Waiting to Refinance May Be a Mistake Patch.com
Many Fountain Valley homeowners may want to consider refinancing. Rates are at historically low levels falling to as low as 4.3 percent locally. But there’s another incentive related to a change in federal law.
A so-called credit risk retention rule, which is part of the federal Dodd-Frank Act, is expected to take effect in about a year. The rule requires lenders that securitize mortgages to retain 5 percent of the credit risk.
Homeowners would be required to have at least 25 percent equity for a rate-and-term refinance or at least 30 percent for a cash-out refinance. Some estimates indicate that fewer than 50 percent of American homeowners have that kind of equity.
So it would appear that fewer Americans will have the opportunity to refinance. Not only that, but they may end up stuck with a high-cost mortgage.
California is listed as one of the states with equity-poor homeowners. Some lost $100,000 or more in equity when the home market crashed in 2007 and 2008.
Guidelines to Refinance a Home Loan
With the current economic meltdown and the prolonged slump in the housing market, millions of consumers across the country are refinancing their mortgage each year. If you are also looking forward to refinance a home loan at a substantially lower interest rate, you must consider a few crucial factors first. Remember, if you have stellar [...]
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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!
free mortgage quote rate refinance?
where can i SAFELY get refinance quotes online?
You should get refinance quotes from multiple lenders at one time and avoid the pressure/sales pitch you will get if you call them one by one. There is a site that offers such a service, and I've listed it as a resource.
Basically, when you submit your information, the service will forward it to reputable lenders. The lenders who get your information will then contact you with a competitive loan program. Because they already know they are competing with several other lenders, more than likely they will offer you a competitive and honest rate.
Don't agree to any of the loans, at least not yet. Listen to each loan officer and let him or her present the loan program to you, and then politely tell them you'll get back to them within a few days.
After you have talked with each lender, you will be well educated on the loans currently available for your situation. Then, you can choose to work with one of those lenders, or you can take that information and approach a loan broker who can then compete against their loan programs and try to offer you a better rate.
tell them your credit score...loan to value...DTI..etc.
and they should give you a pretty decent quote
Often the information you supply to get the data you search is sold to a variety of lenders who will then pursue you to try to get your loan.
There are, however, a few sites that don't collect your information,they just give you feedback. Try directorsmortgage.net. I know that we don't collect your info. and you can just find out what you want with no strings attached. We' won't even know you've been online to us unless you request contact.
If you want a more personal approach (also with no strings attached) feel free to visit my profile.
I used to work for a company that participated in several online quote forums, and since our rates really were rock bottom, we advertised real rates. Then we checked out the forum. Everybody was advertising rates that there was no way they were going to deliver. My boss and I split the lists, and called every single company, asking for a loan that was in line with the standards they were supposed to quote to.
*NOT ONE* was within half a percent of what they quoted online. We complained to the forum management. Nothing was done, because that would have meant losing the ad revenue those cheating companies paid them. So we stopped patronizing them.
It's a very attractive idea to people that are scared of sales persons. Unfortunately, the quotes you get won't be real. You're going to have to go talk to those sales folk. In fact, the more sales people you can bring yourself to talk to, the better off you're likely to end up!
When you do, ask every single one of them every question on this list:
http://www.danmelson.com/2007/04/questions_you_should_ask_every.html
Are the interest rates the same between people who take a new mortgage and those who refinance?
I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer's rates (with the same terms and credit rating of course)? Thanks.
I would go to a reputable, bricks and mortar (physical location) of a known bank to refi. Part of the mortgage debacle was using anyone and everyone (including the big banks, though) and it is critical to be sure you know who you are dealing with and what you are dealing with! Get a referral and go with someone with a good track record. Also, start with the bank you deal with. They want to keep your business and may not charge closing costs like another lender would. The credit score will determine the "good rate" that sounds low but still depends on credit score.
If you have paid your mortgage on time. Your present
lender will gladly refinance to a lower rate.
There are a lot of loan officers that are solely doing refi's
if you are in California I can refer you to several
people that I deal with.
Times are tight and the loan officers are gun shy.
Good Luck!
Good luck!
As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.
It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.
I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?
Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it.
If you want to learn the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there.
In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions.
I look forward to helping you.
P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
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."
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.
Should I refinance a mortgage that I have been pre-paying?
I am trying to find out if refinancing a mortgage that I have been prepaying would make sense. The orginal mortage balance was 220,000 with 6% interest at 30 year amt. start date of 11/05. I have been making an additional principal payment since the beginning of the loan and currently have a balance of 206000. I am trying to find out if refinanceing at a lower rate and continuing to make my additional principal payment would make sense and at what interest rate should I refinance at? I have searched for calculator online but cant find one that fits my critera
Check out my website for calculators. I hope there is one on there that fits your criteria.
Get in touch with a Loan Officer or Broker and get some detailed numbers.
Good Luck, you're going in the right direction.
Today's 15 year rate is 4.82 and today's 30 year is 5.31
What kind of 30-year, fixed rate mortgages are we seeing today? Where can I find them online?
I need to know if now is a good time to refinance. Are rates decent lately? I hate to call someone about it because then you get swamped with calls from them following up, wondering when you want to come in and sign the paperwork to get started, yadda, yadda, yadda.
Or is there a site where you can find out without having to put in your email address just to get the same amount of invasive questions, only by email?
Check out your current rate. It is absolutely worthless to refinance if you're only going to reduce by less than a point- don't let some sleazy broker convince you otherwise. Did you know that a broker can make as much as $15,000 off of your refinance if your loan is for 300K or more?? It's no wonder they push people to refinance when they don't need it!
If you're at a rate of 7% or higher it might be a good time to refi. Check bankrate.com for the "going" rates, or check websites for individual lenders.
A good lender will give you the information you want and won't call you again if you ask them not to.
The internet lenders have to add fees to do business long distance, which you pay for in the way of closing costs. In any refinance, you are going to pay closing costs, and it is thousands of dollars, so be sure you are making a cost effective decision.
For those with excellent credit, rates are under 6%.
Advice from loan agent on my future refinance?
Hi, I'm trying to hang in there until my penalty is over to refinance in Feb.2008. My question is that with the market being down, wonder if I can refinance for lower rate? My 1st is 598,000 with 10% rate and 2nd $21,000. I just wanted to refinance my 1st. Trying to hang on paying $5292 a month. The problem is that market is down and checking online my house is worth $620,000. Will it even go down in the near future when I can refinance and will that be a problem? Also my credit has gone down because of 1 late mortgage payment, from 650 to 583-610(3 credit score). Also another problem is that my husband is self employed in Oct.2006.
What is my chances to refinance for lower rate in Feb.2008?
Sorry to say home worth, or prices are going to continue to drop with more on the market, or in foreclosure, and less eligible people to buy because of the tightening of credit. From a previous post of yours your credit is not too good so I would basically say refinancing is not an option that will be available to you, especially at a lower rate. Honest believe that unless you can hang on with the interest rate hike that is coming, you will join the statistics of those in foreclosure. Best of luck to you hope you can weather the storm
Next issue: your credit score decline is going to make it really challenging at this high a combined loan to value. Most lenders have dropped maximum loan to value to 95% now in reaction to the market's instability.
Finally, investors require that in order to determine income for the self employed they must be given 2 years income taxes from which they may average an income.
Also, that late mortgage payment is a killer. Not only does it affect your credit score, it means that you are not going to be eligible for best rate loan terms if you are able to refi at all.
Sorry to be the bearer of bad tidings but you appear to be the poster child for what happens when people bite off more than they can chew mortgage wise.
To use self-employement income, you need a two year history of receipt, and proof that the income is steady, stable, and likely to continue. If the applicant has a strong credit history, that can be shortened to one year. But the full year needs to show on a tax return. The earliest you can use his income to qualify for a mortgage would be April 2009. But in your circumstance, that will probably be April 2010.
Your best bet is to pare down your expenses, get an additional job and/or earn more money or rent a room in your home.
Are e-books like secretsofamortgagebroker legit? Can these things really help save money when I refinance?
I need to refinance because I got put into an adjustable rate mortgage two years ago..a loan I really didn't want but got talked into it...BAD MOVE! I've been trying to do some research online so I am better prepared this time in hopes of making this the last time I ever change my mortgage and I stumbled across this website secretsofamortgagebroker (dot com)... It claims to be written by a guy in the mortgage industry and will save you tons of money on closing costs and all other sorts of things.. Are online books like this worthwhile or is this just another scam in the mortgage industry? Thanks for any insight!
We mortgage types don't have any secrets. Just shop around and avoid anything that has the words balloon payment or adjustable rate attached to it. This software is a scam, save your money. Instead order a copy of your credit report (direct from the bureau not freecreditreport.com and make sure it's correct and in order. Good luck!
If you require a 9 percent return on your investments, which would you prefer? ?
If you require a 9 percent return on your investments, which would you prefer?
A.) $5,000 today
B.) $15,000 five years from now
C.) $1,000 per year for 15 yrs
2. The Mutual Assurance and Life Company is offering an insurance policy under either of the following two terms:
A. Make a series of 12 payments of $1,200 at the beginning of each of the next 12 years (the first payment being made today)
B. Make a single lump-sum payment today of $10,000 and receive coverage for the next 12 years
If you had investment opportunities offering an 8 % annual return, which alternative would you prefer?
3. You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of $25k. The bank offers you a 15-year mortgage requiring annual end-of-year payments of $3188 each. The bank also requires you to pay a 3percent loan origination fee, which will reduce the effective amount the bank lends to you. Compute the annual percentage rate of interest on this loan?
4. Construct a loan amortization schedule for a 3-year, 11 percent loan of $30k. The loan requires three equal, end-of-year payments.
5. ira investments develops retirement programs for individuals. you are 30 years old and plan to retire on your 60th birthday. You want to establish a plan with IRA that will require a series of equal, annual, end-of-year deposits into the retirement acct. The first deposit will be made 1 year from today on your 31st birthday. The final payment on the acct will be made on your 60th birthday. The retirement plan will allow you to withdraw $120k per year for 15 years with the first withdrawal on your 61st birthday. Also at the end of the 15 year you wish to withdraw an additional $250k. The retirement account promise to earn 12% annually. What periodic payments must be made into the account to achieve your retirement objective?
6. Crab State Bank has offered you a $1,000,000 5-year loan at an interest rate of 11.25 percent, requiring equal annual end-of-year payments that include both principle and interest on the unpaid balance. Develop an amortization schedule for this loan.
7. using an online mortgage calculator (see http://moyer.swlearning.com) solve for the monthly savings and the number of months it takes to recoup the refinancing costs in problem 34. Hint under the question “what will it cost you?” enter 2850 for “Other” and 0 for all other items
Problem 34 (the Humphreys have 20 years remaining on their home mortgage loan. the loan balance is $125,000. the interest rate on the loan is 6.25 percent per year and their current monthly payment is $913.66. The Humphreys have been wondering if they should consider refinancing their mortgage loan as interest rates have fallen. After calling some banks Mrs. Humphreys found that she could get a loan for $125, 000mwith a maturity of 20 years at a rate if 5.1 percent per year. The refinancing will require that the Humphreys pay closing costs of $2,850. If the monthly savings in payments can be invested at 6 percent per year, would you recommend that the Humphreys refinance their home? Assume monthly compounding in solving this problem)
8. Use an online savings or retirement calculator (see http://moyer.swlearning.com) to solve the following problem: You are now 30 years old and would like to accumulate $2,000,000 in your retirement account at the age of 65. You currently have $50,000 saved in the retirement account. How much must you set aside at the end of each year over the next 35 years to attain your retirement goal if the account earns 6.5 percent per year? How much would you have to set aside each year if you currently have a zero balance in the retirement account?
9. Using one of the mortgage loan calculators available on the internet (see http://moyer.swlearning.com do a loan amortization for a $150,000, 30-year mortgage loan at a rate of 5 percent and answer the following questions?
a.How much is the monthly payment?
b.How much of the first payment (i.e., year 1, month 1) goes towards the interest? How much towards principal reduction?
c.How much of the 180 payment (i.e., year 15, month 12) goes towards interest? How much towards principal reduction?
d.What is the remaining balance on the loan at the end of the fifth year?
I'm not answering these questions for you. If finance or business is going to be your major or future career please go ahead and purchase a BA II Plus from Texas Instuments. Good luck in any classes that are above this level because to be honest this stuff is just intro level first month of the class stuff.
Get the BA II plus it will help you greatly.
whenever a website 404's, I get an annoying search page?
I've wanted to fix this forever, and have tried recently, but there doesn't seem to be any information on removing this small problem when I search google.
The contents of this search page:
Sorry, the page you have requested cannot be found.
Please re-enter a search term:
or click on the of the popular category links below:
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[/end quote]
Does anybody know how I can remove this, so I can actually stay on the website when it 404's instead of redirecting to this below mediocre search page?
If this same page appears on any website that 404s, either your ISP or a browser plugin/toolbar is hijacking the page. First try disabling any toolbars you have on the browser, and if that doesn't work, try contacting your ISP.
best mortgage online rate refinance - News
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Industry Insider Tips from Residential Finance Corp: Clean Up Your ... - Business Wire (press release) Industry Insider Tips from Residential Finance Corp: Clean Up Your Residential Finance Corporation (RFC) is the nation’s premier home mortgage lender specializing in FHA mortgage refinance. Founded in 1997 and now serving |
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MonitorBankRates.com Launches Comparison Shopping for Auto Loans ... - PR Web (press release) MonitorBankRates.com Launches Comparison Shopping for Auto Loans In addition to auto loan rates, mortgage rates and insurance quotes consumers can also find the best banking rates including CD rates, online savings |
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As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up Those best positioned to refinance have a good credit score, equity in their home, and have been on time with mortgage payments for at least the past year, |
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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. |
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Refi Boom Spurs Growth of Innovative Online Mortgage Software - PR Newswire (press release) Refi Boom Spurs Growth of Innovative Online Mortgage Software 17 /PRNewswire/ -- With mortgage interest rates hitting historic lows, the refinance 'boom' puts pressure on an industry that is already struggling from |