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Search: "Interest rate"

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Asked 11/05/2009 05:16 am CT (Jacksonville, FL)

I am looking into a 3/1 ARM backed by the CMT index. The margin is 2% with a 5% cap on the life of the loan. Starting interest rate is 3.75. I was just wondering if this is a good deal or not and if refinancing is a good idea if you are only getting an interest rate about 1 point lower than the current one. Currently my interest rate is 6 1/8. Thanks

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Asked 11/04/2009 02:00 pm CT (Miami, FL)

Hi, can smbd please tell me whether the interest rates are lower on a home mortgage or a home equity loan? I’m purchasing a condo and considering two options: financing it the first time around or purchasing all-cash and then taking a home equity loan. Can smbd tell me pros and cons? What about qualifications? Which one is easier yo get? Thanks a million times!!!

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Asked 09/14/2009 10:20 pm CT (Sandy, UT)

My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can\\\'t keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations? Thanks, Cathi

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Cathi, There are three options for getting out of your home. 1 – sell the home. This is the ...

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

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Asked 02/10/2009 01:39 pm CT (Montgomery, AL)

HELP!!! My husband and I are trying to refinance for a lower payment, but we cannot find a lender to refinance. Our interest rate is a 20yr fixed @ 9.25% and we owe @105k. My credit score is 715, but my husbands is 566. My debt to income ratio is too high to refinanace by myself. What should we do?????

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p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ ...

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Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

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Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

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Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 12/29/2008 02:35 pm CT (San Francisco, CA)

I just got married. My credit score is 795 while my wife\'s is 550. We are still a couple years out from house purchase but want to qualify at the lowest possible interest rate. Some have suggested that we buy the house in my name only. If we do so, how is income qualified? Should we be filing our tax returns seperately as opposed to joint? Thanks for your help. Dave

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Hi Dave, If you are still a couple of years out from purchasing a home then I'd suggest focusing ...

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 11/05/2008 03:35 pm CT (State College, PA)

First I must say that you do not have the city I live in on your list so I just picked one. Anyway here is my situation. I need to refinance my home to lower my payment, repair my roof and lower my interest rate and I have done everything that I have been asked to do. I have a manufactured home and land appraised at 75,000. My credit is good and I actually pass FHA inspection and have released the title to my home. The only problem I run into is there is no properties such as mine that have sold in the past two years. Now I do live in the smallest county in PA we only have 5300 people and sales are a little slower. There are a lot of manufactured homes being purchased as they are affordable for folks but no one is selling. I am at my wits end and don't know what to do. I am struggling to maintain my house payment the way it is and am afraid I will have to let it go back. The current lender will not consider refinancing the loan. Do you have any suggestions?

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Asked 08/22/2008 06:16 pm CT (Oxford, MA)

I have a loan I refinanced. The interest rate jumped from 6.875 to 7.875 on day of closing. My broker's name was 'HLFS' who recieved $4k. My loan package contained a lock doc saying 'First Horizon Home Loans' was a broker with 1.000 at 6.785. First Horizon was the lender. Three questions: Did First Horizon take a 'base' commission in addition to HLFS? Did HLFS get a YSP in addition to $4k? Is there a base commission at 1.000? AND ... Are there any HONEST brokers out there????????????????????????????? I need to refinance.

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Hi Jim, Do have copies of all of your paperwork? It is possible that First Horizon, charged you a ...

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Asked 08/15/2008 08:45 am CT (Sebastian, FL)

On a 100,000 home purchase price with 15% down, what current interest rates for a 30 yr and 15 year $85K mortgage, with a 716 fico would I get? Thank you.

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Phil, I have a couple of questions. What city and state is this home purchase going to be in. Als...

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Asked 05/06/2008 05:02 pm CT (Marlboro, NY)

I'm getting married. My fiance owns his own home. The mortgage and deed are both in his name. He owes about 75% of the value of the home on the loan. We want to get a Home Equity, with me as the primary, for a better interest rate. Can he just add me to the deed? Does the primary mortgage holder have to OK me being added to the deed since I'm not on the mortgage? Also, if I need to be on the primary mortgage, can I just be added to the mortgage without having to refinance the primary loan?? Note: the primary mortgage has a great interest rate, so I don't want to refinance it. Also, I have excellent credit and have already been preapproved elsewhere for well over the mortgage balance.

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Asked 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 03/21/2008 07:01 am CT (Sevierville, TN)

With the recent Fed rate cuts, do you think the interest rate on new home loans will come down and if so, how soon?

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Randy. Contrary to popular belief (and that of the media) when the feds "Cut rates" that can be vie...

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Asked 03/19/2008 07:21 am CT (marine city, MI)

I'm in an adjustable rate mortgage at 5.25 due to adj. in may to 4.375 the fed just dropped interest rates again after i received a notice from my mortgage co. of the change will my rate adj. even more before may.

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ARMs adjust based on a index such as LIBOR or CMT plus a margin (index + margin). Find out which ind...

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Asked 02/24/2008 05:25 am CT (Thomasville, GA)

I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?

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Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...

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Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

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Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

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