Neighborhood National Bank California Refinance Mortgage Rates – Fixed Home ... Subprime Blogger (blog)
With this in mind it may be a very wise choice to get several mortgage interest rate quotes from local, regional and national lenders. By receiving competitive interest rate quotes most will find that they can negotiate lower refinance rates by simply using one company against another. This has helped quite a few people save a significant amount of cash.It is also important to recognize that at the present time it usually takes a credit score above 740 and a very low debt to income ratio below 40% to refinance a home loan to the lowest levels. By not having these financial requirements it is often true that customers will see refinance rate slightly higher than the national average.
Even though this is the case it does not mean that American homeowners cannot benefit from refinancing. The general rule of thumb is that they should desire to save at least one full percentage point if they plan on saving money by refinancing. By not saving this one full percentage point it is usually the case that customers will find that closing costs greatly outweigh benefits.
Why will a mortgage company not refinance my loan?
Refinancing is not a good solution for everyone. You may already know this if you’ve tried to refinance, only to find that your bank is unwilling to work with you. The fact is; there are many reasons why a bank or mortgage company will not refinance your loan.
Remember that the bursting of the housing bubble resulted in hundreds of banks taking severe financial losses all across the country. Also, don’t forget that the crash caused countless numbers of homeowners to be “underwater” in their mortgages because real estate values have fallen through the basement. All of these things combine to make it much more risky for a bank to loan you money for refinancing. If your bank has already lost its shirt, it is going to be much more cautious before making new loans.
Wouldn’t a mortgage company rather refinance than foreclose?
The threat of foreclosure is one of the main things that force many people to seek refinancing. However, if you stop and think about it from the bank’s perspective, a pending foreclosure already means that the homeowner does not have the financial means to make his monthly mortgage payments. In order to solve that problem the bank must refinance at an interest rate low enough to provide monthly payments the homeowner can indeed afford. If the interest rate is unattractive for the bank, they will be resistant to making the loan.
Furthermore, when a homeowner reaches the point of foreclosure, it’s usually an indication that he has not tried to work with his bank to reach an amenable solution to his payment problems. Unbelievably, banks are usually more than willing to be very flexible with homeowners who run into financial problems, provided those homeowners contact them to explain their circumstances. Foreclosure is a measure of last resort because it usually results in the bank losing money. So if you’ve reached foreclosure, you’ve probably run out of options.
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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.
I was tricked and lied to by a loan officer and his company in California, where can I file a complaint?
I worked with a loan officer from a mortgage/loan company in California to refinance my house, I was presented with a good faith estimate that showed a low interest rate with no prepayment penalties, and at closing the interest rate was higher with prepayment penalties. I called the loan officer who said to go ahead and sign the documents because he will fix the problem. I was on a deadline to close so I had to sign, and after I signed the loan officer and his company stopped answering my phone calls. I made a complaint with the BBB but nothing got resolved, is there anybody else I can make a complaint with that will persuade this company to remove the prepayment penalties? Please let me know. Thanks
You ran through two red lights at the doc signing and after.
You should never sign anything that is not what you were promised. You should have known that once a contract is signed it can not be changed unless both parties agree and the lender was not going to agree and the loan officer did not represent the lender because he does not work for the lender.
Then in California as well as other states you have a three day right of recission. That mean that even after you sign the loan docs you have 3 days (72 hours) and you can still cancel the loan for no reason what so ever. This had to be pointed out to you because most lenders have it in 14pt print and you were given a copy by who ever was your doc signer.
All you had to do was sign the cancellation documents given you and you could have faxed them to four different places. One to the closing escrow officer, the title company, the lender and the mortgage broker that negotiated the loan for you.
A good faith estimate does not tell you about pre-payment penalities.
You may complain, when you filled out the application you were given several documents. One has a address and telephone number where you can call and make a complaint.
CAMB is not that place because you don't have to be a member of CAMB and if your mortgage broker is not a member there is really nothng CAMB can do.
There are 2 different license in California that can do home mortgages. One is a Department of Real Estate ran by the Department of Real Estate, and the other is a California Finance Lenders license and is governed by the California Department of Corporation.
So if you know which license your mortgage broker is a member then you can make a complaint with them.
The complaint will be an after thought because now the mortgage broker is no longer in the picture and no matter who you complain to the fact that you signed the loan docs make it a legal contract.
All loans have pre-payment penalties that apply when you refinance your house. If you sell your property most pre-pays don't apply as they are called soft pre-pays. You will probably not refinance in the next 3-4 years when the prepay will no longer matter.
Now about the interest rate. This is a tax deductable item. No matter how high or low the interest rate is it is tax deductable. So you will get that back. Check with your tax preparer for all tax advise.
I hope this has been of some use to you, good luck.
"FIGHT ON"
http://www.ss.ca.gov/business/business.htm - If the company is in a different name or you want to verify the address.
Hope these help
In the state of California, does a mortgage broker have to have a license?
I am just curious...
Do they have to have any special licenses?
I checked my TRW and have found that the mortgage company is not reporting my no late payments and I am not able to refinance due to lack of records.
What is the law?
Thank you Dion...
Yes. To act in the capacity as a broker, you must be licensed by the Department of Real Estate, the Department of Corporations, or you must be an attorney with a license by the California Bar. Additionally, banks, savings and loans, thrifts, credit unions and etc all may broker loans to each other as long as they are either chartered federally or by the state. For information on a broker, you can check their name or license by going to the following sites below.
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.
Is it possible to refinance 1st & 2nd mortgages for a brand new house immediately after I close?
I am required to use my builder's mortgage company b/c they are giving me incentives but the rates are 0.5% higher than other lendes on both the 1st and 2nd mortgages.
I am wondering if I would be able to refinance both mortgages immediately after I close? What do I need to consider? What questions do I need to ask?
Sale Price: $960k
New House in California
Interest Rates for 1st/2nd mortgages: 6.75%/8.675%
Excellent FICO scores - high 700s to low 800s
6.75% is average for 30 years fix loan.
8.675 is high of course, but you don't have down payment, lender wants high rates to compensate.
It is hard to find another lender to give you better rate.
I would stay away from adjustable loans or interests-only, because housing market continues to slump. Adjustable loan is "toxic", which means if rates go up while housing price stays, you will in bad spot.
As for interests-only, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
If you want to go ahead with your plan, threaten to back out, they probably will give you incentives without asking you to use their lender.
Good luck!
Would you consider dela
I'm in the office from 9am-7pm every day. Just remember that we are three hours ahead of you. I can do it for you. Hope to hear from you. here is our website www.equityconsultants.com
Thanks
rob
Regards,
Steve Larson
.5% can add up to quite a bit for such a high price home.
it would be best to shop around.
try http://www.savingslife.com
for some basic info, you can get a few different perspectives from local lenders.
You absolutely can refinance immediately after you close, but you have to use the right lender..
Mos tlenders out ther erequire that you live in the house for at least 6 months prior to doing a refinance transaction... Others require a full 12 months...
I work with Providential Bancorp, a company that has well over 50 inve3stors we have partnered with to have a home for all borrowers in need...
I have plenty of investors that DO NOT require "seasoning"(being in house for 6-12 months)
These investors WILL allow you to refinance in order to get the mortgage rates down...
With your credit scores, you should easily be able to qualify for lower rates then what you have been given, and i think it makes complete sense to do the refinance...
Mortgage companies will be willing to lower your rate in order to get your business...
What you need to BE 100% SURE OF is that you DON NOT have a pre payment penalty...
You also NEED to work with a lender that has LOW closing costs...
You do not want to use a brokerage firm.. Brokers need to charge costs in order to make a profit from a loan...
My company is a bank, and correspondent lendER... We do not rely on origination fee's, or broker fee's in order to make proifit...
Being we are partnered with many investors, we are paid by our partners to simply add another loan to their portfolio... Our philosiphy is that we know there are hundreds of mortgage companies out there... In order to get your business, we need to give you the lowest rates, and lowest fee's...
Being we dont get paid base don how much fee's we charge, we are sure to offer you the lowest closing cost loan possible...
Its easy for any mortgage company to say this, but let the numbers speak for themselves... If you would like to know more, i would be happy to present you with a Goof Faith Estimate, and you yourself can see exactly what you qualify for, and what it costs in order to get it...
I look forward to speaking with you!
Jason Fry
Licensed Mortgaeg Banker
Providential Bancorp
jasonf@providential.com
312-264-6448
1-800-264-7283 ext. 448
However it doesn't hurt to inquire about a refinance. Find out what the new rates and payments could be and compare them to your current situation. If you can recoup the out of pocket closing costs with the monthly savings within 2-3 years then it is worth it. Outside of that you need to ask yourself how long you will have either the house or the current loans because if you plan on selling of refinancing within the next 3-4 years then stay with the current situation you would be spending additional money that you wouldn't need to.
Mortgage company going bankrupt?
My parents have been paying on their house since 1993. They tried refinancing a while back and was ripped off by the fake company in which ruined their credit. The mortgage company their home loan is under is now going bankrupt and they are told they have to foreclose on my parents home unless they are able to refinance. Well, my parents aren't able to refinance based on credit so they are planning to move out this Saturday. Do they have any options They owe $300000 + on the home they paid $100 for California Please help
No, no, no!
Sounds like your parents are being victimized again. The Lender going bankrupt has absolutely no bearing on your parents mortgage. Another investor will buy the "paper" from the current Lender and the payments will be made to the "new" holder of the paper. This will be a hassle but will NOT change the terms of the current mortgage.
The only way the Lender can Foreclose is if your parents have missed payments or not paid according to the refinance terms when the refi was last completed.
Something is wrong here and they need to contact the Department in the State of California that regulates mortgage companies and report exactly what they have experienced. If what you said is true, there is potential fraud going on.
Call them ASAP.
Now, they may want to consider refinancing if they are in a bad loan (meaning a higher rate than it should be or an ARM that is ready to adjust again). BUT, they should talk to an FHA Lender about a refi, after all of this has been resolved.
Best wishes!
Me2Me2Me3@yahoo.com
You might tell them to get a lawyer to make the call just so they don't get pushed around by some phone flunky.
Mark Marchand
Your Mortgage Consultant For Life
Once the company goes into receivership the loans will be sold off to other lenders or mortgage servicing companies as part of the BK proceedings. The borrowers will be notified of who the new holder of their note is and will start making payments to the new lender.
Selling of loans is very common in the mortgage banking industry even when the lender isn't going BK.
Assuming that your parents are current on their payments, they should NOT move out of the house! If they do and stop making their payments THEN they WILL wind up in foreclosure! Don't let them do that!
No mortgage company has the legal right to foreclose on you because the company is going bankrupt. Another bank will buy their loans and continue servicing them.
They need to get an attorney.
If need more helpful mortgage information you should visit http://home-mortgage-report.com
If you need more foreclosure help try visiting http://foreclosure-help-now.com
Good Luck,
Tom
I would like to know some names of reputable mortgage company in Cali for refi.?
We need to refinance a property we are building on and we have finalized blue prints. We ar looking for a company that is trustworthy (if there is one) for us to continue building. We are located in Chatsworth California. Any information would be useful. Thank You
The thing is the company name may be reputable but if you are talking to an inexperienced loan officer you can still get burned.
Make sure who ever you talk to is licensed by the California Department of Real Estate. This holds them personally accountable for the loan they provide you. If you talk to a lender most likely the person is not licensed (because lenders operate under the Department of Corporations which don't require loan officers to be licensed). If you speak with a broker make sure you ask who ever you are talking to if they are licensed.
You can tell if they are when you receive the disclosures it will have the person's name that took your application on it as the interviewer, if it is a different name then you know they are not licensed.
I am a licensed loan officer at a brokers office in Irvine Ca. I've been in the business for over 4 years. If you would like to use my services feel free to write me.
But give me a call, and I will point you in the
right direction.
(818)996-8050 Ask for Derrick Dior.
38 Executive Park Suite 350
Irvine, CA 92614
Contact : Mr. Vince Carter
Phone (949) 251-9360 ext. 222
Cell (949) 903-4404
Whats the best advertising for my mortgage company??
This year i started my mortgage company (Charity Funding Group) We are California’s first charity lender.We meet new, emerging needs in our communities and our nation.We help sponsor many local and international charities,churches, schools and organizations.We donate 10% of total closing cost to the organization of your choice.We are a small personalized business,based off of strong refferals.My team has been together for 4 years and we close loans in about 2 weeks, which is the fastest i know of in the business. Lately the refferals have been slow.I want to do some advertising, but do not want to waste my money and do not have much capital to advertise with.Does anyone have any good suggestions for inexpensive advertising? If you or anyone you know needs any info. or is interested in refinancing,we have about 75 diff. programs available and work with the top investors in the country.I would love to help,and discuss your options. Please help support my company and what we stand for.
WOW !!! A mortgage company, religious group and a charity all rolled in to 1 entity.
How convenient !!!!!
Betcha Jimmy Swaggert is pissed he did'nt think of this SCAM first.
How much can a loan agent make when refinancing a loan?
I live in California, and I just refinance my mortgage. I found out that the mortgage processing company made about 1.2% commission of the loan amount. How much can a loan agent make? If the loan is $1 million, the agent could make $10k for just one loan. Is it the case?
The limit varies from state to state. In California, it's 6% of the loan amount. I know of places that make 3 to 5 percent on every loan from people who don't think they have a choice. Some states do not have limits. 1.2 percent is not bad. I average a little less than 1 percent total compensation, and I'm way below most of the market.
Of course, judging the loan by how much the loan company makes (or has to disclose - direct lenders don't have to disclose what they make while brokers do) is a good way to end up with a bad loan. Judge the loan by the loan the competition could have delivered to you. If one loan is a thirty year fixed at 6.5% with no points, that's a better loan than 6.75% with one point. Doesn't matter what the loan company made - you get a better deal with the first loan.
If I file bankruptcy in California will I lose my home?
I'm two months behind on my mortgage payment. I'm working with my mortgage company on a repayment plan, but have read some horrible stuff about this mortgage company online. My credit is terrible and refinance is out of the question. I'm working to repair my credit, but I want to have options before the house goes into foreclosure. HELP!!!
mostly no