Mortgage Rates Dive as Europe Sinks, August 11, 2011 Mortgage Rates & Trends (blog)
Mortgage rates dove lower yesterday as fear mounts that Europe is sinking in an ocean of debt. Today rates appear uncertain of which way to move. Initially, current mortgage rates are slightly higher than at the close of the markets yesterday. But with signs of panic beginning to be seen and heard regarding Europe, today could be another wild, volatile day. With rates at such low levels consumers purchasing a home or needing to refinance their mortgage would be wise to lock at today’s levels.
Rumors are beginning to replace facts about the European debt crisis. That is eerily reminiscent of the situation in the US banking sector from 2008. Traders smell blood in the water and attack any signs of weakness. Weakness now is being sensed in Italy, Spain and French banks and the frenzy is on. In fact reports just released suggest that a ban on short-selling financial institutions is being considered by European market regulators.
How with this affect the US? The answer to that question is unknown as the degree of exposure to European sovereign debt by US banks and insurance companies is not completely known. However it is believed that the exposure is much higher to Italian debt than Greek and Irish debt which was the previous area of concern. A report from the US Federal Reserve estimated US bank exposure to Irish debt at less than 1% of assets.
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Which bank offers the lowest interest rate for mortgage refinance in California?
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
Looking to find lowest refinance home mortgage rates?
I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?
You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.
You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.
Check for a lower rate here free:
http://www.checkmyrate.com.au
Mortgage help i just refinanced my home and got a adjustable rate can i still refinance and keep my loan 50k?
i just refinanced my home the original value was 45k and i had it paid down to 35k. when i refinanced it brought the value i need to pay back up to 51k. i have a adjustable rate now that will kick in may of 09 my percent is 12.750 i think. i pay 500 a month now for the mortgage and 720 total with all the taxes and stuff. i dont have a penalty for paying the loan of early so i want to pay it off in the next five years but with the arm my percent can go as high as 18.750. i dont want the bank to take my house from me because of the mistake i made by refinancing in the first place. so is it possible to refinance into a fixed rate and still keep the loan at 50k and still pay it of early with out any penalty. this is my first post so plz any and all help is great
Whether or not you personally can do any kind of refinance depends on your credit, income, and the value of the home.
If you're asking if no or low closing cost mortgages exist? Absolutely. Typically the rates are a little bit higher, but honestly your rate is really high right now, it should still be significantly cheaper than 12.75 even with the bank paying the closing costs.
By the way check your Adjustable Rate Rider from your original mortgage. Odds are there are caps on how much and how often your rate will adjust. If you're paying this loan off in the next few years it may not even be possible for it to adjust up to 18.75 that quickly.
What's the best way to go about refinancing your home if you've refinance before two years ago. I am on a adju
I am on a adjustable rate mortgage and would like to go to a fixed mortgage with lower rate? I don't know who to go to for the refinancing, My Bank or credit union?
Actually, either one will work. What you need to do is pay attention to what you actually want - but also use the knowledge of your banking professional. SOOOO often I get people that just call and say "what is your rate?" and they assume that the lowest number wins. This is a very poor way to do it. You need to sit down and look at your goals and see how long you want to stay in your home.
Now, for an example of what rates and fees do for you -
If you stay at your home for 2 years, you don't need to pay as much attention to the rate as you would think. If you pay a point or two to get a great rate, you may never see the return on your investment. In reverse, if you stay at the home for 7 years and say "I want no costs", you will pay several thousand more in interest than you would have paid in points. Rate would be a good driving factor in this situation, as you will be paying interest for a longer period of time.
Now, after all that, realize that you should avoid brokers. Your average bank should be able to do the same loan for cheaper. If you don't see the term "bank" in their title - they are most likely a broker. They make their money by being the middle man. You pay them a few thousand bucks to find a bank for you. Why not just go to the bank directly?
So, if you need help with all this, let me know. I have worked for a bank for several years and don't mind being a guide (even if you don't want to become our bank's customer :) ).
How much does a mortgage broker make of a deal for a home refinance?
How much does a mortgage broker make off a refinance loan? vs How much does a bank employee doing a refinance make off a refi loan? Besides ideal credit scores, what steps can be taken to ensure getting the best possible rate?
Ive been managers at a bank over loan officers. Ive been a loan officer at a bank. We paid our loan officers 50-75% of the Loan Origination Fee. Thats it. Its a high turn over job. The reason being is because they are only working for the bank for free training so they can become a broker or work for a broker.
The company I work for is 100%. I pay them a small fee 250-450 dollars per loan. I just use their name.
So to give you the bank example. The bank will price the loan for approx 1.5% YSP and charge a 1% origination fee. Ill pick on wells fargo. If you work at wells fargo as a loan officer and you are new on a 200,000 loan you will get 1/2 of the origination fee. So you made $1,000.
Where I work, Wells Fargo will pay me as a broker 2% YSP, and I take 1% origination. I would as a broker make $6,000 minus 350 bucks I pay the broker.
Brokers can get better deals then the retail side of the bank offers their own clients. The reason is simple. Banks normally will give better rates to the brokers then to their own loan officers. Ive worked on both sides. The reason is because brokers do 95% of their business.
I have a friend that works at say *Bank A* Large Bank. She is a loan officer at *bank A*. She hasnt trained enough to be on her own. She is working on it. She was doing her own loan and *bank A* was waiving the Origination fee because she worked there. She did it through me, and we took it back to wells fargo. Why? Because I still make 3,000 and she saved 1,000. Even though she worked there. She couldnt even come close with her rate sheet to what I was doing. Same bank.
There is alot you will learn over time.
The norm is around 1% of the price.
When you use a Mortgage broker you get wholesale rates.
Most of the major banks have what's called a WHOLESALE division that deals strictly with mortgage brokers. The rates are usually on average of about 3/4 of a point better. So instead of maybe getting a 7% rate at the local bank branch, you could use a mortgage broker and obtain the same loan through the WHOLESALE division of the same bank at around 6.25% normally.
Now Mortgage Brokers are paid by the borrower on what's called the MORTGAGE BROKERAGE FEE (front end), AND also from the bank on what's called the YIELD SPREAD (back end) which is why you don't normally see that 6.25% example wholesale rate, because the mortgage broker is paid a certain amount for anything over the 6.25% that you agree to. These people who posted before me and are saying Mortgage Brokers only make 1% are WAY OFF, trust me. Banks will usually charge arund 1%, but your paying the retail interest rates. I just obtained my mortgage brokers license and most companies I interviewed with try to make atleast 2-4% on average either in the front or the back of any loan or refinance. I've seen Mortgage Brokers make as much as 7% on loans when I first started as a Real Estate Agent, that's what made me go get the additional Mortgage Broker license.
My personal suggestion would be go to a Mortgage Broker preferably ME :-), but if not that's ok, and tell them you want the PAR rate but you'de be willing to pay them a 2% mortgage brokerage fee to obtain it. The PAR rate means that the Mortgage Broker is NOT receiving a YIELD SPREAD on the backend of the loan from the bank. You will be amazed at the rate you can get and most Mortgage Brokers will do this for you because you'll sound like you know what you're talking about.
So I hope this helps,
Please don't stone me fellow Mortgage Brokers ..lol
Harry J. Misner
888-352-8199 ext #1
Is it possible to refinance your 1st mortgage if your combined 1st and 2nd mortgage exceed your home value?
I bought my home in the fall of 2005 for $285000 with a 80/20 loan. The 80 is interest only for 5 years and the 20 is fixed. My home was valued over $300000 at the time so after being there 6 months I refinanced the 2nd to included my personal debt, so I could write off the interest while paying everything down. The loan is at $308000 currently, but now the house is only valued at $236000 (making it worse my neighbor has the same house and quick saled it for $207000 last month). I have 2 years before the 1st mortgage will add principal at a variable rate. The bank said the payment could go up $200 to $800, not to exceed 10% per year. They also said they won't refiance the 1st because the combined loans exceed the value. I have excellent credit and what to keep it that way. I have never missed a payment, but with a yearly increase in my mortgage at those rates I will go broke. What can I do to fix it before it's too late?
I think you are SOL. The FHA might have done it if the balance of the 1st was < 97% of the appraised value.
You probably are worried too soon and possibly for no real good reason. The market may come back before the 1st starts to adjust. In two years, no one can predict what will happen.
Check the index and the margin. The indexes are down even over what they were 12 months ago. If we are in a recession, chances are they will not go up sharply.
I have heard that congress is supposed to be working on more mortgage reform to allow the agencies to refinance some existing loans that may fall into the same category you are in.
Remain calm. Keep your ears open. Can you pay down the 2nd agressively? That might be the best bet to put you in a position to refinance your first in the future. You might even be able to convert the 2nd to an unsecured loan. Yeah, you would give up the interest deduction, but if it made it possible to refi the 1st and that is the greater need it could be worth it.
Good luck
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http://best-loans.awardspace.com/homeloans.htm
Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
Both you and the bank would benefit by extending the interest only provision for a further term. The bank is in a worse position then you are because the loan exceeds the security so they will lose a large amount if they are forced to seize and auction your home.
I think you should try to work out a restructuring of amounts and interest with the bank that enables you to keep your home and reduce the bank's losses.
Inform them of your expectations and ask them for a proposal that will fit with your income.
What is the best way to go about refinancing your home mortgage?
I generally know that I would try to find a bank or lending place that will offer me a lower rate than I currently have, but was wondering how to make sure the new terms are to my advantage. For example, my realtor helped me go over my mortgage materials originally and do not want to agree to something that isn't a good idea, i.e., hidden fees.
You should find you a mortgage broker from your telephone book, unless you can get a referral from a friend or neighbor.
He will complete a loan application for you, this will not take a short time so pull up your comfortable chair get your favorite beverage and allow him to complete the application either over the telephone, by faxing the application to you,or you going to his office.
He will need the following items to get started
#1 Six months bankstatements from each bank you are currently doing business with as well as any statements from your 401k plan from your job.
#2. One month of pay stubs from each job and anyone else on the mortgage
#3 2 years of federal income taxes along with the W-2s
Once the application is complete he will run a credit report which will tell him your credit scores. Your credit scores will tell him the type loan programs you are qualified for, to include the interest rate.
He will issue you a good faith estimate (GFE) outlining all the fees, points and other cost of the loan. If you have a problem go over each charge item by item, take notes. Some or most of these fees are not the mortgage broker's fees.
You have escrow fees, title fees, appraisal, credit report cost and other items that you will be charged, but he can explain each one to you.
You should outline to him why you are getting refinance, what you plan to do with the money from the refinance.
Prior to getting your loan docs and the closing of the loan your mortgage broker might ask for additional information or documentation, just get it or tell him what he needs to know this is common so don't get all tense and go on a binge.
I hope this has been of some use to you, good luck.
"FIGHT ON'
I am a mortgage banker in TN & KY
If you can afford it and if you're planning on staying in the property for a while, discuss paying points to get a lower interest rate. You're going to pay more up front, but your payments are going to be lower and it typically pays off if you plan on staying in a property for 5+ years.
With any LEGITIMATE company, there are no such things as "hidden fees". All fees should be disclosed by any reputable lender. One thing to be careful of is that a lot of lenders when going over prepaids, only take into consideration one day's worth of interest, which is only accurate if you close on the last day of the month. If you close in the middle of the month, you need to multiply that number by about 15 days.
Good luck
I am a broker and can lend in most states. Contact me and I can give you some more specifics on the process and pitfalls to watch out for.
How do I refinance when my mortgage is more than the property value.?
My husband & I purchased our condo with two loans from Bank of America: a 5/1 ARM @ 5.25% and a 2nd mortgage @ 6.75%. I would like to refinance our mortgages before the rates adjust. However, the value of our home has decreased over $100K. I have called Bank of America to get a loan modification and the woman I spoke to said we do not qualify. Is anybody else having this problem and how did you get a refinance?
The answer is simple. You DON'T get to refinance. Any lender will have the property appraised. Since you owe roughly $100K more than the property is now worth, the best you could get is a new loan for about $100K less than you owe, and would have to come up with the missing $100K out of your pockets.
The reason you don't qualify for loan modification is that you are apparently still able to make the payments on your original mortgages.
Live and learn.
How easy is it to get a mortgage lender to agree to a short sale and waive the remaining debt?
I have two homes with one mortgage on each (same lender). One home is now in negative equity and has a high interest rate on the mortgage. Even though the bank refinanced the home only two years ago as an 80/20 loan, they will not allow me to refinance now. I thought about renting until the market get's better but I can not cover all of the costs.
Refinancing mortgage with Bank of America ripoff?
A little background: my fiance and I bought our first home in February 2008. We qualified for a first time homebuyer loan. The interest rate is 6.3%. We do not pay PMI. We have about 11% equity. We have paid on time every month, and even paid a little extra towards principal.
A couple of weeks ago, I checked BOA's mortgage rates and a 30 year fixed were at 5%. Refinancing into one fixed mortgage at that amount would save us a significant amount of money each month.
So I call to ask if we can refinance. They said we wouldn't have to pay PMI, but the rate they offered me was 6.6%! I asked why I wouldn't get 5%. They said it was because we didn't have a whole lot of equity yet. But I feel that's unfair because if I were a new customer just buying now, I would be getting 5%. Is this typical?
I'm pretty unhappy about this. I am contemplating applying for a mortgage at another (local) bank so we can refinance to a lower rate, but that means I'd have to go through that whole horrible loan process again! It would have been much easier with Bank of America since we already hold the mortgage with them.
Should I be more persistent with them? Or just accept my fate and let the "historically low" interest rates pass us by?
Hi, yes you're right, we have a split loan, I forgot to spell that out. The interest on the larger chunk is low-ish but the smaller one is higher. Combined, the weighted average is 6.3%. I did suspect that they might tell us we would have to pay PMI if we got a regular 30 year fixed, but they said no, they just offered a ridiculous interest rate higher than our current. They did say, well yes, new customers will get a better rate. But how then are people refinancing at low rates? I guess they are going to another bank?
banking best home mortgage rate refinance - News
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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage Typically if not always, American Interbanc has the best interest rates available to homeowners, or consumers wishing to buy, or refinance a home. |
Bank on home-loan relief - Sydney Morning Herald
RTE.ieBank on home-loan relief Refinance if possible. If you have had the same loan for more than two years then have a reputable mortgage broker provide you with a free home loan health Saving the old homestead
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Are Lower Mortgage Rates Working? For Some, Yes; for Others, No - RisMedia.com (press release) Are Lower Mortgage Rates Working? For Some, Yes; for Others, No “We analyze each refinance based on its merit,” said Ed Barbier, mortgage branch manager of Home Street Bank in Vancouver. He urges first-time home buyers |
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(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities However, it also reflects the fact that reduced home equity and tighter mortgage credit have impaired borrowers' ability to refinance their mortgages in |
America's New Housing Problem: Unemployment - Forbes
RTT NewsAmerica's New Housing Problem: Unemployment While home prices were on the upswing, an unemployed borrower could sell the property or refinance, raising cash, but now, with property depreciating, Mastrobattista: Fixing Mortgages
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