Mortgage rates plunge, but little boost for housing Christian Science Monitor
"The problem is not the price of credit," says economist Paul Dales at Capital Economics . "The key issue is that the high unemployment rate, tight credit criteria and high share of homeowners underwater on their mortgage are all keeping a lid on demand regardless of the price of credit. With the economy now weakening once again, these constraints are not going to go away soon."
This is why Dales sees home prices weakening further, and we see that in data today from CoreLogic . Home prices were down 6.8 percent in June year over year, if you include distressed sales (foreclosures and short sales). That is a slightly deeper fall than May's annual number. Without distressed sales, home prices were down 1.1 percent in June annually. That's a bit better than the 2.1 percent annual drop in May. Of course you have to remember that distressed sales make up more than a third of the housing market right now, and far higher percentages in certain local markets.
"The improvement [in home prices month-to-month] is largely due to distressed sales accounting for a smaller share of overall sales," notes Dales. The Realtors reported 30 percent of sales in June were distressed properties, but that share drop is only due to a gain in regular sales, not the actual number of distressed properties decreasing.
Refinance Help. Fill this form and get help!
Pillanatképek a REFI-ből
A sárospataki REFI egy éve képekben.
How can I get an immediate refi on my home mortgage if I recently purchased the home?
I've noticed that the rates are dropping much lower than what I got when I bought my home, if I'm still under a year can I still refi to get a lower rate or what is the period of time I must wait to apply for lower rate refi and what are the recommended procedures to do this immediately?
Unless the mortgage note has a prepayment penalty clause, you can re-finance the next day. But that doesn't mean that it is a good idea to do so; doing a re-fi will cost several thousand dollars by the time all the paper is pushed, and it can take a very long time to recover that cost even if the payments are noticeably lower.
By the way, the rates you see advertised aren't necessarily what everyone is eligible for - still depends on your credit rating, your income, and your other debt.
Good luck.
The lead generation companies then sell your information to a large number of mortgage brokers who then call you to solicit your business.
When you ask for the rate that was advertised they will have some excuse why you cannot get that rate.
The more honest ones will admit that the advertised rate was just from a lead generation company that is not licensed to do business as a lender. It is only a marketing scam to get your personal information to sell to mortgage brokers so they can call you.
This is also a way to get around the do not call list.
How soon can I refi my mortgage if I already closed on my loan?
We bought a house last month, Oct 31st actually and our mortgage is completely closed and we have made our first payment. We locked at 5.90% and I was very happy with that, but now rates are approaching 5.0% and I want to refi or somehow buy that lower rate. Is this possible? Am I just being to greedy? We have a 30 year fixed Loan.
Who is the best company to refi with?
I need to refi my home loan, any suggestions as to who has the lowest fees and good service?
Its not all about what company, but what broker or bank you go with. Many loan officers have the ability to adjust your closing costs and rates according to the loan amount or program you decide to go with. Therefore, it is best to work with someone you can trust. Ask around to friends and family and see who they have worked with and had good or bad experiences with. This is the best way to find the best loan with the best service. Remember, you can always shop around to gind the best possible loan with the best possible combination of a low rate and low closing costs.
Is a refi still considered to be a purchase money loan?
I had to refinance my condo to buy-out my wife in our divorce. My refi mtge was sufficient to pay off my original note plus $20K to buy out my ex. I realize that the $20K is not "purchase money", but what about the rest of the note? Is that considered purchase money by lenders?
yes, it's a purchase money transaction. Dave is incorrect. Let me explain. If you were doing this buyout today, it would be a cash out. This loan has already been done, therefore, on your credit report it will report as purchase money.
How do I roll in my closing costs into the total loan for a refi?
I've been approved for a 87% LTV refi. Can I add my closing costs to the total loan? Does the amount of the closing costs have to be within that 87%? Or can I get a loan for 87% LTV, plus the amount of closing costs?
The amount of the closing costs have to be within the 87%. Ask your mortgage broker for more details (better yet, ask several).
How to refi if your business changes from LLC to S-Corp?
I have a business that's an LLC. CPA wants me to switch to S-Corp. I am in the process of separating from husband. If we divorce I'll need to refi the house. How will changing from LLC to S-Corp affect my ability to refi? My LLC is one year old. My 2008 income will top 2007 income by June 2008. My credit score is excellent.
Any thoughts? Much appreciated! :)
On a side note, it may be more worthwhile to remain as an LLC and simply make an election to be taxed as an S-corporation. It will probably save you some time and money. Of course, I don't know your full situation, but it may be something to think about.
How much are title and closing costs for a refi on a home in DC?
The amount of the loan is $250,000 and it's a refi. Specifically I need title charges, recording fees, closing, and any other items I may not be aware of except, processing. Please answer even if you only know partial info.
call a title company. they'll know exactly.
The HUD-1 Closing costs form explained: http://www.alta.org/consumer/hud1.cfm
We pay title, recording and all other Items.
email me and I will send you all my contact information.
Thanks, David
What is a standard loan origination fee for a 30 year fixed refi?
What is a standard mortgage broker fee? Is 1.5% a little high for a 30 year fixed refi?
it depends if you have a creative financing loan or not.
is it a government loan?
are you asking to pay all the cost in the front for a low rate?
you have to quote the rate also...and the product.
but 1.5% SOUNDS HIGH!
Also is it a cash out refi or standard rate/term.
Is your credit worse then when you first took out the mortgage?
Any ideas how to convince lender to do short refi?
My lender is in bankruptcy. We're attempting a short refi. Already have another lender's approval for new loan. Have all paperwork ready (hardship letter, bank statements, etc) to submit. Old lender would be taking big hit (1/2 the loan amount) but thought it was worth a try. They are in bankruptcy and trying to get everything they can. Any advice for when they do contact me to convince them to accept the offer? Thanks.
what programs help a homeowner refi when their wages have changed?
my wife went from being a manager to a waitress and can't show her tips on a w-2. she needs to refi the home to a lower rate.