Souderton School District saves $225000 by refinancing phillyBurbs.com
Interest rates on the original bonds, from 2006, were between 3.5 percent and 3.75 percent; with the refinance, the interest rate drops to 1.5 percent.
“Things went very well,” said Glen Williard of Public Financial Management, a consultant hired by Souderton to handle the bond refinance.
PFM first had the district’s AA credit rating from Moody’s reconfirmed, he said.
There were seven bidders on the $5 million in bonds. The company that offered the best interest rate was Roosevelt & Cross, a municipal bond broker/dealer.
Souderton school board members voted unanimously to accept the bond refinance, though member Bud Miller questioned why the district didn’t consider borrowing more money while interest rates are at historic lows.
“We have millions of dollars of additional capital expenses in the next few years,” he said. “Why didn’t we do a larger bond issue, rather than just refinance?”
In general, Souderton likes to reserve about $2 million a year for capital projects and maintenance of its 11 buildings, said Fred Johnson, district superintendent.
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Refinance Mortgage Rates
www.refiadvisor.com Refinance Mortgage Rates - How to get the lowest possible rate when refinancing your home without paying junk fees.
What will home refinance interest rate do in the next 6-12 months?
current jumbo mortgage is @ 6% fixed will I be able to significantly better that 6-12months out?
If I were able to predict the market I'd be a millionaire a few times over. However the likelihood of a rate better than 6% on a jumbo is very unlikely as jumbo money is very difficult and expensive to get these days.
I've been in the mortgage business almost 10 years, and have seen cycles. Twice a year (6/15 7 11/15) the feds adjust the lending rates to banks to control inflation.
Except doing a election year - the government wants to keep interest rates low.
Two years ago in November I was predicting rates would jump, before interest rates were 5.125% for 30 yr fixed. After the senator election, over night rates jumped back into the mid 6% range.
Just like gas prices - it price jumps during the beginning of the summer, then prices fall during the fall. Every year it's a different excuss.... somebody is making money of this.
If your stuck in a mortgage with a prepay, you might consider doing a loan modification with your existing lender. PM me if your interested.
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What is the most current interest rate to refinance my house in California?
I have a mortgage rate of 6.85%. should I refinance now or will interest rates go down more after the president signs the new bill to help mortgage companies?
To give you a definitive answer would require more information about what type of loan you have now (fixed or adjustable), how much your home is worth, how much you still owe, etc. Suffice it to say, if that 6.85% is for a fixed, 30 year, it will probably not be worth refinancing now or in the near future.
I am looking for the best mortgage company for a refinance. Two criteria, low interest rate and low fees.?
Does anyone have any suggestion? Where to look, what to stay away from or tricks of the trade. Made a poor decision on our present mortgage and don't want to do a repeat. Am locked in on present note for 45 more days and then we want OUT. Looking for 15, 20, or possibly 30 year fixed. Am not interested in doing business with Coutrywide. Thanks for your help.
There is no best mortgage company to refinance your home with.
You should find a local mortgage broker by looking in the telephone book. They will offer you the best rates possible based on your credit report and your credit score.
You may be interested in the best rate or a no fee mortgage. You have to decide which is best for you based on your financial situation presently.
You can not address the past and what happen. You have to educate yourself and ask as many questions about your loan as you can think of.
You must ask the mortgage broker to explain each and every mortgage program you are qualified for. This includes the monthly payments, interest rate, any possible prepayment penalties and most important what this loan will cost you.
No one want to trick or cheat you, you have to then take this knowledge and make an intelligent decision that benefit you financially.
I take it you have an adjustable rate mortgage that was not properly explained to you.
Your fees and points should be explained to you on a Good Faith Estimate (GFE). Once you have allowed a mortgage broker to take a mortgage application and run a credit report they should be able to issue you a GFE. Don't get to excited about the first one, it might be a little off and the mortgage broker has a 3 day requirement to do this, so he might be just fulfilling the requirement.
Once you have your GFE now is the time to discuss what mortgage programs you are qualified for as well as discuss the points and fees you will be required to pay.
Keep a pleasant disposition, be open about what you want, make sure the mortgage broker understand your situation. Working with the mortgage broker will be a rewarding experience if you are both on the same page and know what each of you are looking for.
If there is something you don't understand, ask and get a full explanation before you move on to another subject.
Sometimes low points and fees and low interest rates are not spoken in the same sentence. You have to come to an agreement about this.
Make sure you understand the tax benefits of paying points and fees up front as oppose to a no fee no points mortgage.
Just remember no one work for free, not even you, so be prepared to pay for your loan. You have to decide if you want to pay up front or during the mortgage monthly payments.
A no fee no points loan normally mean the broke will increase the interest rate to compensate for the mortgage expense. Make sure you understand this.
Now about the mortgage business itself. The person you are getting your mortgage from will sell your mortgage the next day without fail, this is the nature of the business.
They sell this mortgage to the one that is looking for what is available for sale that day. One of the largest purchases of mortgage loans is Countrywide, so to say you do not want to do business with Countrywide might not be a choice you make.
Even if your mortgage is sold to Countrywide you might not know it as they might have someone called a service company that might service the mortgage for them, so you might not even know that countrywide has purchased your mortgage.
When signing the loan docs make sure these docs say the something you decided on a far as the interest rate, number of years the mortgage is for as well as other things you discussed about the mortgage you decided was best for you financially with the mortgage broker.
If the loan docs are not the same please don't sign them. You are the one that will pay the monthly mortgage so make sure they say exactly what you discussed when you decided on the program
It is too late to blame someone else after the loan docs are signed, so this is your time to make sure that you agree with the loan docs.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Sometimes I have to vent!
Get a local lender that is recommended to you by people that have used him or her. Internet people could bait and switch you and never have to face you again.
Just bought a home a year ago and want to refinance to lower interest rate?
I just bought my first home about a year ago with no money down and want to refinance to a lower interest rate. I can save about 2% if I'm able.
However, I'm noticing most banks won't refinance but a certain percentage of the home's value...ranging in the ball park from 80 to 95%.
Since my home is only a year old, it's only increased in value a couple thousand dollars at most.
Is there any way around this?
Yess
For the first year, we consider the purchase price as the value of the home. That's called seasoning. After that a new appraisal will be used. With super duper credit, we might go to 95% but that's pretty rare. You're more likely to be able to get 90% or less depending on your credit and debt-to-income ratio and reserves.
But again, you may be a little optimistic thinking your home's value has increased. That's not the norm right now.
Second, as another answer observes, you'll be incredibly lucky if your home has increased in value at all. You've had no real paydown in principle. Meanwhile, in a lot of areas of the country home prices have fallen by 15%-45% in the past 12 months. Don't be surprised if yours has declined in value by 15%-20%.
Third, you'd be incredibly lucky to be able to refinance at 95%. Something around 80% is far more likely.
Check with a good mortgage broker. But my guess is that there's no way you'll be able to refinance. Just sit tight and pay your mortgage.
Hope that helps.
how can I get a refinance with lower interest rate?
In last three years,I bought four houses for investment,they are all at 7.5% interest rate?
now I want to refinance them,but I do not have work,credit score is only 680 because my high balance in my equity accounts.is there any way I can get a lower interest rate like 6%?
Alright first off you don't have income, so you will have to go stated, raises the rate. Second, these are investment properties, so the rate will go up again. Third a 6% rate isn't possible on a first home right now unless you want to buy it down to that or get caught up in a libor arm or something similar. Talk to a broker and see how he/she can help you achieve what you want.
Where can i get best interest rate to refinance my house?
it depends. What type of loan, FHA/VA, conforming?
What terms, fixed, arm, 30 year,15 year?
Credit score?
Loan to value?
Debt to income ratio?
Try some local mortgage brokers.
Walk into your nearest credit union. They often let you join for $3. They never used to be good for home loans but the financial crisis will change that..
With the Federal Interest rates so low can I refinance into a lower fixed rate with not so good credit?
I bought my first home from my parents about 2 years ago. The loan at the time was 8%. With the federal interest rates so low is it possible to refinance my fixed rate loan to a lower interest rate with not so good credit. I have a few lates on my mortgage along with an apartment eviction this year and collection accounts. Am I doomed to fail?
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
can you refinance for a lower interest rate if you owe more than its worth?
I am interested in refinancing my Morgage to lower my rate. I am currently in a fixed rate at 6.75% and I want to refi to get a lower rate. I contacted my Morgage Company about 6 Months ago and they said no, but with all the foreclosers happening are they more willing to work with people that are not past do and just wanting to better themselves?
No. I recently refinanced my home.
I wanted to get out of an adjustable loan into a 30 year fixed.
I paid $935,000 two years ago.
the appraised value was $770,000
My loan amount was only $600,000
I had trouble getting it done because I did not have as much equity in my house as the lender wanted even though I have perfect credit (FICO over 780) and a very substantial income.
the lenders have gone nuts. Theyare charging subprime interest rates for people with perfect credit.
I had to accept an interest rate of 6.75% even though I see advertised rates all over the place for 5.5% and less.
I cannot go online without seeing an advertisement for a rate below 5.5%.
I am wondering since I have a FICO score over 780, many years on the job and a very high income, who are the people who are getting those 5.5% interest rates.
I should be a lender's dream.
I have never defaulted on a loan in my life.
I do not even have late payments.
How come I get stuck with a rate of 6.75% and I see all these rates advertised all over the internet for 5.5% and less?
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!
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