Mortgage Rates: Lowest Mortgage Rates Bring Increase in Applications FreeRateUpdate.com
By: Rosemary RugnettaThe current lowest mortgage rates have brought an increase in applications according to the Mortgage Banker’s Association’s weekly survey for the week ending July 29th.
Today’s 30 year fixed mortgage rates are at 4.125%, 15 year fixed mortgage rates are at 3.500% and 5/1 ARM loan rates are at 2.750%. Over the past few years, consumers have been busy cleaning up their credit in order to increase personal credit scores and history. With good credit and verifiable income, these are the lowest mortgage rates available with 0.7 to 1% origination fee. Other documentation may be needed in order to receive lender approval.
Popularity for FHA mortgage loans has grown because FHA offers easier credit qualifying to borrowers. Current FHA mortgage interest rates are at 4.000%, FHA 15 year fixed mortgage interest rates are at 3.500% and FHA 5/1 ARM loan rates are at 3.250%. With a credit score as low as 580, FHA will accept a low down payment of 3.5%. Approved gifts and housing grants are also accepted. FHA mortgage loans are also available for those who wish to refinance. FHA mortgages do tend to have higher closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium.
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refinanceca.org California refinance loan rates are near historic lows. Let our mortgage specialists help you reduce your mortgage payment with a ...
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.
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
Does California Section 580b Anti-Deficiency Protection apply to loans that been sold to another lender?
If a borrower took a 80/20 loan but the 2nd (20) loan has been sold to another bank, does California Section 580b Anti-Deficiency Protection still apply? "NO" refinancing or home equity credit has been taken. Basically, the 80/20 loan is "Purchase Money".
yes, sir!!!
God Bless California!
see:http://www.stimmel-law.com/articles/CA_AntiDeficiency_Statue_ProtHomeOwnMonJudge.html
Is there an institution in California that will finance/refinance an irrevocable trust at a reasonable rate?
2 trust properties are involved, one owner occupied, the other a rental asset. In May, with a commitment letter from WaMu for a 30 year fixed rate 5.625% and papers ready to be signed, bank withdrew offer and stopped all of these loans system wide.
A trust is a legal entity, NOT a loan. There is NO SUCH thing as an owner occupied trust property. No person owns the trust. It 'owns' itself. The FIRST thing you need to do is take ALL your paperwork to a trust attorney to find out if a trust actually exists. Putting the work trust on the paperwork has NO legal effect.
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"
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.
i met my girlfriend when she was in the rears on her 1st or 2nd mortgages. she could not qualify for a?
in the state of california
refinance loan due to lack of income and credit. she used my income to help secure the re-fi loan in september of 2005. If she doesn't get someone to help her, she losess all of the equity in the property if it forecloses. She owed a combined 141K on both loans. The house appraises for then at the time 310K.
we refinaced the house with both of us listed as joint tenants, with both parties on title and deed. She wants to file a partition, and have a judge divide everything based on time and equity in the property. On this scenerio, she would probably get everything.
Can i sue her for using me to keep from her lossing the equity in her house? Can i go after 50% of ownership of the property.
you really need to talk to a lawyer about this . the laws very from state to state . for instance , in some states your situation would have been considered a "common law" marriage . in which case ,you might not be able to sue her . It would be the equivelant of suing your wife . but this may not be true in your state or locality . and because "common law" marriage laws vary so much from state to state as well as real estate laws . talking to a real estate lawyer from your state , will be more helpful .