Compare Mortgage Interest Rates Today – Refinance Fixed VA and FHA Home Loans ... Subprime Blogger (blog)
To get a 100% accurate rate quote individuals will need to go through the mortgage application process. Luckily, there are many free resources available online that should help homeowners when it comes to submitting an application very easily. With the advancements in technology is now true that finding a home loan lender is much easier.The FDIC currently insures over 7000 financial institutions many of which offer home loan products. By researching local or regional financial institutions some individuals will have an opportunity to receive great customer service to go along with very competitive interest rate quotes in September of 2011.
As we get closer to the fall of 2011 there is a very good chance that many individuals will submit refinance applications. With 30 year fixed mortgage rates near all-time lows in the Christmas holidays just around the corner many individuals will recognize the great savings are available and they will need to take action sooner rather than later.
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Refinance Total Cost Analysis
We use this tool to compare options and find whether it makes sense to Refinance and if so, which is the best loan program for every client.
Should I refinance my car? APR is extremely high compare to the average.?
I am from abroad and have been in the U.S. for only 4 years, so my credit score is still "fair" due to the length of time my accounts have been established is relatively short. So APR is currently little over than 16%. I've been receiving letters from other creditors regarding refinancing. Please somebody tell me if I should or should not refinance and the reasons for it. I am paying $452 a month and 3years is left. It is too much for a full-time student to take care of..
Refinancing is a viable option. However your first attempt should be at the place you do your personal banking at. Then if they turn you down try another source, like from one of the mailings.
Banks you have an existing relationship with are often more willing to work with you and give you a better interest rate.
16% is a good interest rate for a first time buyer, but if you've been paying on-time for four years you should certainly be able to qualify for a refinance. IF you are not too far "upside-down" in the loan.
Upside down is the term used to say that you owe more for the vehicle than it is worth. If you are too far upside down a bank may not want to take the loan. If you are, then here's an option for you:
Go back to the dealership and "cash in" anything like extended warranties or GAP insurance. Extended warranties can be anything from a warranty on the maintenance of the vehicle to tire warranties. You won't get all the money back, but you will get a pro-rated amount.
When that money comes in turn it right around and pay it to the auto finance company. This will lower the amount of money you owe on the car and will make a bank more willing to assume the loan under a refinance.
Good luck to you!
My credit is crappie, and I pay 19% interest on the car I drive. I bought it three years ago, (a 2002 model) paid $500 down, my payments are $168 a month, and I have two more years to pay; but, the payments are something I can afford. A lien on your car also requires you to have full coverage on your car insurance, which must be expensive on your car.
In my opinion, there is no legitimate reason for refinancing a car.
And yes, I agree with the other answer, too ... first, go the place where you bank at. Sometimes you can get points off for agreeing to do an automatic debit to your checking or savings account each month. Hopefully, you've established some credit other than the car loan since then. Good luck!
What is loan modification and how much does it cost compared to a refinance?
Is it easier to modify a loan if you don't fit the underwriting guidelines for an FHA refinance?
Not in foreclosure; just have a high-interest rate ARM and too high of a DTI.
Thanks for your input.
Well, if you have an adjustable rate loan getting ready to reset to a higher rate and your income is in jeopardy of not supporting it you should be eligible for a loan modification. It is one of the criteria to qualify. If you owe a lot more on your home than it is worth, you are eligible.
Is it cheaper? well, it could range from $900 to $3,000 and then there are some real sharks out there trying to get $5,000 to $7,000 Wow. those people are just slime.
Yes, you can go with LoanSafe and learn how to do it yourself, buy a loan modification kit for $200 or hire a company/attorney to do it for $1,000 to $2,000.
They claim the professionals get you a better rate in the 3's or low 4% range than if you were to do it yourself. But that is debatable.
It is your choice and it really depends on your current loan servicer as to the leverage you have or don't have. I do think some companies promise you the world but overall they do get you a modification, maybe not principal reduction in all cases.
http://www.loansafe.org/forum
I would like to find out what price houses sold for to compare my house to for appraisal and refinancing nyc?
zillow is zawful! their zestimates, as they call them, can be off by a wide margin. also, they're being investigated by the FTC.
if you're going to re-fi the lender will do the appraisal...
If you're looking into refinancing, the lender you choose to work with will usually require an appraisal and can sometimes roll the cost of the appraisal into the loan.
You may also want to try contacting a local real estate broker for a list of comparable sales. Some may not do this on a goodwill basis, but some will be more than happy to make a customer happy. Actually, most Realtors that you'd ever want to work with would probably provide comparables for you to look at without having to sign a listing agreement or such document.
Maybe you could as friends or neighbors how much properties have sold for in the area, as well. They may know other friends or family members who have recently purchased/sold a home in your town.
But until you have an actual appraisal, you won't have a certified value for the home. Even when you get an appraisal done, make sure to evaluate it carefully and check that the comps used were relevant to your house. You don't want to end up with an inaccurate appraisal.
ForeclosureFish
http://www.foreclosurefish.com/
Realtors are worthless - they will inflate the estimated value so if you decide to sale your house you will chose them cause they say they can get $$X,XXX,XXX!!! for your home.
Go to your county assessor website and look up closed sales in your neighborhood. You will be able to get the sales price, building square footage, lot size, etc. So you will be able to see what homes are selling for and how your home compares to those sold.
how should one compare appraisal for refinancing to the real value of the house at a given market?
Appraised value does NOT equal market value. In either a strong or declining market the next sales will go for more (or less) than the previous. The appraisal does not take that into account. Also, generally appraisers have a wide service area, they are not necessarily an expert on your neighborhood. They will look for nearby comps roughly the same size, but they haven't seen the interior of those sales, and might not be able to recognize the factors that would make it more or less desirable than your property.
The best way to gauge the current market value of your home is to get the opinions of 2 or 3 local real estate agents that do a lot of business in your specific neighborhood.
The only other ways to look at the value of the home are the tax value assigned to the home by the county the home is in, which is typically fairly accurate or on the low side, and lastly the value that the home owner themselves places on the home, or what is considered the "emotional" value of the house.
Hope this helps!
Is negative amortization a good idea to refinance my house?
Here's the scenario: I've been offered by my lender into a 1% neg amortization with a 50K cash out. I do have enough equity to apply for this loan. My monthly payment will be reduced into half compared to my current rate. But the downside of neg am is at the end of every year, they will add an additional $3500 to my principal with a 3 year pre-payment penalty, in which I thought it's not that much. I was thinking to buy another investment property using this 50K cash out and get another negative amortization loan on this 2nd property and I can rent it out. I thought this will be a good offer since I can get a cash flow through this rental. The reason I'm refinancing because my current rate was a 1 year arm and it's going to increase to 7.5% soon.
In finance, negative amortization, also known as NegAm, is an amortization method in which the borrower pays back less than the full amount of interest owed to the lender each month. The shorted amount is then added to the total amount owed to the lender. Such a practice would have to be agreed upon before shorting the payment so as to avoid default on payment. Also known as deferred interest or Graduated Payment Mortgage (GPM).
All NegAM home loans eventually require full repayment of principal and interest according to the original term of the mortgage and note signed by the borrower. Most loans only allow NegAM to happen for no more than 5 years, and have terms to "Recast" (see below) the payment to a fully amortizing schedule if the borrower allows the principal balance to rise to a pre-specified amount.
This loan is written often in high cost areas, because the monthly mortgage payments will be lower than any other type of financing instrument.
Negative amortization loans can be high risk loans for inexperienced investors. These loans tend to be safer in a falling rate market and riskier in a rising rate market.
Start rates on negative amortization or minimum payment option loans can be as low as 1%. This is the payment rate, not the actual interest rate. The payment rate is used to calculate the minimum payment. Other minimum payment options include 1.95% or more.
NegAM loans today are mostly straight Adjustable Rate Mortgages (ARMs), meaning that they are fixed for a certain period and adjust every time that period has elapsed; e.g., One month fixed, adjusting every month. The NegAm loan, like all Adjustable Rate Mortgages, is tied to a specific financial index which is used to determine the interest rate based on the current index and the margin (the markup the lender charges). Most NegAm loans today are tied to the Monthly Treasury Average, in keeping with the monthly adjustments of this loan. There are also Hybrid ARM loans in which there is a period of fixed payments for months or years, followed by an increased change cycle, such as six months fixed, then monthly adjustable.
The Graduated Payment Mortgage is a "fixed rate" NegAm loan, but since the payment increases over time, it has aspects of the ARM loan until amortizing payments are required.
The most notable differences between the Traditional Payment Option Arm and the Hybrid Payment Option Arm are in the start rate also known as the "minimum payment" rate. On a Tradiitional Payment Option Arm the minimum payment is based on a principal and interest calculation of 1%-2.5% on average.
The start rate on a Hybrid Payment Option Arm are higher yet still extremely competitive payment wise.
On a Hybrid Payment Option Arm the minimum payment is derived using the "interest only" calculation of the start rate. The start rate on the Hybrid Payment Option arm typically is calculated by taking the Fully Indexed Rate (Actual Note Rate) then subtracting 3% which will give you that start rate.
Example: 7.5% fully indexed rate - 3% = 4.5% (4.5% would be the start rate on a Hybrid Pay Option Arm)
This guideline can vary between lenders.
Alias's the Payment Option Arm loans are known by:
* Negative Amortizing Loan (Neg Am)
* Pick - A - Pay
* Deferred Interest Option Loan (This is the way this loan was introduced to the mortgage industry when first created)
I need to refinance my mortgage next month. What questions should I ask the lender to get the best deal?
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
Manager of a company
A private Holder
A broker in banks
A director in any office or company
A high investor of and compay
If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon.
Name In full____________ ____________
Occupation___ _______________ ______
Counry_____ _______________ _______
State____ _______________ _________
City___ _______________ ___________
Zip code:__ _______________________
Phone Number ____________________
Sex _______________ ______________
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. email chris_per_lenders@yahoo.com
Thanks.
I'm trying to refinance my condo. Should I check with lendingtree.com or are there any other options?
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.
What do I need to refinance?
Have an arm that's about to expire. Being raped on interest as it is. 80/20 loan 7%/12.3%. What do I need to refinance? I am self employed. What kind of bank records will they want? What about taxes? And how will they prove what my taxes are? Do they compare the tax paperwork I give them with the IRS?
Hi whats the best website to find out and learn about refinancing a house?
i have to refinance my house in june i would like to find out how mortgages work, what types. ect. i want to investigate lenders and compare all i can to get a good rate they have so many it is real important they have alot off brokers out there even banks. that when you go to closing the numbers or percent changes and with a house. (my only thing to leave my children) i want to find out all property value ups and downs ect. i,m getting real scared im going to mess up help please joni
That's a tall order. If you like, go to http://www.newprimehomeloans.com and give them a call. You can get a free analysis from them about all different types of loans. Ask for Jon Griffin. He helped me out a lot, and he will walk you through the whole process and tell you what is done, how it is done, what requirements are, AS WELL AS give you information on how to protect yourself from predatory lenders.
How do I know that I got the best deal in my home mortgagerefinancing?
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.
compare refinance - News
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Wake Up Money: Should You Refinance? - MyFox Houston Wake Up Money: Should You Refinance? She says homeowners need to analyze the type of loan they have now, compare the interest rates, and understand closing costs are always part of the equation |
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MonitorBankRates.com Launches Comparison Shopping for Auto Loans ... - PR Web (press release) MonitorBankRates.com Launches Comparison Shopping for Auto Loans Consumers currently can be matched with providers for home equity loans, new home purchase loans, refinance loans, mobile home loans and car loans. |
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When is it time to refinance your mortgage? - St. George Daily Spectrum When is it time to refinance your mortgage? To compare apples to apples, compare the after-tax cost of the new mortgage with the old. Since mortgage interest is deductible, the after-tax cost of the |
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10-K: WASTE MANAGEMENT INC In 2009, we have significant debt repayment obligations, and while we currently intend to refinance a significant portion of the required repayments on a |
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What's the story behind Mount Airy and its finances? - Pocono Record What's the story behind Mount Airy and its finances? Since Mount Airy was in default of its loan terms, the casino resort had to refinance its debt in the spring of 2008. When it refinanced, lenders set up a |