Today's Lowest Mortgage Interest Rates – Bad Credit Home Refinance Loans at ... Subprime Blogger (blog)
These financial requirements are very difficult to obtain for individuals who have made poor financial decisions in the past. With this in mind it may be a very wise choice to pay down high interest rate debts including credit cards, personal loans and any outstanding payday loans. Unfortunately, these revolving credit card debts could cause huge financial problems.While Bank of America is one of the largest financial institutions in the country it is important to recognize that they are not the only option when it comes to locking in the lowest possible interest rates. Unfortunately, some Americans feel as if they are just a few lenders that will work with them but this is simply not the case as many institutions are looking to gain new customers.
By doing research on the FDIC website most will find that there are many mortgage lenders that are willing to go above and beyond to help when it comes to refinancing home loan. In fact, there are over 7000 financial institutions nationwide that have FDIC insurance and will likely help when it comes to mortgage interest rates.
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Is Countrywide Mortgage safe to refinance or get a new mortgage with?
I need to refinance my mortgage or get a new one if I decide to buy a new home. Which mortgage co. is safe and reliable?
If anybody has picked up a newspaper lately, you can figure out that Bank of America is buying Countrywide. Bank of America is one of the largest and most successful financial institutions in the world. They have been successful in their recent acquisitions and have been increasingly growing with each new one. Countrywide was one of the leading mortgage companies, but it has been eating itself up from the inside. You can read up on issues with the controversal CEO and their company sales tactics. But soon to be B of A, it should become a strong company again.
Remember, you owe THEM money. They don't owe you. If your mortgage company or bank gets in financial trouble and gets taken over, it doesn't hurt someone who has a mortgage--only someone who has deposits in excess of the FDIC limit.
I would suggest that you get a referral from a friend, someone you know in the real estate profession or look in your telephone book and find a local mortgage broker.
They will help you find a mortgage that you are qualified for and do just as good a job if not better. These brokers have many underwriters for their mortgages and can repackage your loan request to either one without any additional cost, even if you are not approved by the first underwriter.
The main thing you ar looking for in someone to refinance your current mortgage or get you pre-approved to purchase a house.
If you want to see how a company has performed in the past or if there are complaints against them your should check with the Better Business bureau (BBB) or a trade organization that the business would belong to. In this case a lender might belong to the National Association of Mortgage Brokers (NAMB), even your large lenders and banks might belong to this organization.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Mortgage, refinance, Countrywide loan, VA: Need simple answers?
Where is a site that is simplified in answers regarding mortgages, loan companies, interest & everything else.
Every time Hubby gets a letter offering to refinance us
& lower our monthly payments,
& skip a mortgage payment, plus return our escrow
I smell a fish & Hubby sees a great! opportunity to save a few bucks so,...
Where is a site, with simple explanations, that can answer any questions about mortgages.
(For example: Just how well is Countrywide doing? Do we want to get away from them? Are they about to sell our note to a Mexican bank & we'll start having to pay in Pesos?)
So do you know of a site that can answer mortgage questions in an easy to understand way?
Thank you,
Harry Gams
Unless you plan to stay in your home at least another few years, you do not have a pre-payment penalty on your current mortgage and are going to see a 1% decrease in your interest rate, DO NOT refinance.
Every refinance costs you money, not a few bucks, thousands.
Tell hubby to throw those offers away. Unless you have a high interest rate, you do not need to refinance. If you have a high interest rate, have improved your financial situation, and are tempted by the very recent mortgage interest rate reductions, talk to a local lender.
I would not worry about Countrywide going out of business (I have a mortgage with them too). Most likely your loan has already been sold to someone else and you are just paying countrywide who pays the other party. If your mortgage is taken over by someone else, they will need to notify you.
Every refinance costs you $3,000. That is why the banks are so happy to offer them to you. If your payments are acceptable, don't refinance. If rates go down to 4.5%, fill out an application.
Countrywide is not doing well. Overwhelmed with repo's and just purchased by Bank of America.
Most of those refinance offers are scams and you pay dearly for them.
http://www.iloanshop.com/mortgage_refinance_questions.php
http://www.iloanshop.com/mortgage_refinance_faqs.php
How do I refinance on 30yr mortgage with PMI,without touching the equity and me paying from my pocket?
And is't a good advice to refinance with my mortgage company (CountryWide Home And Loans) or shop around other Loan companies
You will want to contact a mortgage banker/broker from your local telephone book or a referral from a friend or family member. Tell that person that you want a rate and term refinance with all cost rolled into the new mortgage loan.
With a mortgage loan such as this you will not get any cash in your hand and the minimum equity would be used for this transaction. You could also possibly lose the PMI requirement that is required by your current mortgage.
You might also check and see if your current mortgage company will do this rate and term refinance with you, only they will call it a stream line refinance. If your current mortgage company is able to do the stream line it will be a lot less paperwork because they have most of the information needed.
I hope this has been of some use to you, good luck.
"FIGHT ON"
I am a mortgage banker in TN & KY
This is how banks make money...they charge a fee for refinancing.
How do you think the loan officer gets paid a commission? They are not on salary. Same for underwriters, processors, they are all on salary plus bonus, along with sales managers, post closing auditors, receptionist, etc.
So you either have to pay for the closing costs out of your own pocket or you have to finance them back in with the loan.
No bank is going to do it for free. Why would they?
I want to refinance my home. Can I refinance through another bank?
I am currently paying through Countrywide Mortgage and want to refinance. I was wondering if I could get out of paying Countrywide and refinance through another bank, is this possible? I'm not sure if it makes sense but I don't want to have the "middle man" anymore and would like to pay and/or make business directly with a bank. This way I can have a lower % and not a high one with Countrywide.
Countrywide's misappropriation of mortgage payments on account?
I have found (after refinancing) that Countrywide has misapplied to a slush fund over $6500 of payments received on my mortgage. They submitted an inflated payoff to the new lender and now they refuse to even address the issue. Is there anyone else out there who has gone thru this and if so were you able to contact any agencies that were able to assist?
The only person that is going to assist you is YOUR ATTORNEY. See one NOW.
Good luck.
do you have any feedback about Countrywide Mortgage?
what about countrywide ?
are the new loans and refinance rate going down ?
I know Countrywide is doing a more thorough job of who they are loaning and refinanicing to. They take longer to get approved because of all the additional things they do. But the rates are going down.
Get with your local Mortgage Broker & talk with them about your situation. Or, of course, I would be happy to listen & advise for you...FREE!
Hope that helps & warm regards,
Josh Perrington
Josh@GatewayLoans.org
With all the adjustments to rates the best way to go is FHA, since conforming rates have alot of hits to the rate.
I need help with my mortgage. I have a 19.7% interest rate, who can i refinance with Countrywide says I can't?
sounds like you have a terrible credit rating, and if so it would be difficult at best to refinance anywhere with the current collapse and bailout of the mortgage/banking industry.
Try looking up the FHA "hope for homeowners act" Its a program that will let you refi with a fixed rate. It will also reduce the amount that you owe. The trade off is that FHA will take some of your equity.
even the web sites that say they help everyone will NOT help you unless your credit is over 600... I know, I ve tryed..
try getting online, in a search engine, google or ask.com and type in 'hard money loan" or ' private lenders' they might help you if you have really bad credit..
Let me know if you need more info or help.
is willpsvp@yahoo.com
Mortgage Refinance Question?
My current finance rate is @ 6.75 for a 30yr mortgage. I called up Countrywide to see if I could refinance. I bought my condo for 237,500 but other units in my complex. are selling right now for about 225,000. The rep said i could get a new rate @ 5.0 with between 5-6k in closing costs. Is it worth refinancing right now and putting down that extra cash?
More details.
They were offering an FHA loan.
I just looked up the price of the other unit in my complex, it's selling for 228,000.
My mortgage balance is 222,250.52
When the agent ran the hypothetical appraisal at 230,000 my payments came out to about $1524 which is roughly 300 less than I am currently paying (with PMI)
I lost my job in Dec and I have enough for a few more months of payments but was looking for alternatives. Long story short I would have to borrow the cash to close from my parents if it makes sense financially.
What kind of loan do you have now? Is it FHA or VA?
What they are offering you sounds like an FHA loan which will require at least 3% in equity which means you would have a new loan of $218,250.00. Take the value $225,000 x 97% to get that number. This means you would need to bring a whole lot of money to the closing table. Take the amount you still owe and subtract the new loan amount and add the 5-6K in closing costs to see how much you will need to pay.
Edit to response: If you lost your job in December you will not be able to refinance unless you have a new job.
If you have an FHA or VA loan you may be able to do a streamlined refinance without an appraisal.
Has anyone ever used CountryWide mortgage company in NJ?
Is it good or bad to use a broker to refinance your home?
I've never used them but I've closed for clients several times where they were the lender. They were about average, comparable with most of the other lenders who were not banks.
Mortgage brokers are good to deal with if you have credit problems or income issues. They have many loan programs to choose from and can help you find a loan that will work for you.
If you don't have credit problems or income issues then I've found that it's best to deal with a bank rather than a mortgage broker. The banks charge less closing fees and their rates are usually competitive with those offered by mortgage brokers. The interest rate might be 0.25% higher but the fees are usually lower by sometimes hundreds of dollars.
Does anyone have their Mortgage through Countrywide?
I'm one of those Californians who is stuck in the terrible declining housing market. I tried to refinance, however the value of my house is upside down due to the decline in market value. So, I cannot refinance at this time. My adjustable just went up 1200 in one full swoop. Countrywide has an Interest Rate Modification program. I've applied for that. I was wondering if anyone is in this program and how it's working for you?
I had countrywide in the past, never had a problem with them- even when i went through a hard time where i ended up selling my house - they dealt with it well and gave me the time to sell without any issues and reasonable fees. they also much more reasonable origination fees and over all were very competitive to other places i looked.
I now have a different house and a adjustable rate mortgage just like yours (thru option 1-stay away from them) -and i again contacted countrywide to get their opinion - i looked around alot at about 15 different lenders and at the end i went with countrywide since yet again they had the best offer of charges and rates. I just started in the program - but i can say i have been happy with their service in the past and am again (so far).
I also worked as a real estate agent about 6 yrs ago and was good freinds with 2 of their mortgage originators- i know they go through a good deal of training and are generally well educated in the business- also i always heard about new and upcoming products and options offered by countrywide- so it seems they are up with the changing times - so i would say you probley made a good choice.
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