Fewer Homeowners Opting to Refinance Despite Low Rates, Says Informa Research ... MarketWatch (press release)
, Suggests that consumers review online rate tables to find the best rates with which to refinance a current home loan ( http://www.erate.com/current-mortgage-rates-30-year-fixed-mortgage-rates.htm ).The overall mortgage market slumped 9.6% during the week ending August 26, driven largely by a 12.2% drop in the number of refinance applications, according to the latest weekly statistics from the Mortgage Bankers Association. Meanwhile, the number of purchases actually ticked up 0.9%, but remains near historically low levels.
The refinance share of the mortgage market fell to 77.8% from the previous week's 79.8%, the report said.
Consumers who refinance their current home loan with a rate that is significantly lower than their current rate can reduce their monthly mortgage payments by as much as a few hundred dollars. The most efficient way to locate the lowest local mortgage rates in your area is to check online rate tables such as those featured on ERATE.com.
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Mortgage Refinance Problem - Visit EliteTutoring.ca for full video!
In this video I take a standard finance problem of deciding whether or not to refinance a mortgage at a lower rate. To decide whether to refinance ...
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
Should I wait until next year to refinance my mortgage? I am buying a single family home in California?
I am skeptical of refinancing this year since the rates are up from last year. I am hopiing the rates will go down instead of up next year. Should I wait?
depends on what kind of a mortgage you got. If its an ARM GET OUT OF IT NOW! The rates are slowly dropping and many expect a nice drop next year also check to see if there are any penalties for refi and some will even make you pay for an apprasial before hand (don't do it)
Let me offer you some advice as a loan officer based in California: the market here is definitely cooling off, but that doesn't mean that it's necessarily a bad time to buy. If you're able to negotiate well with a seller (and this may be the perfect time for that) you could get a good deal. Remember that it's you that has the upper hand in the current market.
Rates are a tricky situation. There has been a bit of a dip of late, and I've been doing many loans for people in the area because of this fact. However, I don't personally see the point in "waiting for rates to drop" as much as most people. If you have good credit you can get a rate below 7% these days. Historically that's a spectacular rate. Unfortunately we're all tainted by our recent memories of folks getting 4%.
It's honestly never been a "bad time" to own a house if you plan to stay a minimum of 5 to 7 years. If you have any questions that I didn't answer, send me an email through my profile.
Beyond that it's a gamble. If you can tolerate the risk you might do well to wait until late Winter/early Spring to refi. At this point in time, I would not recommend waiting beyond early 2007. If the break even analysis shows that you will recover your costs in 2-3 years then do it now or early in the first quarter of 2007.
Here is a link to a daily rate lock advisory posted by a mortgage broker that I have used twice in the past.
http://www.interbankmortgage.com/DailyRateLockAdvisory
I have no financial connection to him, and only provide the link because it is useful information and I was happy with his service.
As it was said before, waiting for rates to drop is really not the way to go.... you never know what might happen that could send the rates through the roof and you will look back on this time and think to yourself, "I should have refinanced then!".
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com
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/
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.
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.
Will I be able to refinance home, if it was on market?
My house is on the market. But, I decided to pull it off and refinance it, pay off bills & keep it until I am done with school. I have been told that you cannot refinance if your home was recently on the market. But, I have also been told sometime s you can. This is in California. Does anyone know if I can refinance it if I pull it off the market? I have not been able to find any info online. So any mortgage brokers or banks in CA, If you know what the stipulations are, please let me know. Or if anyone has refinanced after their house was on the market. Who did you use & what did you have to do? Thanks
You should be able to refinance. Banks are sometimes reluctant to refinance if a house is currently on the market.
You should contact a mortgage broker in California so he can locate a lender for you that will offer you a good rate based on your credit score.
He will require lots of paper work from you so be prepared to submit it to him as soon as possible, it will make your loan experience go a lot faster and smooth. Most of the paperwork he will need you will have available immediately like pay stubs, w-2 and a few other documents.
I hope this has been of some use to you, good luck.
"FIGHT ON"
I work for New Century and we will do a loan like this but we don't do borrower direct loans.
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
When you refinance your home, do your property taxes go up?
I live in California and have refi'd my home a few times. The company I am working for right now told me my property taxes will go up. This has never happened before, as I thought it was only when you buy or sell. Does anyone know? Also, you know any good mortgage refi companies that let you use your own appraisal that you personally paid for?
Your property taxes are assessed when you buy your home. you won't have to worry about youir tax burden going up unless your home is re-assessed by the county for another reason.
You might worry about the person you're working with though. They should know this if they do loans in California on a regular basis.
As for your appraisal:
I can use the appraisal that you have but the appraiser would be scrutinized by any lender that we work with. Also, the age of the appraisal will come into play and you may have to get a new appraisal if it is over 90 days old and an update if it is older than 60 days. If you use the same appraiser he or she will probably give you a discount for coming back to them.
There are even some lenders that will take an automated value or a drive-by instead of an appraisal, but they may or may not have the best program for your situation.
If you want to talk some more, feel free to send me an email.
in california, if i buy a home that appraises at $150k and one year later it appraises for $300...?
how can i get the most out of my equity to buy another house: refinance or second mortgage?
Refinancing will give you the best rate over a 2nd mortgage.
A second would be a higher payment and that higher payment will count against your dti for the next place as well.
Open Book Advisor™
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