Refinancing? Do your homework Omaha World-Herald
Mortgage rates are at a half-century low, and nearly four out of five mortgage applications these days are for refinancing.
If your re-fi is done right, you can cut your monthly payments, reduce interest costs over the life of your loan or both. The time seems ripe, since the interest rates are more likely to rise in the future rather than drop. Most people are paying at least 1 percentage point more than the current average rate, and a 1-point difference on a $100,000 loan can cut your monthly payment by about $60 a month.
A refinancing loan will pay off your old mortgage and set up a new payment schedule. There may even be help if you're underwater — that is, your mortgage is higher than the value of your house.
One key to remember in the process: "Ask questions," said George Akers, executive vice president of First Mortgage Co. of Omaha, and make sure you understand what's being offered and get the details in writing. "Find somebody who seems to communicate with you. How fast do they return your phone calls?"
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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 ...
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.
what are the best Auto Refinance companies with low interest rates?
what are the best Auto Refinance companies with low interest rates
Check out this site, you can search for auto loan providers by state...
http://www.e-wisdom.com/loans/auto.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."
who has the best interest rates for a home refinance?
downey savings is advertising at 5.5, is there anything better?
Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.
1. On a scale of 1 to 10 what is your credit score like?
2. Have you had any 30 day lates or more on your mortgage in the past two years.
3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at.
Only people with 700+ credit scores with low LTV will qualify for that rate in today's market.
Good Luck!
Where can I get the best rates to refinance my car?
I got my car loan from E-loan at 6.25% over 5 years in January 2007
But if you are in good shape with the loan and the value of the car, take your business to a local small Bank or Credit Union, they have the best rates.
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."
How long should I wait after the Feds drop interest rates to refinance my home?
I highly doubt feds will drop rates again, so how long should I wait to refinance after this last drop?
The rate that the FEDS are dropping does not affect mortgage rates unless you have an ARM. If you look at rates for mortgages they are the rise. If you are thinking of refinancing, make sure that it is cost effective for you to do so and do it now! Have fun!
Get a real mortgage broker and get some real good advice - but, what are you really waiting for right now - rates are GOOD NOW!!
Where's the best place to refinance my auto loan? Who offers the best interest rates?
Anyone with previous experience out here who can guide me? It'd be greatly appreciated.
I'm not even sure if I should refinance, I have like 22 payments left @ 9.5% {I had no credit @ the time}, but now my credit is excellent and would like to drop my payments a bit, some places only offer refi for 30 payments, I think I have no problem with that. But I'm not sure if it's even worth it? What should I do? Where should I apply? I don't want to mess my credit score up just by applying everywhere. Thank you!
Capitol One is supposed to have good refinance rates. You might also check out Roadloans.com. Keep in mind, you will be financing a used car, so the interest rate is usally higher. If you had to go 30 payments, at least your payment amount would drop. You could always pay more each month, so you would have the note paid in 22 months instead of 30.
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?
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