Mortgage Rates: Low Mortgage Rates Could Drop Further As Stock Market Slides FreeRateUpdate.com
By: Rosemary RugnettaToday’s low mortgage rates could drop even further to historical record lows as the stock market slides after Tuesday’s optimism has disappeared.
Current 30 year fixed mortgage interest rates are at 4.125%, 15 year fixed mortgage interest rates are at 3.500% and 5/1 ARM loan rates are at 2.750%. These are the lowest mortgage rates available with 0.7 to 1% origination fee to borrowers who have maintained good credit. In order to receive lender approval, borrowers must also be able to provide any required documentation. Conforming mortgage rates are at 2011 lows, but as MBS prices rise, borrowers may see these long term mortgage rates fall even lower.
Today’s FHA 30 year fixed mortgage rates are at 4.000%, FHA 15 year fixed mortgage rates are at 3.500% and FHA 5/1 ARM loan rates are at 3.250%. With FHA accepting a down payment as low as 3.5% from borrowers with credit scores down to 580, it is no wonder that FHA has become the most popular mortgage product. FHA mortgages are not just for home buyers, but is also available to borrowers who wish to refinance, especially those with not so perfect credit. FHA closing costs (APR) do tend to be higher due to the upfront mortgage insurance premium and other applicable FHA fees.
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California home loan mortgage rate refinance and hard money
www.lendinguniverse.com California home loan mortgage rate refinance and hard money, discount mortgage rates and getting a mortgage loan against ...
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
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.
Should I wait until next year to refinance my mortgage? I am buying a single family home in California?
I am skeptical of refinancing this year since the rates are up from last year. I am hopiing the rates will go down instead of up next year. Should I wait?
depends on what kind of a mortgage you got. If its an ARM GET OUT OF IT NOW! The rates are slowly dropping and many expect a nice drop next year also check to see if there are any penalties for refi and some will even make you pay for an apprasial before hand (don't do it)
Let me offer you some advice as a loan officer based in California: the market here is definitely cooling off, but that doesn't mean that it's necessarily a bad time to buy. If you're able to negotiate well with a seller (and this may be the perfect time for that) you could get a good deal. Remember that it's you that has the upper hand in the current market.
Rates are a tricky situation. There has been a bit of a dip of late, and I've been doing many loans for people in the area because of this fact. However, I don't personally see the point in "waiting for rates to drop" as much as most people. If you have good credit you can get a rate below 7% these days. Historically that's a spectacular rate. Unfortunately we're all tainted by our recent memories of folks getting 4%.
It's honestly never been a "bad time" to own a house if you plan to stay a minimum of 5 to 7 years. If you have any questions that I didn't answer, send me an email through my profile.
Beyond that it's a gamble. If you can tolerate the risk you might do well to wait until late Winter/early Spring to refi. At this point in time, I would not recommend waiting beyond early 2007. If the break even analysis shows that you will recover your costs in 2-3 years then do it now or early in the first quarter of 2007.
Here is a link to a daily rate lock advisory posted by a mortgage broker that I have used twice in the past.
http://www.interbankmortgage.com/DailyRateLockAdvisory
I have no financial connection to him, and only provide the link because it is useful information and I was happy with his service.
As it was said before, waiting for rates to drop is really not the way to go.... you never know what might happen that could send the rates through the roof and you will look back on this time and think to yourself, "I should have refinanced then!".
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com
I don't qualify for a refinance, my rate is adjusting up. Can anybody help me? or should i just foreclose?
My home is in california and I am currently upside down on it. The rate on my 1st mortgage is due to adjust soon. I don't qualify for a refinance because i've been late a few times. Should i just stop making payments on the home? My rate is adjusting to around 9% next month. If the home was a little more affordable I could manage but this is currently not the case. Are there any option other than refinancing? Please help.
The single most important way to determine whether you have been the victim of Predatory Lending, Truth In Lending Violations, RESPA, or mortgage fraud or deception is through the use of a Forensic Loan Audit. To effectively perform a compliance audit, you must be part detective and part mind-reader. A single residential real estate file can be covered by numerous consumer protection laws and regulations - Reg. B (ECOA), Reg. C (HMDA), Reg. Z (TILA), Fair Housing Act, and Flood Disaster Protection Act for starters. The applicability of any law depends on various factors that may, or may not, be evident in the loan file.
Get in touch with a calfornia real estate attorney that specializes in loan modification and litigation. Have a loan auditor analyze your last refinancing and see if any violations were made in your last refinance or purchase transaction. (90% of the time something was done illegally)
I can help you if you'd like. Shoot me an e-mail or give me a call. We review your loan documents (the papers you signed when you applied for the loan and the papers you signed when you closed the loan). We investigate whether the information and calculations provided in those documents was accurate, truthful, and met the requirements of the applicable federal and state statutes.
BEWARE! alot of people are jumping or have got into the business of loan modification to make a quick buck that are not licensed attorneys with the state. Most of them are the ones that put you in the situation you are in to begin with! Make sure you are speaking with a qualified firm that will look out for your best interests. Take it from me, DO NOT go for the cheapest deal. Your home and the foreclosure process is a serious matter.
Typical violations I have found in loan auditing include the following: RESPA VIOLATIONS, TIL ACT INCORRECTIONS, FORGERY, MISLEADING DISCLOSURES, EXCESSIVE OR INACCURATE ADJUSTMENTS, OVER STATED VALUES, GFE COMPLIANCE, EXCESSIVE POINTS AND FEE'S, USUARY VIOLATIONS, REVERSE ENGINEERING, PREDATORY LENDING.
We determine whether there were predatory lending violations of federal law which give rise to the right to rescind or cancel. If you are successful in rescinding the loan, you may be entitled to receive back all of the interest paid on the loan, all of the points and fees paid to get the loan, all fees paid by you to the lender in connection with the loan, and statutory penalties. This allows you to get a new loan with a smaller principle, meaning that your mortgage can be affordable.
TIME IS OF THE ESSANCE. GET HELP SOON.
Call me today: 310-736-6054
Leave a message if i don't pick up. Thank You.
So here are some options:
1) Talk to your bank. See if they'll freeze your interest rate. Even if only for a year or so.
2) If you have decent credit see if you can get an outside loan to pay the difference between what you owe and what the bank will lend. If you must come to the table to refinance--this might be worth it. Find an ethical mortgage broker who will reduce his/her fee to enable you to close your new loan w/o bring a lot to closing.
Be very careful about foreclosure.
Best of luck to you,
http://www.mylendingplace.com
Loosing one of two homes in California. Now what can I expect.?
6 months ago I purchased a second home in California and started renting my first home. The people renting the home broke their contract and left, and I have been unable to find more renters. I cannot afford to pay both mortgages for both homes, and the one I was renting (the first home) I am thinking about letting go into foreclosure or short sale. This home has been refinanced once (this was just to get a better interest rate and no money was borrowed) and the loan is an 80/20.
Both homes have the same mortgage bank too. What can I expect to happen? Will I loose both homes, have to owe the smaller loan from the first home still, have a huge tax bill from the IRS for the difference of the home, or what? Please help.
No extra money was taken out of the first home is what I am saying. I did not refinance and take out money from the then exisiting equity in the home. The refinancing was to lock in a interest rate before the rates went too high. And I know its not play money, BS like that is not helpfull. Hope insulting little remarks like that make you feel good and all knowing.
Since you refinanced you will owe the money no matter what you do. If they take #1 and you do not pay up the differance they can go after #2 and any other assets you have. If they can't get it in assets the garish wages until you have repaid the money you were given.
I do not get where you think no money was borrowed. What do you think this is? Play money? You borrowed and you spent real cash money.
http://www.shortsalecomplete.com/?utm_source=blog&utm_medium=blog&utm_campaign=shortsalecomplete
Adjustable rate coming up on my mortgage.80/20 loan?
I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I'am in the process of refinancing but it isn't looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I'am still having problems getting a loan. The payments will go up around $700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.
Contact your mortgage company NOW and explained the stitition today and see if they can help you or refi your home.
You also think about refi into FHA loan if your loan amount is low.
Your best bet is to call the company that holds your note NOW and explain your situation. Banks do not want to own property, and it is in their best interest to work with you to find a rate you both can live with.
Also, interest rates are still very very low. Unless your initial rate for the ARM was one of those ridiculous 1% deals (which are now illegal) you should not have much trouble finding a good rate to refi at.
Good Luck!
If you have had mortgage lates then it will make it a lot harder!
Most lenders will not help you with the refinance as they are hoping that you will pay that higher rate when it adjusts.
If your current lender can't do them, call around.
Re-Fi: Pay points or look into 2 mortgages to bring rate down?
Currently we looking to refinance our 30 year mortgage down to below 5%. I live in california where the conforming rates are a bit different. We can re-finance our $450,000 mortgage for 5%, or pay .75% for a 4.75%. I believe we will live in our home for the entire 30 years, so that makes sense. OR....someone mentioned we can refinance into two loans.
1) Would be a $417,000 bringing the rate down to at least 4.75% or even lower (30 year fixed) plus opening a 2nd loan (HEL or HELOC) for the remainder....$33,000. We would have to try to pay that off quickly, but my guess it would take 5-10 years.
How do i compare those two, to see which is better....right now, we would be looking at paying about $6200 in closing costs/points to get 4.75% which gives us 4 years to break even. I am 99% sure we would be here through that, plus many years later.
Thoughts?
Being in CA, the amt of conforming loans is higher.,... ask your lender about Super conforming loans.. Freddie just started doing them w/ minimal points/fees.
Depending on what rate the HELOC would be and how long it takes to pay off you would probably save more money over the long term by going with 2 loans
What kind of loan can I get to pay off a Mobile Home?
My parents own an older mobile home (1972) in California. They owe about $30,000 & their interest rate is at about 11%.
They are unable to refinance to a lower rate because the mobile home is an older mobile home & they technically don't have a mortgage bc it is considered "Personal Property". It is detached from the land & they rent the land in a mobil home park....so they do not own the land.
Is there a certain type of loan they can get to pay off their current loan? They would like to lower their interest rate & monthly payment.
Any advice?
Thanks!
Doubtful anyone would lend money using that as collateral. It was not even manufactured up to HUD standards.
My mortgage = InterestOnly/ARM - Smartest thing to do?
I have 8 years to go on my 10 year interest only period which ends in 2016. However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment). We're planning to be here no longer than about 7 more years anyway, then we plan to sell and leave the state (We're in Southern California)
If rates went up 2% or 3%, I could still make the payments comfortably come 2011 because I still won't have principle kicking in.
I owe almost exactly the same on my home as what I paid for it. (Prices went up a bit after I bought in the area and have come back down in the last 12 months.) We're saving money now to add an additional room/bedroom in 2011 if the rates are still reasonable and we don't need to use the saved cash to off-set higher payments.
I'm not in a position right now to throw 5%, 10% or 20% into a +$700K jumbo loan to refinance, which is what I'd have to do. So that's out. And not sure I want to do that anyway given that I don't plan to be in this home 20 years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about changing my mortgage?
Or is there something smarter to do?
Walking Away From Mortgage?
I live in California and bought my home 2.5 years ago for $500,000. The terms were $400,000 at 6.75% interest only, set to adjust at 5 years. The second was $100,000 at 9.25 interest only and 15 year balloon payment. Total payment is $3,072. The home is worth approximately $350,000 right now. I have made every payment thus far and have a great credit score of 790. I have asked for help from my lenders since times are getting tough and my wife received a notice of a possible layoff. So, I did the responsible thing and told my lenders that we need help and would like to adjust the rates and terms into more affordable and long term fixed rates that would allow us to stay in the home for a long time. They wanted proof of income and prior tax statements, so we provided it to both of them. One said they received it the second said they didn't receive it. So, the first said "you clear too much after all your bills are said and paid for" we can not help you. Second never responded. Talked to them by phone and said they couldn't do anything unless the first made an adjustment. That was 6 months ago. Clearly times are not getting easier and I have recontacted them several times over the phone since then. I was getting paid overtime and no longer make any overtime money. Now they say send in the documents again, so I did. The numbers I presented to them showed I made $1 less than the amount that was going out to pay for all expeses. This time the response was "financialy unable to afford monthy payments." (no shit, thats why I'm contacting you)
This whole mortgage thing is a mess. There is a foreclosed property on my street which has sit vacant for 8 months now. They are unwilling to work with me (clearly), so why continue to make payments to them. I can't refinance ("under water") and by the time my rate adjust I will still be "under water." I can stay in this home for 3 months save money and then rent somewhere else at a lower rate. Save my money for the next 2-3 years then buy again at a much more affordable rate. Tell me why this choice isn't smarter than continuing to pay my mortgage only to end up losing the house once the rates adjust. They have already received $100,000 at this point why give them $100,000 more?
"As far as reducing your monthly payments, they can only adjust the interest rate, never the principal."
I know someone that just had their 2nd mortgage ($85k) wiped off the books, and had their interest rate dropped on the first.
Another thought. If you're not buying anything anytime soon, you won't need "stellar" credit. Credit is only important when you need it. Yes, you will pay more for certain services, but I'm sure if you save the $3k/month and have no payments for a few months, you'll be just fine.
This is a reality on every street in America. The bank had no qualms about taking all that interest from you when they offered you the loan. Now that it makes no sense to stay there, all you're sacrificing is your credit for a few years. By the way, you can get an FHA loan within a few years of foreclosure.
With so many foreclosures happening, what makes you think if/when the economy turns around that the banks won't be a little lenient to well-qualified borrowers with a foreclosure during this era of financial crisis? Will they just eliminate thousands and thousands of people from the market?
Make the decision that's right for you. Don't let neighbors etc. make you feel like you have a moral obligation to stay and ruin your life. All they're interested in is their bottom line. They had no problem with you getting that 100% loan when their values were going up, but now they seem to question you about it while their values are going down.