action agency can help with grants, but she would have to live in the house for a few years in lieu of repaying the grant. It would take time, but they say you can rebuild your credit. If you have credit cards, pay them down to at least half the current balance because that's a big chunk of your credit score; take out a small personal loan and repay it to boost your score; make payment arrangements and pay off bad debts. That's the only advice I have.
bad credit home mortgage refinance - News
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What Obama's Foreclosure Rescue Plan Could Mean for Banks, Homeowners - Poynter.org What Obama's Foreclosure Rescue Plan Could Mean for Banks, Homeowners The idea is that banks would sell the mortgage to the government for less than is owed. Then, the government would refinance the loan at a lower figure, |
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Should You Declare Bankruptcy? - Alibaba News Channel Should You Declare Bankruptcy? Her bad credit may make it hard to snag a mortgage or another loan, perhaps for years. Then again, she really can't afford those financial responsibilities |
Eye on the market: Napa Valley real estate - Napa Valley Register
Napa Valley RegisterEye on the market: Napa Valley real estate They can free up some value on their property to then get the refinance done. Also, I’m seeing a lot of activity where mom and dad have the equity in their
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Mortgage Fraud: A Scourge of the 21st Century? - Insurance News Net (press release) Mortgage Fraud: A Scourge of the 21st Century? With many home lending companies currently in a state of crisis, it is important that CPAs be aware of how fraud occurs in the mortgage loan industry. |
Consumers face stricter standards for loans -- if they're even ... - The Plain Dealer - cleveland.com
The Plain Dealer - cleveland.comConsumers face stricter standards for loans -- if they're even their Akron-area home in 2007 for $130000, with a 7 percent mortgage. But when they decided to refinance last month, they wondered about the credit
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