Mortgage Rates: Low Mortgage Rates Sitting Still for the Long Weekend FreeRateUpdate.com
By: Rosemary RugnettaCurrent low mortgage rates are sitting still and will remain there for the long weekend ahead. After a poor jobs reports was released this morning, mortgage rates could drop further depending on how far markets react to the news.
Despite a sluggish jobs report, most consumers do have jobs and have spent some time in the past few years cleaning up their credit. Those with good credit still have the best mortgage rates available to them. Today’s 30 year fixed mortgage rates are at 3.875% and 15 year fixed mortgage interest rates are at 3.250%. 5/1 ARM loan rates are at 2.625%. With mortgage rates at historic low levels and housing prices way down, there has never been a better time to purchase a home. These are the lowest mortgage rates with 0.7 to 1% origination point available to well qualified borrowers who can also provide whatever is necessary to receive lender approval.
Current FHA 30 year fixed mortgage interest rates are at 3.750%, FHA 15 year fixed mortgage rates are at 3.500% and FHA 5/1 ARM loan rates are at 2.750%. Many first time home buyers choose FHA mortgages because of the many benefits they offer. Borrowers looking to refinance should also check out FHA mortgages to fill their needs. FHA credit requirements are lower than conforming mortgage loans and do not affect FHA mortgage rates . Easier credit qualifying and low down payment requirements are the major draws of FHA, but FHA also allows approved gifts and housing grants. Although the upfront mortgage insurance premium and other FHA fees do make FHA closings costs (APR) higher, FHA mortgage loans are still affordable.
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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.
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
Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage?
I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?
Unfortunately then you will join the ranks of those that have or are losing their homes. No credit, no income and no equity means pay for what you signed for. Sorry but not my fault you overextended yourself, buying way more than you could afford. Do not think my tax dollars should bail you out because of your foolish dreams, and not living in reality.
How can I obtain statistics regarding #'s of refinances in California and other mortgage related stats in CA?
I am looking for a website or some other avenue for retrieving statistical information regarding the number of home loans set to adjust in California in 2008, Number of loan origination is California in 2007, Number of purchases in CA in 2007, etc... If anyone knows of an easy way to find this info please let me know. THANKS!!!!!
I am pretty sure that realtytrac has all of that information. They have a great stats section and that is who you see when they report the foreclosures on the news.
Am I protected under the anti-deficiency statute law in California if i defaulted on my mortgage?
I'm one of those unfortunate homeowner who purchased a home during the boom and also got one of those adjustable mortgage. I've been paying my mortgage on time and am not behind on my payment whatsoever. But my payment will start adjusting in a few months and the value of the house has taken a dip and I was told if I want to refinance my current mortgage, I would need to come up with the differences in order for my bank to refi. So my question is this, if I'm not able to come up with the money does that mean I cannot refinance? Am I shit outta luck? I've been responsible for my debt and I got screwed over my loan because my former loan officer did not disclosed those critical terms and loan details. On the closing day at the escrow office, my former loan officer wasn't even there at the signing. She told me just show up and sign the documents and I was naïve and I did it. Do I have a case against this loan officer if I plan to sue her? The bottom line is, if I stop making payments and eventually foreclose the house, does the bank has the right to come after me for the differences that didn't satisfy the loan because of the anti-deficiency statute in California? Am I protected under that law? The house is my primary residence and it has never been refinanced. My current loan is an 80/20 piggy back loan, with a 2yr fixed/adjust every 6 months. I'm just worry that the bank will come after me for the differences if I do foreclose on the loan. Any suggestions? Ideas? Alternatives? Is there any way I can avoid foreclosure? Any government agency I can turn to for help? I'm very stressed out so please advice! Thank you!
Hi, I am a broker in California in Southern California and I help people in foreclosure. Like the broker above me, I want to state: I am not an attorney and you should consult with a real estate attorney for legal advice.
Anyway, we are a trust deed state and therefore they cannot get a defieciency judgement from you. If you foreclose, they might 1099 you for their loss. So it shows up as income on your taxes and you will need to pay taxes on that next year.
Your best option is to try to refinance if possible. Even though your home took a hit, you still might be able to refi without putting cash out of pocket. After that, I would suggest a short sale instead of letting it go into foreclosure.
In regards to sueing anyone, I have lawyers who look to see if your lender violated Regulation Z or the Truth In Lending Act. If they did, they can sue your lender and might get you compensated as well while delaying the foreclosure.
I personally don't meet my clients at signing as well, but I make sure I go over all the disclosures and loan programs before they sign anything.
If you're in SoCal, let me know and I'll see what I can do for you.
Regards
Start by looking for consumer advocacy groups in your area, as they either have some one to help you develop a strategy to deal with the lender or can refer you to someone who can. I am sure there are specialist available from such a source.
Quickly devise a plan with the specialist from the consumer group or an attorney and eventually call your lender, they might be willing to work with you. They probably have a whole department of people to deal with a situation like yours. Unfortunately, you are not alone. Before you call, have a plan for what you can do. Be ready when they ask that question. Don't wait until you can't make the payment, call while you're still in good standing.
They don't want your house, if they can help it. They're in the money lending business, not the real estate business. Typically they lose $$ significantly when they foreclose.
On taking legal action, seek out an attorney for a free consultation. Also the loan officer is licensed by the California Department of Real Estate and you can file a complaint. They have an office in Los Angeles and Sacramento.
By the way, it may take a couple of years, but the value of your home will come back and eventually soar. I have studied California real estate values going back 30 years and it always comes back. So if you can find a way to hang in there, you'll not only salvage your hard earned credit rating but come out ahead.
Sorry for your mess and stress.
Funding for log-style construction vacation home, refinance?
I am a mortgage broker searching for a funding source to refinance a 2nd home in northern California. LTV will be under 75%, credit scores over 700 and full doc. Property is the question, exterior is log cabin style and rock facia. Interior is finished drywall with log style beams in roof and rafters. Loan amount will need to ba jumbo - $550,000. Does not qualify as conforming jumbo. Any thoughts?
brokeroutpost.com- ask in general area all your answers will be givin in seconds.
scottsmanguide.com - get a subscription
stay away from hard money lenders or broker out deals. deal seems simple and easy to close.
http://www.orbitbusinessloans.com/
http://www.orbitmerchantsolutions.com/
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.
My mom is in a middle of a divorce and stuck with a huge mortgage, what should she do?
Mother is in middle of divorce, may be stuck with a huge mortgage + HELOC loan attached. The home has no equity left, since they've refinanced twice (big mistake) in the past plus sinking home prices. As far as dividing up the liabilities, what other options does she have? This is in the state of California (Santa Clara County). She is afraid that she may be stuck with the house and not able to catch up with the mortgage. She would like to avoid foreclosing if all possible. Thanks
If her husband is a co-borrower on all loans, your mom won't be stuck with any huge mortgage on her own. The only way for him to be released from any financial responsibility for all of those loans would be for your mom to refinance in her name only and pay off the existing loans. It doesn't sound like there's enough equity to do that. She probably can't agree to take the home even if she wanted to, since she would have to get her own loans to pay off the existing loans. I'm guessing the court will order the home to be liquidated and the proceeds used to pay off the loans. If there's a short fall to pay all loans, the court could order other assets be used to make up the difference.
Sounds like a bad situation. I don't know the laws of California and not giving any legal advice so make sure she has a good divorce lawyer.
Hope this helps. Good luck to her.
Elliot Lau, Realtor of 22 years
Ethics aside, what is keeping me from walking away from my home in California?
I bought a home in a shitty neighborhood in Northern California 3 years ago for $460,000.
I owe $373,000 on it now.
My house just appraised for $250,000.
I had a baby in 2007. My outlook on life has TOTALLY changed. I'm now thinking "oh God, there is NO way I want to send him to the public schools around here or have him grow up witnessing the way people around here act and talk in public. (lowwwww claaass, THE definition of it, trust me)
I cannot refinance and my mortgage company said they are not willing to adjust my loan because I make too much money and have no credit card debt and no car payments (yeah, im totally bragging for those of you who sit on yahoo answers reading questions all day trying to come up with clever put downs).
My credit score is 790, I have NEVER EVER missed a payment in my life, we have mortgage protection, life insurance, everything we need to cover our ass if we can't make our mortgage payments.
I have enough cash to put down on a HUGE house in a BEAUUUTIFUL neighborhood. My mortgage payment would be $1,000 LESS than the crappy house i'm in now, I would be able to send my son to a public school in the area and I wouldn't be surrounded by "ghetto-ness"... yes, that's a word... lol. If you lived here, you would SO know what I mean. I was only 22 when I bought the house... that should explain everything.. Woooops, im human, i made a mistake... but its ALL i could afford at the time.
My father-in-law has offered to use his credit and our cash to put us in the house of our dreams. He already owns his house, all the investment properties he wants, a retirement home, a vacation home, has a sh*t load of cash, so he wont necessarily "neeed" his credit any time soon. We would only be "using" his credit for 2-7 years until we can assume the loan. I heard you are eligible to apply for a new home loan in 2 years now that foreclosures are "the in thing" lol... but i dont trust much of what I hear on the streets so i'm going to say "2-7 years."
MY QUESTION for any tax consultants, mortgage professionals, lawyers, anyone out there who can help with USEFUL information, etc..
what are the down sides to this?
Retarded comments/worthless information will be disregarded.
THAAAAANK YOUUUUUUUUU : )
Home insurance is actually very flexible. I'm not sure about California regulations, so I recommend you call a nearby home insurance agent. http://www.goodinternetdeals.com/Home-Insurance.html They will be able to assist you.
If you bought someone out on a primary residence, is it a money purchase loan protected by California anti-def
anti-deficiency law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction.
So I originally purchased the house in 2002 with my wife. Then she wanted to leave so I bought here out to transfer the title and mortgage to me. An additional 30k in home equity became part of the new mortgage and was paid to her. The sellers were listed as herself and me and the buyer was listed as me but with a different form of my name. Does this financing count as a money purchase loan that is protected against deficiency judgments in foreclosure or is it just a refinance that would have no protection in foreclosure?
I have paid off around 20k of the total mortgage. Does that mean they can only come after me for 10k now in foreclosure or can they come after me for the full mortgage amount of 260k?
Once you refinanced and took the 30k you exempted yourself from anti-deficiency. You are going to be liable for the entire amount of money you spent.
california home loan mortgage 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 Obama to detail foreclosure plan
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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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(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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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage American Interbanc currently lends, or provides home refinancing services in the following states; Alabama, Alaska, Arizona, California, Colorado, |
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World Of Trouble - CBS News World Of Trouble Asked how many times she refinanced, Townes said, "Well we refinanced practically every year." World salesmen convinced Betty to refinance her mortgage four |