Towns refinance debt and taxpayers benefit Press Herald
Staff WriterThere is an upside to all the financial turmoil and the sluggish economic recovery of the past few months: Maine towns and cities are taking advantage of very low interest rates to refinance debt, with significant savings for taxpayers.
Cape Elizabeth, for instance, refinanced $1.91 million it still owed on a $4 million bond sold 10 years ago to pay for the purchase of a building for its community center and for work on a public works garage. The town had been paying interest at 4.8 percent, but the new bond carries a rate of 2.02 percent.
The town sold a $2.1 million bond and will pay off the rest of the initial bond within the next few weeks. It also took on an additional $200,000 in debt, which will go toward helping the Cape Elizabeth Land Trust buy additional open space and will still save about $30,000 in payments on the new bond, versus the old one, over the next decade, said Town Manager Michael McGovern.
Portland plans to join the refinancing rush later this month, if the City Council approves issuing a $25.3 million bond to pay off several bonds that had been used for annual capital improvement programs and some school financing.
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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Getting the Best Refinance Mortgage Rates
For real information click HERE: best-refinance-home-mortgage-l oan-rates.com Getting the best refinance home mortgage loan rate, then, can be ...
what is the best APR rate when u refinance the car? my credit score is 675?
i'm planning to refinance my car,,, last year,i got my car at 9+% rate which i think was high but i had no choice then coz my credit score was bad, but i tried to rebuild it and right now my credit score 675? do u think i can still get lower that 9+% APR if i refinance it?
If its a used car, 9% really isn't too bad-- especially if its over 5 years. The lowest you can get-- and with REALLY GOOD credit, is more like 6-8% on used cars, unless its some sort of special deal. (Generally speaking.)
They may ask you for a partial downpayment so that the new loan balance is below the blue book value.
How can I ensure I get the best rate on a home refinance?
We have stellar credit, but made the mistake of not gettng a fixed rate on our mortgage 5 years ago. What do we do to ensure that we get the best deal we can?
Thanks!
The easiest way in my opinion is to go to a few different brokers at least 3 or 4 and ask for a Good Faith Estimate. They'll take your info and determine what rate, etc they can give you. Then compare those and see who has the best deal. Don't hesitate to pit them against each other people do it all the time. If you like one person in particular but they have a lesser deal show them the other GFE and see if they can match it, sometimes they can, sometimes they can't but it's worth the shot. And finally, if you think somethings too good a deal (say 4.5% interest with no closing costs) it probably is. Finding a great broker is just as important as the rate because they will help you through the whole process and make sure you don't get hurt in the end. Good luck.
You can check out mortgage rates at bankrate.com.
morgages are trying to get ur business, pit them against each other
It is true that brokers need business, but it's also unfair to make them waste their time when they can work on some other file that is duable.
The Good faith estimate is only that, an estimate they cannot ensure you to get that specific rate as they do not really know how the market will be at the time of locking the rate; unless whey they propose a rate to you and it's low they can locked it right away. However in most cases they have to have already most of the paperwork in process.
Good luck!!
Who has the best auto loan refinance rate?
My credit is fair...
http://www.worldbestloans.com/autoloans.htm
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms.t.
What is the best refinance rate in the state of Georgia?
Instead of refinancing, you may be able to get a HELOC. You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program from United First Financial, called the Money Merge Account. This software helps build equity fast, and will help me payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years.
Who is offering the best rate for a home refinance?
We have a rental property that we would like to refinance and consolidate all our credit.
With your situation you're working with an investment property and will take a hit on rate because it's not your primary residence. But the rates that are available to you depend on your credit score, how much equity you have, mortgage payment history, and how much debt compared to income that you have.
I work for a company called MYLOAN and our rates are very competitive and service is top notch. If you'd like a free no obligation consultation you can fill out an application on my website, email me, or give me a call. I wish you luck in your search for financing.
Is there a way to look at what my refinance rate would be without going through with it?
I would like to refinance my car loan, but I am not sure if my credit will be better than my parents (their name is on the original loan). I want to know what my rate and payments could be before I decide to do it.
I would suggest that you go to any on line credit report website (www.myfico.com), pull you credit and print all three credit reports. With that info, you can then call banks or even go to lendingtree.com and see what the banks have to offer. Keep in mind that most banks have a fee to get in the loan (prepaid interest), and a fee to get out if you pay the loan off before 75% of the payments have been paid. So to get out of the loan your parents already have may cost you around $325 ($175 prepaid interest, and $150 prepayment penalty) just to start a new loan with more fees. It is a great idea to get that loan in your name if you can so you develope credit for paying the payments. Also there are banks out there that are feeless (some credit unions, wells fargo, cap one, citizens). Just some things to keep in mind while doing your shopping.
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
What retail lender will give me the best rate for a self employed refinance??
I am self employed and would like any suggestion as to what retail lender would be best. And why? Thanks.
Your best bet is to shop around. Start first with the bank you do business with regularly since they would know you. You will never know what's out there until you go looking!
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.
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"
Can a person with great credit and joint has horrible credit get a good car refinance APR rate ?
Here's the thing I have a GMC Envoy I've been paying 400 monthly and its not even worth 15000 anymore so I want to refinance ASAP to lower payments and get over with but I have horrible credit (600) and my mother has great (800) would I still get a good APR rate ?
Auto finance is what I do for a living and yes you can if you go through a credit union, they use the highest score to establish the rate.
There is no such thing as merged credit scores.
best refinance rate - News
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On the House: Is this a final farewell to ARMs? - Philadelphia Inquirer On the House: Is this a final farewell to ARMs? Then you might be able to refinance into a fixed rate lower than what was available when you bought the house. But they haven't had adjustables with such |