Mortgage refinancing rises The State
“We’re pretty busy right now,” said Hyatt. “Many of our clients are coming in and saying they never thought they’d be refinancing again. But the rates are so low.”
Despite the ultra-low rates, the rush to refinance likely will be tempered because rates have been low for several years, said Bob Graybill, owner of Gulfstream Mortgage Corp. in Forest Acres. Rates dipped to about 4.25 percent for a 30-year mortgage two years ago, spurring many homeowners to lock in low rates then.
“At that point, you had more people out there in the market who had higher rates and were more primed to refinance,” Graybill said. “Now, it’s probably not quite as crazy because people have lower rates in general.”
Still, Graybill said he has seen his business double in recent weeks as rates have fallen.
Homeowners should have plenty of opportunities – through the end of next year – to refinance or lock in a low rate on a new home. The Federal Reserve recently announced plans to hold its interest rates at practically zero through 2013 in a bid to help jump-start the stalled U.S. economy.
What is a “good rate” for a mortgage refinance?
I know, specifics have to be based on income, property, credit history, blah blah blah…
While articles & ads say “You could get 2.5%”, I figure reality is actually somewhat higher. But without 12 pages of paperwork nobody wants to give a legitimate range.
What would be considered “good”?
What would be “outrageously high”?
Best answer:
Answer by FlatpawThe only way you’ll get 2.5% is like for one year of an adjustable rate. It will certainly go up a year later. The going rate on 30 year fixed loans right now is in the 4% range (4.5, 4.8, etc). If you can get that, awesome! If you can do a 15 year, they can be in the high 3% range, even better. If your credit is good, you can google any mortgage or bank website and see what their rates are without having to apply. Or try Lending Tree, they scout out offers for you and it worked well for me.
Know better? Leave your own answer in the comments!
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Refinance Mortgage Rates
www.refiadvisor.com Refinance Mortgage Rates - How to get the lowest possible rate when refinancing your home without paying junk fees.
Looking to find lowest refinance home mortgage rates?
I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?
You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.
You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.
Check for a lower rate here free:
http://www.checkmyrate.com.au
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 find the lowest mortgage rates and refinance rates in the USA on the internet?
Do you think the rates have hit bottom?
We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source
It's not just the rates you want to compare, look at the total loan package.
I just had a client go to an internet lender for a quote and the GFE was $5,000 more than the local lender, and if the refinanced in less than 5 years, there was a big penalty.
you can get all financial news.
I know, as I have had customers come back to me and tell their horror stories, and some never got their loan, coming back to me to do it.
This is a process best left to an expert in your area, and price should be a consideration, but the rock-bottom price, is NOT always the best "deal"... Trust me , I know...
Shop for knoweldge, and then rates, and then cost. In that order. Cost will be very close as I am in the business, and have to be competative, and still my conscience and integrity, keeps me doing a good job for my customers.
Second, the lowest rate may not always be the best way to go. How much does it cost for the rate? How long will it take you to recoup the costs? HOw long do you plan on staying there. Your best bet is to find a local lender who maintains their client database who will look out for you when rates drop. Also, when you are calling around for rates, be sure they know are you going full document or stated, purchase, or refinance, loan to value, cash out, rate and term, etc. If you call around and they give you a rate without asking you the right questions then they are just throwing numbers out there and be prepared for bait and switch later. Your home is most likely the largest purchase you'll ever make, so you should find a true, knowledgable professional. AFter all, if you have to have a life saving surgery would you go onto the internet to find the cheapest surgeon? ASk your friends who they use and if their lender keeps in contact with them.
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."
Mortgage Rates--Refinance?
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.
For the record, your current rate is too high. I believe your loan officer made a lot of $$$$ on your deal. On May 1st the 30-yr fixed was at 5.875% - again for loans of $100K and more. That said, refinancing now would be foolish. Wait for rates to drop or refi into a shorter term (20 or 15 year fixed).
They are cutting the life of repayable interest DRASTICALLY and getting a fixed rate. If you have equity in your home, maybe you want to entertain this option. Talk to a mortgage broker or banker.
I just bought down a few of my clients fixed rates under 6% fixed for 30 years.
Good luck!
Just try:
http://www.proloanz.com/Mortgage_Refinancing.htm
http://www.mortgagerefinancingatlowrate.com/Mortgage-Refinancing.asp
http://www.topamericanmortgage.com/debt-consolidation-loans.asp
http://www.apply4less.com/mortgage_refinance.htm
these website links will definetly help you in solving your mortgage refinancing problems.
Any idea how low mortgage refinance rates expected to drop.?
The Fed Funds Futures are pricing in another 1/2 point rate cut by December. It could happen by the end of November.
I don't know for sure if this will happen, but that is the current prediction.
The problem is the lower rate will help all this massive US debt and home owners but will drive up inflation. I have been arguing for about a year that we run the risk of "Stagflation," (inflation with a recession).
I guess it's all up to Prince Bernanke...
I have a mortgage I want to refinance to get the new lower rates. Which bank should I go to?
Which bank and what rates , terms can I get now? I have very good credit, never missed a payment. The rates the mortgage broker gave us 2 years ago were horrible, and we never pay off the principal. I want to pay off the principal with good rates. Which bank is best? Thanks.
Your best bet is to work with a mortgage banker/broker. The problem with going with a bank is its like going to McDonalds, you'll only get their programs and rates. If you use a broker you now have access to multiple lender/programs and you a person shopping around for the best rates and terms. Here is an example.
I just closed a client who went to Countrywide first. CW wanted the client to pay off over $16,000.00 in old collections before they would close a loan. I was able to get them the same FHA loan without having to pay all of that old debt of and saved them $16,000.
http://www.bankrate.com/brm/rate/mtg_home.asp
but usually you should start with the bank you use for your main banking since you already have a relationship with them.
Your question depends on alot of factors you haven't provided, nor should you on this venue. Your whole financial picture needs to be considered before providing you with any options.
Should I refinance soon or now since mortgage rates are dropping?
I bought my house in July for 210K. I put down 30K and mortgaged the rest with a 30 year fixed at 6.375%. My monthly payments now are about $1200. Should I refinance?
There is no real good answer to this. Rates are down now, and this MAY be a good time to refinance since some think that rates will go up as inflation hits because of all the borrowing the government will have to do. Are rates at the bottom now ?? No one knows.
Rates will go back up in jan. because the market will get better from all of the holiday spending.
Refinance mortgage advice UK 2008 - are rates going to keep rising?
would be it wise to lock myself into a fixed rate deal of 6.40% for 5yrs - or would it be better to go for a shorter fixed deal in case rates do come down over the next five years?
Maybe, maybe not .... no one KNOWS where rates are going to be over the next 5 years.
However you can get some idea of 'expectations' of the market by looking at UK Government Gilt yields ... currently these are approx 5% (i.e. same as the Bank Rate).
This suggests that the market expects interest rates to 'stay the same' (in other words they have no idea if it's going to go up or down either)... which (of course) is no help at all :-) ...
So we are reduced to considering montage rates in isolation .. assume no change in the Bank (Base) Rate.. what will the mortgage rate do ?
Well if recent moves are anything to go by, it seems more likley that Banks & Building Societies will increase their mortgage rates (especially as they are now rolling out unbelievable savings rates ..)
This suggests that a fixed rate deal (or one that 'tracks' the Bank Rate) is a good idea. It thus comes down to finding the best such deal ..
Which bank offers the lowest interest rate for mortgage refinance in California?
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
Where can I find the best HELOC rates to refinance my second mortgage?
My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loansearch.asp
refinance rates mortgage - News
Obama to detail mortgage relief plan on Wednesday
United Press InternationalObama to detail mortgage relief plan on Wednesday The government also is considering a proposal that would allow healthy borrowers who owe more than their homes are worth to refinance at lower rates. Obama's foreclosure fix on the way Obama faces massive scope of foreclosure crisis New Mortgage Plan to Focus on Lowering Payments -
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A plan for home owners - Detroit Free Press A plan for home owners So the home owner is stuck paying a mortgage at nearly two points above current market rates. How many people have been unable to refinance because of the |
US Treasury says bank lending still resilient
Washington Post The department said loan originating activities were "weak" in October and November of last year but picked up through December as mortgage rates fell and a The Trouble With TARP: Shareholders Trump Taxpayers Treasury Releases Bank Lending Snapshot
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As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up Refinancing a loan isn't free, so it's important to stay in the home long enough to reap the benefits of a lower rate and mortgage payment. |
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PNC halts mortgage foreclosures until Obama plan kicks in - Pittsburgh Post Gazette PNC halts mortgage foreclosures until Obama plan kicks in Even though mortgage rates are low, many home owners can not refinance because they owe more than their homes are worth due to plunging home prices. |