Mortgage Rates: Low Mortgage Rates Continue to be the Pattern Despite Market ... FreeRateUpdate.com
By: Rosemary RugnettaWith the start of another month, low mortgage rates continue to be the pattern despite market movements that are unpredictable and based on slightest bits of news from around the world.
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%. There is still time to purchase or refinance at these low mortgage rates as the fall season steps into action. Having good credit and steady income will make obtaining these low mortgage rates with 0.7 to 1% origination fee much easier for borrowers. Borrowers must always be ready to provide whatever a lender requires in order to receive mortgage approval.
For borrowers who believe their credit will not meet conforming mortgage guidelines, turning to FHA mortgage loans is the next option. Current FHA 30 year fixed mortgage interest rates are at 3.750% and FHA 15 year fixed mortgage rates are at 3.500%. FHA 5/1 ARM loan rates are at 2.750%. FHA is known for promoting homeownership and being consumer friendly. Although more paperwork may be required, FHA mortgage down payment requirement is 3.5% with a credit score as low as 580. In addition, housing grants and gifts from approved sources work well with FHA mortgages. FHA closing costs (APR) may tend to be higher because of various FHA fees and the upfront mortgage insurance premium, but FHA benefits overshadow these costs.
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Refinance a non-recourse loan in california?
Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it's a non-recourse, or a recourse loan? If it doesn't spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! :)
A non-recourse loan is one where the lender is counting on the collaterall to be worth the loan amount. Correct? So if you refinance both loans, to a different loan program, the non-recourse loan is paid off by the refinance. Simply tell the lender you plan to refinance with that the loan CAN NOT be a non-recourse loan.
http://www.surebill.co.uk
thats who i used last time thay got me a relly good deal
You need to call Frank immediately at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.
Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my original loan. I have already tried to call my original loan company and tell them to return the check, but they say there is nothing they can do. I tried to get Wells Fargo to stop payment on the check but they said i had to go to the branch. Are there any other things i can do? Maybe write a letter or something?
No you can't. But you might be able to refinance again.
can I refinance my international home loan in US?
I am a resident of california. I have a home loan in India with an Indian bank. I want to refinance that loan with an US bank so that I pay in dollars and manage loan in US since all my income is from US and I live here. Do you know if there is any bank/credit union that can provide this service?
you can but ask
i doubt it. no US bank will know anything about the proper procedures in India relating to mortgages.
as best I understand the laws of both India and the US, there is no bank that does business in both countries -- not even a foreign to both countries bank.
I was tricked and lied to by a loan officer and his company in California, where can I file a complaint?
I worked with a loan officer from a mortgage/loan company in California to refinance my house, I was presented with a good faith estimate that showed a low interest rate with no prepayment penalties, and at closing the interest rate was higher with prepayment penalties. I called the loan officer who said to go ahead and sign the documents because he will fix the problem. I was on a deadline to close so I had to sign, and after I signed the loan officer and his company stopped answering my phone calls. I made a complaint with the BBB but nothing got resolved, is there anybody else I can make a complaint with that will persuade this company to remove the prepayment penalties? Please let me know. Thanks
You ran through two red lights at the doc signing and after.
You should never sign anything that is not what you were promised. You should have known that once a contract is signed it can not be changed unless both parties agree and the lender was not going to agree and the loan officer did not represent the lender because he does not work for the lender.
Then in California as well as other states you have a three day right of recission. That mean that even after you sign the loan docs you have 3 days (72 hours) and you can still cancel the loan for no reason what so ever. This had to be pointed out to you because most lenders have it in 14pt print and you were given a copy by who ever was your doc signer.
All you had to do was sign the cancellation documents given you and you could have faxed them to four different places. One to the closing escrow officer, the title company, the lender and the mortgage broker that negotiated the loan for you.
A good faith estimate does not tell you about pre-payment penalities.
You may complain, when you filled out the application you were given several documents. One has a address and telephone number where you can call and make a complaint.
CAMB is not that place because you don't have to be a member of CAMB and if your mortgage broker is not a member there is really nothng CAMB can do.
There are 2 different license in California that can do home mortgages. One is a Department of Real Estate ran by the Department of Real Estate, and the other is a California Finance Lenders license and is governed by the California Department of Corporation.
So if you know which license your mortgage broker is a member then you can make a complaint with them.
The complaint will be an after thought because now the mortgage broker is no longer in the picture and no matter who you complain to the fact that you signed the loan docs make it a legal contract.
All loans have pre-payment penalties that apply when you refinance your house. If you sell your property most pre-pays don't apply as they are called soft pre-pays. You will probably not refinance in the next 3-4 years when the prepay will no longer matter.
Now about the interest rate. This is a tax deductable item. No matter how high or low the interest rate is it is tax deductable. So you will get that back. Check with your tax preparer for all tax advise.
I hope this has been of some use to you, good luck.
"FIGHT ON"
http://www.ss.ca.gov/business/business.htm - If the company is in a different name or you want to verify the address.
Hope these help
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 anyone looking to refinance in souther california who has been turned down for a loan?
turned down for value, debt to income ratio, credit score
do you have any luck with this approach?
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.
Can I refinance for 2nd loan only with 640 score and self employed?
Wonder if that's possiable? I don't want to refinance the first because the penalty is really high. so I want to refinance my 2nd and hopefully pull money out for debt considation. My score is 645 and my husband is 634. He is self employed so can't show proof of income. 2nd loan is only $21,000 and we pay $308 a month. Our house is worth $650,000 and we have $599,000 on the first loan.
Is it possiable to refinance for $40,000? we are in California so anyone know where or who can help us?
of course you can, u have a very good credit score but shop around for the best rate, dont be afraid to go to different lenders. they can do no income verfication loan (which will raise ur interest score by one point by doing this for you) if ur rate would've been 5% they weill raise it to 6% with no income verifcation, tell lenders this is what your looking for , be an educated buyer so noone scams u! good luck!
How much can a loan agent make when refinancing a loan?
I live in California, and I just refinance my mortgage. I found out that the mortgage processing company made about 1.2% commission of the loan amount. How much can a loan agent make? If the loan is $1 million, the agent could make $10k for just one loan. Is it the case?
The limit varies from state to state. In California, it's 6% of the loan amount. I know of places that make 3 to 5 percent on every loan from people who don't think they have a choice. Some states do not have limits. 1.2 percent is not bad. I average a little less than 1 percent total compensation, and I'm way below most of the market.
Of course, judging the loan by how much the loan company makes (or has to disclose - direct lenders don't have to disclose what they make while brokers do) is a good way to end up with a bad loan. Judge the loan by the loan the competition could have delivered to you. If one loan is a thirty year fixed at 6.5% with no points, that's a better loan than 6.75% with one point. Doesn't matter what the loan company made - you get a better deal with the first loan.
california refinance loan - News
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