Try FHA if HARP Refinancing Is a No-Go Fox Business
The Home Affordable Refinance Program, or HARP, is designed to assist homeowners in refinancing their mortgages, even if they owe more than the home's current value.My concern about your ability to refinance under HARP is that you estimate that your home is worth more than your mortgage. One of the stated conditions for HARP eligibility is: "You owe more than the home is worth, but your mortgage does not exceed 125% of the current market value of your home." However, HARP allows you to finance closing costs, which may help with your eligibility.
The other conditions are:
You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac . You do not have a loan from the Federal Housing Administration, the Department of Veterans Affairs or the U.S. Department of Agriculture. You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year. Refinancing will improve the long-term affordability or stability ofRefinance Help. Fill this form and get help!
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free mortgage quote rate refinance?
where can i SAFELY get refinance quotes online?
You should get refinance quotes from multiple lenders at one time and avoid the pressure/sales pitch you will get if you call them one by one. There is a site that offers such a service, and I've listed it as a resource.
Basically, when you submit your information, the service will forward it to reputable lenders. The lenders who get your information will then contact you with a competitive loan program. Because they already know they are competing with several other lenders, more than likely they will offer you a competitive and honest rate.
Don't agree to any of the loans, at least not yet. Listen to each loan officer and let him or her present the loan program to you, and then politely tell them you'll get back to them within a few days.
After you have talked with each lender, you will be well educated on the loans currently available for your situation. Then, you can choose to work with one of those lenders, or you can take that information and approach a loan broker who can then compete against their loan programs and try to offer you a better rate.
tell them your credit score...loan to value...DTI..etc.
and they should give you a pretty decent quote
Often the information you supply to get the data you search is sold to a variety of lenders who will then pursue you to try to get your loan.
There are, however, a few sites that don't collect your information,they just give you feedback. Try directorsmortgage.net. I know that we don't collect your info. and you can just find out what you want with no strings attached. We' won't even know you've been online to us unless you request contact.
If you want a more personal approach (also with no strings attached) feel free to visit my profile.
I used to work for a company that participated in several online quote forums, and since our rates really were rock bottom, we advertised real rates. Then we checked out the forum. Everybody was advertising rates that there was no way they were going to deliver. My boss and I split the lists, and called every single company, asking for a loan that was in line with the standards they were supposed to quote to.
*NOT ONE* was within half a percent of what they quoted online. We complained to the forum management. Nothing was done, because that would have meant losing the ad revenue those cheating companies paid them. So we stopped patronizing them.
It's a very attractive idea to people that are scared of sales persons. Unfortunately, the quotes you get won't be real. You're going to have to go talk to those sales folk. In fact, the more sales people you can bring yourself to talk to, the better off you're likely to end up!
When you do, ask every single one of them every question on this list:
http://www.danmelson.com/2007/04/questions_you_should_ask_every.html
I locked a mortgage refinance rate; should I walk if I find lower?
Might the lender be willing to lower his rate quote? or must I find a new lender if I think I can find a lower rate?
If you're going with a bank certainly see if they can lower it. If you're with a broker get a few quotes from some different brokers and see who comes out best. Get references from friends or family for someone they use.
Brokers can swap lenders if rates go lower, or renegotiate w/lenders, so you'll have better luck than with a bank.
quietly, covertly, find also a mortgage broker.
the bank only uses THEIR cash, the broker has lots of
lenders available
Are the interest rates the same between people who take a new mortgage and those who refinance?
I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer's rates (with the same terms and credit rating of course)? Thanks.
I would go to a reputable, bricks and mortar (physical location) of a known bank to refi. Part of the mortgage debacle was using anyone and everyone (including the big banks, though) and it is critical to be sure you know who you are dealing with and what you are dealing with! Get a referral and go with someone with a good track record. Also, start with the bank you deal with. They want to keep your business and may not charge closing costs like another lender would. The credit score will determine the "good rate" that sounds low but still depends on credit score.
If you have paid your mortgage on time. Your present
lender will gladly refinance to a lower rate.
There are a lot of loan officers that are solely doing refi's
if you are in California I can refer you to several
people that I deal with.
Times are tight and the loan officers are gun shy.
Good Luck!
Good luck!
As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.
It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.
I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?
Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it.
If you want to learn the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there.
In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions.
I look forward to helping you.
P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
Where can I go to find the most current mortgage interest rate that is updated daily or very frequently?
I am looking to refinance but it seems there is no reliable source for the most current interest rate. The rate quoted or listed on any site can vary as much as 0.75%! Is there a gov site or a nonprofit site to check for 30yr fixed rate daily?
none. rates are by area and lender specific. they do vary as what you see published any where never takes into account any hits that your loan may get. FHA has announced some guideline changes just today. So, get with a mortgage professional in your area to get rates
Best of luck
Should I refinance my loan to a fixed rate?
I have a 488,000 options arms loan that has 2 years left before I refi without pre-payment penalty. As of now the pre-payment penalty is 15,000. Got a quote from my loan agent at 6.125% for a 30-year fixed, no pionts and no cost. Estimate out of pocket $3500. I plan to roll the 15,0000 into the refi. Should I bite the bullet and just refi. I estimate that I can save $600 from what I pay right now and be able to recoupe the amount in 31 months. I plan to stay in the house for another 5-7 years. Rates look low right now. what should I do? Also, anything other questions I should raise with my loan agent. Got into bad option arm loan and now I am hesitant and want to get everything defined before I sign.
Finances are in effect too because I am getting married in 5 months and money is getting tight.
just talked to my agent the $3500 is broken up in 2900 for the first month mortgage and 600 out of pocket.
First off I want to congratulate you on second guessing a loan that you're not comfortable in. A lot of people are in your situation with option ARMs and I commend you for doing something about it.
A few posters have recommended staying in your ARM because the rates will stay low. This would be great advice if we were gauranteed low rates, but were not.
I called the guy to have the crystal ball installed in my desk and would you believe he never showed up?
At the end of the day what you have to think about is what makes life bearable for you. Will you be able to sleep well at night knowing that your interest rate will be recalculated monthly? Is it okay with you that you have no way of predicting how much interest you'll be putting back into your loan balance?
A thirty year fixed is a great option if your very open ended in your outlook. However, if you KNOW that your only going to be there for five years then a five year fixed might be an option for you to consider as well.
The thing that concerns me is that your not comfortable enough with your current agent to ask him or her these questions directly. If you feel more comfortable going to the web, then that may be a good indication that your not working with the right person.
If you want some more help you can shoot me an email and I can review everything for you to make sure your getting a good deal.
Not Sure
Should I refinance now? Or will fed rate cuts (I hear there will be more) drop the mortgage rates more?
This is not a jumbo loan, and I talked to a mortgage guy who quoted me at 5.5 - 5.75%. Just not sure if it'll go down more.
In my experience interest rates for residential real estate tend to be the lowest in the months of November, December, January and February.
I suspect that the reason for that is during those months the demand for houses and Mortgage money is the lowest.
When the spring market gets going, generally interest rates on Mortgages go up, probably due to the increased demand for Mortgage Money..
I would estimate that we are probably at the bottom or very close to it for residential Mortgage interest rates this year.
The rate that you mention, if that is a 30 year fixed, no points and no fees sounds very good. I would grab that rate and lock it immediately.
I have found that trying to pick the absolute rock bottom on interest rates is like playing the children's game, "musical chairs". You do not know exactly when the "music" will stop. You want to make certain that you have a "chair" when the "music stops".
The same is true on interest rates. The "music" stops about this time every year. I do not know exactly when the "music" will stop, but I do know that the "music" will stop very soon. I recommend that you grab a "chair" now,.
In this case I recommend that you grab that rate, because the rates will start goiing up very soon.
(edit) I see that some people above me say they know of lower rates. In my experience many people in the Mortgage Industry are bait and switch artists.
They offer ridiculously low rates to get you to sign up with them and then they switch you to a higher rate. If the person that you are dealing with is someone that you know to be honest I would stay with them and take that offer. A 30 year fixed at 5.5% or even 5.75% no points no fees is a very good rate.
I would not go chasing the rates below 5%, in my experience they do not exist.
That is just bait to reel you in to switch you to a higher rate later when it is too late for you to do anything about it.
I recommend go with the guy you have got. (as long as you know that he is honest)
Do not go after the under 5% bait or you may wind up with a hook in your mouth, and believe me that is no fun.
It was on a Real Estate Radio Program in the LA area.
97.1 fm. You should be able to find them on the web,
If they have logs of past shows you might be able to find the advertiser.
Please make sure you compare apples to apples and APR to APR. The APR will tell you the TRUE cost of the loan. If they offer a 4.99% note rate, ask what the APR is, by law they have to disclose it.
WeFixRates .Com
Got a mortgage refinance quote: Too good to be true?
A mortgage broker quoted me a refi of $235K with adjustable rate loan at 1.2%, and the monthly payment can increase by only $77 per year. Does this sound too good to be true?
Oh, it's probably true - but the catch is that it's only the nominal rate, and your payments are only calculated AS IF that were your rate. The real rate on this loan - the rate they are really charging you, by adding the difference to your balance, will be at least 7.25%.
This is a negative amortization loan. You might try running that term through the search engine of your choice, or if you don't want to sift through all of it, go to
http://www.searchlightcrusade.net/posts/1126189276.shtml
and
http://www.searchlightcrusade.net/posts/1150813093.shtml
and
http://www.searchlightcrusade.net/posts/1151101964.shtml
and
http://www.searchlightcrusade.net/posts/1155049674.shtml
For all kinds of good information on the problems with this type of loan.
Businessweek also (finally!) did an article on them here
http://www.businessweek.com/magazine/content/06_37/b4000001.htm?chan=top+news_top+news+index_top+story
But if you afford a real loan, they are available in the high 5 percent range. 30 year fixeds from about 5.875. And if you cannot afford a real loan, chances are pretty high that you either should not buy or should sell if you already have.
A Broker will tell you ANYTHING to get you to sign.
http://1stmdloans.com
While the loan is delayed to be paid off, he or she can use that money to invest else where.
Options ARMs, for less wealthy people, are double edged swords. If things continue to be fine, then everyone happy. If housing market continues to slump, then those home owners will face larger debt with no equity and lower housing price. The worst combination of all.
People have this misconception that paying off mortgage bills are adding equities to houses. However, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
Most people who apply for Option ARMs are those who can't afford paying the principal. So, they can only pay the interests, which is like paying rent. The worst part is, .... the amount is usually larger than rent.
For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
for some real quotes try http://www.savingslife.com
Are we Getting a good interest rate?
My husband & I are 1st time home buyers. The rate we've been quoted is 7.25%-
We have nothing to put down( 100% financing), our credit is good (705), 40 year loan. Is this a good rate?
We are not opposed to getting a 'not so great loan' and then refinancing when the rates are better. Is this advisable?
I would advise ex-nay on the 40 year loan because it probably only saves you $20 a month and in the long run cost's you much more. Other than that - sounds descent.
Why are refinanced mortgages quoted out w/ separate rates than regular mortages?
If I want to buy a house for $100k or refinance a $200k house with $100k left on the principal balance, why do the rates differ? I'd still be getting a mortgage for $100k either way, no?
***So generally refinances should get lower rates, correct?
it depends on the loan to value. In the refi case you are looking at a 50% loan to value. In the purchase scenario you'ree asking 100% ffinancing.
Edit:
It depends on a lot of different things like,
Loan to value
Type of loan - FHA/VA or conforming.
Credit score
Loan amount
Purpose of the loan - Cash out, rate/term?
There are hits or adjustments depending on the things listed.
If you have a loan to value of 50% most if not all adjustments are void so you should have the same rate or slightly better than a purchase.
I'm looking to refinance my home while the rates are still low but i cant find quotes, only sites that want my
I can only find sites that want me to give them my information, and then they will give me a list of lenders in my area, Its frusterating because i would love to get the list of lenders in my area but i dont want to give out any personal information about myself to anyone besides the lender. And the few big lenders in my area wont work with me because of my fair to bad credit. I get enough spam to know not to give out my info to just anyone. If anyone has any info on lenders in california or info on refinancing, purchasing a home, or home improvement please reply asap. Thank you!
5.25% is what I saw just yesterday.. Heck just call your local bank, or credit union... Don't go to a broker till you have a little info in hand. The call is free.
refinance rate quotes - News
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4 Ways to Land a Refinancing Deal With mortgage rates hovering near a 50-year low, the question for many homeowners isn’t whether they should refinance, but whether they can refinance. |