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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

What is loan modification and how much does it cost compared to a refinance?

Jan 30, 2009 by Pamela T | Posted in Renting & Real Estate

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.

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.

Is negative amortization a good idea to refinance my house?

Nov 20, 2006 by Jared K | Posted in Renting & Real Estate

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)

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 /?

Am I paying too much in Title Insurance Costs - Kansas location?

Oct 21, 2006 by maxton | Posted in Renting & Real Estate

I have recently sold my house and closing is near. The title company was selected by the agent. The title company wants me (the seller) to pay $850 for a "Owner's title policy" and $150 in closing costs. They buyer has to pay $225 for a "Title Policy". I assume the buyer's policy is the "Lender title policy". I understand this buyer/seller split is normal for Kansas. However, The $850 seems high to me when there have been several title searches on this property already with refinancing. Is there anyway to determine how these rates compare to what other title companies would charge. Is there a website that quote competitve rates....like what you would find for car/life/home insurance. Thanks in advance.

You don't have to use the company selected by your agent. Buying title insurance is not that much different from buying other kinds of insurance. There are different rates at different companies. I don't think they are online, but look up the phone numbers in the yellow pages and call around. You don't need to make 50 phone calls. After two or three, you will have an idea whether this company is in the ballpark.

BTW, is the title company also doing the settlement? I usually advise people not to go that route. It is better to have an experienced lawyer who is working for *you* rather than a title company who is supposed to be neutral. Sometimes, when you get to the settlement table, problems arise that you never anticipated. It's nice to know who is working on your behalf if that happens. Not the agent--she wants her commission. Not the title company; as I said, they're supposed to be neutral. So think about going to a lawyer.

Good luck!!

Could you tell me what my interest rate is with these numbers?

Mar 29, 2008 by The Chosen One | Posted in Personal Finance

this is from my last statement from my auto loan company...not too good with numbers and im trying to figure out what my current percentage is.....my loan payment is 305.28.....and it states: 217.45 principal + 87.83 interest.....i have made 7 payments out of a total of 72 so far....i am thinking about refinancing and im wondering what my current rate is so i can compare.

youre interest rate is 19.3% it is a high interest rate ,anything lower then 10.00% is good for you

Hi whats the best website to find out and learn about refinancing a house?

Mar 07, 2007 by joni m | Posted in Renting & Real Estate

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?

Jun 08, 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.