RICK KAHLER: Consider mortgage refinancing while rates are low Rapid City Journal
Almost everyone expected interest rates to rise when S&P downgraded U.S. long-term debt. In a predictably irrational market response, long-term interest rates fell. While this downward trend may eventually reverse itself, now would be a great time to dig out all your mortgage loan paperwork and consider refinancing.
Start with finding out what your current interest rate is on your mortgage loans. Let's assume you currently have a mortgage with a balance of $200,000, with principal and interest (P&I) payments of $1,264 at an interest rate of 6.5 percent.
Next, do a little shopping. Call two or three mortgage brokers and find out the interest rate you could obtain on a new loan. You will need to give them your household income, the value of your house and the current balance on your mortgage. If you don't know the current value of your home, call your county director of equalization and find out its assessed value.
Ask the broker to give you the interest rate and payments on a mortgage that is almost equal to the number of years you have left to pay on your loan. Also find out what the interest rate and payments are on a shorter-term loan than your current mortgage, maybe comparing 15-year and 30-year mortgages. Usually, a shorter term has a lower interest rate.
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Where can I find the lowest interest rate for a mortgage refinance?
Where can I find the lowest interest rate for a mortgage refinance in Arizona? I would like to be able to look for it online.
Hi There,
Try typing in 'home loan interest rates' or 'arizona mortgage' in your Google search engine and see which mortgage companies come up in the search. Then see what each company has to offer. If its unclear which links to follow, check out the search links that show up in the right hand column. If you have good credit, for the lowest rates, look for websites offering 'wholesale rates'.
Keep in mind that interest rates are tough to compare between mortgage companies because they hinge on so many factors including your credit, term, and the type of loan you're interested in. Instead, focus on how much the mortgage company can lower your payment. Or, pay close attention to how long the company has been in the industry, client satisfaction rate, reliability, and trust. You can typically get a good idea of how a mortgage company is received by the public through client testimonials.
If you have any questions, you can contact me directly. I hope this helps!
I locked a mortgage refinance rate; should I walk if I find lower?
Might the lender be willing to lower his rate quote? or must I find a new lender if I think I can find a lower rate?
If you're going with a bank certainly see if they can lower it. If you're with a broker get a few quotes from some different brokers and see who comes out best. Get references from friends or family for someone they use.
Brokers can swap lenders if rates go lower, or renegotiate w/lenders, so you'll have better luck than with a bank.
quietly, covertly, find also a mortgage broker.
the bank only uses THEIR cash, the broker has lots of
lenders available
Where can I find the best mortgage rate for refinancing?
I am not sure whether to refinance with debt consolidation, cash out or a home equity loan or line of credit.
Hi there,
I hope yo havent conta ted the gentleman that seems to live overseas, and doesnt really have the concept of the english language down pact yet... Probably not your best bet...
Looks like you basically are in need of $cash$ to obviously pay down some debts... (based on your question)
So to keep it short and simple, out of the three options that you have sited, two of them are the same thing... A cash out refinance is the same as a debt consolidation refinance... A home ewuity line of credit on the other hand is a completely different story...
A home equity line of credit (HELOC) is a quick and easy way to get money out of a property... However, they are one of the worst debts for any person to carry...
Large banks will push these programs on customers for one simple reason.. They make double the interet!!!
A HELOC is basically a giant credit card secured against your home.. It shows on your credit as a "Revolving debt" rather then a "real estate debt" like a mortgage...
A "revolving debt" is the smae as a credit card, or charge card at a retail store... They are bad for your credit if you carry high balances... The average HELOC is over $20k, so your credit is sure to decrease by using a HELOC...
This is also why you always see commercials and billboards promoting HELOC's.. They say low to no costs, etc. There is a reason they want to give you these loans for free... They make double the intere3st because a HELOC IS COMPOUNDED INTEREST (same as a credit card)... (not like simple interest on a mortgage or car loan)
So, if you need cash to pay debts, home improvemets, etc. i always suggest to refinance the mortgage and take out what you need...
I would be happy to assist you with any further questions, or even help you with the loan process if need be.. .I work with providential Bancorp, we are a nationwide mortgage lender...
Feel free to call or email me at any time!!
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-264-6448
http://www.bankrate.com/brm/default.asp (I prefer this one)
http://hsh.com/
i don't know why you need to refinance?
if your total monthly payments is killing you now- is good to consolidate your debts, if you need extra cash- you can go with cash out or equity line of credit. if you do cash out you will have fixed payment, with equity line of credit you only pay for the money you spend- let's say your equity line is for $30000, but you only used $10000- you only pay for $10000, but rate is higher and change monthly and like i say before i don't know what is the reason for you to refinance.
or use a mortgage broker.
will get you customized quotes from top local lenders in your area based on some basic info about your property and current loan.
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
Where can I find the best HELOC rates to refinance my second mortgage?
My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loansearch.asp
Out of all of the banks that I have worked with, I find that CHASE, WELLS FARGO, and US BANK offer great rates and very low hassle.
So like I say, what you are going to do with it, should play a factor in selecting the propor HELOC.
Pen Fed CU regularly has extremely good rates on both HELOCs and regular home equity loans.
https://www.penfed.org/index.asp
You won't get such terms as prime minus 1% on a 2nd mtg either, have you thought about what's the avg. rate you are paying for BOTH your 1st and 2nd mtg.? Consider refinancing and consolidating both mtgs into one.
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
Where can I find the lowest mortgage rates and refinance rates in the USA on the internet?
Do you think the rates have hit bottom?
We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source
It's not just the rates you want to compare, look at the total loan package.
I just had a client go to an internet lender for a quote and the GFE was $5,000 more than the local lender, and if the refinanced in less than 5 years, there was a big penalty.
you can get all financial news.
I know, as I have had customers come back to me and tell their horror stories, and some never got their loan, coming back to me to do it.
This is a process best left to an expert in your area, and price should be a consideration, but the rock-bottom price, is NOT always the best "deal"... Trust me , I know...
Shop for knoweldge, and then rates, and then cost. In that order. Cost will be very close as I am in the business, and have to be competative, and still my conscience and integrity, keeps me doing a good job for my customers.
Second, the lowest rate may not always be the best way to go. How much does it cost for the rate? How long will it take you to recoup the costs? HOw long do you plan on staying there. Your best bet is to find a local lender who maintains their client database who will look out for you when rates drop. Also, when you are calling around for rates, be sure they know are you going full document or stated, purchase, or refinance, loan to value, cash out, rate and term, etc. If you call around and they give you a rate without asking you the right questions then they are just throwing numbers out there and be prepared for bait and switch later. Your home is most likely the largest purchase you'll ever make, so you should find a true, knowledgable professional. AFter all, if you have to have a life saving surgery would you go onto the internet to find the cheapest surgeon? ASk your friends who they use and if their lender keeps in contact with them.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
what is the best rate someone can have for a refinance mortgage?
having 668 on credit score and being first time home buying. Today, what docs do we need to present to refinace? Thanks, I appeciate your help.
Hi Claudia; if you are siously considering this, and would like to speak to a live mortagge propfessional, you can email me at dantaft@bellsouth.net- you may be able to get a rate in the high 5s to low 6s, but I would really need more information to give you an accurate idea of what you would qualify for. Your question is a bit confusing as well, as you ask about refinancing and home purchase at the same time. Email me for more info and we can clear everything up and go from there.
my credit score is 645 and my wife. is 697.what is the best rate. that I qualify for a refinance mortgage loan?
I seem to be having a problem qualifing for a good rate loan.Do you have any advice for me?
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
Need to Refinance an adjustable rate mortgage with so-so credit?
Hi,
My husband and I bought our home 2 years ago on with an adjustable rate mortgage. The interest rate has now come up and we need to refinance.
The problem is that our credit score is about 600.
Can we get a refinance? Our home is worth about $240K, we have $25K in debt, and we make about $140K per year.
Thanks Bob,
But we really can't afford the extra costs. Our payment went from $1100 per month to $1680 per month.
What would the rate be for a credit score of 600?
Depends on how much you owe.
FHA refinances go up to 95%, with rates lower than 7%
You will still need to qualify with the county limits.
You can still try conventional....and have the lender pay PMI...