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 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.
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.
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.
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
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?
Generally it's cheaper, but cheaper isn't better in this case. Not to mention that you have an adjustable interest only loan at that.
The thing that really sticks out in my mind is that you said you are making the (interest only) payments "comfortably". In a traditional 30 yr mort. you pay the bulk of the interest early on, right?, so I'm sure if you checked you might be surprised how very little the payment will go up if you paid principal just like you would in a traditional loan. Or you sure it would that much to refinance?
Bottom line though is that it sounds to me that your trying to "keep up with the Jones" too much. You got a funky type of loan in order to get into a bigger, nicer home that is really more than you can afford. I'd suggest selling, swallowing your pride, and getting a smaller house financed in a traditional 30 yr, fixed APR.
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
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?
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.
If Dow drops 300 points is it best...?
to find a better loan for a mortgage? If I am in a adjustable rate loan, is it best for me to stay in it or refinance to a fixed rate loan. I'm doing a research for my school, and i was wondering how the drop in dow effects homes in california. I do not understand the stock market well. Is buying a home better than selling a home now? Thanks for taking your time in reading my bad understanding about the effects of the marke.
dow dropping has no effect on mortgages, at least directly. However, if people start pulling money out of the stock market, they will need to put it somewhere, and one of the best places is in the US Treasury market, which would cause the interest rates in the treasury market to go down, and possibly making mortgage rates go down. Also, the real estate market has cooled off drastically, due to sub-prime mortgages starting to blow up. Right now it is a buyers market in many areas of the country, so it is better to be a buyer right now than a seller, but also housing prices could continue to keep going down until they get realistic again.
california home loan mortgage rate refinance - News
US Housing Plan to Fund Interest-Rate Reductions
Globe and Mail home prices fell and tighter mortgage standards made it harder for homeowners to sell or refinance, according to RealtyTrac Inc. of Irvine, California, Obama to unveil plan for stemming foreclosures, but new problems How Banks Are Worsening the Foreclosure Crisis
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(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities However, it also reflects the fact that reduced home equity and tighter mortgage credit have impaired borrowers' ability to refinance their mortgages in |
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California Man Barricades Himself Inside Foreclosed Home - The Consumerist California Man Barricades Himself Inside Foreclosed Home The subsidies are intended to function as an incentive for lenders to refinance troubled loans, but its still unclear if the program will be more effective |
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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage Typically if not always, American Interbanc has the best interest rates available to homeowners, or consumers wishing to buy, or refinance a home. |
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Operation HOPE Mission to Deliver Practical Financial Literacy ... - SYS-CON Media Operation HOPE Mission to Deliver Practical Financial Literacy Homeowners with mortgage challenges can call the MHCH at 888-388-HOPE (4673) for free services including: As mortgage rates began to adjust in 2006, |