Ojai Community Bank Refinance Mortgage Rates – Fixed 30 and 15 Year Home Loans ... Subprime Blogger (blog)
By doing extensive research on the FDIC search Web tool most Americans will find that there are a plethora of options when it comes to refinancing home loan. Many banks have branches throughout the country they will be much more than willing to help individuals when it comes to gaining access to low interest rates while also receiving some of the best customer service possible. Before making any final decisions it is always a good choice to check out all the competition.Since the beginning of the summer we have seen the 10 year treasury rate yield drop well below 2.25% which in turn has pushed 30 year fixed mortgage rates as low as 4.1% for good credit borrowers. It is important to recognize that it takes an amazing financial history to have any opportunity to lock in to some of the lowest interest rates at the present time.
Unfortunately, some Americans have made poor financial decisions in the recent past which could make it very difficult to lock into some of the lowest rates. This is why it is very important to make certain that all bills are paid on time and in full. By missing bill payment individuals will likely see their credit score drop which in turn could cause major financial problems.
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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.
My home in California is on an ARM, and I want to get a fixed rate without refinancing, can it be done?
I read somewhere that this can be done with a loan modification through a workout specialist, but I have no clue how to go about it. Does the bank have the workout specialist, or do I have to hire one on my own? I know that there are new laws being passed in CA can anyone give me advice?
typically if you call up your lender you can talk to them about modifying your loan. Sometimes a pre payment penalty applies but at least you can possibly get a fixed rate. ARm loans are designed for those that planning on refing short term because you never want to let your arm period run out becaus the rate gets recast monthly based on the new loan value. If you payed only the minimum payment it may not have covered your interest on the loan and that would be added to the existing loan amount at the end of the arm period
Then the lender would have a workout specialist assess the situation to see what could be done to bring the loan current. It might mean adding the arrearage to the principal balance and re-amortizing the new balance for a different term so that you could afford the payments.
Your lender may offer a streamlined refinance which could minimize the expense of the refinance. Maybe you should check with them to see what kind of offers they have.
Before you do that, check on the terms of your ARM. Just because it is due to adjust does not mean that the rate is going up. Many conforming ARMs are adjusting down or staying the same as the indexes for the adjustments are down.
Look at your note or the ARM rider in your closing package to determine the index and he margin. Look up the current value of the index and add the margin. That will give you a good estimate for the new rate at the next adjustment.
If you have a non-prim ARM, you may be stuck with no other choice than to do a full refinance.
Good luck.
How long do you have to own your house before you can refinance at a lower rate?
I bought my house in July 2008 in San Bernardino County in California with a rate of 6.25%. I heard rates are dropping into the 4% area. How long do you need to own a home before you can refinance for a lower rate? I have an FHA loan and a neighbor told me that if I call FHA they can simply just switch the rate for me, but that definitely doesn't sound right.
It depends on what your mortgage states. I also have an FHA loan. It states that I cannot refi or sell for 9 years unless I repay the $5000 they gave me for closing costs. Read through your loan info and see what you can find out. It may be easier to just call your loan officer. They should be able to help you out.
Am Wendy Roux, am from England recently when I was searching for a loan so I post and ad in yahoo answer here just two weeks ago I was referred to Susfasa Loan Firm by Kelly Cole from Canada, when I offer a loan of (20.000 pounds) few day ago how after when I submitted my application to the Firm, by this God fearing man his name is Mr.Susfasa Lee so when I was your profile in your yahoo answer I decide to referred you directly to this kindly man of God please if you are in seriously in need of loan you can contact them via E-mail:susfasaloanfirm@yahoo.com or susfasaloanfirm@live.co.uk tell him that Wendy Roux from England referred you to him
Thanks and stay bless from Wendy Roux.
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
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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.
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.
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.
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.
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
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