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Mortgage Rates--Refinance?

Jun 13, 2007 by WonderingTheMilkyWay94 | Posted in Renting & Real Estate

I live in Virginia and recently purchased a home. This is my second mortgage. I had no idea how much mortgage rates had increased. I am paying 6.75 as compared to 6.125. Are mortgage rates expected to climb or is it possible for me to refinance and get back to less than 6.5? My credit is still the same and both mortgages were 30 years fixed interest.

It is hard to say the rates have risen siginficantly lately, if they follow the same trend as last year the rates will go down in the beginning fall. This is exactly what happened last year the rates went up at the beginning of the summer. You may want to look at getting a good deal now and not refinance later on. If you are going to be in the house for over 5 years then you may want to look at buying the rate down it may be cheaper then actually refinancing in a year for .25% where you will not save any money because of the cost to refinance.

I need to refinance my mortgage next month. What questions should I ask the lender to get the best deal?

Oct 16, 2006 by aunt fanny | Posted in Personal Finance

I was going to compare rates @ the Lending Tree. What do I need to know or need to ask? Do I need money down, need to pay points, how much are closing costs? I now have a fixed rate that is turning into a flexible rate next month. I pulled up my credit report and looked up Experian and I have a 740 "vantage" score. What kind of rate could I qualify for?
Please help! Thank you for your information!!!!

Hello Aunt Fanny,

You are on the right track with the few questions you have asked here..

In a refinance transaction, you do not need to have any money down... All closing costs will be rolled into the loan itself..

As for paying points.. You do not need to pay points.. It makes no sense to pay points in a refinance loan.. If you have a broker trying to charge points, they are simply overcharging you to make a profit..

As for closing costs, there are a few third party companies that have charges that cannot be wiaved to complete a refinance.. These include title charges, appraisal, closing, processing, and underwriting... These are all tasks preformed by anb outside organization and are a necessity to complete a transaction...

Other fee;s that can be charged are origination and broker fee's.. Typically these fee's can range anywhere from $1000, to $5000 depending on your loan size..

My company on the other hand only charges a $500 administration fee. there are no broker fee's or origination fee's...

as for the sentence you wrote "i have a fixed rate that is going flexible next month" just so you know, this means you have an adjustable rate mortgage, or ARM... You have a fixed period (2-7 years) and then it adjusts..

If your rate is about to adjust, you want to act now before your rate sky rockets.. If you plan to live in this home for the rest of your life, i would suggest you get a FIXED rate this time around.. If you plan to move in less then 7 years, then it will be better for you to get an ARM..(They are lower then a fixed rate, but only smart if you plan to sell or refi before the adjustment point)

As for what you qualify for, with a credit score of 740, as long as your other qualifying factors are okay (income, reserves, equity) then you will qualify for a "conforming interest rate" or in other words, A+ paper... You have a very good credit score so you will qualify for a good interest rate.. (probably around 6.125 - 6.5%) (just estimating, it could be lower depending on your factors)

And last but not least, i want to tell you a little bit about "Lending Tree" Just to let you know lending tree is not a mortgae lender... I know their commercials make it seem that way, but what they do is act as a lead generator... You submit information online, or by phone, and lending tree then sells it to 4-5 mortgage companies..

Now one might think it is smart to have 4-5 companies look at their credit and give them an analisys... Unfortunately, THIS CAN BE DETRAMENTAL TO YOUR CREDIT SCORE...

What i mean by that is every single time you have a mortgage company look at your creidit, it creates what is called an "inquiry" Every time you get another credit pull, or inquit\ry, your creidt score drops..(sometimes as much as 2-3 points) This is the last thing you wnat to happen.. Every point you lose on your credit could mean thousands of dollars more you spend in interest!!

What i always suggest is that you work with a single lender that is "partnered with multiple investors"..

My company for instance is licensed and partnered with 42 spereate lending institutioins.. We pull ONE credit report, and then shop among our investors with the "one single report"

By doing it this way, i can find for you which lender is willing to giv eyou the lowest rate and fee's, and the best possible mortgage solution for you...

This is the whole idea behing being a mortgage advisor.. Its no different then real estate agent who assists you in finding the best home, or a financial planner, who assists you on where and how to invest your money...

From experience in working with Lendng tree in the past, it is more of a hassle then it is a convenience.. The last thing you wnat is 4-5 mortgae companies hounding you, and more importantly having multiple companies pull your credit....Not a good idea for any consumer...

So, i hope ive answered your questions thoroughly, if i havent, or you have any more, i am available at all times to answer anyting else...I ahve helped alot of people from this site both refinance a mortgage, and also purchase a new homw.. I take pride in knowing that i can help people in need of answers both make a educated decision, and offer assistance with the financing side of the loan...

Feel free to call or email me at any time!!

Good luck!

Jason Fry
Licesned Mortgage Advisor
Providential Bancorp
jasonf@providential.com
312-550-5583

Question about searching in search engines?

Sep 12, 2008 by dragon L | Posted in Search Engine Optimization

My question is related to searching in search engines
I need to copy paste website addresses by searching in google
suppose I search mortgages in google

The results are

#
Mortgage - Wikipedia, the free encyclopedia
For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage loan. ...
en.wikipedia.org/wiki/Mortgage - 65k - Cached - Similar pages
#
Mortgage loan - Wikipedia, the free encyclopedia
A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, ...
en.wikipedia.org/wiki/Mortgage_loan - 108k - Cached - Similar pages
More results from en.wikipedia.org »
#
Nationwide Building Society - Mortgages
Additional mortgage borrowing paid to you as one lump sum. Flexible advance. Additional mortgage borrowing that allows you to draw on the money as and when ...
www.nationwide.co.uk/mortgage/default.htm - 17k - Cached - Similar pages
#
Mortgages | compare thousands of mortgage and remortgage rates and ...
Compare thousands of UK mortgage and remortgage rates and deals, including mortgages from high street and specialist lenders. Help and advice available...
www.moneysupermarket.com/mortgages/ - 231k - Cached - Similar pages
#
Mortgage advice & news - compare mortgages & mortgage rates in the ...
Mortgages & mortgage news - compare mortgages & get expert advice from brokers tailored to your needs. Use our free mortgage calculators or find out how ...
www.yourmortgage.co.uk/ - 65k - Cached - Similar pages
#
Mortgages, Home Equity Loans, Refinance, Rates, Mortgage ...
Provides information about mortgages, mortgage rates, home refinancing, home equity loans and many other mortgage related topics. Try our free mortgage ...
www.mortgage.com/ - 33k - Cached - Similar pages
#
Loans | Car Loans, Secured Loans, Homeowner Loans & Personal Loans
Mortgages with a range of over 4000 products. This includes products for First time buyers & re-mortgages. Enter Mortgages · Life Insurance ...
www.rainbowgrp.co.uk/ - 16k - Cached - Similar pages
#
Mortgage | LII / Legal Information Institute
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate ...
topics.law.cornell.edu/wex/mortgage - 16k - Cached - Similar pages


Instead of this is there a way to make serach results appear in listed form with only website addresses like this so I can copy paste ?

en.wikipedia.org/wiki/Mortgage
en.wikipedia.org/wiki/Mortgage_loan
www.nationwide.co.uk/mortgage/default.htm
www.moneysupermarket.com/mortgages
www.yourmortgage.co.uk
www.mortgage.com
www.rainbowgrp.co.uk


anybody can help /?

Should I refinance my mortgage at 4.75% for 15 years and pay $4000 in closing fees or go w/ a 1yr arm at 3.3%?

Dec 21, 2008 by mikeyeggs | Posted in Personal Finance

My 5 yr adjustable is up March 09 and the 1 yr ARM resets Dec 20 which is going to be around 3.3%. There are no fees incurred if I rollover to a one year ARM compared to $4000 in closing costs if I were to refinance to a 15 year note. The max the 1 yr ARM can go to next year is 2 points higher. Does the mortgage rates appear to be heading much higher over the next year? I don't think so but was wondering what everyone else is thinking.

Lock into a fixed rate.

All going back into an ARM will do is put you in the same spot you're in now...just a few years down the road when you will not be able to get 4.75 fixed.

I'm trying to refinance my condo. Should I check with lendingtree.com or are there any other options?

May 15, 2008 by kitkatchan | Posted in Other - Business & Finance

I just would like to compare rates from different lenders. What would you suggest is the best mortgage out there?

I'd suggest just calling a few brokers in your area, tell them your credit score and ask for a good faith estimate. THen compare the ones you receive and pick the best one and try to negotiate a better deal. lending tree is ok, but without a good faith estimate the lender you pick from there could easily change their fees or rates by the time they start working on your loan and you'd have to start again. I've seen it happen numerous times where someone tried to get a loan they saw off there and then upon contacting the mortgage company or even right before closing learned that the fees and rate is different.

Would it be better to refinance every U.S. Citizen's Primary mortgage than give >$1tril to financial giants?

Jan 18, 2009 by b.wtfdik | Posted in Credit

The current ~$700Billion plan looks a lot like Government is bailing out its buddies in BIG BUSINESS, and nothing will ever trickle down to the common U.S. Citizen. To turn that around use the leftover ~$300Billion Bush Administration bail-out plus President Elect Obama's $825Billion to pay the Mortgage industry (the cost of processing the loan) to alter an process every U.S. Citizens primary residence mortgage decreasing it by ~20% and refinance that amount at the current Fed bank-to-bank trading rate. Banks are writing down all these mortgages/loans anyway because of decreasing values. Yes, these institution have some medicine to take, but there are hard times ahead, and the majority (U.S. Citizens) need to feel support.

The majority of U.S. Citizens upside-down in their mortgages are more likely to see value in making payments rather than just giving their house keys to the bank and vacating, which will wash-out home values, equity, and personal wealth in our Nation with catastrophic effect. This will allow every U.S. Citizen, in our Nations consumer economy, a long-term (30-year mortgage term!) solution to add breathing room in the upcoming years of this global economic downturn. The beneficiaries are the U.S. Citizen that then trickles up to U.S. Retailers, U.S. Banks, and Wall-Street.

This provides relief to ALL U.S. Citizens, even Us that made conservative decisions knowing what we could afford, while also restructuring recent mortgages of those duped by the greedy practices of this decade. The majority of mortgages will still get paid, banks can maintain cash flow, homeowner mortgage vs. home value evens, right-sides up, or equity is built. If the U.S. Citizen losses their house it's a good bet they will walk away from Credit Card debt and any other outstanding loans. Then what will happen to the Financial industry and all the $400billion in tax-payer money that's already been handed to them to do with as they please?

This isn't about the American public seeing immediate benefit (i.e. one-time stimulus check), but as a longer term (~30 year mortgage term!) solution to stimulating our consumer (~62%!) economy. It also shows that Government is supporting real people, not just big business. I think if You do the math You will find that the cost of writing these loans, which is consumed by the leftover ~$300Billion Bush Administration bail-out plus President Elect Obama's $825B stimulus package, doesn't compare to the cost to Financial institutions, and the U.S. Tax-payer swallowing ~10% (or greater) National home foreclosures. What will Financial institutions do with all these assumed homes and property that are now worth 30-50% less than their original cost to them? Will Government, I mean the U.S. Tax-Payer, buy them? Restoring consumer confidence is what the focus is here. How does getting 9 financial institutions to start loaning money to ultra qualified people that don't need a loan, compare to ~130,000,000 homeowners across 50 states having a few hundred extra dollars a month, for the next 30 years, to do with how they see fit?
Excellent response Jeff T, but if the U.S. is trying to support homeonwnership, which is a massive staple of our 62% consumer economy, when the next avalanche of foreclosures hit what will happen to personal wealth in all classes in the U.S. Remember the original question dealt with if the Government couldn't do nothing, would it have been better to give the money back to the people in the form of refinanced 20% decreased mortgages very low interest rates so 10's of millions of families would opt to keep paying their mortgages (and other debta) rather than just walk away to let the remaining tax paying nation to bail them out. And then what about after the next wave, then the next? As foreclosed homes flood the market and the nations wealth is swept away, and more an more credit is lost, and more and more banks board their doors, who will be left to bail them out? How can this chain of events be stopped? We must bring more minds to the table to discuss this!

Could you please give me some advice on a refinance of my mortgage? Details...?

Sep 10, 2008 by FromTheTop | Posted in Renting & Real Estate

I bought my home 14 months ago, it was a foreclosure, and we got a heck of a deal. It appraises at about $160,000 or $165,000 right now, and we paid $142,000 for it.

Since it has only been 14 months, the principal is still at about $140,300. BUT...we are paying like $133 a month for PMI (Property Mortgage Insurance) since we don't have enough equity in the home at this point. We are also paying an interest rate of 6.75%. I really don't know how that compares to other people...but I didn't think it was all that great.

So.....I was just calling around to a few different mortgage companies, and not hearing anything real intriguing until last Friday. I talked to a guy who said he could lower my mortgage payment by $60 a month, lower the interest rate to 6.35%, pay off $3000 worth of my student loans (which equates to about a $75 monthly savings), and we would get to skip 2 mortgage payments. Skipping those 2 mortgage payments would then allow me to pay off a laptop lease I have, which would save approximatley $90 per month. I would then have about $1500-2000 cash left (from skipping the 2nd month of mortage payment, and getting the remaining balance of my current escrow account), and I could save that, or pay another small student loan off. So...in the end, we could likely knock out close to $300 of monthly expenses, and have 3-4 less bills to send off every month. I really like that idea.


He told me all of this, and I was pretty excited......UNTIL I saw that our new loan amount would be $152,000.... It's still under what the home appraises for, but I just kinda hate seeing it jump to over $150,000...

I'm not sure how long we will be in this home, but I would guess at the VERY minimum, 5 more years, but who knows, we could be there for another 25. We haven't really put much thought into it.


Can anyone lend some advice on this? I would appreciate hearing another opinion.




ps- It would be refinancing a 30 year fixed, to another 30 year fixed. And I am 25 years old. Just throwing that out there.

What you've been offered is a very, very bad deal.

The lender is using your mortgage as a debt consolidation loan. You're taking all sorts of little and moderate debts--ones that'll be paid off soon--and putting them into a 30 year mortgage. Your laptop, for instance, will be worth zero in a couple of years (heck, it's a lease, not even a purchase), but you're rolling that debt into a loan that extends for 30 years. Very bad idea.

You'd get to "skip" two payments. I'm sure those payments are wrapped into the mortgage, too. So, you save maybe $2,000 from skipping two payments...but you end up owing $2,000 in principle and probably around $4,000 in interest. Very bad idea.

As someone else noted, if your interest rate on the student loans is below 6.35%, you'd be trading lower-rate loans for a higher-rate loan. And, again, for 30 years.

Also, take a look at the APR on the new mortgage. I'll bet it's a lot higher than 6.35%. (It's normal for the APR to be slightly higher than the state rate; how much higher is the issue.) I'm guessing there are a few thousand dollars worth of junk fees thrown in there.

Also, how's he getting rid of the PMI? You're estimating your house might appraise for $160,000. (Get a Realtor to do a CMA on the property.) You'd owe $152,000. That's a 95% loan. Maybe he's doing what was done a couple of years ago--an 80% without PMI and a 15% with PMI. You'd have almost no equity, as you already recognize. And what if property values decline? You'd be upside down--owing more than the property is worth. Even at those figures, $160,000 value, $152,000 owed, if you had to sell, you'd have to bring $8,000-$10,000 to closing.

It's a terrible deal for you.

Hope that helps.

Re-Fi: Pay points or look into 2 mortgages to bring rate down?

Jan 15, 2009 by Mister_S | Posted in Renting & Real Estate

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.

Has anyone every heard of Royal Lending Group out of NC?

Mar 04, 2008 by bigwhitedogs | Posted in Credit

I have looked this company up on bbb.com but I'm not real sure how to read this information or to know if this company is legit......
Royal Lending Group
The BBB reports on businesses, both accredited and non-accredited. If an organization is a BBB Accredited business, it is stated in this report.
Name: Royal Lending Group
Phone: (866) 569-0684
Address: 485 Fields Dr.
Sanford, NC 27330
Website: www.royallendinggroup.com
Principal: Owner/ Manager
Customer Contact: Owner/ Manager - (866) 569-0684
File Open Date: February 2008
TOB Classification: Loans, Mortgages
BBB Accreditation: This organization is not a BBB Accredited business.


The BBB develops a full report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on a firm based on inquiry or complaint activity. This company first came to our attention in February 2008. We are attempting to develop more information on the company. At the present time we do not have enough information to issue a full report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
. The BBB suggests you read and understand company promotional materials and contracts and check company references and licensing, where applicable.


Customer Service Contact

Owner/ Manager is the complaint contact person for this company and should be contacted at (866) 569-0684 before filing a complaint with the BBB.


Customer Experience

The BBB processed a total of 0 complaints about this company in the last 36 months, our standard reporting period.


Licensing

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. The BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.


Industry Tips

Refinancing Loans

If you are considering refinancing, the Better Business Bureau suggests you shop around, compare prices and negotiate. But also move with caution when dealing with some lenders. To help you decide if refinancing is for you and to help you prepare to approach a financial institution, the BBB offers these tips.

When you refinance your home, you simply apply for a new mortgage at the lower rate in order to pay off the old loan. This means that, for many lenders, you will again be required to pay most of the costs you originally incurred to get your first mortgage - loan application fees, title search, appraisal, credit check, lawyer's services, discount points (in many cases) and other finance charges.

Before you go through the expense of refinancing, check the interest rates to make sure they have dropped to a level that makes refinancing worthwhile. Conventional wisdom states that a two or three percent difference between the rate on your current mortgage and the new rate over a period of time - generally several years - usually offsets the costs you must pay at closing. The ultimate amount you may save depends on many factors, including your total refinancing, whether you sell your home in the near future and the effects of refinancing on your tax situation.

If you decide to refinance, obtain information from several lenders. Knowing just the amount of the monthly payment or interest rate is not enough. Ask for information about the same loan amount, loan term and type of loan so that you can compare the information.

Also, be cautious of smooth-talking lenders that contact you offering easy credit, guaranteed low-interest loans or loan terms that sounds too good to be true. Fraudulent lenders often prey on people who are desperate for cash to pay bills, make home repairs or who do not understand the mortgage loan process. Their loan terms can include excessive fees, high interest rates and provisions that can make it expensive for you to get out of the loan. If a lender asks for an up-front fee before you can obtain the loan, look elsewhere. Be sure to check with the Better Business Bureau and your state attorney general for a reliability report BBB Definition:

report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB Accreditation information, and BBB complaint activity over the previous three years. Also reports may include any known government actions, advertising issues or other information that results from activity conducted by the BBB.
on the lending institution (s) you are considering.

Once you know what each lender has to offer, negotiate for the best deal that you can. Have the lender or broker write down all costs associated with the loan. Be sure to read the loan documents carefully and be certain that all spaces are filled in before you sign them. Always assume that any document you sign is a contract. If you do not fully understand it, do not sign it!

Mortgage Choices
Shop, Compare and Negotiate -But Move with Caution When Refinancing Your Mortgage



Report as of March 4, 2008
Copyright© 2008 BBB®, Inc.


If you choose to do business with this business, please let the company know that you contacted the BBB for a report BBB Definition:

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.

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The information in this report has either been provided by the company or has been compiled by the BBB from other reliable sources.

As a matter of policy, the BBB does not endorse any product, service or company. BBB reports generally cover a three-year reporting period, and are provided solely to assist you in exercising your own best judgment. Information contained in this report is believed reliable but not guaranteed as to accuracy. Reports are subject to change at any time.

I've worked in finance for over 20 years(part of that time in mortgage) and anytime the company is with the bbb you can be 1000000% reassured that it is a legitamite company. It is actually highly unlikely to have any problems with a mortgage company and about 90% of major problems come from large companies. So I would not worry.

How do I know that I got the best deal in my home mortgagerefinancing?

Jun 07, 2007 by hanuman | Posted in Renting & Real Estate

On June 4th I signed the paperwork for my home refinancing for the amount of $415000 at 6% fixed interest rate for 15 years.My credit rating is excellent, home appraisal and my income are excellent.I paid $2000 (title,appraisal,doc.fee..)for closing costs with 0% points..Is my rate deal good? IAre the closing costs reasonable? Is there any database on mortgage loan transactions to analyze and compare?

There is no database on closing costs I know of, best thing is to call other mortgage companies and ask how much theirs would be. For PA it looks like you got a good deal, depending on the title insurance and riders.