Community Bank of the Bay Refinance Mortgage Rates – Fixed 30 Year Home Loans ... Subprime Blogger (blog)
At the present time the FDIC insures over 250 financial institutions with headquarters in the state of California. This does not include all of the financial institutions with headquarters elsewhere that have branches within the state. With this in mind it may be a very wise decision to get several interest-rate quotes before deciding on a specific lender.As we get closer to the fall of 2011 will be very interesting to see what happens with the 10 year treasury rate yield. Many feel as if the 10 year yield will bottom in the near future which will likely be a precursor to the very bottom for mortgage rates as well. Since 1971 the 10 year treasury rate yield at a 30 year fixed mortgage have had a very strong correlation.
When going into the refinance process it is always a wise choice to make certain that extra money is available to cover closing costs. If individuals do not have any extra money that it may be a wise choice to consider saving up a little bit of extra cash before making this major financial decision .
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California interest loan mortgage rate refinance and hard money
www.lendinguniverse.com California interest loan mortgage rate refinance and hard money, local mortgage lenders and best loan against refinance ...
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.
5 yr interest only ARM (100% financing Signed: 9/2006) - West LA - Refinance now?
I have a couple questions.
First, I got a 5 yr interest only loan (80/20 100% financing) in September 2006. I live in El Segundo, California. (Westside of LA) I purchased my home for $740K. Zillow and other 'rough estimate sites' have it currently at $810K. Avg home prices in the area have dropped 5-10%. We think we will be in the home for at least another 3 years. Maybe 4-5 years. Given that, would refinancing to a fixed rate loan right now make sense? Any advice would be great.
Two: In the next 18-24 months we would need to add a bedroom/bath (500 or so sq feet) onto our 2 bedroom/1.5 bath 1400sq ft ranch style home. We have plans drawn up and an estimate of $80K to do the one story add on. Should I wait to refinance until we need to start the remodel? If I take the architect approved plans into the bank, will the bank allow me to refinance for the current value of our home (1400 sq ft) + the estimated value of the addition (500 sq ft).
What's the smartest way to proceed?
Thanks
YES! If you're eligible do it ASAP.
Part two - you're not going to like my answer. I would not put more money in my house until I had money in the bank. If you can re-fi and save $40,000 a year then you can put on that addition. You're neck deep in debt and want to take on more?
That's scares me.
It's much more difficult to get interest only and/or 100% loans right now. Underwriting has tightened up. Not sure you can swing the refi, and probably not the extra addition.
Using my equity to refinance from an ARM to a fixed rate?
I bought my small southern california home for $760K. I had my agent pull comps that has my home value at $810K. Zillow.com (which I know is just a best guess) has my home listed at $805.
I am 1.5 years into my 5/1 interest only ARM 100% financing and want to refi to a fixed rate loan asap. I owe $760K on the home. My credit score is 910 (Excellent). I want to put 5% ($38K) down on the home when I refinance.
Can I roll my existing equity into the new fixed loan?
(current market value $810K - $760K purchase price = $50K equity in home)
Yes, most lenders like to see 10% equity to approve a refinance. Right now, you're at about 94% loan to value, so you would probably have to put more into the house first. Also remember the closing costs you will incur. You might be able to get around this with a "favorable appraisal", but lenders are less flexible right now.
Also, what would your debt to income be? Remember that with a fixed rate mortgage, you'll also be paying principal, so your monthly payment will probably increase (since you're only paying interest now).
The lender will consider the difference between the loan amount and the appraised value (which the lender will obtain before issuing the loan) as your equity and, hence, your down payment. Though the limits have been raised on what constitutes a "jumbo mortgage," you are still above the threshold of $417,000, so expect to pay a higher rate than mortgages for a lesser amount. In addition, because of the low percentage of equity, you may have to pay a higher rate, though your excellent credit score should mitigate that.
Matt
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
My Mortgage/Interest-Only...What's the smartest thing to do?
OK, first a little background...
I have 8 years to go on my 10 year interest-only period which ends in 2016. (Loan details: I put 0 down. I am paying 6.5% and 5.5% on my 80/20 respectively.)
However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment. 5% first adjustment cap). We're not planning to be here more than about 8 more years anyway, then we plan to sell and leave 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.
We live a couple miles from the beach in a good neighborhood that has dropped 10-15% in the past 2 years. 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 early 2010 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 in this market. And jumbo loan interest rates are much higher than the 6.5% I have now. Not sure I want to do that anyway given that I don't plan to be in this home 10+ more years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about refinancing at this point?
Or is there something smarter to do?
As it is right now you owe more on principle than when you took out the loan, and the worth of the home most likely 25-35% less than you paid. Interest only loans are a nice way of saying you want to lose your home. Yes the market will rebound but only at 2-3% per year as it statistically has been. Hope you can afford the payments because without a large capital investment you will not be able to refinance
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 Interest Only ARM - What's the smartest thing for me 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?
Here is what you should do: First, I would not invest $.01 in expanding a house you plan to sell in 7 years or less because you will probably only get back a portion of it a few years later when you sell. If you can convert your loan to a fixed rate loan in 2012 by paying a fee of $250 or less, than do it then. If not, then get a firm quote on a fixed rate interest only loan. If the rate is within 1% higher, then you should convert to it now if you plan to live in that house beyond 2012. If the differential is from 1% to 2%, then you should convert now if you plan to live in that house beyond the year 2014. If you are saving more than 2% than what you can get a fixed rate today, just stay with that loan and saving but be prepared to draw on that savings in those last few years you plan to live in the house.
My Mortgage. What's the smartest thing to do?
OK, first a little background...
I have 8 years to go on my 10 year interest-only period which ends in 2016. (Loan details: I put 0 down. I am paying 6.5% and 5.5% on my 80/20 respectively.)
However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment. 5% first adjustment cap). We're not planning to be here more than about 8 more years anyway, then we plan to sell and leave 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.
We live a couple miles from the beach in a good neighborhood that has dropped 10-15% in the past 2 years. 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 early 2010 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 in this market. And jumbo loan interest rates are much higher than the 6.5% I have now. Not sure I want to do that anyway given that I don't plan to be in this home 10+ more years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about refinancing at this point?
Or is there something smarter to do?
Transfer my dad's property into my name (both title & loan)? transfer loan without refinancing?
I live in Los Angeles County, California. I want to transfer the property's title and loan into my name from my father. I am looking to invest with the equity in the home and need to be in control of it as much as possible. Below are the specific questions:
How do I transfer the title into my name in Los Angeles county? What forms do I use? Do we do a quitclaim? What are some of the possible tax ramifications for myself and my father? How can we keep taxes to a very minimum when doing this? What is suggested as the best route?
I need to transfer the loan on the property. It has a low interest rate from a few years back and I would like to keep it like that. I do not want to incur opening and closing costs of taking out a new loan and have to pay a higher interest rate. How can I get the current loan put into my name? If it has to stay in my father's name and were to want to take out a second on the house, would he have to sign on me doing so? What is suggested as the best route?
I believe the transfer of title to you will be viewed by the IRS as a gift in excess of the current of $11,000 per year limit. California income taxes are a potential matter as well. You could end up owing a lot of income taxes. You had better tread slowly on this deal.
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.
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