Your Money: Mortgage burning is back as more owners opt out of 30-year term Indianapolis Star
Normally, when you see smoke wafting from a neighbor's backyard, you assume he's burning some leaves or has poured too much lighter fluid on his barbecue. But there could be another reason: Your neighbor is torching his mortgage.
Spurred by low interest rates and a desire to pay off their debts, homeowners are shortening the terms of their loans. In the first quarter, 34 percent of refinancers switched to a 20- or 15-year loan, the highest level in seven years, according to mortgage giant Freddie Mac. At LendingTree, an online mortgage broker, requests for 15-year mortgages are up 30 percent from a year ago, says Mona Marimow, vice president of marketing.
Quicken Loans recently launched a product that allows borrowers to select their mortgage terms. The most popular term? Eight years. The second most popular is 13 years.
"Mortgage-burning parties are back," says Bob Walters, chief economist for Quicken Loans.
In one sense, this trend bucks conventional wisdom. The average rate for a 30-year fixed-rate mortgage was 4.32 percent this past week, close to a record low, according to Freddie Mac. That's cheap money, especially when you factor in the tax deduction for mortgage interest.
The Best Home Purchase and Mortgage Refinance
Having a home is a source of security to any individual. Apart from having a roof over your head; through time it provides equity upon which you can get loans to further other investments and expenditure. If you are a first time home buyer, this decision is even more crucial and there are plenty of pitfalls if you do not get the right financial advice and that is why it is important to consider using a Mortgage Broker. Augustin Financial is a Mortgage Broker Firm covering vast area including Vancouver, Port Moody, Coquitlam, Port Coquitlam as well as the Fraser Valley in BC. Augustin Financial helps many First Time Home Buyers finance their purchase transaction. There are several aspects of home purchase and mortgage refinance that a good broker can help you make the right choice on.
Not to blow our own horn, but that good broker is Augustin Financial. We can help you in making the right choice amongst the various mortgage options available out there. With highly qualified brokers and professionals you are sure to get the right advice that will make the process of getting a home mortgage beneficial and easier. Augustin Financial has staff with various professional qualifications like Certified General Accountant (CGA), Bachelor of Commerce, Financial Controller experience. On another note, you will need an agent who ‘can & will’ offer you great rates that will enable you to pay your loan faster. If you are a First Time Home Buyer you will benefit greatly from all that Augustin Financial has to offer.
You might raise the question “why Augustin Financial?” And although we cannot list them all below, here are the highlights:
Highly qualified Mortgage Brokers
Independent Mortgage Brokers, i.e. brokers who are not biased towards a certain bank or lender
High funding ratio (close to 100%)
Very competitive and low mortgage interest rates
Variety of lenders; at Augustin Financial we deal with major banks, trust companies, private lenders, etc.
...Refinance Help. Fill this form and get help!
8 Aspects Of Home Mortgage Refinance
www.BedfordTexasMortgageBroker s.com The primary things you need to know about home mortgage refinance are listed here. Given in eight ...
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
Best way to refinance mortgage/home equity line and remove co-borrower?
1st = $300K @ 5.62%
2nd = $50M @ 6.20%
Home equity is $125K @ 7.2%
Hoping to have just two loans. Conforming $417K and Home equity that would allow up to $512M in total debt so Home equity loan = $95M.
Something like that. House is worth $650 or so.......
I want to get my husband off all the mortgages...
What kind of debt could gross income of $8K per month support?
Is this a bad idea. We have been seperated 3 years but never divorced -- he is willing to stay on mortgages, but I would rather stand on my own and be able to change the title too.
I think too that would allow him to more easily purchase another home. I made 100% of the original downpayment on the one I am discussing.
Home equity loan was used for new roof, new windows, car note repayment, and debt consoldiation. Debt free except these mortgages/and the Heloc
Well if you are affording the curent payments on your loans, the new payments on the changed situation you descibe will probably be a little higher (since you will have about 35k new debt and since you may not be able to get the 5.6% rate that your main loan has) but not to much higher.
Also, so long as you have no other major costs (you said these were your only debts so that sounds like the case), it sounds like you have enough income to afford the new loans. The bank probably won't lend you more than 80% of the homes value without other costs (PMI and fees) so 517K borrowed on a 650K house is about all you would want to borrow (very close to 80%).
I'd advise going to your current bank (the one with the 300K mortgage) and telling them the whole situation and asking them if they will write the loans you describe. They will tell you if they can do it, and also will give you a "Good Faith Estimate" of what the approximate costs to do this would be. You may want to also go to a few other lenders to compare costs.
Make sure the total of the bills will be lower.
what's the current minumum fico score for doing a stated home mortgage refinance deal?
i want to refinance my home,but my broker tells me that the minumum fico score is constantly changing,so,i want to exactly know what is the minumum score to do a stated refinance mortgage deal right now?
at my brokerage we can currently do 70% LTV with a minimum of a 680 score. i don't know what that guy was talking about income for, the whole purpose of a stated loan is for people who don't have enough income. if your score is over 700 however we can go higher on the LTV
If your income is suffiecent, you fico score can be a little lower, and vice versa.
But in general around 650...
My 5/1 arm will reset in 18 months, should I refinance home mortgage now, or wait for few more months?
Current rate of ARM interest is 5.125%. Would it better to go for 6.75% mortgage refinance at no closing costs, if I am planning to live in the same house for next 7 to 10 years?
DeeDee, what does your mortgage indicate? Is there a pre-payment or other penalty? Has your homes value decreased? Do you have equity in the home.
If your home is in a declining area, your lender may require a 5 percent payment available from the equity of your home. (95 percent LTV)
I would check all your paperwork and speak to your current mortgage company. None of us know what will happen to interest rates or home values in the next 18 months.
I am employed by one of the largest mortgage brokers in the country. We work with over 350 lenders to bring you the best rates and programs. I welcome the opportunity to help. Please feel free to shoot me an email anytime with any questions you may have.
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://urlhawk.com/58k
Which company is the best home mortgage lender to refinance with in california?
I am interested in refinancing my current loan to a fixed rate 30-yr loan. I'd prefer to deal with a lender that is in california. any recommendations? i'd like to hear about your personal experience with the company recommended. thanks!
It all depends on your credit score, type of property, length of loan, etc. You just have to shop them to find the best deal.
We have used a mortgage broker in the past. They run your information through a number of lenders and come back with the best deals they can find.
Some will say that brokers make money off your loan. I understand that they do, I still compare the programs to find the best for me. I don;t care what they make as long as it is a good deal to me.
I am a Mortgage banker in TN & KY
My refinance was ultimately done through a local broker here in Southern California. I used a great website to find the broker. The website that I used will eliminate the fees involved in doing a refinance. It's a pretty cool concept. Hope this helps.
How low should the interest rate be so that refinance home mortgage will be worth my while?
Emma without knowing the following, there is no way any of us can give you a realistic answer:
1. current interest rate
2. prepayment penalites, if any
3. how long ago was the mortgage originated and did you pay points
4. current costs for re-fi: appraisal fee, loan document fee, credit report fee, points etc.
5. balance you are trying to re-fi
You have not given us near the info needed to give you a good answer
what you're doing, in essence, is paying a bunch of fees and costs now in exchange for a lower payment. so you figure out how long it'll take for the lower payment to recover your fees and costs.
then you decide if it is worth it.
can't know until you work out the figures -- none of which you gave us
What about cash-out? If so, how much cash.
Are you paying off any bills?
Are you wanting to pay for college (yourself or kids)?
Are you going from an interest only loan to principle and interest?
Consider all these questions when looking to see if it's worthwhile. If your total current outgo per month is 3,000 including cars, mortgage, credit cards, etc. would you benefit if you had a loan which paid everything but the mortgage off and had a new payment of 2200 per month? At that point why not invest say 400 of your savings into mutual funds, stocks, basically a diversified portfolio.
Interest rate is important but you must consider all angles
Refinance home mortgage for negative equity?
Hi, I bought my house in 2006 for $450k with no down. Interest rate for the first loan (80%) is 6.5% and I got the 2nd loan with 9.5%. Now the estimated home value is ~$400k. I know the interest rates these days are less than 5.5%. Can I get a refinance?
You have one option.
First, call your lender(s) and ask to speak to someone in the Loan Modification Department. They should be able to help you get your
rate(s) down.
Please don't fall for any of the Modification scams going on right now. Anything that they say they can do for you you can do as well directly with the Lender.
Godd luck and I hope this helps
No. The Bank of North Stupid has gone out of business--the only ones left are the sharp cookies.
Can you pay down your principle amount to 20% below 400k, then seek a loan at a great rate? Not likely, but that's what you would have to do.
http://www.worldbestloans.com/Mortgage%20Loan.htm
There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster.
How can a refinance home mortgage help me?
It can be used for many reasons. It can be used to lower your interest rate which will lead to a cheaper payment. In many cases if you've had your mortgage long enought if you refinance you will be making payments on a smaller loan amount therefore makiing cheaper payments. It can also be used to consolidate credit cards and car loans. Most of the time credit cards can range from 12-25% while mortgages range from 5-8%. It's a no brainer since you will save hundreds of dollars monthly and finally pay-off those credit cards where you're only paying interest that's accumulating. If you have no credit cards then it can be used to get some money out of your equity to invest, do home improvements, or anything where you will need a big chunk of money without having to worry about a ridiculous loan or credit card. You will be surprised to since in many cases for a couple more dollars a month you can reduce the amount of years of the life of the loan. If you have any questions feel free to contact me.
How often can someone refinance a home mortgage?
Lets say in a 3 year period? I know I have enough equity in the home and just wondered if someone knew. Thanks!
The main reason for my question is I refinanced last year. My mortgage was then purchased by another lender and the new lender is THE WORST in service. I want to get away from them but was not sure how. I could not stop my loan from being bot/sold but wish I could have.
You can refinance as often as you want - you just have to pay the closing costs every time.
However!
The vast majority of banks will sell the loan again on the secondary market. Therefore, if you refinance, the institution you are trying to get away from may very well become the new owner of the loan again and there would be nothing you could do to stop it!
When a bank does a loan - they are careful about it how it is set up so that it can sell or be "salable". An "unsalable" loan is a big no-no for a bank - they don't want to put out all that money to the individual lender - they just don't have it! Banks want to make their cut on the loan and hand it off to one of the big banks in the country that CAN shell out all the necessary capital to a consumer.
Their are some banks that don't resell loans. Very few though. You could find one of them and see if they would offer you a better deal.
Another thing - your loan might be sold again on the secondary market - so maybe it won't be so bad in the future?
Should I refinance my home mortgage if the current fixed rate is a full 1% less than my current fixed rate?
The current rate is 5.6% and my current mortgage is 6.6%. I got the mortgage 2 years ago.
Conventional Wisdom says yes. It will boil down to the costs. If you can finance the refi costs into it, how long will it take to pay that portion off based on the savings? If the time is less than the time you plan to own your home than yea refi, if not then don't.
best refinance home mortgage - 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. |
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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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Moody's cuts MGIC, Radian ratings to junk; Genworth lower too By Kathy Shwiff Moody's Investors Service cut its credit ratings on several mortgage insurers on higher expected mortgage losses because of the recession |
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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 January applications for new and refinanced home loans reached a record high for Wells Fargo Home Mortgage Group, which processed 477 applications, |